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REGISTERED NUMBER: 12128087 (England and Wales)






















Parkol Marine Holdings Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st May 2024






Parkol Marine Holdings Limited (Registered number: 12128087)






Contents of the Consolidated Financial Statements
for the year ended 31st May 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Parkol Marine Holdings Limited

Company Information
for the year ended 31st May 2024







DIRECTORS: J R Morrison
A J Oliver
J S Morrison
S Atkinson





REGISTERED OFFICE: Eskside Wharf
Church Street
Whitby
North Yorkshire
Y022 4AE





REGISTERED NUMBER: 12128087 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Parkol Marine Holdings Limited (Registered number: 12128087)

Group Strategic Report
for the year ended 31st May 2024

The directors present their strategic report of the Company and the Group for the year ended 31st May 2024.

REVIEW OF BUSINESS
In light of the sustained poor economic climate, The Directors are pleased with the Group's performance for the period ending 31st May 2024.

Overall turnover reduced by £622k to £11,418,295 (2023 £12,040,932) which was mainly due to delayed completions (due to supply chain delays) of prior year boat builds which in turn meant delayed starts on the current year builds.

Gross profit margin increased to 15.8% (2023 7.3% and 2022 10.2%). This was partly due to £360k of office salaries being moved to 'administration costs' from 'cost of sales' plus a return to normal profit margins.

The Group continues to be successful in attracting new customers by providing a complete service from design to construction, service and maintenance.

The business continues to invest in systems and infrastructure to sustain growth and ensures that we continue to offer the best possible service to our customers.

The Group bid on public and private tenders and achieved an excellent success rate. These bids are supported by investment in new staff, systems and business certifications.

Key Performance Indicators

The Directors closely monitor cash flow and working capital and use several KPI's to further monitor the Group's performance. These include a range of financial and operational ratios as follows:

- Gross profit/turnover
- Operating profit/turnover
- Debtor days
- Work in progress days
- Cash balance
- Staff utilisation
- Actual vs budgeted direct labour hours
- Actual vs budgeted direct materials and stock purchases
- Order book profile

The Directors are involved in the day to day activities of the Group which also allows them to monitor performance.The operational performance indicators are commercially sensitive and have not been disclosed.


Parkol Marine Holdings Limited (Registered number: 12128087)

Group Strategic Report
for the year ended 31st May 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors are aware of the various risks inherent in the business and meet regularly to consider them. The key business risks are:

Market risk:
A continued period of inflation, high interest rates and general economic uncertainty present financial risk. The continued inflation means that long term contracts need to be monitored and managed very closely. Forecasting models are updated and reviewed on a regular basis and the Directors are confident of maintaining financial security

Foreign currency risk:
Foreign currency fluctuations are a financial risk to the Group. Currency requirements are monitored on a contract by contract basis and measures taken to safeguard against short and medium term risks. Contract terms either pass on currency risks to customers or forward currency contracts are utilised to fix long-term contract rates.

Credit risk:
The Group raises milestone invoices on long term contracts in line with agreed terms in order to mitigate credit risk.

Staff risk:
Due to Brexit, the Group has been exposed to a lack of supply of skilled labour and mitigates this risk by utilising subcontracted agency labour where required.

FUTURE DEVELOPMENTS
The Group continues to review and develop its internal systems and processes to improve efficiencies and ensure its high standards are maintained. This includes certification to Quality Environmental, Occupational Health and Safety ISO standards and ERP systems.

Staff retention and recruitment helps expand the knowledge and experience within the Group. New measures and annual reviews of employment benefits which contributed positively to staff retention.

The client sector is being expanded to remove the historical risk presented by a reliance on one industry.

RESEARCH AND DEVELOPMENT ACTIVITIES
The Group is recognised throughout the industry for its innovative custom designs and retrofitting/refitting existing boats to a more efficient design. The Group is continually exploring innovative solutions to make boats more efficient in operation and in terms of space utilisation and enhancing crew safety and operational efficiency.

ON BEHALF OF THE BOARD:





S Atkinson - Director


21st February 2025

Parkol Marine Holdings Limited (Registered number: 12128087)

Report of the Directors
for the year ended 31st May 2024

The directors present their report with the financial statements of the Company and the Group for the year ended 31st May 2024.

PRINCIPAL ACTIVITIES
The principal activities of the Group in the year under review were those of ship building and repairing. The principal activity of the company was that of a parent holding company.

DIVIDENDS
The directors do not recommend the payment of a final dividend. The total distribution of dividends for the year ended 31 May 2024 will be £85,250

DIRECTORS
The directors shown below have held office during the whole of the period from 1st June 2023 to the date of this report.

J R Morrison
A J Oliver
J S Morrison
S Atkinson

DISCLOSURE IN THE STRATEGIC REPORT
Disclosures required relating to financial instruments and future developments, including research and development activities, are set out in the Strategic Report in accordance with s.414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

Parkol Marine Holdings Limited (Registered number: 12128087)

Report of the Directors
for the year ended 31st May 2024


AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment in accordance with section 485 of the
Companies Act 2006.

ON BEHALF OF THE BOARD:





S Atkinson - Director


21st February 2025

Report of the Independent Auditors to the Members of
Parkol Marine Holdings Limited

Opinion
We have audited the financial statements of Parkol Marine Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31st May 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Group's and of the Parent Company affairs as at 31st May 2024 and of the Group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Parkol Marine Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Parkol Marine Holdings Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company and the Group, including the Companies Act 2006, anti-bribery, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the Company and the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Parkol Marine Holdings Limited


Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael Stocks ACA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

21st February 2025

Parkol Marine Holdings Limited (Registered number: 12128087)

Consolidated Statement of Comprehensive Income
for the year ended 31st May 2024

2024 2023
Notes £    £   

TURNOVER 3 11,418,295 12,040,932

Cost of sales 9,618,377 11,158,573
GROSS PROFIT 1,799,918 882,359

Administrative expenses 1,432,780 1,111,045
367,138 (228,686 )

Other operating income 89,597 52,328
OPERATING PROFIT/(LOSS) 5 456,735 (176,358 )

Interest receivable and similar income 7,345 2,317
464,080 (174,041 )

Interest payable and similar expenses 6 30,435 16,454
PROFIT/(LOSS) BEFORE TAXATION 433,645 (190,495 )

Tax on profit/(loss) 7 107,781 (52,815 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

325,864

(137,680

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

325,864

(137,680

)

Profit/(loss) attributable to:
Owners of the parent 325,864 (137,680 )

Total comprehensive income attributable to:
Owners of the parent 325,864 (137,680 )

Parkol Marine Holdings Limited (Registered number: 12128087)

Consolidated Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 1,171,658 1,123,708
Investments 12 - -
Investment property 13 1,284,773 937,215
2,456,431 2,060,923

CURRENT ASSETS
Stocks 14 649,160 683,709
Debtors 15 2,793,144 2,351,248
Cash at bank and in hand 630,178 406,257
4,072,482 3,441,214
CREDITORS
Amounts falling due within one year 16 3,867,632 3,226,843
NET CURRENT ASSETS 204,850 214,371
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,661,281

2,275,294

CREDITORS
Amounts falling due after more than one
year

17

(345,352

)

(146,260

)

PROVISIONS FOR LIABILITIES 20 (124,491 ) (110,710 )
NET ASSETS 2,191,438 2,018,324

CAPITAL AND RESERVES
Called up share capital 21 2,826 2,826
Revaluation reserve 22 242,194 242,194
Capital redemption reserve 22 353 353
Retained earnings 22 1,946,065 1,772,951
SHAREHOLDERS' FUNDS 2,191,438 2,018,324

The financial statements were approved by the Board of Directors and authorised for issue on 21st February 2025 and were signed on its behalf by:




J R Morrison - Director



S Atkinson - Director


Parkol Marine Holdings Limited (Registered number: 12128087)

Company Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 638,553 632,139
Investments 12 7,347 7,347
Investment property 13 1,284,773 937,215
1,930,673 1,576,701

CREDITORS
Amounts falling due within one year 16 976,784 802,894
NET CURRENT LIABILITIES (976,784 ) (802,894 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

953,889

773,807

CREDITORS
Amounts falling due after more than one
year

17

(345,352

)

(146,260

)

PROVISIONS FOR LIABILITIES 20 (75,353 ) (81,769 )
NET ASSETS 533,184 545,778

CAPITAL AND RESERVES
Called up share capital 21 2,826 2,826
Revaluation reserve 22 242,194 242,194
Capital redemption reserve 22 167 167
Retained earnings 22 287,997 300,591
SHAREHOLDERS' FUNDS 533,184 545,778

Company's profit for the financial year 140,156 264,183

The financial statements were approved by the Board of Directors and authorised for issue on 21st February 2025 and were signed on its behalf by:




J R Morrison - Director



S Atkinson - Director


Parkol Marine Holdings Limited (Registered number: 12128087)

Consolidated Statement of Changes in Equity
for the year ended 31st May 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1st June 2022 2,826 2,172,131 242,194 353 2,417,504

Changes in equity
Dividends - (261,500 ) - - (261,500 )
Total comprehensive income - (137,680 ) - - (137,680 )
Balance at 31st May 2023 2,826 1,772,951 242,194 353 2,018,324

Changes in equity
Dividends - (152,750 ) - - (152,750 )
Total comprehensive income - 325,864 - - 325,864
Balance at 31st May 2024 2,826 1,946,065 242,194 353 2,191,438

Parkol Marine Holdings Limited (Registered number: 12128087)

Company Statement of Changes in Equity
for the year ended 31st May 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1st June 2022 2,826 297,908 242,194 167 543,095

Changes in equity
Dividends - (261,500 ) - - (261,500 )
Total comprehensive income - 264,183 - - 264,183
Balance at 31st May 2023 2,826 300,591 242,194 167 545,778

Changes in equity
Dividends - (152,750 ) - - (152,750 )
Total comprehensive income - 140,156 - - 140,156
Balance at 31st May 2024 2,826 287,997 242,194 167 533,184

Parkol Marine Holdings Limited (Registered number: 12128087)

Consolidated Cash Flow Statement
for the year ended 31st May 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 593,347 144,508
Interest paid (30,435 ) (16,454 )
Finance costs paid (1,469 ) -
Net cash from operating activities 561,443 128,054

Cash flows from investing activities
Purchase of tangible fixed assets (129,821 ) (144,456 )
Purchase of investment property (347,558 ) -
Sale of tangible fixed assets 3,400 -
Interest received 8,813 2,317
Net cash from investing activities (465,166 ) (142,139 )

Cash flows from financing activities
New loans in year 212,894 -
Loan repayments in year - (13,266 )
Amount withdrawn by directors 67,500 -
Equity dividends paid (152,750 ) (261,500 )
Net cash from financing activities 127,644 (274,766 )

Increase/(decrease) in cash and cash equivalents 223,921 (288,851 )
Cash and cash equivalents at
beginning of year

2

406,257

695,108

Cash and cash equivalents at end of
year

2

630,178

406,257

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Cash Flow Statement
for the year ended 31st May 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 433,645 (190,495 )
Depreciation charges 77,433 78,306
Loss on disposal of fixed assets 1,039 4,236
Finance costs 30,435 16,454
Finance income (7,345 ) (2,317 )
535,207 (93,816 )
Decrease in stocks 34,549 153,263
Increase in trade and other debtors (444,480 ) (401,231 )
Increase in trade and other creditors 468,071 486,292
Cash generated from operations 593,347 144,508

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st May 2024
31/5/24 1/6/23
£    £   
Cash and cash equivalents 630,178 406,257
Year ended 31st May 2023
31/5/23 1/6/22
£    £   
Cash and cash equivalents 406,257 695,108


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/6/23 Cash flow At 31/5/24
£    £    £   
Net cash
Cash at bank and in hand 406,257 223,921 630,178
406,257 223,921 630,178
Debt
Debts falling due within 1 year (13,200 ) (13,802 ) (27,002 )
Debts falling due after 1 year (146,260 ) (199,092 ) (345,352 )
(159,460 ) (212,894 ) (372,354 )
Total 246,797 11,027 257,824

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements
for the year ended 31st May 2024

1. STATUTORY INFORMATION

Parkol Marine Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The directors have taken note of the guidance issued by the Financial Reporting Council on Going Concern Assessments in
determining that this is the appropriate basis of preparation of the financial statements and have
considered a number of factors. This has specifically included reviewing banking facilities in place and detailed forecasting using sensitivity analysis to ensure that the worst case scenario situation does not put the going concern concept at risk.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical accounting estimates and assumptions
Management estimate the stage of completion of a new build contract by reference to the percentage of costs incurred. The attributable profit which is recognised at each stage is assessed by management consideration of the overall costs and anticipated profitability of the build when the build has reached a stage whereby this can be foreseen with reasonable certainty.

The directors do not consider that any of the estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The amount of profit attributable to the stage of completion of a contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Revenue for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseeable. Amounts invoiced in excess of revenue recognised are included as payments on account.

Rental income
Income received from the rental of tenanted property is recognised as it becomes due.

Goodwill
Goodwill has been written off over its original estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Leasehold improvements- over the length of the lease
Plant and machinery- 20% on reducing balance or 2% on cost
Fixtures and fittings- 25% on cost
Motor vehicles- 25% on reducing balance

Freehold properties are stated at revalued amounts under the revaluation model.

Incomplete investment property
Incomplete investment properties are valued at cost until complete, at which point they are revalued to fair value.

Investment property
Completed investment properties are measured at fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

If payments on account are greater than turnover to date they are classified as a deduction from long term work in progress with any excess being classified as creditors.

Financial instruments
The group mainly enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans from related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or
receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

The group does enter into some derivative financial instruments to manage exposures to foreign currency risk, including exposures arising from forecast transactions.

Derivative financial instruments are classified as other financial instruments and accounted for at fair value.


Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
period of the lease.

3. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the principal activities of the Group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Ship building 9,083,004 10,127,952
Repairs and maintenance 2,335,291 1,912,980
11,418,295 12,040,932

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,996,118 2,116,440
Social security costs 206,555 219,258
Other pension costs 26,656 23,019
2,229,329 2,358,717

The average number of employees during the year was as follows:
2024 2023

Directors 3 4
Employees 54 60
57 64

2024 2023
£    £   
Directors' remuneration 28,108 31,243
Directors' pension contributions to money purchase schemes 1,650 -

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 1,967 11,903
Other operating leases 296,167 351,533
Depreciation - owned assets 77,432 78,306
Loss on disposal of fixed assets 1,039 4,236
Auditors' remuneration 9,450 18,450
Foreign exchange differences 8,605 31,499
Vehicle leases 39,612 23,570

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 24,626 7,246
Directors' loan interest 5,790 8,885
Other interest paid 19 323
30,435 16,454

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 107,781 (52,815 )
Tax on profit/(loss) 107,781 (52,815 )

UK corporation tax has been charged at 25 % (2023 - 25 %).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 433,645 (190,495 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 25 % (2023 - 25 %)

108,411

(47,624

)

Effects of:
Expenses not deductible for tax purposes 1,033 1,925
Income not taxable for tax purposes (714 ) -
Utilisation of tax losses (949 ) -
Enhanced capital allowances - (2,554 )
Change in rate of tax - (4,562 )
Total tax charge/(credit) 107,781 (52,815 )

Losses carried forward as a result of research and development enhanced expenditure deductions are provided for as deferred tax assets, net of deferred tax liabilities arising on accelerated capital allowances and other short term timing differences.

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 7,500 40,000
Ordinary B shares of £1 each
Interim 85,250 161,500
Ordinary C shares of £1 each
Interim 60,000 60,000
152,750 261,500

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st June 2023
and 31st May 2024 300,000
AMORTISATION
At 1st June 2023
and 31st May 2024 300,000
NET BOOK VALUE
At 31st May 2024 -
At 31st May 2023 -

11. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1st June 2023 630,000 164,099 1,308,316
Additions - - 84,116
Disposals - - (15,000 )
At 31st May 2024 630,000 164,099 1,377,432
DEPRECIATION
At 1st June 2023 - 164,099 841,011
Charge for year - - 61,909
Eliminated on disposal - - (13,068 )
At 31st May 2024 - 164,099 889,852
NET BOOK VALUE
At 31st May 2024 630,000 - 487,580
At 31st May 2023 630,000 - 467,305

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st June 2023 118,011 25,230 2,245,656
Additions 22,955 22,750 129,821
Disposals - (6,700 ) (21,700 )
At 31st May 2024 140,966 41,280 2,353,777
DEPRECIATION
At 1st June 2023 99,192 17,646 1,121,948
Charge for year 11,397 4,126 77,432
Eliminated on disposal - (4,193 ) (17,261 )
At 31st May 2024 110,589 17,579 1,182,119
NET BOOK VALUE
At 31st May 2024 30,377 23,701 1,171,658
At 31st May 2023 18,819 7,584 1,123,708

Company
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1st June 2023 630,000 4,203 634,203
Additions - 9,137 9,137
At 31st May 2024 630,000 13,340 643,340
DEPRECIATION
At 1st June 2023 - 2,064 2,064
Charge for year - 2,723 2,723
At 31st May 2024 - 4,787 4,787
NET BOOK VALUE
At 31st May 2024 630,000 8,553 638,553
At 31st May 2023 630,000 2,139 632,139

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

11. TANGIBLE FIXED ASSETS - continued

Company

Freehold land and buildings were valued on an open market basis by professional valuers in 2020 and by the directors at 31 May 2024.

If freehold land and buildings had not been revalued, they would have been included at the following historical cost less depreciation:

£
Cost307,473
Depreciation (28,497)
Net book value278,976

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st June 2023
and 31st May 2024 7,347
NET BOOK VALUE
At 31st May 2024 7,347
At 31st May 2023 7,347


The company's investment at the Balance Sheet date includes the share capital of the following company:

Subsidiary:

Name of company Class of Shares % Holding Nature of business
Parkol Marine Engineering
Limited

Ordinary A, B and C

100%

Ship building and repairing

The above investment was held directly by the company for the whole period. The investments are measured at cost less impairment on the basis that they represent share in the entities that are not publicly traded. The registered office is Eskside Wharf, Church Street, Whitby, North Yorkshire, United Kingdom, YO22 4AE.

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st June 2023 937,215
Additions 347,558
At 31st May 2024 1,284,773
NET BOOK VALUE
At 31st May 2024 1,284,773
At 31st May 2023 937,215

Fair value at 31st May 2024 is represented by:
£   
Cost 1,284,773

Company
Total
£   
FAIR VALUE
At 1st June 2023 937,215
Additions 347,558
At 31st May 2024 1,284,773
NET BOOK VALUE
At 31st May 2024 1,284,773
At 31st May 2023 937,215

Investment properties were valued by the directors as at 31st May 2024 at open market value.

14. STOCKS

Group
2024 2023
£    £   
Engineering stores 649,160 681,739
Work-in-progress - 1,970
649,160 683,709

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 1,467,880 677,524
Amounts recoverable on contract 919,037 951,365
Other debtors 571 10,126
Directors' current accounts 73,175 23,083
VAT 147,379 207,098
Prepayments and accrued income 185,102 482,052
2,793,144 2,351,248

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 27,002 13,200 27,002 13,200
Payments on account 2,568,070 891,501 - -
Trade creditors 703,053 1,853,801 - -
Amounts owed to group undertakings - - 947,120 787,032
Social security and other taxes 51,916 52,095 - -
Other creditors 17,082 5,511 2,662 2,662
Directors' current accounts 115,158 204,317 - -
Accruals and deferred income 385,351 206,418 - -
3,867,632 3,226,843 976,784 802,894

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 345,352 146,260 345,352 146,260

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 27,002 13,200 27,002 13,200
Amounts falling due between one and two years:
Bank loans - 1-2 years 27,918 146,260 27,918 146,260
Amounts falling due between two and five years:
Bank loans - 2-5 years 317,434 - 317,434 -

There are two bank loans outstanding. The first is repayable by monthly instalments over a period of five years to March 2025 when the final instalment payment falls due. Interest is charged at a margin of 2.25% over base per annum. It is anticipated that the loan will be refinanced prior to the final repayment date. The second is repayable over a period of fifteen years to June 2038. Interest is charged at a margin of 2.1% over Bank of England base rate.

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 372,354 159,460 372,354 159,460

Bank loans are secured by way of a legal mortgage and fixed charge over all of the assets of the Group.

In the prior year, the Group was party to an advanced payment guarantee with National Westminster Bank Plc secured by way of fixed and floating charges over the assets of the Group.

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 124,491 16,710 75,353 81,769

Other provisions - 94,000 - -

Aggregate amounts 124,491 110,710 75,353 81,769

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred Other
tax provisions
£    £   
Balance at 1st June 2023 16,710 94,000
Provided during year 107,781 -
Balance at 31st May 2024 124,491 94,000

Company
Deferred
tax
£   
Balance at 1st June 2023 81,769
Provided during year (6,416 )
Balance at 31st May 2024 75,353

The provision for deferred includes the effects of upward property revaluations, accelerated capital allowances, taxable losses carried forward and other short term timing differences. The expected net reversal of deferred tax assets and liabilities in 2025 is £28,169.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
816 Ordinary A £1 816 816
1,010 Ordinary B £1 1,010 1,010
1,000 Ordinary C £1 1,000 1,000
2,826 2,826

22. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1st June 2023 1,772,951 242,194 353 2,015,498
Profit for the year 325,864 - - 325,864
Dividends (152,750 ) - - (152,750 )
At 31st May 2024 1,946,065 242,194 353 2,188,612

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

22. RESERVES - continued

Company
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1st June 2023 300,591 242,194 167 542,952
Profit for the year 140,156 - - 140,156
Dividends (152,750 ) - - (152,750 )
At 31st May 2024 287,997 242,194 167 530,358

Retained earnings
Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

Revaluation reserve
The revaluation reserve is used to record increases in the fair value of freehold land and buildings and is stated net of related deferred tax expense. The revaluation reserve is a non-distributable reserve.

Capital redemption reserve
The capital redemption reserve represents the Company's repurchase of own shares.

23. PENSION COMMITMENTS

Employer contributions to defined contribution schemes for the year amounted to £26,656 (2023 £23,019). At 31 May 2024 there was £5,925 outstanding (2023 £6,927).

24. CONTINGENT LIABILITIES

The company has pledged security in favour of National Westminster Bank Plc on behalf of its subsidiary undertaking in respect of advanced payment guarantees on payments advanced to that company. The security is in the form of fixed and floating charges over freehold property and all other assets of the company. The potential liability under the arrangement as at 31 May 2024 was £225,830 (2023: £nil).

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors falling due within one year are amounts due to the directors of £47,658 (2023: £23,083). Included within other debtors are amounts due from a director of £73,175 (2023: £204,317). During the year, total amounts advanced to the directors amounted to £333,271, total amounts repaid amounted to £124,007. The loan amounts to and from the directors are repayable on demand and accrue interest at 6%.

26. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Parkol Marine Holdings Limited (Registered number: 12128087)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st May 2024

Key management personnel of the entity or its parent (in the aggregate)

Amounts due from/to directors are disclosed at notes 15 and 16 respectively. Amounts owed are repayable on demand and accrue interest at 6%.

During the year ended 31 May 2024, dividends totalling £85,250 (2023: £261,500) were paid to directors. Total key management remuneration, including dividends paid to directors, amounted to £116,176 (2023: £292,743).

27. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors but has no ultimate controlling party.