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Registration number: 00895484

Holyhead Marine Services Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2025

 

Holyhead Marine Services Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Statement of Income and Retained Earnings

10

Balance Sheet

11

Notes to the Financial Statements

12 to 23

 

Holyhead Marine Services Limited

Company Information

Directors

S Evans

J N Colin York

A Darroch

D R Firth

M B Gould

Company secretary

M B Gould

Registered office

Newry Beach Yard
Newry Beach
Holyhead
LL65 1YB

Auditors

Aston Hughes Limited
Chartered Accountants and Statutory AuditorsSelby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE

 

Holyhead Marine Services Limited

Strategic Report for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the company is the building, maintaining and refitting of vessels.

Fair review of the business

While the level of turnover was maintained, the profit margin was lower following a reversion to more normal levels after an exceptional performance in the year to March 2024.

There was a positive contribution from both the boat building and the boat maintenance sections. A healthy order book, should enable the Company to maintain current levels of profitability.

The Directors are particularly grateful to the workforce who have shown dedication, perseverance and skill throughout the year.

Key performance indicators

EBITDA (defined as earnings before interest, tax, depreciation, and amortization) for the year was £590K, (2024 £1.07M), and is the principal measure of performance used by Management in its monthly reviews.

Principal risks and uncertainties
 

Whilst the Company's forward order book is at a healthy level, the business model for a significant part of the turnover is transactional in nature. However, because of the long lead times involved, any necessary remedial action can be taken in a timely manner. Boatbuilding contracts can extend over many months, or even years, and the final profitability may be uncertain until near the end of the contract. The Company adopts a conservative approach, and only recognizes profits when they can be assessed with reasonable certainty. Full provision is made for losses on all contracts in the year in which the loss is first foreseen.

Employment Policies
The Company is a committed equal opportunities employer and gives careful consideration to all applications for employment.

Health and Safety is of paramount importance, particularly given the nature of the Company’s operations. Therefore, a comprehensive training programme, the provision of well-equipped and well-maintained equipment and premises is a key priority for the Company. Close and regular contact is maintained with employees to ensure effective and positive two-way communication.

To ensure that employees are able to share in the success of the Company of which they have been a major part, this year, the Company introduced a new employee bonus scheme which is both more generous and transparent than its predecessor.

The Company holds ISO 9001.2015 and ISO 14001:2015 and is working towards ISO 45001:2018.

 

Holyhead Marine Services Limited

Strategic Report for the Year Ended 31 March 2025

Approved and authorised by the Board on 30 July 2025 and signed on its behalf by:
 

.........................................
M B Gould
Company secretary and director

 

Holyhead Marine Services Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors of the company

The directors who held office during the year were as follows:

S Evans (appointed 30 January 2025)

J N Colin York

A Darroch

D R Firth (appointed 30 January 2025)

M B Gould - Company secretary and director

J M Meade (ceased 25 October 2024)

Strategic report

In accordance with section 414C (11) of the Companies Act 2006 (Strategic and Directors report) regulations 2013 the company's strategic report information required by schedule 7 of the large and medium-size companies and groups (Accounts and reports) regulations 2008 is noted in the strategic report.

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity Risks
The Company actively manages its cash position to ensure that adequate funds are available for operations.

Interest Rate Risks
The Company has no borrowings or overdrafts.

Credit Risks
The Company has a very active Credit Management System, and risk is reduced through receiving stage payments on larger or longer-term contracts.

Future developments

During the year, the Company was bought out from the Holyhead Group and is now an independent company. To reflect this change and to establish a team that can drive the business forward, two senior members of the operational team were appointed to the Board.The Directors continued to explore ways in which the capacity, and efficiency of the business might be enhanced.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

 

Holyhead Marine Services Limited

Directors' Report for the Year Ended 31 March 2025

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Aston Hughes Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 30 July 2025 and signed on its behalf by:
 

.........................................
M B Gould
Company secretary and director

 

Holyhead Marine Services Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Holyhead Marine Services Limited

Independent Auditor's Report to the Members of Holyhead Marine Services Limited

Opinion

We have audited the financial statements of Holyhead Marine Services Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, Balance Sheet, and 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 company's affairs as at 31 March 2025 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Holyhead Marine Services Limited

Independent Auditor's Report to the Members of Holyhead Marine Services Limited

We have nothing to report in this regard.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 6], 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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:

 

Holyhead Marine Services Limited

Independent Auditor's Report to the Members of Holyhead Marine Services Limited

We considered the nature of the of the company’s industry and control environment and reviewed policies and procedures relating to fraud and compliance with laws and regulations. We also enquired with management about their own identification and assessment of the risk of irregularities.

We communicated amongst the audit team areas that may exist within the organisation for fraud or non-compliance with laws and regulations. We identified and assessed the design and effectiveness of controls management has in place. Where we considered the risks identified may have a direct material effect on the financial statements or operations of the company audit procedures were carried out.

To address the risks identified we discussed matters with key management and inspected board minutes. We have undertaken further enquiries into environmental and health and saftey controls, reviewed risk registers and reviewed contracts.

The engagement team challanged assumptions and judgements made by management in its significant accounting estimates which included profit recognition on contracts.

In common with all audits under ISA's (UK) we are also required to perform specific procedures to respond to the risk of fraud and error through management override of controls and in response we incorporated testing of journal entries within the main accounting system and the manual entries made in the client financial reporting system.

Despite the audit being planned and conducted in accordance with ISA's (UK) there remains an unavoidable risk that misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and by their very nature, any instances of fraud or irregularity likely involve collusion, forgery, intentional representations or the override of controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

......................................
Andrew Erasmus BSc FCA (Senior Statutory Auditor)
For and on behalf of Aston Hughes Limited, Statutory Auditor
Selby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE

30 July 2025

 

Holyhead Marine Services Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2025

Note

2025
£

2024
£

Turnover

3

8,828,894

8,827,524

Cost of sales

 

(6,606,236)

(6,376,054)

Gross profit

 

2,222,658

2,451,470

Administrative expenses

 

(1,848,256)

(1,547,036)

Other operating income

4

30,265

30,265

Operating profit

5

404,667

934,699

Other interest receivable and similar income

7

19,912

-

Interest payable and similar charges

8

-

(71)

 

19,912

(71)

Profit before tax

 

424,579

934,628

Taxation

12

(152,137)

(32,750)

Profit for the financial year

 

272,442

901,878

Retained earnings brought forward

 

4,933,708

4,031,830

Retained earnings carried forward

 

5,206,150

4,933,708

 

Holyhead Marine Services Limited

(Registration number: 00895484)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

13

2,009,325

2,154,827

Current assets

 

Debtors

14

3,885,421

3,454,125

Cash at bank and in hand

 

2,089,790

1,673,358

 

5,975,211

5,127,483

Creditors: Amounts falling due within one year

15

(2,154,595)

(1,699,877)

Net current assets

 

3,820,616

3,427,606

Total assets less current liabilities

 

5,829,941

5,582,433

Creditors: Amounts falling due after more than one year

15

(222,942)

(253,207)

Provisions for liabilities

16

(100,849)

(95,518)

Net assets

 

5,506,150

5,233,708

Capital and reserves

 

Called up share capital

300,000

300,000

Retained earnings

19

5,206,150

4,933,708

Shareholders' funds

 

5,506,150

5,233,708

Approved and authorised by the Board on 30 July 2025 and signed on its behalf by:
 

.........................................
M B Gould
Company secretary and director

 

Holyhead Marine Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital incorporated in England and Wales. The company's registration number is 00895484.

The address of its registered office is:
Newry Beach Yard
Newry Beach
Holyhead
LL65 1YB

These financial statements were authorised for issue by the Board on 30 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements:

- Section 7 'Statement of Cashflow' - Presentation of a Statement of Cashflow and related notes and disclosures.

- Section 11 'Basic Financial Instruments' & Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest, income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value change recognised in profit and loss and in other comprehensive income.

- Section 33 'Related Party Disclosures' - Compensation for key management personnel, and the disclosure exemptions from paragraph 33.1A from disclosing transactions entered into between two or more members of a group.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information including budgets and future cashflows in making their assessment. Based on these assessments the directors have concluded there is a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future.

 

Holyhead Marine Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- The amount of revenue can be reliably measured and;
- It is probable that future economic benefits will flow to the entity.

Contract revenue recognition

For ongoing maintenance contracts and vessel building contracts revenue represents the value of work done up to the period end taking account of any anticipated losses on contracts. Profit is recognised on vessel builds when the stage of completion of a vessel is sufficiently advanced to provide strong evidence of the likely profitability of the contract. On maintenance contracts profit is recognised when separate elements of the contract have been completed.

Where the value of work undetaken exceeds the application for payments made on account on the contract the balance is recorded in debtors as amounts recoverable on contracts, where the application for payments made on account exceeds the the value of work undertaken on the contract the balance is recorded in creditors; amounts due within one year as payments on account.

Government grants

Government grants in respect of capital expenditure are credited to the profit and loss account over the estimated useful life of the relevant fixed assets. The grants shown in the balance sheet represent the total grants receivable to date less the amount so far credited to the profit and loss account.
Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at a standard exchange rate, the profit or loss on exchange is recorded once the balance has been settled, monetary assets and liabilities denominated in foreign currencies are re-translated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Holyhead Marine Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% on cost

Plant and machinery

5-10% on cost

Motor vehicles

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Holyhead Marine Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Holyhead Marine Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant and are reviewed and updated regularly. The critical accounting judgements and key sources of estimation uncertainty are considered to be;

Critical accounting estimates

The company makes estimates concerning the future, the estimates are likely to vary from the related actual result, the following estimate is considered to be a key area of estimation uncertainty.

Profit recognition on work performed under contract.
Profit is recognised on vessel build contracts when the stage of completion of a vessel is sufficiently advanced to provide strong evidence of the likely profitability. Profit on maintenance contracts is recognised when separate elements of the contracts have been completed.



 

 

Holyhead Marine Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2025
 £

2024
 £

Goods and services provided under contract

8,821,213

8,821,776

Other revenue

7,681

5,748

8,828,894

8,827,524

The analysis of the company's turnover for the year by market is as follows:

2025
 £

2024
 £

Europe

7,185,700

7,431,300

Rest of world

1,643,194

1,396,224

8,828,894

8,827,524

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2025
 £

2024
 £

Government grants

30,265

30,265

5

Operating profit

Arrived at after charging/(crediting)

2025
 £

2024
 £

Depreciation expense

184,447

132,479

Loss on disposal of property, plant and equipment

-

62

6

Government grants

There are a number of grants received or released during the period including release of deferred capital grants for fixed assets purchases and revenue grants primarily relating to training.

The amount of grants recognised in the financial statements was £30,265 (2024 - £30,265).

7

Other interest receivable and similar income

2025
 £

2024
 £

Interest income on bank deposits

19,912

-

 

Holyhead Marine Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

8

Interest payable and similar expenses

2025
 £

2024
 £

Interest on bank overdrafts and borrowings

-

71

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2025
 £

2024
 £

Wages and salaries

2,023,869

1,864,388

Social security costs

180,360

167,588

Pension costs, defined contribution scheme

197,756

98,783

2,401,985

2,130,759

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2025
No.

2024
No.

Production

44

44

Administration and support

15

12

59

56

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2025
 £

2024
 £

Remuneration

107,676

55,918

Contributions paid to money purchase schemes

37,161

42,121

144,837

98,039

During the year the number of directors who were receiving benefits were as follows:

Accruing benefits under defined contribution pension scheme 2025: 1 (2024: 1)

 

Holyhead Marine Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

11

Auditors' remuneration

2025
 £

2024
 £

Audit of the financial statements

17,500

10,800

Other fees to auditors

Taxation compliance services

2,500

2,000


 

12

Taxation

Tax charged/(credited) in the profit and loss account

2025
£

2024
£

Current taxation

UK corporation tax

139,038

-

Deferred taxation

Arising from origination and reversal of timing differences

13,099

32,750

Tax expense in the income statement

152,137

32,750

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

2025
£

2024
£

Profit before tax

424,579

934,628

Corporation tax at standard rate

106,145

233,657

Tax increase from effect of capital allowances and depreciation

27,179

5,016

Effect of revenues exempt from taxation

(7,566)

-

Tax decrease arising from group relief

-

(205,923)

Deferred tax expense from unrecognised temporary difference from a prior period

26,379

-

Total tax charge

152,137

32,750

 

Holyhead Marine Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Deferred tax

Deferred tax is calculated with reference to the rates and laws that have been enacted or substantively enacted by the reporting date, and which are expected to apply to the reversal of the timing difference.

Deferred tax assets and liabilities

2025

Asset
£

Liability
£

Accelerated depreciation

-

45,849

-

45,849

2024

Asset
£

Liability
£

Accelerated depreciation

-

32,750

-

32,750

13

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2024

2,755,913

51,605

900,771

3,708,289

Additions

-

38,945

-

38,945

At 31 March 2025

2,755,913

90,550

900,771

3,747,234

Depreciation

At 1 April 2024

870,746

44,317

638,399

1,553,462

Charge for the year

108,717

6,957

68,773

184,447

At 31 March 2025

979,463

51,274

707,172

1,737,909

Carrying amount

At 31 March 2025

1,776,450

39,276

193,599

2,009,325

At 31 March 2024

1,885,167

7,288

262,372

2,154,827

Included within the net book value of land and buildings above is £1,776,450 (2024 - £1,885,167) in respect of freehold land and buildings.
 

 

Holyhead Marine Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

14

Debtors

2025
 £

2024
 £

Trade debtors

1,706,375

1,503,176

Amounts owed by related parties

-

5,999

Other debtors

22,515

64,200

Prepayments

162,275

265,261

Amounts recoverable on contracts

1,994,256

1,615,489

Total current trade and other debtors

3,885,421

3,454,125

15

Creditors

Note

2025
 £

2024
 £

Due within one year

 

Trade creditors

 

341,440

401,369

Social security and other taxes

 

221,309

36,063

Accrued expenses

 

833,339

441,888

Income tax liability

12

139,038

-

Deferred income

 

30,265

30,265

Payments received on account

 

589,204

790,292

 

2,154,595

1,699,877

Due after one year

 

Deferred income

 

222,942

253,207

 

Holyhead Marine Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

16

Deferred tax and other provisions

Warranties
£

Deferred tax
£

Total
£

At 1 April 2024

62,768

32,750

95,518

Additional provisions

(7,768)

-

(7,768)

Difference between accumulated depreciation and amortisation and capital allowances

-

13,099

13,099

At 31 March 2025

55,000

45,849

100,849

Warrantee provision is an estimate of the costs which may be incurred on products dispatched but still within their warrantee period.

The deferred tax provision relates to the difference between accumulated depreciation and capital allowances.

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £197,756 (2024 - £98,783).

18

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary of £1 each

292,268

292,268

292,268

292,268

Deferred ordinary of £1 each

7,732

7,732

7,732

7,732

300,000

300,000

300,000

300,000

19

Reserves

Profit and loss account

Represents the cumulative profits or losses net of dividends paid and other adjustments

20

Commitments

Pension commitments

 

Holyhead Marine Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Defined contribution pension scheme commitments provided for in the accounts amounted to £Nil (2024 - £18,961). There were no pension commitments not provided for nor commitments related to pensions payable to past directors.

21

Parent and ultimate parent undertaking

The company's immediate parent is Holyhead Boatyard Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Holyhead Boatyard Limited. These financial statements are available upon request from Companies House.

 

The address of Holyhead Boatyard Limited is:

Cil Ynys
Longford Road
Holyhead
Anglesey
Wales
LL65 1TR