Registration number:
Holyhead Boatyard Limited
for the Period from 1 October 2023 to 31 March 2025
Holyhead Boatyard Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account and Statement of Retained Earnings |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Holyhead Boatyard Limited
Company Information
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Director |
M B Gould |
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Company secretary |
M B Gould |
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Registered office |
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Auditors |
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Holyhead Boatyard Limited
Strategic Report for the period from 1 October 2023 to 31 March 2025
The director presents his strategic report for the period from 1 October 2023 to 31 March 2025.
Principal activity
The principal activity of the group is that of a holding company. The principal activity of its subsidiary is the building, maintaining and refitting of vessels.
Fair review of the business
On 25th October 2024, the company purchased 100% of the shares of Holyhead Marine Services Ltd (HMS).
While the level of turnover of HMS was maintained, the profit margin was lower following a reversion to more normal levels after an exceptional performance in the period to March 2024.
There was a positive contribution from both the boat building and the boat maintenance section. A healthy order book should enable HMS to maintain existing levels of profitability.
The Directors are particularly grateful to the workforce who have shown dedication, perseverance and skill throughout the period.
Key performance indicators
Group EBITDA (defined as earnings before interest, tax, depreciation, and amortization) for the period was £213k, (2023: £Nil - as group was dormant) and is the principal measure of performance used by Management in its monthly reviews.
Principal risks and uncertainties
Whilst HMS’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. HMS adopts a conservative approach and only recognises 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.
Approved and authorised by the
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Holyhead Boatyard Limited
Director's Report for the Period from 1 October 2023 to 31 March 2025
The director presents his report and the for the period from 1 October 2023 to 31 March 2025.
Director of the group
The director who held office during the period was as follows:
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
Liquidity Risks
HMS actively manages its cash position to ensure that adequate funds are available for operations.
Interest Rate Risks
The Company has a loan from its shareholder which is repayable on demand with no interest being
charged at present, subject to review in the future.
Credit Risks
HMS 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 period, following the purchase of HMS, to reflect the change of ownership and to establish a team that can drive the business forward, two senior members of the operational team were appointed to the HMS Board.The HMS Directors continued to explore ways in which the capacity, and efficiency of the business might be enhanced.
Disclosure of information to the auditor
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.
Approved and authorised by the
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Holyhead Boatyard Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Holyhead Boatyard Limited
Independent Auditor's Report to the Members of Holyhead Boatyard Limited
Opinion
We have audited the financial statements of Holyhead Boatyard Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 1 October 2023 to 31 March 2025, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the period 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 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.
We draw attention to the fact that the comparative figures for the year ended 30 September 2023 are unaudited. The company was dormant during that period and therefore no statutory audit was required. Our opinion is not modified in respect of this matter.
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 group'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 director with respect to going concern are described in the relevant sections of this report.
Other information
The director 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.
Holyhead Boatyard Limited
Independent Auditor's Report to the Members of Holyhead Boatyard Limited
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.
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:
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the information given in the Strategic Report and Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's 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 Director's 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 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 director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines 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 director is 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 director either intends 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 Boatyard Limited
Independent Auditor's Report to the Members of Holyhead Boatyard 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.
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For and on behalf of
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE
Holyhead Boatyard Limited
Consolidated Profit and Loss Account and Statement of Retained Earnings for the Period from 1 October 2023 to 31 March 2025
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Note |
2025 |
2023 |
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Turnover |
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- |
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Cost of sales |
( |
- |
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Gross profit |
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- |
|
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Administrative expenses |
( |
- |
|
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Other operating income |
|
- |
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Operating profit |
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- |
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Other interest receivable and similar income |
|
- |
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19,912 |
- |
||
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Profit before tax |
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- |
|
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Taxation |
( |
- |
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Profit for the financial period |
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- |
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Profit/(loss) attributable to: |
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Owners of the company |
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- |
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Retained earnings brought forward |
- |
- |
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Retained earnings carried forward |
131,793 |
- |
Holyhead Boatyard Limited
(Registration number: 07660692)
Consolidated Balance Sheet as at 31 March 2025
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Note |
2025 |
2023 |
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Tangible assets |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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|
|
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||
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Creditors: Amounts falling due within one year |
( |
- |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
- |
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Net assets |
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|
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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- |
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Equity attributable to owners of the company |
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Shareholders' funds |
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Approved and authorised by the
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Holyhead Boatyard Limited
(Registration number: 07660692)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2023 |
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Fixed assets |
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Investments |
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- |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
- |
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Net current (liabilities)/assets |
( |
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|
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Net assets |
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Capital and reserves |
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Called up share capital |
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Shareholders' funds |
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The company has not traded in the period to 31 March 2025 (2023: Dormant).
Approved and authorised by the
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Holyhead Boatyard Limited
Consolidated Statement of Cash Flows for the Period from 1 October 2023 to 31 March 2025
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Note |
2025 |
2023 |
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Cash flows from operating activities |
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Profit for the period |
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- |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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- |
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Finance income |
( |
- |
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|
Income tax expense |
|
- |
|
|
|
- |
||
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Working capital adjustments |
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Increase in trade debtors |
( |
- |
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Increase in trade creditors |
|
- |
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Decrease in provisions |
( |
- |
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|
Decrease in deferred income, including government grants |
( |
- |
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Net cash flow from operating activities |
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- |
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Cash flows from investing activities |
|||
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Interest received |
|
- |
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Acquisitions of tangible assets |
( |
- |
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Net cash flows from investing activities |
( |
- |
|
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Net increase in cash and cash equivalents |
|
- |
|
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Cash and cash equivalents at acquisition of subsidiary |
|
- |
|
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Cash and cash equivalents at 31 March |
2,089,790 |
- |
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Holyhead Boatyard Limited
Notes to the Financial Statements for the Period from 1 October 2023 to 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The company was formerly known as Windfarm Vessels Limited.
The address of its registered office is:
These financial statements were authorised for issue by the
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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'.
Except for;
Departure from requirements of FRS 102
The group has departed para 30.7 of FRS 102 requiring the transaction to be reported at the spot exchange rate at the date of the transaction. Instead the group uses a standard exchange rate which is updated periodically. The company adopts this policy to allow operational performance to be assessed in a more consistent manner
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.
The functional currency of Holyhead Boatyard Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the group operates. The consolidated financial statements are also presented in pounds sterling.
Summary of disclosure exemptions
In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements:
- Exemption from paragraph 33.1A from disclosing transactions entered into with the wholly owned subsidiary.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.
Holyhead Boatyard Limited
Notes to the Financial Statements for the Period from 1 October 2023 to 31 March 2025
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
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.
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;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
Holyhead Boatyard Limited
Notes to the Financial Statements for the Period from 1 October 2023 to 31 March 2025
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
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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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:
Holyhead Boatyard Limited
Notes to the Financial Statements for the Period from 1 October 2023 to 31 March 2025
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Asset class |
Depreciation method and rate |
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Buildings |
2% on cost |
|
Plant and machinery |
5-10% on cost |
|
Motor vehicles |
20% on cost |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Negative goodwill
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 group 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 group 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 Boatyard Limited
Notes to the Financial Statements for the Period from 1 October 2023 to 31 March 2025
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group 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 group 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.
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 group 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.
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Turnover |
The analysis of the group's Turnover for the period from continuing operations is as follows:
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2025 |
2023 |
|
|
Sale of goods |
|
- |
|
Other revenue |
|
- |
|
|
- |
The analysis of the group's Turnover for the period by market is as follows:
Holyhead Boatyard Limited
Notes to the Financial Statements for the Period from 1 October 2023 to 31 March 2025
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2025 |
2023 |
|
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UK |
|
- |
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Rest of world |
|
- |
|
|
- |
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Other operating income |
The analysis of the group's other operating income for the period is as follows:
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2025 |
2023 |
|
|
Government grants |
|
- |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2023 |
|
|
Depreciation expense |
|
- |
|
Other interest receivable and similar income |
|
2025 |
2023 |
|
|
Interest income on bank deposits |
|
- |
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Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2025 |
2023 |
|
|
Wages and salaries |
|
- |
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Social security costs |
|
- |
|
Pension costs, defined contribution scheme |
|
- |
|
|
- |
The average number of persons employed by the group (including the director) during the period, analysed by category was as follows:
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2025 |
2023 |
|
|
Production |
|
- |
|
Administration and support |
|
- |
|
|
- |
Holyhead Boatyard Limited
Notes to the Financial Statements for the Period from 1 October 2023 to 31 March 2025
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Director's remuneration |
The directors are the key management personnel of the group. The director's remuneration for the period was as follows:
|
2025 |
2023 |
|
|
Remuneration |
|
- |
|
Contributions paid to money purchase schemes |
|
- |
|
92,590 |
- |
The above includes the emoluments and fees of all the companies' directors paid by the company and its subsidiaries.
During the year the number of directors who were receiving benefits were as follows:
Accruing benefits under defined contribution pension scheme 2025: 1 (2023: 0)
|
Auditors' remuneration |
|
2025 |
2023 |
|
|
Audit of these financial statements |
10,033 |
- |
|
Other fees to auditors |
||
|
Taxation compliance services |
|
- |
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
- |
|
Tax expense in the income statement |
|
- |
The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Holyhead Boatyard Limited
Notes to the Financial Statements for the Period from 1 October 2023 to 31 March 2025
|
2025 |
2023 |
|
|
Profit before tax |
|
- |
|
Corporation tax at standard rate |
|
- |
|
Tax increase from effect of capital allowances and depreciation |
|
- |
|
Effect of revenues exempt from taxation |
( |
- |
|
Total tax charge |
|
- |
Deferred tax
Group
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 |
|
Timing differences on plant and machinery |
- |
|
|
- |
|
|
Tangible assets |
Group
|
Land and buildings |
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
||||
|
On acquisition of subsidiary |
|
|
|
|
|
Additions |
- |
|
- |
|
|
At 31 March 2025 |
|
|
|
|
|
Depreciation |
||||
|
On acquisition of subsidiary |
|
|
|
|
|
Charge for the period |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
|
|
|
|
Included within the net book value of land and buildings above is £1,776,450 (2023 - £Nil) in respect of freehold land and buildings.
Holyhead Boatyard Limited
Notes to the Financial Statements for the Period from 1 October 2023 to 31 March 2025
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Newry Beach Yard
|
|
|
|
|
Englad & Wales |
||||
* indicates direct investment of the company
The company acquired 100% of the share capital of Holyhead Marine Services Ltd on 25 October 2024.
Subsidiary undertakings
|
Holyhead Marine Services Limited The principal activity of Holyhead Marine Services Limited is |
Company
|
2025 |
2023 |
|
|
Investments in subsidiaries |
|
- |
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
Additions |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 March 2025 |
|
Holyhead Boatyard Limited
Notes to the Financial Statements for the Period from 1 October 2023 to 31 March 2025
|
Debtors |
|
Group |
Company |
|||
|
Current |
2025 |
2023 |
2025 |
2023 |
|
Trade debtors |
|
- |
- |
- |
|
Other debtors |
|
|
|
|
|
Prepayments |
|
- |
- |
- |
|
Gross amount due from customers for contract work |
|
- |
- |
- |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2023 |
2025 |
2023 |
|
|
Cash on hand |
|
- |
- |
- |
|
Cash at bank |
|
- |
- |
- |
|
|
- |
- |
- |
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2023 |
2025 |
2023 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
- |
- |
- |
|
|
Amounts due to related parties |
|
- |
|
- |
|
|
Social security and other taxes |
|
- |
- |
- |
|
|
Accruals |
|
- |
- |
- |
|
|
Income tax liability |
139,038 |
- |
- |
- |
|
|
Deferred income |
|
- |
- |
- |
|
|
Gross amount due to customers for contract work |
|
- |
- |
- |
|
|
|
- |
|
- |
||
|
Due after one year |
|||||
|
Deferred income |
|
- |
- |
- |
|
|
Provisions for liabilities |
Group
Holyhead Boatyard Limited
Notes to the Financial Statements for the Period from 1 October 2023 to 31 March 2025
|
Warranties |
Deferred tax |
Total |
|
|
On acquisition of subsidiary |
|
|
|
|
Additional provisions |
( |
|
|
|
At 31 March 2025 |
|
|
|
|
|
|||
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.
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1 |
|
1 |
|
Reserves |
Group
Profit and loss account
Represents the cumulative profits or losses net of dividends paid and other adjustments
|
Related party transactions |
Company
Summary of transactions with other related parties
The balance due to the related party at the year end: £5,374,357 (2023: £Nil).
Holyhead Boatyard Limited
Notes to the Financial Statements for the Period from 1 October 2023 to 31 March 2025
|
Parent and ultimate parent undertaking |
These financial statements are available upon request from Companies House
The ultimate controlling party is