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REGISTERED NUMBER: 06877020

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Duncan Propellers Holdings Limited

Duncan Propellers Holdings Limited (Registered number: 06877020)

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 4 |

Consolidated Income Statement | 7 |

Consolidated Other Comprehensive Income | 8 |

Consolidated Balance Sheet | 9 |

Company Balance Sheet | 10 |

Consolidated Statement of Changes in Equity | 11 |

Company Statement of Changes in Equity | 12 |

Consolidated Cash Flow Statement | 13 |

Notes to the Consolidated Cash Flow Statement | 14 |

Notes to the Consolidated Financial Statements | 15 |

Duncan Propellers Holdings Limited

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | D A Hunt

| D A Duncan

| SECRETARY: | I Mills

| REGISTERED OFFICE: | Great Western Way

| Forde Road

| Newton Abbot

| Devon

| TQ12 4AW

| REGISTERED NUMBER: | 06877020

| AUDITORS: | Streets Audit LLP

| Tower House

| Lucy Tower Street

| Lincoln

| LN1 1XW

Duncan Propellers Holdings Limited (Registered number: 06877020)

Group Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

2024 Review

The year 2024 marked a pivotal phase for the Duncan Propellers Holdings Group, characterised by a renewed emphasis on customer acquisition and retention, margin enhancement, and disciplined cost management. Our diversified customer base spanning Leisure, Commercial, and Defence sectors has continued to validate our strategic direction. Complementing this is the strength of our international production footprint, which enables us to maintain proximity to key sales, manufacturing, and service hubs across the Middle East, South East Asia, and the Indian subcontinent.

The business remains consistently cash-generative and profitable. We have continued to reinvest in our global production and operational infrastructure while also reducing our debt position, reinforcing the long-term sustainability of our business model.

Outlook for 2025

We enter 2025 with a robust order book and a strong foundation to meet the evolving challenges of geopolitical uncertainty, environmental disruption, and broader market pressures. Our ongoing commitment to innovation, particularly through significant investment in Research and Development, positions us to respond effectively. While we anticipate continued growth opportunities, we also recognise that 2025 may emerge as a year of consolidation as global turbulence influences the demand dynamics in our target markets.

ON BEHALF OF THE BOARD:

D A Hunt - Director

15 September 2025

Duncan Propellers Holdings Limited (Registered number: 06877020)

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of Manufacture of Marine Propulsion equipment

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

D A Hunt

D A Duncan

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Streets Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D A Hunt - Director

15 September 2025

Report of the Independent Auditors to the Members of

Duncan Propellers Holdings Limited

Opinion

We have audited the financial statements of Duncan Propellers Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 31 December 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

Duncan Propellers 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 three, 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.

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:

- Enquiry of management, those charged with governance and review of legal and professional costs around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

- Attendance of year end stock takes and review of ageing stock balances to ensure they are not materially misstated.

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

Duncan Propellers 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.

Shane Cann BA(Hons) ACA FCA CTA (Senior Statutory Auditor)

on behalf of Streets Audit LLP

Tower House

Lucy Tower Street

Lincoln

LN1 1XW

16 September 2025

Duncan Propellers Holdings Limited (Registered number: 06877020)

Consolidated Income Statement

for the Year Ended 31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

TURNOVER | 16,299,241 |  | 13,487,750 |  |

Cost of sales | 10,341,575 |  | 8,525,722 |  |

GROSS PROFIT | 5,957,666 |  | 4,962,028 |  |

Distribution costs | 621,846 |  | 670,339 |  |

Administrative expenses | 4,228,599 |  | 3,951,433 |  |

|  |  | 4,850,445 |  |  |  |  | 4,621,772 |  |

1,107,221 |  | 340,256 |  |

Other operating income | 148,238 |  | 126,248 |  |

OPERATING PROFIT | 4 | 1,255,459 |  | 466,504 |  |

Interest receivable and similar income | 3,239 |  | - |  |

1,258,698 |  | 466,504 |  |

Interest payable and similar expenses | 5 | 61,983 |  | 78,969 |  |

PROFIT BEFORE TAXATION | 1,196,715 |  | 387,535 |  |

Tax on profit | 6 | 425,534 |  | - |  |

PROFIT FOR THE FINANCIAL YEAR | 771,181 |  | 387,535 |  |

Profit attributable to:

Owners of the parent | 771,181 |  | 387,535 |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Consolidated Other Comprehensive Income

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

PROFIT FOR THE YEAR | 771,181 |  | 387,535 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 771,181 |  | 387,535 |  |

Total comprehensive income attributable to:

Owners of the parent | 771,181 |  | 387,535 |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Consolidated Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | 22,832 |  | 21,412 |  |

Tangible assets | 9 | 2,611,812 |  | 2,663,680 |  |

Investments | 10 | - |  | - |  |

2,634,644 |  | 2,685,092 |  |

CURRENT ASSETS

Stocks | 11 | 2,878,631 |  | 2,912,672 |  |

Debtors | 12 | 2,094,189 |  | 1,687,039 |  |

Cash at bank and in hand | 1,158,099 |  | 778,268 |  |

6,130,919 |  | 5,377,979 |  |

CREDITORS

Amounts falling due within one year | 13 | 4,229,691 |  | 4,334,223 |  |

NET CURRENT ASSETS | 1,901,228 |  | 1,043,756 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,535,872 |  | 3,728,848 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (502,552 | ) | (813,325 | ) |

PROVISIONS FOR LIABILITIES | 17 | (380,097 | ) | (33,481 | ) |

NET ASSETS | 3,653,223 |  | 2,882,042 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 1,800,000 |  | 1,800,000 |  |

Retained earnings | 19 | 1,853,223 |  | 1,082,042 |  |

SHAREHOLDERS' FUNDS | 3,653,223 |  | 2,882,042 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

D A Hunt - Director

Duncan Propellers Holdings Limited (Registered number: 06877020)

Company Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | - |  | - |  |

Investments | 10 | 2,066,646 |  | 2,066,646 |  |

2,066,646 |  | 2,066,646 |  |

CURRENT ASSETS

Debtors | 12 | 38,654 |  | - |  |

CREDITORS

Amounts falling due within one year | 13 | 5,300 |  | 266,646 |  |

NET CURRENT ASSETS/(LIABILITIES) | 33,354 |  | (266,646 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,100,000 |  | 1,800,000 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 1,800,000 |  | 1,800,000 |  |

Retained earnings | 300,000 |  | - |  |

SHAREHOLDERS' FUNDS | 2,100,000 |  | 1,800,000 |  |

Company's profit for the financial year | 300,000 |  | - |  |

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

D A Hunt - Director

Duncan Propellers Holdings Limited (Registered number: 06877020)

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 1,800,000 |  | 694,507 |  | 2,494,507 |  |

Changes in equity

Total comprehensive income | - |  | 387,535 |  | 387,535 |  |

Balance at 31 December 2023 | 1,800,000 |  | 1,082,042 |  | 2,882,042 |  |

Changes in equity

Total comprehensive income | - |  | 771,181 |  | 771,181 |  |

Balance at 31 December 2024 | 1,800,000 |  | 1,853,223 |  | 3,653,223 |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Company Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 1,800,000 |  | - |  | 1,800,000 |  |

Changes in equity

Balance at 31 December 2023 | 1,800,000 |  | - |  | 1,800,000 |  |

Changes in equity

Total comprehensive income | - |  | 300,000 |  | 300,000 |  |

Balance at 31 December 2024 | 1,800,000 |  | 300,000 |  | 2,100,000 |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,180,612 |  | 419,082 |  |

Interest paid | (61,983 | ) | (78,969 | ) |

Net cash from operating activities | 1,118,629 |  | 340,113 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (12,435 | ) | (18,541 | ) |

Purchase of tangible fixed assets | (418,236 | ) | (555,661 | ) |

Sale of tangible fixed assets | - |  | 128,271 |  |

Interest received | 3,239 |  | - |  |

Net cash from investing activities | (427,432 | ) | (445,931 | ) |

Cash flows from financing activities

Loan repayments in year | (151,964 | ) | (196,502 | ) |

Capital repayments in year | (159,402 | ) | (129,292 | ) |

Net cash from financing activities | (311,366 | ) | (325,794 | ) |

Increase/(decrease) in cash and cash equivalents | 379,831 |  | (431,612 | ) |

Cash and cash equivalents at beginning of year | 2 | 778,268 |  | 1,209,880 |  |

Cash and cash equivalents at end of year | 2 | 1,158,099 |  | 778,268 |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before taxation | 1,196,715 |  | 387,535 |  |

| Depreciation charges | 487,399 |  | 417,081 |  |

| Profit on disposal of fixed assets | (6,280 | ) | - |  |

| Finance costs | 61,983 |  | 78,969 |  |

| Finance income | (3,239 | ) | - |  |

1,736,578 |  | 883,585 |  |

| Decrease/(increase) in stocks | 34,041 |  | (873,169 | ) |

| (Increase)/decrease in trade and other debtors | (407,150 | ) | 927,690 |  |

| Decrease in trade and other creditors | (182,857 | ) | (519,024 | ) |

| Cash generated from operations | 1,180,612 |  | 419,082 |  |

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 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 1,158,099 |  | 778,268 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 778,268 |  | 1,209,880 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 778,268 |  | 379,831 |  | 1,158,099 |  |

778,268 |  | 379,831 |  | 1,158,099 |  |

| Debt

| Finance leases | (593,607 | ) | 159,402 |  | (434,205 | ) |

| Debts falling due within 1 year | (317,177 | ) | 68,577 |  | (248,600 | ) |

| Debts falling due after 1 year | (347,149 | ) | 143,387 |  | (203,762 | ) |

(1,257,933 | ) | 371,366 |  | (886,567 | ) |

| Total | (479,665 | ) | 751,197 |  | 271,532 |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Duncan Propellers Holdings Limited is a private company, limited by shares , registered in Not specified/Other. 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.

| Turnover

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

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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.

| Development costs are being amortised evenly over their estimated useful life of nil years.

| Computer software is being amortised evenly over its estimated useful life of nil years.

| Tangible fixed assets

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

| Freehold property | - | not provided

| Plant and machinery | - | 20% on cost and 10% on cost

| Fixtures and fittings | - | not provided

| Stocks

| 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Duncan Propellers Holdings Limited (Registered number: 06877020)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| 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.

3. | EMPLOYEES AND DIRECTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 3,838,259 |  | 3,219,120 |  |

| Social security costs | 360,461 |  | 332,525 |  |

| Other pension costs | 101,972 |  | 206,294 |  |

4,300,692 |  | 3,757,939 |  |

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

| 31.12.24 |  | 31.12.23

| Directors | 2 |  | 2 |  |

| Other Employees | 141 |  | 140 |  |

143 |  | 142 |  |

| 31.12.24 |  | 31.12.23

£ | £ |

| Directors' remuneration | 432,801 |  | 422,035 |  |

| Directors' pension contributions to money purchase schemes | 27,615 |  | 83,701 |  |

| Information regarding the highest paid director is as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Emoluments etc | 71,865 |  | 70,573 |  |

| Pension contributions to money purchase schemes | 5,673 |  | 56,453 |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 31.12.24 |  | 31.12.23

£ | £ |

| Depreciation - owned assets | 476,384 |  | 411,250 |  |

| Computer software amortisation | 11,015 |  | 5,831 |  |

| Auditors' remuneration | 17,301 |  | 18,500 |  |

| Other assurance services | 3,500 |  | 1,500 |  |

| Foreign exchange differences | (58,257 | ) | (45,754 | ) |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank interest | 61,983 |  | 74,458 |  |

| Other Interest | - |  | 4,511 |  |

61,983 |  | 78,969 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Current tax:

| UK corporation tax | 78,918 |  | - |  |

| Deferred tax | 346,616 |  | - |  |

| Tax on profit | 425,534 |  | - |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before tax | 1,196,715 |  | 387,535 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) | 299,179 |  | 96,884 |  |

| Effects of:

| Expenses not deductible for tax purposes | 38,598 |  | - |  |

| Depreciation in excess of capital allowances | 52,218 |  | - |  |

| Utilisation of tax losses | (254,595 | ) | (96,884 | ) |

| Deferred tax adjustments | 346,617 |  | - |  |

| Research and Development relief | (56,483 | ) | - |  |

| Total tax charge | 425,534 |  | - |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

7. | INDIVIDUAL INCOME STATEMENT

| 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.

8. | INTANGIBLE FIXED ASSETS

| Group

| Development |  | Computer |

| Goodwill |  | costs |  | software |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 101,821 |  | 2,500 |  | 174,934 |  | 279,255 |  |

| Additions | - |  | - |  | 12,435 |  | 12,435 |  |

| At 31 December 2024 | 101,821 |  | 2,500 |  | 187,369 |  | 291,690 |  |

| AMORTISATION

| At 1 January 2024 | 101,821 |  | 2,500 |  | 153,522 |  | 257,843 |  |

| Amortisation for year | - |  | - |  | 11,015 |  | 11,015 |  |

| At 31 December 2024 | 101,821 |  | 2,500 |  | 164,537 |  | 268,858 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  | - |  | 22,832 |  | 22,832 |  |

| At 31 December 2023 | - |  | - |  | 21,412 |  | 21,412 |  |

9. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Short |  | Plant and

| property |  | leasehold |  | machinery

£ | £ | £ |

| COST

| At 1 January 2024 | 48,949 |  | 256,326 |  | 6,610,293 |  |

| Additions | - |  | - |  | 379,917 |  |

| Disposals | - |  | - |  | (98,199 | ) |

| At 31 December 2024 | 48,949 |  | 256,326 |  | 6,892,011 |  |

| DEPRECIATION

| At 1 January 2024 | 38,459 |  | 95,843 |  | 4,273,037 |  |

| Charge for year | 10,490 |  | 8,067 |  | 422,163 |  |

| Eliminated on disposal | - |  | - |  | (104,479 | ) |

| At 31 December 2024 | 48,949 |  | 103,910 |  | 4,590,721 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  | 152,416 |  | 2,301,290 |  |

| At 31 December 2023 | 10,490 |  | 160,483 |  | 2,337,256 |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

9. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 173,660 |  | 47,077 |  | 211,233 |  | 7,347,538 |  |

| Additions | 31,912 |  | - |  | 6,407 |  | 418,236 |  |

| Disposals | - |  | - |  | - |  | (98,199 | ) |

| At 31 December 2024 | 205,572 |  | 47,077 |  | 217,640 |  | 7,667,575 |  |

| DEPRECIATION

| At 1 January 2024 | 81,437 |  | 22,625 |  | 172,457 |  | 4,683,858 |  |

| Charge for year | 9,289 |  | 14,433 |  | 11,942 |  | 476,384 |  |

| Eliminated on disposal | - |  | - |  | - |  | (104,479 | ) |

| At 31 December 2024 | 90,726 |  | 37,058 |  | 184,399 |  | 5,055,763 |  |

| NET BOOK VALUE

| At 31 December 2024 | 114,846 |  | 10,019 |  | 33,241 |  | 2,611,812 |  |

| At 31 December 2023 | 92,223 |  | 24,452 |  | 38,776 |  | 2,663,680 |  |

10. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 2,066,646 |  |

| NET BOOK VALUE

| At 31 December 2024 | 2,066,646 |  |

| At 31 December 2023 | 2,066,646 |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

10. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Teignbridge Propellers International Ltd

| Registered office: Great Western Way , Forde Road, Newton Abbot, Devon TQ12 4AW

| Nature of business: Marine Propellers manufacture and Sale

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.12.24 |  | 31.12.23

£ | £ |

| Aggregate capital and reserves | 3,320,534 |  | 2,214,305 |  |

| Profit for the year | 1,106,232 |  | 672,543 |  |

| Duncan Propellers Ltd

| Registered office: Great Western Way . Forde Road, Newton Abbot, Devon TQ12 4AW

| Nature of business: Marine Equipment Manufacturers

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.12.24 |  | 31.12.23

£ | £ |

| Aggregate capital and reserves | 840,652 |  | 788,027 |  |

| Profit for the year | 52,625 |  | 39,218 |  |

| PT Teignbridge Propulsion Asia

| Registered office: Puri 2000 Industrial Park, Block D, No.12 Batam Centre, Batam 29444, Indonesia

| Nature of business: Marine Propellers manufacture and Sale

| %

| Class of shares: | holding |

| Ordinary | 99.00 |

| 31.12.24 |  | 31.12.23

£ | £ |

| Aggregate capital and reserves | (12,401 | ) | (12,401 | ) |

| Loss for the year | - |  | (248,945 | ) |

11. | STOCKS

| Group |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Raw materials | 734,017 |  | 660,576 |  |

| Work-in-progress | 1,391,811 |  | 1,277,353 |  |

| Finished goods | 752,803 |  | 974,743 |  |

2,878,631 |  | 2,912,672 |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Trade debtors | 1,265,939 |  | 844,059 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 38,654 |  | - |  |

| Amounts owed by participating interests | 281,111 |  | - |  | - |  | - |  |

| Other debtors | 243,776 |  | 284,975 |  | - |  | - |  |

| VAT | 121,443 |  | 55,027 |  | - |  | - |  |

| Prepayments and accrued income | 181,920 |  | 502,978 |  | - |  | - |  |

2,094,189 |  | 1,687,039 |  | 38,654 |  | - |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 15) | 121,841 |  | 130,418 |  | - |  | - |  |

| Other loans (see note 15) | 126,759 |  | 186,759 |  | - |  | - |  |

| Hire purchase contracts (see note 16) | 190,415 |  | 182,431 |  | - |  | - |  |

| Trade creditors | 1,655,494 |  | 1,477,296 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 5,300 |  | 266,646 |  |

| Tax | 78,918 |  | - |  | - |  | - |  |

| Social security and other taxes | 88,015 |  | 102,222 |  | - |  | - |  |

| Other creditors | 43,345 |  | 94,540 |  | - |  | - |  |

| Income held in advance | 1,385,472 |  | 1,797,843 |  | - |  | - |  |

| Accrued expenses | 539,432 |  | 362,714 |  | - |  | - |  |

4,229,691 |  | 4,334,223 |  | 5,300 |  | 266,646 |  |

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Bank loans (see note 15) | 203,762 |  | 347,149 |  |

| Hire purchase contracts (see note 16) | 243,790 |  | 411,176 |  |

| Loan Nicola Hutton | 55,000 |  | 55,000 |  |

502,552 |  | 813,325 |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

15. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 121,841 |  | 130,418 |  |

| Directors Loan | 126,759 |  | 186,759 |  |

248,600 |  | 317,177 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 136,356 |  | 279,989 |  |

| Amounts falling due in more than five years: |

| Repayable by instalments

| Bank loans more 5 yr by instal | 67,406 |  | 67,160 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Net obligations repayable:

| Within one year | 190,415 |  | 182,431 |  |

| Between one and five years | 243,790 |  | 411,176 |  |

434,205 |  | 593,607 |  |

17. | PROVISIONS FOR LIABILITIES

| Group |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Deferred tax | 379,601 |  | 32,985 |  |

| Other provisions

| India set up costs | 496 |  | 496 |  |

| Aggregate amounts | 380,097 |  | 33,481 |  |

Duncan Propellers Holdings Limited (Registered number: 06877020)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

17. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 32,985 |  |

| Provided during year | 346,616 |  |

| Balance at 31 December 2024 | 379,601 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 1,800,000 | Ordinary | 1 | 1,800,000 |  | 1,800,000 |  |

19. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 January 2024 | 1,082,042 |  |

| Profit for the year | 771,181 |  |

| At 31 December 2024 | 1,853,223 |  |