REGISTERED NUMBER: 06876211

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Teignbridge Propellers International

Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mrs M E Duncan

D A Duncan

D A Hunt

I Mills

M S Phare

D Baker

J Batten

SECRETARY:

I Mills

REGISTERED OFFICE:

Forde Rd

Newton Abbot

Devon

TQ12 4AW

REGISTERED NUMBER:

06876211

SENIOR STATUTORY AUDITOR:

Shane Cann BA(hons) ACA FCCA CTA

AUDITORS:

Streets Audit LLP

Tower House

Lucy Tower Street

Lincoln

LN1 1XW

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

2024 Review

The year 2024 marked a pivotal phase for Teignbridge Propellers International, 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

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of design and manufacture of marine propulsion systems and equipment.

DIVIDENDS

During the year, the Company declared and approved dividends amounting to £300,000 (2023: £nil).

DIRECTORS

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

Mrs M E Duncan

D A Duncan

D A Hunt

I Mills

M S Phare

D Baker

J Batten

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 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. 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.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company'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

Opinion

We have audited the financial statements of Teignbridge Propellers International Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2024 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 Auditors' 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 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the 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 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, 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 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 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.

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.

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 FCCA CTA (Senior Statutory Auditor)

for and on behalf of Streets Audit LLP

Tower House

Lucy Tower Street

Lincoln

LN1 1XW

16 September 2025

TURNOVER

13,576,270

10,703,933

Cost of sales

8,304,880

6,783,794

GROSS PROFIT

5,271,390

3,920,139

Distribution costs

527,776

570,386

Administrative expenses

3,519,973

3,099,822

4,047,749

3,670,208

1,223,641

249,931

Other operating income

148,671

497,164

OPERATING PROFIT

5

1,372,312

747,095

Interest payable and similar expenses

7

61,983

74,552

PROFIT BEFORE TAXATION

1,310,329

672,543

Tax on profit

8

415,339

-

PROFIT FOR THE FINANCIAL YEAR

894,990

672,543

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

894,990

672,543

FIXED ASSETS

Intangible assets

10

20,495

17,271

Tangible assets

11

1,816,579

2,028,402

Investments

12

358,351

358,351

2,195,425

2,404,024

CURRENT ASSETS

Stocks

13

1,632,132

1,607,101

Debtors

14

4,064,652

2,705,647

Cash at bank and in hand

15

420,781

477,033

6,117,565

4,789,781

CREDITORS

Amounts falling due within one year

16

4,650,148

4,161,796

NET CURRENT ASSETS

1,467,417

627,985

TOTAL ASSETS LESS CURRENT LIABILITIES

3,662,842

3,032,009

CREDITORS

Amounts falling due after more than one year

17

502,552

813,325

PROVISIONS FOR LIABILITIES

21

350,998

4,382

CAPITAL AND RESERVES

Called up share capital

22

1,354,800

1,354,800

Retained earnings

23

1,454,492

859,502

SHAREHOLDERS' FUNDS

2,809,292

2,214,302

3,662,842

3,032,009

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

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1,354,800

186,959

1,541,759

Changes in equity

Total comprehensive income

-

672,543

672,543

Balance at 31 December 2023

1,354,800

859,502

2,214,302

Changes in equity

Dividends

-

(300,000

)

(300,000

)

Total comprehensive income

-

894,990

894,990

Balance at 31 December 2024

1,354,800

1,454,492

2,809,292

Cash flows from operating activities

Cash generated from operations

1

785,389

450,249

Interest paid

(61,983

)

(74,552

)

Net cash from operating activities

723,406

375,697

Cash flows from investing activities

Purchase of intangible fixed assets

(10,620

)

(14,230

)

Purchase of tangible fixed assets

(157,672

)

(294,677

)

Net cash from investing activities

(168,292

)

(308,907

)

Cash flows from financing activities

Loan repayments in year

(151,964

)

(295,827

)

Hire purchase repayments in year

(159,402

)

(129,292

)

Equity dividends paid

(300,000

)

-

Net cash from financing activities

(611,366

)

(425,119

)

Decrease in cash and cash equivalents

(56,252

)

(358,329

)

Cash and cash equivalents at beginning of year

2

477,033

835,362

Cash and cash equivalents at end of year

2

420,781

477,033

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

31.12.24

31.12.23

£

£

Profit before taxation

1,310,329

672,543

Depreciation charges

383,171

372,225

Profit on disposal of fixed assets

(6,280

)

-

Finance costs

61,983

74,552

1,749,203

1,119,320

Increase in stocks

(25,030

)

(471,349

)

Increase in trade and other debtors

(1,359,005

)

(308,015

)

Increase in trade and other creditors

420,221

110,293

Cash generated from operations

785,389

450,249

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

420,781

477,033

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

477,033

835,362

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

477,033

(56,252

)

420,781

477,033

(56,252

)

420,781

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

(780,900

)

315,114

(465,786

)

1.	STATUTORY INFORMATION

Teignbridge Propellers International Limited is a private company , limited by shares, registered in the United Kingdom. The Company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 one years.

Computer software is being amortised evenly over its estimated useful life of three 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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

3,100,110

2,747,222

Social security costs

357,903

332,525

Other pension costs

101,972

206,294

3,559,985

3,286,041

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

31.12.24

31.12.23

Directors

7

7

Other employees

85

82

92

89

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

97,141

70,573

Pension contributions to money purchase schemes

7,191

56,453

5.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

375,775

367,355

Computer software amortisation

7,396

4,870

Foreign exchange differences

(1,002

)

(31,675

)

6.	AUDITORS' REMUNERATION

31.12.24

31.12.23

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

14,000

14,000

Other assurance services

3,500

1,500

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank interest

61,983

74,552

8.

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

68,723

-

Deferred tax

346,616

-

Tax on profit

415,339

-

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

1,310,329

672,543

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

327,582

168,136

Effects of:

Depreciation in excess of capital allowances

52,218

-

Utilisation of tax losses

(254,595

)

(168,136

)

Research and Development relief

(56,483

)

-

Deferred tax adjustments

346,617

-

Total tax charge

415,339

-

9.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary Shares shares of £1 each

Interim

300,000

-

10.	INTANGIBLE FIXED ASSETS

Development

Computer

Goodwill

costs

software

Totals

£

£

£

£

COST

At 1 January 2024

101,821

2,500

157,319

261,640

Additions

-

-

10,620

10,620

At 31 December 2024

101,821

2,500

167,939

272,260

AMORTISATION

At 1 January 2024

101,821

2,500

140,048

244,369

Amortisation for year

-

-

7,396

7,396

At 31 December 2024

101,821

2,500

147,444

251,765

NET BOOK VALUE

At 31 December 2024

-

-

20,495

20,495

At 31 December 2023

-

-

17,271

17,271

11.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 January 2024

48,949

224,640

3,595,520

Additions

-

-

152,760

Disposals

-

-

(98,199

)

At 31 December 2024

48,949

224,640

3,650,081

DEPRECIATION

At 1 January 2024

38,459

81,774

1,776,075

Charge for year

10,490

7,575

343,800

Eliminated on disposal

-

-

(104,479

)

At 31 December 2024

48,949

89,349

2,015,396

NET BOOK VALUE

At 31 December 2024

-

135,291

1,634,685

At 31 December 2023

10,490

142,866

1,819,445