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

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

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

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

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

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.

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.

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

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

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

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

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

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

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

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

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

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.

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

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

-