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Registration number: SC593669

Coastal Workboats Scotland Ltd
Unaudited Filleted Financial Statements
for the Year Ended 30 June 2025

Coastal Workboats Scotland Ltd

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 11

Coastal Workboats Scotland Ltd

Company Information

Directors | Mrs J Pogson B Pogson

Registered office | Marine Engineering Workshop Goat Island Stornoway Isle Of Lewis Isle of Lewis HS1 2RS

Accountants | M J Smith & Co Limited Chartered Accountants 11 Yeo Business Park Axehayes Farm Clyst St. Mary Exeter Devon EX5 1DP

Coastal Workboats Scotland Ltd

(Registration number: SC593669)
Balance Sheet as at 30 June 2025

| Note | 2025 £ | 2024 £
fixed assets |  |  |
Intangible assets | 6 | 5,956,279 | 2,287,847
tangible assets | 7 | 298,899 | 268,572
|  | 6,255,178 | 2,556,419
Current assets |  |  |
stocks | 8 | 29,136 | 312,409
Debtors | 9 | 4,075,293 | 4,407,444
Cash at bank and in hand |  | 26,500 | 557,974
|  | 4,130,929 | 5,277,827
Creditors: Amounts falling due within one year | 10 | (12,575,455) | (2,802,218)
Net current (liabilities)/assets |  | (8,444,526) | 2,475,609
Total assets less current liabilities |  | (2,189,348) | 5,032,028
Creditors: Amounts falling due after more than one year | 10 | (74,022) | (5,909,982)
Net liabilities |  | (2,263,370) | (877,954)
capital and reserves |  |  |
Called up share capital |  | 2 | 2
Profit and loss account |  | (2,263,372) | (877,956)
Total equity |  | (2,263,370) | (877,954)

For the financial year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 October 2025 and signed on its behalf by:

Coastal Workboats Scotland Ltd

(Registration number: SC593669)
Balance Sheet as at 30 June 2025

......................................... Mrs J Pogson Director

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Marine Engineering Workshop
Goat Island
Stornoway
Isle Of Lewis
Isle of Lewis
HS1 2RS
United Kingdom

These financial statements were authorised for issue by the Board on 24 October 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Other grants

Grants are recognised when there is reasonable assurance that the company will meet the conditions attached and the grant will be received.
Grants related to income are recognised in the profit and loss account over the period in which the related expenses are incurred, either as ‘Other Income’ or by offsetting against the related costs.
Grants related to assets are recognised as deferred income and released to the profit and loss account over the asset’s useful life.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

SME R&D Tax Relief:
Qualifying R&D expenditure is enhanced in accordance with applicable legislation. The resulting tax benefit is recognised by adjusting the corporation tax charge for the year. If the relief results in a repayable credit, this is also reflected in the corporation tax charge.
Research and Development Expenditure Credit (RDEC):
The RDEC is accounted for as a taxable grant. It is recognised in the profit and loss account under ‘Other Income’ when it is reasonably certain that the claim will be accepted, and the credit received. The tax impact of the credit is included within the corporation tax charge for the year.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class | Depreciation method and rate
Plant & machinery | 25% to 50% straight line
Motor vehicles | 25% straight line

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Development costs

A portion of the research and development expenditure incurred during the year, along with the corresponding grant income covering 70% of the expenditure have been recognised in the profit and loss account. Another portion of the development expenditure was capitalised and the corresponding grant income portion deferred. This treatment aligns with the company's accounting policy.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

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

Trade debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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

Borrowings

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2024 - 10).

4 | Loss before tax

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 199,961 | 41,275

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

5 | Taxation on profits on ordinary activities

| Note | 2025 £ | 2024 £
Tax reconciliation |  |  |
UK corporation tax |  | (524,411) | 78,601

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

6 | Intangible assets

| Other intangible assets £ | Total £
Cost or valuation
At 1 July 2024 | 2,287,847 | 2,287,847
Additions acquired separately | 3,668,432 | 3,668,432
At 30 June 2025 | 5,956,279 | 5,956,279
Amortisation
Carrying amount
At 30 June 2025 | 5,956,279 | 5,956,279
At 30 June 2024 | 2,287,847 | 2,287,847

7 | Tangible assets

| Land and buildings £ | Motor vehicles £ | Other property, plant and equipment £ | Total £
Cost or valuation
At 1 July 2024 | 18,198 | 66,908 | 246,512 | 331,618
Additions | - | - | 230,286 | 230,286
At 30 June 2025 | 18,198 | 66,908 | 476,798 | 561,904
Depreciation
At 1 July 2024 | 1,062 | 29,635 | 32,349 | 63,046
Charge for the year | 1,819 | 17,569 | 180,571 | 199,959
At 30 June 2025 | 2,881 | 47,204 | 212,920 | 263,005
Carrying amount
At 30 June 2025 | 15,317 | 19,704 | 263,878 | 298,899
At 30 June 2024 | 17,136 | 37,273 | 214,163 | 268,572

Included within the net book value of land and buildings above is £15,317 (2024 - £17,136) in respect of long leasehold land and buildings.

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

8 | Stocks

| 2025 £ | 2024 £
Other inventories | 29,136 | 312,409

9 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 663,866 | 369,216
Prepayments | 43,480 | 60,168
Other debtors | 2,934,272 | 2,910,502
Accrued income | 433,675 | 1,067,558
| 4,075,293 | 4,407,444

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

10 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Bank loans and overdrafts | 11 | 7,854,256 | 725,772
trade creditors |  | 540,473 | 198,233
Taxation and social security |  | 2,757 | 8,104
Accruals |  | 108,249 | 91,421
Deferred income |  | 4,068,250 | 1,776,397
Other creditors |  | 1,470 | 2,291
|  | 12,575,455 | 2,802,218

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 11 | 74,022 | 5,909,982

11 | Loans and borrowings

| 2025 £ | 2024 £
Non-current loans and borrowings
Bank borrowings | 74,022 | 5,899,289
Hire purchase contracts | - | 10,693
| 74,022 | 5,909,982

| 2025 £ | 2024 £
Current loans and borrowings
Bank borrowings | 7,846,214 | 720,316
Bank overdrafts | 838 | -
Hire purchase contracts | 7,204 | 5,456
| 7,854,256 | 725,772