Company registration number: 05312643
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present the strategic report of Pascoe International Limited ("Pascoe") for the year end 31 December 2024.
Pascoe International Limited is a multi award-winning boat builder specialising in designing, manufacturing, and supporting luxury tenders aimed at the global superyacht market. Pascoe tenders’ range in size from 6.2m to 12m, offering large private and charter yachts over 50m in length state-of-the-art tenders that reflect the quality and finish of their respective motherships.
Over the 20 years since its formation, Pascoe has grown into the world’s leading and most highly regarded builder of custom and semi-custom superyacht tenders, with a significant market share estimated at 18% of all tenders for yachts over 60m globally. Operating at a steady 90%+ export, Pascoe is a prime example of a specialist manufacturer and global exporter.
The company’s ethos is to consolidate its current market share by delivering highly desirable tenders and associated products and providing first-class support to all vessels in service.
Over the 20 years since its formation, Pascoe has grown into the world’s leading and most highly regarded builder of custom and semi-custom superyacht tenders, with a significant market share estimated at 18% of all tenders for yachts over 60m globally. Operating at a steady 90%+ export, Pascoe is a prime example of a specialist manufacturer and global exporter.
The company’s ethos is to consolidate its current market share by delivering highly desirable tenders and associated products and providing first-class support to all vessels in service.
2024 has seen a dramatic turnaround in trading since the challenging financial year of 2023. Although a return to profitability was not realised as early in the year as forecast at the beginning of the year, a strong Q4 did deliver a return to profitability for the 12 months trading period of 2024. A number of the complicated projects detailed in the 2023 report continued into the 2024 period, which continued to have an impact on performance throughout the first half of the year; however, profitable planned work generally increased, with many deliveries made on time and on budget.
After-sales provision was a growth area, with an increase in turnover of 57% in 2024. Margins are generally still quite low in this area, but it is still a positive area for growth and is expected to strengthen into 2025.
Cruise ship products were in production at the close of the period, marking the start of the delivery of product diversification noted in previous reports.
Overall growth targets weren’t met during the trading period, due in part to the continuation of the 2023 projects mentioned above. However, the delivered gross profit was only 1% below forecast, and a saving was also achieved on overheads, showing that the company's processes and controls are working extremely well to manage cost and expenditure. This provides a robust financial control environment for a longer-term recovery following the disruptive trading environment of the previous few years.
The KPIs provided as part of this report display the dramatic recovery in profit and improvement in performance.
Cash performance has not recovered as quickly as trading performance. At the end of the trading period, cash reserves were still low, and cash flow was under careful management. The forecast of a healthy year in 2025 should see a return to an easier-to-manage cash surplus situation.
Moving into 2025 we expect the structured profitable working environment to be maintained, with some uncertainty due to the risks detailed below in the later part of the next trading year.
After-sales provision was a growth area, with an increase in turnover of 57% in 2024. Margins are generally still quite low in this area, but it is still a positive area for growth and is expected to strengthen into 2025.
Cruise ship products were in production at the close of the period, marking the start of the delivery of product diversification noted in previous reports.
Overall growth targets weren’t met during the trading period, due in part to the continuation of the 2023 projects mentioned above. However, the delivered gross profit was only 1% below forecast, and a saving was also achieved on overheads, showing that the company's processes and controls are working extremely well to manage cost and expenditure. This provides a robust financial control environment for a longer-term recovery following the disruptive trading environment of the previous few years.
The KPIs provided as part of this report display the dramatic recovery in profit and improvement in performance.
Cash performance has not recovered as quickly as trading performance. At the end of the trading period, cash reserves were still low, and cash flow was under careful management. The forecast of a healthy year in 2025 should see a return to an easier-to-manage cash surplus situation.
Moving into 2025 we expect the structured profitable working environment to be maintained, with some uncertainty due to the risks detailed below in the later part of the next trading year.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
As predicted in the 2023 report, 2024 has seen a progressive slowing and hardening of the market, resulting in a reduction of forward order book value and increased challenges in securing future work. Pascoe still has an enviable position of having a significant amount of work to take forward into 2025 and a large number of sales enquiries being managed; however, the state of the market is an obvious risk moving forward.
In the 2023 report, the risk of securing and retaining sufficient skilled staff to perform the required duties of the company was raised. This has continued to be a risk through 2024, but this is a reducing risk as the marketplace starts to feel the effects of reduced sales in leisure vessels. This could lead to competing employers struggling and additional resources becoming easier to source. Pascoe has continued to target the employee value proposition, offering additional benefits and flexibility, as a means of aiding retention and attracting high-quality new staff. In general, the marine industry is behind national standards in terms of EVP, so Pascoe’s current offering is of significant quality in the marine SME area.
Despite additional EVP cost and cost increases in national minimum wage and employers’ National Insurance contributions, the Company has been able to reduce staffing costs through 2024.
At the end of the period, there was rising uncertainty driven by the American geopolitical sphere. This continues to be of Director interest, though at the end of the period, there was no direct effect on exports or import prices.
In the 2023 report, the risk of securing and retaining sufficient skilled staff to perform the required duties of the company was raised. This has continued to be a risk through 2024, but this is a reducing risk as the marketplace starts to feel the effects of reduced sales in leisure vessels. This could lead to competing employers struggling and additional resources becoming easier to source. Pascoe has continued to target the employee value proposition, offering additional benefits and flexibility, as a means of aiding retention and attracting high-quality new staff. In general, the marine industry is behind national standards in terms of EVP, so Pascoe’s current offering is of significant quality in the marine SME area.
Despite additional EVP cost and cost increases in national minimum wage and employers’ National Insurance contributions, the Company has been able to reduce staffing costs through 2024.
At the end of the period, there was rising uncertainty driven by the American geopolitical sphere. This continues to be of Director interest, though at the end of the period, there was no direct effect on exports or import prices.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The profit for the year, after taxation, amounted to £650,745 (2023 - loss £1,932,398).
The directors who served during the year were:
2024 saw the launch and testing of the World’s first electric Limousine tender, a true market global first. This vessel will be delivered to its mothership in early 2025. This, and the ongoing participation in the UK Government’s CMDC (Clean Maritime Demonstration Competition) sets Pascoe out as a global leader in alternative propulsion for yacht tenders. Late in the period, engineering commenced on the “second generation” limousine tender platform, deploying the lessons learnt during the first project. The Directors intend to continue to prioritise research and development into alternative fuels and efficiency technologies.
As detailed in the Review of the Business, financial controls and procedures are delivering great positives in terms of cost and expenditure control. This indicates that, as a whole, the business’s management structure is now working effectively. The Directors intend to continue to lead and support the team in developing greater efficiency, engineering out waste, and improving quality to continue to both lead the market and deliver solid financial performance.
As cash reserves are restored and a trading surplus is maintained, the further site development for the Eastlands site will be re-visited.
As detailed in the Review of the Business, financial controls and procedures are delivering great positives in terms of cost and expenditure control. This indicates that, as a whole, the business’s management structure is now working effectively. The Directors intend to continue to lead and support the team in developing greater efficiency, engineering out waste, and improving quality to continue to both lead the market and deliver solid financial performance.
As cash reserves are restored and a trading surplus is maintained, the further site development for the Eastlands site will be re-visited.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
During the period, Pascoe completed and tested their first fully electric vessel. This has been the primary R&D focus for the period, and as mentioned above, it marks a market first. Work has started on a “second generation” electric limousine platform with a market-wide study underway to review the shift in technological and market readiness within the system and component supply industry. Work has also commenced on a new optimised electric platform hull form.
This work in electrification has been supported by work with the UK Government’s CMDC4 competition, with a project underway to study the practicality of an ammonia-powered small craft. Ultimately, this R&D work, combined with the electrification R&D work, sets the path towards an integrated non-fossil fuel hybrid solution.
Other R&D continues with the delivery of the first of a new generation of 7.5m Beachlanding SOLAS tenders in the period and the delivery of the first of class 12m run alongside vessel. This continuous new product development keeps the company competitive within the marketplace.
This work in electrification has been supported by work with the UK Government’s CMDC4 competition, with a project underway to study the practicality of an ammonia-powered small craft. Ultimately, this R&D work, combined with the electrification R&D work, sets the path towards an integrated non-fossil fuel hybrid solution.
Other R&D continues with the delivery of the first of a new generation of 7.5m Beachlanding SOLAS tenders in the period and the delivery of the first of class 12m run alongside vessel. This continuous new product development keeps the company competitive within the marketplace.
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and
Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report
Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports)
Regulation 2008. This includes information that would have been included in the business review and details of the
principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company)
when performing their duties and do so appropriately.
Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report
Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports)
Regulation 2008. This includes information that would have been included in the business review and details of the
principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company)
when performing their duties and do so appropriately.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PASCOE INTERNATIONAL LIMITED
We have audited the financial statements of Pascoe International Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PASCOE INTERNATIONAL LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PASCOE INTERNATIONAL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙The Company is subject to laws and regulations that directly affect the financial statements including financial
reporting legislation, and general regulations such as health and safety. There are no industry specific laws and
regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent
of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement
items.
reporting legislation, and general regulations such as health and safety. There are no industry specific laws and
regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent
of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement
items.
∙We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures and the company secretary. We corroborated
our inquiries through our review of documentation.
management, those responsible for legal and compliance procedures and the company secretary. We corroborated
our inquiries through our review of documentation.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
fraud;
°Understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates;
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;
and
and
°Review of legal and professional expenditure and supporting documentation.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions;
°Misappropriation of funds through fraudulent purchase ledger and payroll activity; and
°Manipulation of amounts subject to significant judgment or estimate
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PASCOE INTERNATIONAL LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 27 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Pascoe International Limited is a private company limited by shares, incorportated in England and registered in England and Wales. The address of its registered office is disclosed on the company information page which is also the trading address of the company.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of KFD Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.
Our finances remain strong and having taken that into consideration along with the expected performance over the foreseeable future, the Directors consider that the company has sufficient resources to continue to operational existence for that time.
For this reason, the Directors continue to adopt the going concern basis of accounting in preparing these annual financial statements.
For this reason, the Directors continue to adopt the going concern basis of accounting in preparing these annual financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Where amounts are received in advance of works completed, these amounts are held in the Statement of Financial Position as a customer deposits within current liabilities.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
The Company makes payments to personal pension plans for the benefit of the directors. Company pays contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they
fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets
of the plan are held separately from the Company in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The main area of accounting estimate is:
Long term contracts
There are contracts held which are either longer than a year or span the period end. At the balance sheet date the project manager reviews the stage of completion and appropriate levels of revenue are recorded according to the stage of completion.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £351,124 (2023 - £347,316). Contributions totalling £29,486 (2023 - £29,211) were payable to the fund at the reporting date and are included in creditors.
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is a 100% subsidiary of KFD Holdings Limited. KFD Holdings Limited is the ultimate parent undertaking and incorporated in Great Britain. KFD Holdings Limited's principal place of business is Eastlands Boatyard, Coal Park Lane, Swanwick, Southampton, Hampshire, SO31 7GW.
The largest and smallest group in which the results of the company are consolidated is that headed by KFD Holdings Limited. The consolidated financial statements are made available to the public and may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
The largest and smallest group in which the results of the company are consolidated is that headed by KFD Holdings Limited. The consolidated financial statements are made available to the public and may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
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