Registration number:
Holyhead Towing Company Limited
for the Year Ended 31 March 2025
Holyhead Towing Company Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Holyhead Towing Company Limited
Company Information
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Directors |
J R Burns D R Jones J M Goldthorpe J A Hart J B Wallace B A Rowland |
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Registered office |
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Auditors |
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Holyhead Towing Company Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activities of the company are the hire of vessels for, civil engineering projects, support of offshore energy projects, dredging support, marine towage, and other non-conventional marine work.
Fair review of the business
The company achieved the following results for the year to 31 March 2025:
• Revenue: £21,933,709; Operating profit: £5,032,431; Profit after tax: £4,153,934.
• Tangible fixed assets of £2,964,969 (vessels and equipment) underpin balance‑sheet strength.
• Cash and cash equivalents at period end: £2,866,673
The company employed an average of 27 direct employees during the period (10 vessel crew and 17 shoreside staff). In addition, the company regularly utilises rotating crew and contracted mariners to support global deployment of the fleet. Including this contingent resource, the Total Workforce Equivalent is approximately 160-190, ensuring safe, compliant and reliable operations across multiple international projects.
Despite the extended sale process causing a distraction the company was able to deliver a superb performance. This is now confirmed in the company’s accounts which show a significantly increased profit level. It is fair to say that the company has therefore emerged from a challenging period both stronger and more resilient, for that the board would like to thank the Holyhead team.
Our customer base remains strong but as well as building on these relationships, we have become supplier of services to several new customers. Reflecting not only a healthy market but our ability to win work and keep customers through consistent, authentic engagement, excellent support as well as the delivery safe and reliable service throughout contract periods. We continue to work in sometimes difficult environments but year on year we deliver a first-class service wherever our customers need us. We maintain a commitment to innovation and a newbuild programme.
Holyhead Towing Company Limited
Strategic Report for the Year Ended 31 March 2025
Key performance indicators
The Board monitors a concise set of KPIs: EBITDA, vessel utilisation, technical downtime (availability), operating margin, crew retention and safety metrics.
EBITDA (defined as earnings before interest, tax, depreciation, and amortisation) is a key financial measure and is the principal focus of performance review by management during the year. EBITDA for the year was £5.5m, (2024 – £2.1m).
Vessel utilisation both individually, and on an overall basis and vessel profitability on an individual basis, are the key operational indicators for the Company. Vessel utilisation is calculated as chartered day as % of available days, per vessel. These are monitored closely by the Board both at an actual and forecast level. Vessel utilisation in the year was 88% (2024 - 86%).
Technical downtime % availability is measured by the time vessels are unavailable, on charter due to defects/maintenance.
Operating margin is determined by pricing and costing discipline. Operating margin in the year was 30.6% (2024: 17.1%).
Crew retention (%) is used by the Operations team to measure rate at which crew members are retained by the company. This is measured by an annualised voluntary resignation rate.
Safety (TRIR / LTIFR) is used to measure recordable and lost time incidents per 1,000,000 hours. This is zero for the year to 31 March 2025.
Targets and definitions will be refined in FY26 as reporting matures.
Holyhead Towing Company Limited
Strategic Report for the Year Ended 31 March 2025
Principal risks and uncertainties
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Risk |
Recognition (indicators) |
Potential impact |
Mitigation actions |
Owner |
Early‑warning metric |
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Utilisation & day‑rate |
Charter volume drop; slippage in start dates; rising idle days. |
Revenue shortfall; margin compression |
Cross‑regional deployment; disciplined tendering; pipeline reviews; rate discipline with walk‑away thresholds |
MD and Commercial Director |
Idle days; hit‑rate; avg day‑rate vs target. Utilisation % |
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Technical downtime (availability) & asset ageing |
Repeat defects; rising unplanned maintenance; class findings. Availability %
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Lost charter days; higher cost base; reputational damage |
Preventative maintenance, condition monitoring; OEM partnerships; targeted upgrades/life‑extension; spares strategy |
Technical Director |
Tech downtime / Availability %; defect recurrence; maintenance spend vs budget |
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Cost inflation (crew / spares / services) |
Supplier price notices; agency rate spikes |
Margin erosion on fixed‑price charters |
Framework agreements; forward purchasing; escalation clauses; efficiency and roster optimisation |
Ops & Commercial |
Gross margin variance; PO price index; crew cost per day |
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Compliance, HSE & reputation |
Near‑miss trend; audit non‑conformities; incident severity |
Injury/environmental harm; downtime; client loss |
HSE/Operations |
TRIR/LTIFR; audit findings closed |
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Holyhead Towing Company Limited
Strategic Report for the Year Ended 31 March 2025
Financial instruments - objectives, policies and risk management
Treasury objective: Maintain liquidity and flexibility at the lowest sustainable cost while controlling market risks.
Credit risk: We trade with established international counterparties. Exposures are monitored with credit limits, monthly invoicing, security where appropriate and active credit management.
Liquidity risk: Weekly 13-week cash forecasting and rolling 12-18‑month projections support timely settlement of liabilities.
Interest‑rate risk: Borrowings are primarily floating‑rate; the Board reviews the fixed/floating mix and may employ hedging.
Foreign‑exchange risk: USD/EUR exposures are partly mitigated by natural hedging and currency matching; selective forward cover may be used when visibility of flows is high.
Capital management: We monitor leverage, asset cover and covenant headroom to support growth and withstand market cycles.
Engagement with suppliers, customers and other relationships
The Board considers the interests of employees, customers, suppliers, lenders and the communities in which we operate in principal decisions. This includes prioritising safety and welfare, reliable customer delivery, fair supplier terms, constructive lender engagement and transparent governance.
Approved and authorised by the
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Holyhead Towing Company Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Strategic report
In accordance with section 414C (11) of the Companies Act 2006 (Strategic and Directors report) regulations 2013 the company's strategic report information required by schedule 7 of the large and medium-size companies and groups (Accounts and reports) regulations 2008 is noted in the strategic report.
Financial risk management objectives and policies
Information concerning price risk, credit risk, liquidity risk and cash flow risk affecting company have been set out in the strategic report.
Environmental matters
We avoid over‑claiming “green” credentials and focus on measurable, incremental improvements consistent with the nature of our operations.
Environmental
• Preventative maintenance to maximise vessel efficiency and reduce breakdown‑related waste.
• Hull/propeller condition and deployment planning to reduce fuel burn per operating hour.
• Evaluate lower‑carbon fuels and propulsion options when commercially viable and technically proven for our vessel classes.
Holyhead Towing Company Limited
Directors' Report for the Year Ended 31 March 2025
Social and community issues
Social
• Mature safety culture; compliance with client/flag‑state audits; continuous HSE improvement.
• Seafarer welfare and training; clear career pathways from deck to bridge and into shoreside roles.
• Dependable employer with fair treatment of suppliers and partners.
Governance
• Active Board oversight of strategy, risk and treasury; transparent financial reporting.
• Robust financial controls and delegated authorities; zero tolerance of bribery, corruption and facilitation payments.
• Clear accountability for safety, compliance and operational decision‑making.
We recognise stakeholder expectations are rising and will enhance ESG metrics as our framework matures. Initial metrics include utilisation, technical downtime, recordable incidents, crew retention and fuel‑efficiency indicators.
Future developments
Demand for specialist shallow‑draft vessels is driven by a strong marine infrastructure and coastal works internationally. A diversified customer base and geographic spread support opportunity visibility. The outlook is positive, with emphasis on disciplined capital allocation, operational excellence and selective fleet expansion and innovative upgrades to sustain earnings quality and resilience.
We will sustain high utilisation and reliable delivery through:
1) preventative maintenance and condition monitoring;
2) selective specification upgrades and life‑extension where returns are attractive;
3) enhanced commercial discipline on pricing, terms and credit; and
4) active deployment planning across distinct regions.
Capital expenditure is targeted at growing the fleet number, reducing downtime, improving efficiency and strengthening residual values.
Although we have seen a bias towards the offshore energy market with the majority of our work recently in the Arabian Gulf region, we have begun to pivot towards successful long term multi vessel contracts outside the of the oil and gas sector, this is now a key focus and in keeping with our business plan. As well as a gradual and controlled shift in market focus we recognise the need to improve business efficiency and carbon reduction and to support this we have an ongoing programme of technical recruitment and innovation.
Looking ahead, the Board is confident in its ability to sustain momentum on all fronts. We have a solid financial foundation and are well positioned to pursue new growth opportunities.
We shall build the Holyhead brand through delivery of exceptional and safe marine support to all of our customers, globally.
Going concern
The Directors have reviewed cash flow forecasts, facilities, covenants and sensitivities and have a reasonable expectation that the Group has adequate resources to continue for the foreseeable future. The financial statements are prepared on a going concern basis.
Holyhead Towing Company Limited
Directors' Report for the Year Ended 31 March 2025
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Aston Hughes Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
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Holyhead Towing Company Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 and in accordance with Financial Reporting Standard 102 'the Financial Reporting Standard applicable in the UK and Republic of Ireland' . 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.
Holyhead Towing Company Limited
Independent Auditor's Report to the Members of Holyhead Towing Company Limited
Opinion
We have audited the financial statements of Holyhead Towing Company Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 March 2025 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Holyhead Towing Company Limited
Independent Auditor's Report to the Members of Holyhead Towing Company Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 9], 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 is 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.
Auditor 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Holyhead Towing Company Limited
Independent Auditor's Report to the Members of Holyhead Towing Company Limited
We considered the nature of the of the company’s industry and control environment and reviewed policies and procedures relating to fraud and compliance with laws and regulations. We also enquired with management about their own identification and assessment of the risk of irregularities.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the group through discussions with directors and other management, and from our knowledge and experience.
• We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation.
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.
We assessed the susceptibility of the financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
• Performed analytical procedures to identify any unusual or unexpected relationships.
• Tested journal entries to identify unusual transactions.
• Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
• Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• Reading the minutes of meetings.
• Enquiring of management as to actual and potential litigation and claims.
• Challenging assumptions and judgements made by management in its significant accounting estimates which included vessel depreciation.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.Despite the audit being planned and conducted in accordance with ISA's (UK) there remains an unavoidable risk that misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and by their very nature, any instances of fraud or irregularity likely involve collusion, forgery, intentional representations or the override of controls.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
Holyhead Towing Company Limited
Independent Auditor's Report to the Members of Holyhead Towing Company Limited
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.
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For and on behalf of
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE
Holyhead Towing Company Limited
Profit and Loss Account for the Year Ended 31 March 2025
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Note |
2025 |
(As restated) |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
5,032,431 |
1,808,734 |
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Other interest receivable and similar income |
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- |
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Interest payable and similar expenses |
( |
- |
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(41) |
- |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Holyhead Towing Company Limited
(Registration number: 00871758)
Balance Sheet as at 31 March 2025
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Note |
2025 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Holyhead Towing Company Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Retained earnings |
Total |
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At 1 April 2024 |
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Prior period adjustment |
- |
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At 1 April 2024 (As restated) |
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Profit for the year |
- |
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At 31 March 2025 |
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Share capital |
Retained earnings |
Total |
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At 1 April 2023 |
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Profit for the year |
- |
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At 31 March 2024 |
89,236 |
13,487,530 |
13,576,766 |
Holyhead Towing Company Limited
Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
(As restated) |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Profit on disposal of tangible assets |
( |
( |
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Finance income |
( |
- |
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Finance costs |
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- |
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Income tax expense |
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Foreign exchange gains/losses |
( |
( |
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Working capital adjustments |
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Increase in trade debtors |
( |
( |
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Decrease in trade creditors |
( |
( |
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(Decrease)/increase in provisions |
( |
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Cash generated from operations |
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( |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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( |
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Cash flows from investing activities |
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Interest received |
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- |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
- |
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Net increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at 1 April |
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Effect of exchange rate fluctuations on cash held |
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Cash and cash equivalents at 31 March |
2,866,673 |
760,568 |
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Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital incorporated in England and Wales. The company registered number is 00871758.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Summary of disclosure exemptions
In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements:
- Section 11 'Basic Financial Instruments' & Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest, income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value change recognised in profit and loss and in other comprehensive income.
- Section 33 'Related Party Disclosures' - Compensation for key management personnel, and the disclosure exemptions from paragraph 33.1A from disclosing transactions entered into between two or more members of a group.
Group accounts not prepared
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Changes in accounting policy
New standards, interpretations and amendments effective
The following have been applied for the first time from 1 April 2024 and have had an effect on the financial statements:
Periodic vessel surveys
The company has changed its accounting policy concerning the treatment of periodic vessel surveys. These costs have historically been charged to the profit and loss in the year in which they were incurred.
The director's consider that these costs provide incremental future benefits to the company and as such these have been capitalised in the current period with the comparative figures restated as permitted under FRS 102.
It is considered impracticable to present this information for periods before the prior period.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Cost of sales | (278,744) | (442,638) | - |
Fixed assets | 278,744 | 442,638 | - |
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 and;
- It is probable that future economic benefits will flow to the entity.
Finance income and costs policy
When the interest is due and there is a reasonable expectation that the income will be received.
On the due date when dividends are declared as receivable.
Foreign currency transactions and balances
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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 corporation 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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.
The company adds to the carrying amount of an item of plant and machinery the cost of replacing part of such item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation
Depreciation is charged so as to write off the cost of assets, taking into account anticipated residual value of assets, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and equipment |
5-26 years |
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Motor vehicles |
5 years straight line |
Investments
Investments in subsidiaries and associated undertakings are recorded a cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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.
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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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.
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant and are reviewed and updated regularly. The critical accounting judgements and key source of estimation uncertainty are considered to be;
Critical accounting judgements
The following judgements, apart from those involving estimates, have had the most significant effect on amounts recognised in the financial statements.
Assessment of the carrying value of vessels
Following an impairment review and change in accounting method in 2020 vessels are depreciated on a straight line basis over their remaining useful economic life. The directors consider that the current book value of the vessel are prudent, however, directors will continue to monitor the position closely.
Periodic vessel surveys
Vessels are required to complete periodic surveys. Capitalisation of these costs is permitted under the financial reporting standard. During the year the company has capitalised five year surveys on two vessels, totalling £441,052. These surveys are depreciated over the five year period. The company has previously expensed the cost of these surveys as the expenditure was incurred. The total cost of these surveys in prior period was £480,753.
Deferred tax assets
The tax write down values are greater than the net book value for the plant and machinery, deferred tax asset is not recognised because the timing difference is not projected to reverse based on current activities in the foreseeable future.
Critical accounting estimates
The company makes estimates concerning the future, the estimates are likely to vary from the related actual result, the following estimates are considered to be key areas of estimation uncertainty.
Discounts
Discounts are agreed with some customers, the entity estimates a liability for potential discounts based on the level of activity with those customers.
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Turnover |
The analysis of the company's turnover for the year by class of business is as follows:
|
2025 |
2024 |
|
|
Vessel chartering |
|
|
The analysis of the company's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
Other operating income is derived from management fees (2025: £480,000 2024: £480,000) and insurance claims (2025: £19,583 2024: £nil).
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain/loss on disposal of property, plant and equipment |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
(As restated) |
|
|
Depreciation expense |
|
|
|
Foreign exchange gains |
( |
( |
|
Profit on disposal of property, plant and equipment |
( |
( |
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
|
- |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Other departments |
|
|
|
|
|
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
377,346 |
117,396 |
During the year the number of directors who were receiving benefits were as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
(As restated) |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
- |
|
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease arising from group relief |
( |
- |
|
Tax decrease from other tax effects |
- |
( |
|
Total tax charge |
|
|
The amount of double taxation relief at the balance sheet date is £454,074 (2024: £378,372).
Deferred tax
Deferred tax is calculated with reference to the rates and laws that have been enacted or substantively enacted by the reporting date, and which are expected to apply to the reversal of the timing difference.
Deferred tax assets and liabilities
A deferred tax asset has not been recognised in respect of delayed capital allowances where the tax written value of assets exceeds the net book value. The unrecognised deferred tax asset at the balance sheet date is £82,610 (2024: £254,172).
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Furniture, fittings and equipment |
Motor vehicles |
Vessels |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
( |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
- |
|
|
|
|
At 31 March 2024 |
- |
|
|
|
Restriction on title and pledged as security
|
Investments |
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 April 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 March 2025 |
|
|
At 31 March 2024 |
|
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Newry Beach Yard, Holyhead Anglesey, LL65 1YB England and Wales |
|
|
|
|
|
PO Box 112, St Martins House, Le Bordage, St Peter Port, Guernsey, GY1 4EA Guernsey |
|
|
|
|
|
Newry Beach Yard, Newry Beach, Holyhead, Anglesey, Wales, LL65 1YB England and Wales |
|
|
|
|
|
Anastasis Sioukri & Olympia
Cyprus |
|
|
|
Holyhead Towing (Guernsey) PCC Limited is a protected cell company limited by shares and incorporated in Guernsey.
|
Subsidiary undertakings |
|
Turbine Transfers Limited The principal activity of Turbine Transfers Limited is |
|
Holyhead Towing (Guernsey) PCC Limited The principal activity of Holyhead Towing (Guernsey) PCC Limited is |
|
Church Bay Limited The principal activity of Church Bay Limited is |
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Holyhead Towing Company (Cyprus) Ltd The principal activity of Holyhead Towing Company (Cyprus) Ltd is |
|
Debtors |
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Corporation tax asset |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
Corporation tax liability |
881,820 |
381,736 |
|
|
|
|
|
Provisions for liabilities |
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Other provisions |
Total |
|
|
At 1 April 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 March 2025 |
- |
- |
|
|
||
In the previous year a customer paid a cancellation charge for two vessels, 50% was due to fall payable if the contract commenced within twelve months and those vessels are used on the contract. The provision has been settled in the year.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
At the balance sheet date £34,048 of contributions were due by the company (2024 - £8,412).
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
8 |
|
8 |
|
|
|
89,228 |
|
89,228 |
|
|
|
|
|
|
|
Reserves |
Profit and loss account
Represents the cumulative profits or losses net of dividends paid and other adjustments
|
Financial guarantee contracts |
Assets of the company are subject to a Cross-Company gurantee securing the bank borrwoings of another company within the group. There is a fixed charge over the vessels of the company in favour of Lombard North Central PLC. In the event of a sale of one of the vessels, a proportion of the sales price must be contributed towards the outstanding group loan balance.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is
The address of Fortuna Ltd is:
Stanley
Falkland Islands
The parent of the smallest group in which these financial statements are consolidated is
Holyhead Towing Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
The address of HTC Investments Limited is:
Leeds
United Kingdom
LS1 5AB