Registration number: 07776928

Ynys Mon Windfarm Vessels Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Ynys Mon Windfarm Vessels Limited

Company Information

Directors

J R Burns D R Jones B A Rowland

Registered office

Newry Beach Yard Newry Beach Holyhead LL65 1YB

Auditors

Aston Hughes Limited Chartered Accountants and Statutory AuditorsSelby Towers 29 Princes Drive Colwyn Bay Conwy LL29 8PE

Ynys Mon Windfarm Vessels Limited

(Registration number: 07776928)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	3,388,420	3,710,361
Current assets
Debtors	6	7,353,889	7,353,889
Cash at bank and in hand		49,193	1,622
		7,403,082	7,355,511
Creditors: Amounts falling due within one year	7	(16,815,512)	(17,701,969)
Net current liabilities		(9,412,430)	(10,346,458)
Net liabilities		(6,024,010)	(6,636,097)
Capital and reserves
Called up share capital	10	1	1
Retained earnings		(6,024,011)	(6,636,098)
Shareholders' deficit		(6,024,010)	(6,636,097)

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 2 December 2025 and signed on its behalf by:
 

......................................... D R Jones Director

Ynys Mon Windfarm Vessels Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Newry Beach Yard
Newry Beach
Holyhead
LL65 1YB
Wales

These financial statements were authorised for issue by the Board on 2 December 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.

Summary of disclosure exemptions

In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements:

- 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.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information including budgets and future cashflows in making their assessment. Based on these assessments the directors have concluded there is a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future.

Ynys Mon Windfarm Vessels Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 2 December 2025 was Gareth Lowe BSc ACA, who signed for and on behalf of Aston Hughes Limited.

.........................................

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.

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 provided on all tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful econnmic life as follows;

Asset class	Depreciation method and rate
Other property, plant and equipment	15-26 years

Borrowings

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.

Ynys Mon Windfarm Vessels Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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.

Ynys Mon Windfarm Vessels 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. Actual results may differ from those estimates.

Assessment of the carrying value of vessels
As a result of the uncertainty caused by the Covid pandemic, an impairment review was carried out on the vessel values based on value in use. The directors consider that the vessel values are very prudently based and no write down of asset values are required in the current year. However directors will continue to monitor the position closely.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

4	Operating profit

Arrived at after charging/(crediting)

	2025  £	2024  £
Depreciation expense	321,941	321,942

Ynys Mon Windfarm Vessels Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

5	Tangible assets

	Other property, plant and equipment £	Total £
Cost or valuation
At 1 April 2024	10,725,351	10,725,351
At 31 March 2025	10,725,351	10,725,351
Depreciation
At 1 April 2024	7,014,990	7,014,990
Charge for the year	321,941	321,941
At 31 March 2025	7,336,931	7,336,931
Carrying amount
At 31 March 2025	3,388,420	3,388,420
At 31 March 2024	3,710,361	3,710,361

Restriction on title and pledged as security
All fixed assets with a carrying amount of £3,388,420 (2024 - £3,710,361) have been pledged as security for bank loans and overdrafts provided to the group.
 

6

Debtors

Current	Note	2025 £	2024 £
Amounts owed by related parties		7,329,889	7,329,889
Other debtors		24,000	24,000
		7,353,889	7,353,889

Ynys Mon Windfarm Vessels Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Bank loans and overdrafts	8	-	3,443,467
Amounts owed to group undertakings and undertakings in which the company has a participating interest		16,815,512	14,232,064
Accruals and deferred income		-	26,438
		16,815,512	17,701,969

8	Loans and borrowings

Other commitments
There is a cross-corporate guarantee securing the liabilities owed by HTC Investments Limited to Lombard North Central Plc. Holyhead Towing Cyprus Ltd guarantees the other Group companies’ obligations to Lombard North Central Plc. 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.

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	-	3,443,467

Ynys Mon Windfarm Vessels Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

9	Parent and ultimate parent undertaking

The company's immediate parent is Holyhead Towing Group Limited, incorporated in England and Wales.

 The ultimate parent is Fortuna Ltd, incorporated in Falkland Islands.

 The most senior parent entity producing publicly available financial statements is Fortuna Ltd. These financial statements are available upon request from the company's registered office.

 The ultimate controlling party is Stuart Wallace.

The address of Holyhead Towing Group Limited is:
Newry Beach Yard
Newry Beach
Holyhead


The parent of the smallest group in which these financial statements are consolidated is HTC Investments Limited, incorporated in England and Wales.

The registered address of HTC Investments Limited is:
1 Park Row
Leeds
LS1 5AB

10	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1