Company registration number 03073842 (England and Wales)
NAVYARD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Affinia
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
NAVYARD LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
NAVYARD LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
3,760,234
3,760,234
Debtors
4
500
3,536
Cash at bank and in hand
136
53,895
3,760,870
3,817,665
Creditors: amounts falling due within one year
5
(1,927,058)
(1,875,287)
Net current assets
1,833,812
1,942,378
Provisions for liabilities
(271,966)
(241,794)
Net assets
1,561,846
1,700,584
Capital and reserves
Called up share capital
7
1
1
Revaluation reserve
8
1,623,993
1,623,993
Profit and loss reserves
(62,148)
76,590
Total equity
1,561,846
1,700,584

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 21 January 2026 and are signed on its behalf by:
Mr W A Binks
Director
Company registration number 03073842 (England and Wales)
NAVYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Navyard Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Naval House, Kings Quay Street, Harwich, Essex, England, CO12 3JJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company's parent undertaking Mann Group Limited included the Company in its consolidated financial statements. The consolidated financial statements of Mann Group Limited are prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK General Accepted Accounting Practice) and are available to the public and may be obtained from the Registrar of Companies (England & Wales).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

The following principal accounting policies have been applied:

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue for the foreseeable future.

However, we are aware that prior to the signing of these financial statements, the ultimate holding company of the group, BNX Holdings Limited, registered in Jersey, has been stuck off due to a prior administrative error. The directors are in the process of reinstating BNX Holdings Limited and are expecting the reinstatement to be successful.

The company has received a letter of support from BNX Holdings Limited along with fellow group companies covering a period of 12 months post signing of the company’s financial statements.

The directors believe this support from its group companies is sufficient in supporting the company in continuing to operate as a going concern for a period of 12 months post signing of the financial statements, however, until the reinstatement of BNX Holdings Limited is completed, this indicates that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.

1.3
Other income

Other operating income is recognised to the extent that it is probable that the economic benefits will flow to the Company and the income can be reliably measured. Other operating income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rental income is recognised over the relevant period of time.

1.4
Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

NAVYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Property held for development is stated at the carrying value at the date of redesignation (28 December 2008) as held for development rather than an operating fixed asset. On a historical cost basis the carrying value of the asset would be £1,575,704. Rental income from the property held for development is recognised over the relevant period of time and included in other operating income.

Stocks are stated at the lower of cost and net realisable value. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately against the revaluation reserve.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

1.8
Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

1.9
Taxation

Taxation for the year comprises current and deferred tax. tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates an laws that have been enacted of substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.10

Interest income

Interest income is recognised in the Income Statement using the effective interest method.

NAVYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.11

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 these estimates.

The 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
500
3,536
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
694,928
13,826
Amounts owed to group undertakings
110,825
99,581
Other creditors
1,113,805
1,755,805
Accruals and deferred income
7,500
6,075
1,927,058
1,875,287
NAVYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
6
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
271,966
241,794
2024
Movements in the year:
£
Liability at 1 January 2024
241,794
Charge to profit or loss
30,172
Liability at 31 December 2024
271,966
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
1,623,993
1,623,993
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified.

Senior Statutory Auditor:
Oliver White
Statutory Auditor:
Affinia (Colchester)
Date of audit report:
21 January 2026
10
Events after the reporting date

There have been no significant events affecting the Company since the year end.

NAVYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
11
Related party transactions

As a wholly owned subsidiary of BNX Holdings Limited the company is exempt from the requirements of FRS 102 to disclose transactions with the other members of the group headed by BNX Holdings Limited.

Traminco Limited is a related party by virtue of common control.

During the year Traminco Limited made charges for services, including management and consultancy services provided by the directors, amounting to £35,000 (2023: £70,000). At the year end the outstanding balance was £684,000 (2023: £642,000).

Included within amounts owed to associates Navyard Limited had a loan of £1,113,805 (2023: £1,113,805) outstanding with Traminco Limited at the year end. During the year Traminco made interest charges amounting to £NIL (2023: £NIL).

12
Ultimate controlling party

The ultimate parent undertaking of this company is BNX Holdings Limited which is registered in Jersey. The company is included in the consolidated accounts of Mann Group Limited, Naval House, Kings Quay Street, Harwich, CO12 3JJ, the company's immediate parent undertaking and controlling related party under the definition set out in FRS102 by virtue of its shareholding in the company. Mann Group Limited's accounts are available from the Registrar of Companies (England & Wales), Companies House, Crown Way, Cardiff, CF14 3UZ. The ultimate controlling related party based on the definitions and requirements of FRS 102 is considered to be AWS Binks as a result of his shareholdings, his beneficial interest under a trust and position on the Board of Directors of the ultimate parent undertaking.

13
Equity

Revaluation reserve

The revaluation reserve represents surpluses on the revaluation of fixed assets that are now included as stocks net of deferred tax.

Profit and loss account

This represents cumulative profit or losses, net of dividends paid and other adjustments.

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