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REGISTERED NUMBER: 02902281 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

FOR

GIBRALTAR (UK) LTD

| GIBRALTAR (UK) LTD (REGISTERED NUMBER: 02902281) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 30 June 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| GIBRALTAR (UK) LTD |

COMPANY INFORMATION

for the year ended 30 June 2025

| DIRECTOR: | Mr D A Haythornthwaite

| REGISTERED OFFICE: | Docklands

| Dock Road

| Lytham St Annes

| Lancashire

| FY8 5AQ

| REGISTERED NUMBER: | 02902281 (England and Wales)

| AUDITORS: | Xeinadin Audit Limited

| Statutory Auditor

| 17 St Peters Place

| Fleetwood

| Lancashire

| FY7 6EB

| GIBRALTAR (UK) LTD (REGISTERED NUMBER: 02902281) |

BALANCE SHEET

30 June 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 315,183 |  | 357,406 |  |

Tangible assets | 5 | 9,062,473 |  | 8,095,091 |  |

9,377,656 |  | 8,452,497 |  |

CURRENT ASSETS

Debtors | 6 | 1,835,651 |  | 2,790,051 |  |

Cash at bank | 399,570 |  | 87,698 |  |

2,235,221 |  | 2,877,749 |  |

CREDITORS

Amounts falling due within one year | 7 | (4,439,566 | ) | (5,182,209 | ) |

NET CURRENT LIABILITIES | (2,204,345 | ) | (2,304,460 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,173,311 |  | 6,148,037 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (5,242,918 | ) | (4,321,296 | ) |

PROVISIONS FOR LIABILITIES | (593,513 | ) | (382,920 | ) |

NET ASSETS | 1,336,880 |  | 1,443,821 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 1,000 |  | 1,000 |  |

Retained earnings | 1,335,880 |  | 1,442,821 |  |

SHAREHOLDERS' FUNDS | 1,336,880 |  | 1,443,821 |  |

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 March 2026 and were signed by:

Mr D A Haythornthwaite - Director

| GIBRALTAR (UK) LTD (REGISTERED NUMBER: 02902281) |

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 30 June 2025

1. | STATUTORY INFORMATION

| Gibraltar (Uk) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

| Patents and licences are being amortised evenly over their estimated useful life of ten years.

| Development costs are being amortised evenly over their estimated useful life of twenty five years.

| During the comparative period there was a revision in the estimated useful life of Patents and licences from 25 years to 10. The change was applied prospectively from the date of the change in line with FRS 102 10.16.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery | - | 20% on cost

| Fixtures and fittings | - | 33% on cost

| Charter hire assets | - | 15 years with a 40% residual

| The Company holds a leasehold interest in a marina mooring berth which is recognised within tangible fixed assets as short leasehold. The asset is measured at cost (including any lease premium and directly attributable acquisition costs) and carried at cost less accumulated depreciation and impairment.

| Depreciation is provided on a straight-line basis over the remaining non-cancellable term of the agreement to a nil residual value. Renewal periods are included only where management is reasonably certain they will be exercised and are legally enforceable.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| GIBRALTAR (UK) LTD (REGISTERED NUMBER: 02902281) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

2. | ACCOUNTING POLICIES - continued

| 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 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 and laws that have been enacted or 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Going concern

| The directors are satisfied at the time of approving the financial statements that the company has

| adequate resources to continue to operate for the foreseeable future and as such, continues to adopt

| the going concern basis in preparing the financial statements.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - 1 ).

| GIBRALTAR (UK) LTD (REGISTERED NUMBER: 02902281) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

4. | INTANGIBLE FIXED ASSETS

| Patents |

| and |  | Development |

| licences |  | costs |  | Totals

£ | £ | £ |

| COST

| At 1 July 2024 | 691,608 |  | 34,865 |  | 726,473 |  |

| Additions | 25,028 |  | - |  | 25,028 |  |

| Disposals | (210,140 | ) | (34,865 | ) | (245,005 | ) |

| At 30 June 2025 | 506,496 |  | - |  | 506,496 |  |

| AMORTISATION

| At 1 July 2024 | 334,202 |  | 34,865 |  | 369,067 |  |

| Amortisation for year | 67,251 |  | - |  | 67,251 |  |

| Eliminated on disposal | (210,140 | ) | (34,865 | ) | (245,005 | ) |

| At 30 June 2025 | 191,313 |  | - |  | 191,313 |  |

| NET BOOK VALUE

| At 30 June 2025 | 315,183 |  | - |  | 315,183 |  |

| At 30 June 2024 | 357,406 |  | - |  | 357,406 |  |

5. | TANGIBLE FIXED ASSETS

| Fixtures |  | Charter |

| Plant and |  | and |  | hire |

| Mooring |  | machinery |  | fittings |  | assets |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 July 2024 | - |  | 29,278 |  | 161,674 |  | 8,024,886 |  | 8,215,838 |  |

| Additions | 1,521,297 |  | - |  | 36,709 |  | - |  | 1,558,006 |  |

| At 30 June 2025 | 1,521,297 |  | 29,278 |  | 198,383 |  | 8,024,886 |  | 9,773,844 |  |

| DEPRECIATION

| At 1 July 2024 | - |  | 22,153 |  | 71,913 |  | 26,681 |  | 120,747 |  |

| Charge for year | 214,872 |  | 1,900 |  | 52,857 |  | 320,995 |  | 590,624 |  |

| At 30 June 2025 | 214,872 |  | 24,053 |  | 124,770 |  | 347,676 |  | 711,371 |  |

| NET BOOK VALUE

| At 30 June 2025 | 1,306,425 |  | 5,225 |  | 73,613 |  | 7,677,210 |  | 9,062,473 |  |

| At 30 June 2024 | - |  | 7,125 |  | 89,761 |  | 7,998,205 |  | 8,095,091 |  |

| GIBRALTAR (UK) LTD (REGISTERED NUMBER: 02902281) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

5. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Charter

| hire

| assets

£ |

| COST

| At 1 July 2024

| and 30 June 2025 | 8,024,886 |  |

| DEPRECIATION

| At 1 July 2024 | 26,681 |  |

| Charge for year | 320,995 |  |

| At 30 June 2025 | 347,676 |  |

| NET BOOK VALUE

| At 30 June 2025 | 7,677,210 |  |

| At 30 June 2024 | 7,998,205 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 292,593 |  | 913,015 |  |

| Other debtors | 1,373,914 |  | 1,779,083 |  |

| Prepayments | 169,144 |  | 97,953 |  |

1,835,651 |  | 2,790,051 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 178,704 |  | 164,957 |  |

| Trade creditors | 437,095 |  | 819,824 |  |

| Tax | 18,121 |  | 18,121 |  |

| Social security and other taxes | 5,296 |  | 4,642 |  |

| VAT | 221,488 |  | 244,441 |  |

| Other creditors | 2,963,463 |  | 3,206,917 |  |

| Directors' current accounts | 380,444 |  | 702,602 |  |

| Accruals and deferred income | 234,955 |  | 20,705 |  |

4,439,566 |  | 5,182,209 |  |

| GIBRALTAR (UK) LTD (REGISTERED NUMBER: 02902281) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 4,142,593 |  | 4,321,296 |  |

| Other creditors | 1,100,325 |  | - |  |

5,242,918 |  | 4,321,296 |  |

| Other creditors include a loan payable to a fellow group company under a formal loan agreement. The loan is subject to a fixed repayment date and accrues interest at the agreed rate. The loan is unsecured and is not supported by any guarantees or security.

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 4,321,297 |  | 4,486,253 |  |

| Assets financed under hire purchase are secured upon the assets to which they relate.

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Martin Wigley MSc ACA ATII (Senior Statutory Auditor)

| for and on behalf of Xeinadin Audit Limited

| GIBRALTAR (UK) LTD (REGISTERED NUMBER: 02902281) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

12. | RELATED PARTY DISCLOSURES

| During the year the Company had transactions with companies under the control of D A Haythornthwaite.

|  | 2025 |  |  | 2024 |  |

| £ |  |  | £ |  |

| Purchases |  | 957,170 |  |  | 769,369 |  |

| Sales |  | 3,630,524 |  | 5,051,946 |  |

| At the year end the company had net balances outstanding with companies under the control of D A Haythornthwaite.

|  | 2025 |  |  | 2024 |  |

| Included in Trade debtors/(creditors) |  | 129,254 |  | 878,668 |  |

| Included in Other debtors/(creditors) |  | (2,689,874 | ) |  | (2,026,167 | ) |

| The company has a sponsorship agreement with a company under common control of D A Haythornthwaite. During the year, the company paid £600,000 under this agreement.

13. | ULTIMATE CONTROLLING PARTY

| The controlling party is Rendell Limited.

| The ultimate controlling party is Mr D A Haythornthwaite.