REGISTERED NUMBER: 01165517 (England and Wales)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 March 2025

for

Makefast Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

T W Brown

Mrs B Brown

D Cozens

M Brown

M T Holdway

C Brown

REGISTERED OFFICE:

31 Mochdre Enterprise Park

Newtown

Powys

SY16 4LE

REGISTERED NUMBER:

01165517 (England and Wales)

AUDITORS:

D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

During the financial year, Makefast Group companies experienced challenging trading conditions driven by the continued downturn in the leisure marine market and ongoing uncertainty surrounding global trade policy.

As a result of these conditions, turnover decreased during the period. Despite this reduction in revenue, profitability remained stable due to careful cost management, operational discipline, and close control of overheads.

Makefast USA operations were significantly impacted by tariffs during the year. However, the customer base has continued to grow, with new relationships established and existing partnerships further strengthened.

Custom Marine Developments successfully transitioned into new premises and expanded its product offering, including the development of new products targeting the superyacht sector.

Makefast Italia continues to support operations within the country and remains an important part of the Group's international structure.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the group are:

- Exposure to market conditions within the leisure marine sector,

- Credit risk arising from trade receivables,

- Control of operating costs,

- Retention of skilled manufacturing and operational personnel,

- Risks arising from international trade policy.

The leisure marine sector remains sensitive to economic conditions and consumer confidence, which may adversely affect demand.

Credit risk is managed through established credit control procedures and ongoing monitoring of customer balances.

The Directors monitor margins and overheads closely to ensure that the cost base remains aligned with trading levels. The Group recognises that its continued success depends upon the skills and experience of its workforce and therefore seeks to retain and develop employees through appropriate training, engagement and succession planning.

The Group is also exposed to risks arising from changes in international trade policy, including tariffs and customs requirements. Such changes may affect the competitiveness of products in overseas markets. The Directors monitor developments in trade policy on an ongoing basis and seek to mitigate associated risks through pricing reviews, forward inventory planning and maintaining strong relationships with customers.

The Board reviews these risks regularly through consideration of financial results, cash flow forecasts and operational performance indicators and implements mitigating actions where necessary.

FUTURE DEVELOPMENTS

While market conditions remain uncertain, the Directors believe the Group is appropriately positioned to benefit from any improvement in the leisure marine market.

The business enters the new financial year with a continued focus on diversification, including the development of new products and expansion into additional markets. This strategy is intended to broaden the customer base, reduce reliance on any single market segment and support sustainable long-term growth.

The Directors will continue to monitor trading performance and market conditions closely and will adapt strategy as necessary in order to protect and enhance shareholder value.

ON BEHALF OF THE BOARD:

C Brown - Director

22 April 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the manufacture and sale of safety and marine hardware and marine shade systems.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

T W Brown

Mrs B Brown

D Cozens

M Brown

M T Holdway

C Brown

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with the Companies Act 2006. s.414C(11) to set out in the group's strategic report information required by Sch.7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) to be contained in the directors' report. It has done so in respect of future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C Brown - Director

22 April 2026

Opinion

We have audited the financial statements of Makefast Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 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 group's and the parent 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

- 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 company through discussions with directors and other management, and from our commercial knowledge and experience of the client's operating sector;

- 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 company, 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; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

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:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC.

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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

Other Matter

We draw your attention to Note 24 in respect of the Adjustment to recognise change in shareholding, further details of this adjustment can be found under Fixed Asset Investments in Note 13.

Use of our report

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 a Report of the Auditors 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.

Aled Davies FCCA (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

22 April 2026

TURNOVER

4

11,936,907

13,577,937

Cost of sales

5,315,382

7,186,264

GROSS PROFIT

6,621,525

6,391,673

Distribution costs

1,204,411

1,321,405

Administrative expenses

5,305,561

4,514,705

6,509,972

5,836,110

111,553

555,563

Other operating income

50,617

40,577

GROUP OPERATING PROFIT

6

162,170

596,140

Share of operating profit/(loss) in

Associates

20,328

(8,992

)

Interest receivable and similar income

525

7,910

183,023

595,058

Interest payable and similar expenses

7

40,990

50,800

PROFIT BEFORE TAXATION

142,033

544,258

Tax on profit

8

(151,866

)

206,987

PROFIT FOR THE FINANCIAL YEAR

293,899

337,271

Profit attributable to:

Owners of the parent

315,947

273,829

Non-controlling interests

(22,048

)

63,442

293,899

337,271

PROFIT FOR THE YEAR

293,899

337,271

OTHER COMPREHENSIVE INCOME

Currency translation differences

(5,992

)

(2,251

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(5,992

)

(2,251

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

287,907

Prior year adjustment

(13,865

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

321,155

Total comprehensive income attributable to:

Owners of the parent

309,955

262,503

Non-controlling interests

(22,048

)

58,652

287,907

321,155

FIXED ASSETS

Intangible assets

11

46,923

61,206

Tangible assets

12

2,765,463

2,850,782

Investments

13

Interest in associate

26,798

6,470

Other investments

9,016

9,016

2,848,200

2,927,474

CURRENT ASSETS

Stocks

14

2,660,094

2,173,371

Debtors

15

2,943,791

2,426,673

Cash at bank

846,679

1,047,708

6,450,564

5,647,752

CREDITORS

Amounts falling due within one year

16

2,443,321

1,764,390

NET CURRENT ASSETS

4,007,243

3,883,362

TOTAL ASSETS LESS CURRENT LIABILITIES

6,855,443

6,810,836

CREDITORS

Amounts falling due after more than one year

17

(579,818

)

(723,808

)

PROVISIONS FOR LIABILITIES

21

(106,815

)

(203,398

)

NET ASSETS

6,168,810

5,883,630

CAPITAL AND RESERVES

Called up share capital

22

15,000

15,000

Revaluation reserve

23

201,021

203,991

Retained earnings

23

5,722,365

5,409,440

SHAREHOLDERS' FUNDS

5,938,386

5,628,431

NON-CONTROLLING INTERESTS

24

230,424

255,199

TOTAL EQUITY

6,168,810

5,883,630

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2026 and were signed on its behalf by:

C Brown - Director

FIXED ASSETS

Intangible assets

11

133,836

156,142

Tangible assets

12

2,558,144

2,640,967

Investments

13

77,265

77,265

2,769,245

2,874,374

CURRENT ASSETS

Stocks

14

1,813,276

1,724,615

Debtors

15

2,181,861

2,442,561

Cash at bank

128,343

365,323

4,123,480

4,532,499

CREDITORS

Amounts falling due within one year

16

1,146,813

1,030,430

NET CURRENT ASSETS

2,976,667

3,502,069

TOTAL ASSETS LESS CURRENT LIABILITIES

5,745,912

6,376,443

CREDITORS

Amounts falling due after more than one year

17

(570,075

)

(706,268

)

PROVISIONS FOR LIABILITIES

21

(91,533

)

(203,398

)

NET ASSETS

5,084,304

5,466,777

CAPITAL AND RESERVES

Called up share capital

22

15,000

15,000

Revaluation reserve

201,020

203,990

Retained earnings

4,868,284

5,247,787

SHAREHOLDERS' FUNDS

5,084,304

5,466,777

Company's (loss)/profit for the financial year

(382,473

)

344,689

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2026 and were signed on its behalf by:

C Brown - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 April 2023

15,000

5,148,757

206,961

Prior year adjustment

-

(13,865

)

-

As restated

15,000

5,134,892

206,961

Total comprehensive income

-

274,548

(2,970

)

Balance at 31 March 2024

15,000

5,409,440

203,991

Total comprehensive income

-

312,925

(2,970

)

Balance at 31 March 2025

15,000

5,722,365

201,021

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 April 2023

5,370,718

215,110

5,585,828

Prior year adjustment

(13,865

)

-

(13,865

)

As restated

5,356,853

215,110

5,571,963

Total comprehensive income

271,578

58,652

330,230

Dividends

-

(18,563

)

(18,563

)

Balance at 31 March 2024

5,628,431

255,199

5,883,630

Total comprehensive income

309,955

(22,048

)

287,907

Dividends

-

(2,727

)

(2,727

)

Balance at 31 March 2025

5,938,386

230,424

6,168,810

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

15,000

4,900,128

206,960

5,122,088

Changes in equity

Total comprehensive income

-

347,659

(2,970

)

344,689

Balance at 31 March 2024

15,000

5,247,787

203,990

5,466,777

Changes in equity

Total comprehensive income

-

(379,503

)

(2,970

)

(382,473

)

Balance at 31 March 2025

15,000

4,868,284

201,020

5,084,304

Cash flows from operating activities

Cash generated from operations

1

220,570

954,475

Interest paid

(9,040

)

(12,462

)

Interest element of hire purchase payments paid

(31,950

)

(38,338

)

Tax paid

(51,018

)

64,111

Net cash from operating activities

128,562

967,786

Cash flows from investing activities

Purchase of tangible fixed assets

(135,582

)

(175,895

)

Purchase of fixed asset investments

-

(20,000

)

Sale of intangible fixed assets

342

-

Sale of tangible fixed assets

-

2,420

Interest received

525

7,910

Net cash from investing activities

(134,715

)

(185,565

)

Cash flows from financing activities

Loan repayments in year

(74,436

)

(67,535

)

Intercompany loan

100

-

Capital repayments in year

(143,909

)

(183,088

)

Government grants

25,000

-

Equity dividends paid

(2,727

)

(18,563

)

Net cash from financing activities

(195,972

)

(269,186

)

(Decrease)/increase in cash and cash equivalents

(202,125

)

513,035

Cash and cash equivalents at beginning of year

2

1,044,125

536,255

Effect of foreign exchange rate changes

(6,112

)

(5,165

)

Cash and cash equivalents at end of year

2

835,888

1,044,125