Company No: 01091058 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,604,902		2,327,421
		1,604,902		2,327,421
Current assets
Debtors
- due within one year	4	86,752		72,577
- due after more than one year	4	29,889		35,745
Cash at bank and in hand		71		70
		116,712		108,392
Creditors: amounts falling due within one year	5	( 237,588)		( 296,755)
Net current liabilities		(120,876)		(188,363)
Total assets less current liabilities		1,484,026		2,139,058
Creditors: amounts falling due after more than one year	6	( 1,278,783)		( 1,402,038)
Net assets		205,243		737,020
Capital and reserves
Called-up share capital	7	4		4
Revaluation reserve		754,298		1,087,374
Profit and loss account		( 549,059 )		( 350,358 )
Total shareholder's funds		205,243		737,020

For the financial year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Turk Launches Limited (registered number: 01091058) were approved and authorised for issue by the Director. They were signed on its behalf by:

R D Turk Director

12 May 2026

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Turk Launches Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	5 - 20 % reducing balance
Fixtures and fittings	15 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Plant and machinery whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the plant and machinery is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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, and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	2		2

3. Tangible assets

	Plant and machinery		Fixtures and fittings		Total
	£		£		£
Cost/Valuation
At 01 October 2024	2,562,138		37,620		2,599,758
Additions	7,489		0		7,489
Disposals	( 604,638)		0		( 604,638)
Revaluation	( 76,918)		0		( 76,918)
Impairment	( 56,486)		0		( 56,486)
At 30 September 2025	1,831,585		37,620		1,869,205
Accumulated depreciation
At 01 October 2024	235,376		36,961		272,337
Charge for the financial year	0		99		99
Disposals	( 8,133)		0		( 8,133)
At 30 September 2025	227,243		37,060		264,303
Net book value
At 30 September 2025	1,604,342		560		1,604,902
At 30 September 2024	2,326,762		659		2,327,421

Specific plant and machinery were valued by R Turk, the company director, to their fair value as at 30 September 2025, with subsequent additions at cost.

4. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	3,267		9,610
Prepayments	82,645		58,409
VAT recoverable	342		0
Other debtors	498		4,558
	86,752		72,577
Debtors: amounts falling due after more than one year
Prepayments	29,889		35,745

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts	113,700		163,532
Accruals and deferred income	67,864		57,097
Other taxation and social security	6,803		1,412
Other creditors	49,221		74,714
	237,588		296,755

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	17,820		93,089
Amounts owed to fellow subsidiaries	651,062		651,971
Amounts owed to director	283,537		308,395
Deferred income	144,718		155,551
Other creditors	181,646		193,032
	1,278,783		1,402,038

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each	4		4

8. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	182		182

9. Contingencies

Contingent liabilities

The banks hold an unlimited cross guarantee between the company and its fellow subsidiary - Turk's Shipyard Limited.

10. Related party transactions

Other related party transactions

Included within creditors due after more than 1 year is £651,062 (2024 - £651,971) owed to a fellow subsidiary.