Company No: 05178750 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	13,327		16,752
Investment property	4	1,460,000		1,460,000
		1,473,327		1,476,752
Current assets
Stocks	5	1,153,682		1,153,682
Debtors	6	4,456		7,057
Cash at bank and in hand		21,003		114,792
		1,179,141		1,275,531
Creditors: amounts falling due within one year	7	( 34,441)		( 31,779)
Net current assets		1,144,700		1,243,752
Total assets less current liabilities		2,618,027		2,720,504
Creditors: amounts falling due after more than one year	8	( 696,870)		( 792,918)
Provision for liabilities		( 118,003)		( 118,859)
Net assets		1,803,154		1,808,727
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		1,803,054		1,808,627
Total shareholder's funds		1,803,154		1,808,727

The profit and loss account includes non-distributable reserves of £405,108 (2024: £405,108).

For the financial year ending 31 August 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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 Income and Retained Earnings has not been delivered.

The financial statements of Havenmist Limited (registered number: 05178750) were approved and authorised for issue by the Board of Directors on 18 May 2026. They were signed on its behalf by:

D S Eddy Director

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

Havenmist 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 Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is The Office, Green Parc Road, Hayle, Cornwall, TR27 4DQ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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, reducing balance] basis over its expected useful life, as follows:

Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	15 % reducing balance
Computer equipment	33 % reducing balance

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 September 2024	5,946		52,137		18,952		8,911		85,946
At 31 August 2025	5,946		52,137		18,952		8,911		85,946
Accumulated depreciation
At 01 September 2024	5,563		46,033		10,360		7,238		69,194
Charge for the financial year	58		1,526		1,289		552		3,425
At 31 August 2025	5,621		47,559		11,649		7,790		72,619
Net book value
At 31 August 2025	325		4,578		7,303		1,121		13,327
At 31 August 2024	383		6,104		8,592		1,673		16,752

4. Investment property

	Investment property
	£
Valuation
As at 01 September 2024	1,460,000
As at 31 August 2025	1,460,000

Valuation

The properties were valued on an open market basis on 31 August 2020 by the director, Mr D Eddy. The director believes this value to remain appropriate as at 31 August 2025.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	940,221		940,221

5. Stocks

	2025		2024
	£		£
Stocks	872,321		872,321
Work in progress	281,361		281,361
	1,153,682		1,153,682

6. Debtors

	2025		2024
	£		£
Trade debtors	285		905
Amounts owed by Group undertakings	0		1,530
Other debtors	4,171		4,622
	4,456		7,057

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	883		1,758
Amounts owed to Group undertakings	10,790		0
Taxation and social security	5,639		14,787
Other creditors	17,129		15,234
	34,441		31,779

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

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

	2025		2024
	£		£
Trade creditors	133,412		133,412
Bank loans (secured)	563,458		659,506
	696,870		792,918

The bank loan is secured by way of a first legal charge over the company's freehold property at Trelissick House, and land adjacent to Green Parc Road, Hayle and by an unlimited debenture from Havenmist Limited. Mr D S Eddy and Mrs M I Eddy have also given a personal guarantee for a principle amount of £600,000 (plus interest and other costs) as security for the bank loan.

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
40 Ordinary A shares of £ 1.00 each	40		40
40 Ordinary B shares of £ 1.00 each	40		40
20 Ordinary shares of £ 1.00 each	20		20
	100		100

10. Ultimate controlling party

Parent Company:

Havenmist (Holdings) Limited

The Office, Green Parc Road, Hayle, Cornwall, United Kingdom, TR27 4DQ