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Registration number: 07660692

Holyhead Boatyard Limited
Annual Report and Consolidated Financial Statements
for the Year Ended 31 March 2026

Holyhead Boatyard Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Director's Report | 4
Statement of Director's Responsibilities | 5
Independent Auditor's Report | 6 to 8
Consolidated Profit and Loss Account and Statement of Retained Earnings | 9
Consolidated Balance Sheet | 10
Balance Sheet | 11
Consolidated Statement of Cash Flows | 12
Notes to the Financial Statements | 13 to 25

Holyhead Boatyard Limited

Company Information

Director | M B Gould

Company secretary | M B Gould

Registered office | Cil Ynys Longford Road Holyhead Anglesey LL65 1TR

Auditors | Aston Hughes Limited Selby Towers 29 Princes Drive Colwyn Bay Conwy LL29 8PE

Holyhead Boatyard Limited

Strategic Report for the Year Ended 31 March 2026

The director presents his strategic report for the year ended 31 March 2026.

Principal activity

The principal activity of the group is the building, maintaining and refitting of vessels.

Fair review of the business

The Directors were pleased with the Group’s performance during the year, with an improvement in profit margin despite the forecasted lower turnover.
There was a positive contribution from both the boat building and the boat maintenance sections. A healthy order book should enable the Group to maintain current levels of profitability.
The Directors are particularly grateful to the workforce who have shown dedication, perseverance and skill throughout the year.

Key performance indicators

Group EBITDA (defined as earnings before interest, tax, depreciation, and amortization) for the year was £803k, (2025 £590k), and is the principal measure of performance used by Management in its monthly reviews.

Principal risks and uncertainties

Whilst the Group's forward order book is at a healthy level, the business model for a significant part of the turnover is transactional in nature. However, because of the long lead times involved, any necessary remedial action can be taken in a timely manner. Boatbuilding contracts can extend over many months, or even years, and the final profitability may be uncertain until near the end of the contract. The Group adopts a conservative approach and only recognises profits when they can be assessed with reasonable certainty. Full provision is made for losses on all contracts in the year in which the loss is first foreseen.
Employment Policies
The Group is a committed equal opportunities employer and carefully considers all applications for employment.
Health and Safety is of paramount importance, particularly given the nature of the Group’s operations.
Therefore, a comprehensive training programme, the provision of well-equipped and well-maintained equipment and premises is a key priority for the Group. Close and regular contact is maintained with employees to ensure effective and positive two-way communication.
To ensure that employees are able to share in the success of the Group, of which they have been a major part, the Group continues to operate a generous and transparent employee bonus scheme.
The Group holds ISO 9001.2015 and ISO 14001:2015 and will be working towards achieving the newly updated standards in the coming year. The Group is also working towards ISO 45001 ahead of the forthcoming 2026 update.

Approved and authorised by the director on 16 July 2026

Holyhead Boatyard Limited

Strategic Report for the Year Ended 31 March 2026

......................................... M B Gould Company secretary and director

Holyhead Boatyard Limited

Director's Report for the Year Ended 31 March 2026

The director presents his report and the for the year ended 31 March 2026.

Director of the group

The director who held office during the year was as follows:

M B Gould - Company secretary and director

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity Risks
HMS actively manages its cash position to ensure that adequate funds are available for operations.
Interest Rate Risks
The Company has a loan from its shareholder which is repayable on demand with no interest being
charged at present, subject to review in the future.
Credit Risks
HMS has a very active Credit Management System, and risk is reduced through receiving stage payments on larger or longer-term contracts.

Future developments

Having been bought out from the Holyhead Group in the previous Financial Year, HMS appointed two senior members of the Operational Team to the Board to continue to drive the business forward. With the new Leadership Team in place, the Company continues to explore ways in which the capacity and efficiency of the business might be enhanced.

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Approved and authorised by the director on 16 July 2026

......................................... M B Gould Company secretary and director

Holyhead Boatyard Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Holyhead Boatyard Limited

Independent Auditor's Report to the Members of Holyhead Boatyard Limited

Opinion

We have audited the financial statements of Holyhead Boatyard Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 31 March 2026 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 auditor 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Holyhead Boatyard Limited

Independent Auditor's Report to the Members of Holyhead Boatyard Limited

Opinion on other matter 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 Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

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 director's remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is 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 director determines is 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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:

Holyhead Boatyard Limited

Independent Auditor's Report to the Members of Holyhead Boatyard Limited

We considered the nature of the of the company’s industry and control environment and reviewed policies and procedures relating to fraud and compliance with laws and regulations. We also enquired with management about their own identification and assessment of the risk of irregularities.
We communicated amongst the audit team areas that may exist within the organisation for fraud or non-compliance with laws and regulations. We identified and assessed the design and effectiveness of controls management has in place. Where we considered the risks identified may have a direct material effect on the financial statements or operations of the company audit procedures were carried out.
To address the risks identified we discussed matters with key management and inspected board minutes. We have undertaken further enquiries into environmental and health and saftey controls, reviewed risk registers and reviewed contracts.
The engagement team challanged assumptions and judgements made by management in its significant accounting estimates which included profit recognition on contracts.
In common with all audits under ISA's (UK) we are also required to perform specific procedures to respond to the risk of fraud and error through management override of controls and in response we incorporated testing of journal entries within the main accounting system and the manual entries made in the client financial reporting system.
Despite the audit being planned and conducted in accordance with ISA's (UK) there remains an unavoidable risk that misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and by their very nature, any instances of fraud or irregularity likely involve collusion, forgery, intentional representations or the override of controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

......................................
Andrew Erasmus BSc FCA (Senior Statutory Auditor)
For and on behalf of Aston Hughes Limited, Statutory Auditor
Selby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE

16 July 2026

Holyhead Boatyard Limited

Consolidated Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2026

| Note | 2026 £ | 2025 £
Turnover | 3 | 7,741,724 | 3,985,356
Cost of sales |  | (5,452,651) | (2,868,720)
Gross profit |  | 2,289,073 | 1,116,636
Administrative expenses |  | (1,651,578) | (970,682)
Other operating income | 4 | 30,562 | 12,610
Operating profit | 5 | 668,057 | 158,564
Other interest receivable and similar income | 6 | 118,622 | 19,912
|  | 118,622 | 19,912
Profit before tax |  | 786,679 | 178,476
Taxation | 10 | (202,187) | (46,683)
Profit for the financial year |  | 584,492 | 131,793
Profit/(loss) attributable to: |  |  |
Owners of the company |  | 584,492 | 131,793
Retained earnings brought forward |  | 131,793 | -
Retained earnings carried forward |  | 716,285 | 131,793

Holyhead Boatyard Limited

(Registration number: 07660692)
Consolidated Balance Sheet as at 31 March 2026

| Note | 2026 £ | 2025 £
Tangible assets | 11 | 1,892,244 | 2,009,325
Current assets |  |  |
Debtors | 13 | 1,968,954 | 3,885,422
Cash at bank and in hand |  | 3,852,981 | 2,089,790
|  | 5,821,935 | 5,975,212
Creditors: Amounts falling due within one year | 15 | (6,712,446) | (7,528,952)
Net current liabilities |  | (890,511) | (1,553,740)
Total assets less current liabilities |  | 1,001,733 | 455,585
Creditors: Amounts falling due after more than one year | 15 | (200,981) | (222,942)
Provisions for liabilities | 16 | (84,466) | (100,849)
Net assets |  | 716,286 | 131,794
Capital and reserves |  |  |
Called up share capital | 18 | 1 | 1
Retained earnings | 19 | 716,285 | 131,793
Equity attributable to owners of the company |  | 716,286 | 131,794
Shareholders' funds |  | 716,286 | 131,794

Approved and authorised by the director on 16 July 2026

......................................... M B Gould Company secretary and director

Holyhead Boatyard Limited

(Registration number: 07660692)
Balance Sheet as at 31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Investments | 12 | 5,374,357 | 5,374,357
Current assets |  |  |
Debtors | 13 | 1 | 1
Creditors: Amounts falling due within one year | 15 | (5,374,357) | (5,374,357)
Net current liabilities |  | (5,374,356) | (5,374,356)
Net assets |  | 1 | 1
Capital and reserves |  |  |
Called up share capital | 18 | 1 | 1
Shareholders' funds |  | 1 | 1

The company has not traded in the period to 31 March 2026 or the prior period to 31 March 2025.

Approved and authorised by the director on 16 July 2026

......................................... M B Gould Company secretary and director

Holyhead Boatyard Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2026

| Note | 2026 £ | 2025 £
Cash flows from operating activities
Profit for the year |  | 584,492 | 131,793
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 134,876 | 54,465
Finance income | 6 | (118,622) | (19,912)
Income tax expense | 10 | 202,187 | 46,683
|  | 802,933 | 213,029
Working capital adjustments |  |  |
Decrease/(increase) in trade debtors | 13 | 1,916,468 | (962,296)
(Decrease)/increase in trade creditors | 15 | (884,097) | 830,225
Decrease in provisions | 16 | (5,000) | (7,768)
Decrease in deferred income, including government grants |  | (21,664) | (12,610)
Cash generated from operations |  | 1,808,640 | 60,580
Income taxes paid | 10 | (146,276) | -
Net cash flow from operating activities |  | 1,662,364 | 60,580
Cash flows from investing activities |  |  |
Interest received |  | 118,622 | 19,912
Acquisitions of tangible assets |  | (17,795) | (38,945)
Net cash flows from investing activities |  | 100,827 | (19,033)
Net increase in cash and cash equivalents |  | 1,763,191 | 41,547
Cash and cash equivalents at 1 April |  | 2,089,790 | 2,048,243
Cash and cash equivalents at 31 March |  | 3,852,981 | 2,089,790

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Cil Ynys
Longford Road
Holyhead
Anglesey
LL65 1TR

These financial statements were authorised for issue by the director on 16 July 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.
Except for;
Departure from requirements of FRS 102
The group has departed para 30.7 of FRS 102 requiring the transaction to be reported at the spot exchange rate at the date of the transaction. Instead the group uses a standard exchange rate which is updated periodically. The company adopts this policy to allow operational performance to be assessed in a more consistent manner

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Holyhead Boatyard Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the group operates. The consolidated financial statements are also presented in pounds sterling.

Summary of disclosure exemptions

In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements:
- Exemption from paragraph 33.1A from disclosing transactions entered into with the wholly owned subsidiary.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2026.

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information including budgets and future cashflows in making their assessment. Based on these assessments the directors have concluded there is a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
- The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Contract revenue recognition

For ongoing maintenance contracts and vessel building contracts revenue represents the value of work done up to the period end taking account of any anticipated losses on contracts. Profit is recognised on vessel builds when the stage of completion of a vessel is sufficiently advanced to provide strong evidence of the likely profitability of the contract. On maintenance contracts profit is recognised when separate elements of the contract have been completed.
Where the value of work undetaken exceeds the application for payments made on account on the contract the balance is recorded in debtors as amounts recoverable on contracts, where the application for payments made on account exceeds the the value of work undertaken on the contract the balance is recorded in creditors; amounts due within one year as payments on account.

Government grants

Government grants in respect of capital expenditure are credited to the profit and loss account over the estimated useful life of the relevant fixed assets. The grants shown in the balance sheet represent the total grants receivable to date less the amount so far credited to the profit and loss account. Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at a standard exchange rate, the profit or loss on exchange is recorded once the balance has been settled, monetary assets and liabilities denominated in foreign currencies are re-translated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Asset class | Depreciation method and rate
Buildings | 2% on cost
Plant and machinery | 5-10% on cost
Motor vehicles | 20% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Negative goodwill

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 and are reviewed and updated regularly. The critical accounting judgements and key sources of estimation uncertainty are considered to be;
Critical accounting estimates
The group makes estimates concerning the future, the estimates are likely to vary from the related actual result, the following estimate is considered to be a key area of estimation uncertainty.
Profit recognition on work performed under contract.
Profit is recognised on vessel build contracts when the stage of completion of a vessel is sufficiently advanced to provide strong evidence of the likely profitability. Profit on maintenance contracts is recognised when separate elements of the contracts have been completed.

3 | Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

| 2026 £ | 2025 £
Sale of goods | 7,737,937 | 3,984,859
Other revenue | 3,787 | 497
| 7,741,724 | 3,985,356

The analysis of the group's Turnover for the year by market is as follows:

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

| 2026 £ | 2025 £
UK | 7,657,335 | 3,769,634
Rest of world | 84,389 | 215,722
| 7,741,724 | 3,985,356

4 | Other operating income

The analysis of the group's other operating income for the year is as follows:

| 2026 £ | 2025 £
Government grants | 30,562 | 12,610

5 | Operating profit

Arrived at after charging/(crediting)

| 2026 £ | 2025 £
Depreciation expense | 134,876 | 54,465

6 | Other interest receivable and similar income

| 2026 £ | 2025 £
Interest income on bank deposits | 118,622 | 19,912

7 | Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

| 2026 £ | 2025 £
Wages and salaries | 2,206,702 | 940,842
Social security costs | 244,070 | 77,598
Pension costs, defined contribution scheme | 246,807 | 92,214
| 2,697,579 | 1,110,654

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

| 2026 No. | 2025 No.
Production | 45 | 44
Administration and support | 18 | 17
| 63 | 61

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

8 | Director's remuneration

The directors are the key management personnel of the group. The director's remuneration for the year was as follows:

| 2026 £ | 2025 £
Remuneration | 270,685 | 69,429
Contributions paid to money purchase schemes | 81,544 | 23,161
| 352,229 | 92,590

The above includes the emoluments and fees of all the companies' directors paid by the company and its subsidiaries.

During the year the number of directors who were receiving benefits were as follows:
Accruing benefits under defined contribution pension scheme 2026: 4 (2025: 4)

In respect of the highest paid director:

| 2026 £ | 2025 £
Remuneration | 98,898 | -
Company contributions to money purchase pension schemes | 9,853 | -

The aggregate directors' remuneration for the year ended 2025 was less than £200,000. Accordingly, disclosure of
directors' remuneration was not required.

9 | Auditors' remuneration

| 2026 £ | 2025 £
Audit of these financial statements | 17,500 | 10,033
Other fees to auditors |  |
Taxation compliance services | 2,500 | 2,500

10 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

| 2026 £ | 2025 £
Current taxation |  |
UK corporation tax | 213,570 | 51,895
Deferred taxation |  |
Arising from origination and reversal of timing differences | (11,383) | (5,212)
Tax expense in the income statement | 202,187 | 46,683

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2025 - higher than the standard rate of corporation tax in the UK) of 25% (2025 - 25%).
The differences are reconciled below:

| 2026 £ | 2025 £
Profit before tax | 786,679 | 178,476
Corporation tax at standard rate | 196,670 | 44,619
Tax increase from effect of capital allowances and depreciation | 13,157 | 5,468
Effect of revenues exempt from taxation | (7,640) | (3,404)
Total tax charge | 202,187 | 46,683

Deferred tax

Group

Deferred tax is calculated with reference to the rates and laws that have been enacted or substantively enacted by the reporting date, and which are expected to apply to the reversal of the timing difference.

Deferred tax assets and liabilities

2026 | Asset £ | Liability £
Timing differences on plant and machinery | - | 34,466
| - | 34,466

2025 | Asset £ | Liability £
Timing differences on plant and machinery | - | 45,849
| - | 45,849

11 | Tangible assets

Group

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

| Land and buildings £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
On acquisition of subsidiary | 2,755,913 | 90,550 | 900,771 | 3,747,234
Additions | - | - | 17,795 | 17,795
At 31 March 2026 | 2,755,913 | 90,550 | 918,566 | 3,765,029
Depreciation
On acquisition of subsidiary | 979,463 | 51,274 | 707,172 | 1,737,909
Charge for the year | 55,118 | 10,392 | 69,366 | 134,876
At 31 March 2026 | 1,034,581 | 61,666 | 776,538 | 1,872,785
Carrying amount
At 31 March 2026 | 1,721,332 | 28,884 | 142,028 | 1,892,244
At 31 March 2025 | 1,776,450 | 39,276 | 193,599 | 2,009,325

Included within the net book value of land and buildings above is £1,721,332 (2025 - £1,776,450) in respect of freehold land and buildings.

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

12 | Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2026 | 2025
Subsidiary undertakings
Holyhead Marine Services Limited* | Newry Beach Yard Holyhead Anglesey LL65 1YB | Ordinary | 100% | 100%
| Englad & Wales |  |  |

* indicates direct investment of the company

The company acquired 100% of the share capital of Holyhead Marine Services Ltd on 25 October 2024.

Subsidiary undertakings

Holyhead Marine Services Limited The principal activity of Holyhead Marine Services Limited is building, maintaining and refitting of vessels.

Company

| 2026 £ | 2025 £
Investments in subsidiaries | 5,374,357 | 5,374,357

Subsidiaries | £
Cost or valuation
At 1 April 2025 | 5,374,357
Provision
Carrying amount
At 31 March 2026 | 5,374,357
At 31 March 2025 | 5,374,357

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

13 | Debtors

| Group | Company
Current | 2026 £ | 2025 £ | 2026 £ | 2025 £
Trade debtors | 968,377 | 1,706,375 | - | -
Other debtors | 36,474 | 22,516 | 1 | 1
Prepayments | 69,744 | 162,275 | - | -
Gross amount due from customers for contract work | 894,359 | 1,994,256 | - | -
| 1,968,954 | 3,885,422 | 1 | 1

14 | Cash and cash equivalents

| Group | Company
| 2026 £ | 2025 £ | 2026 £ | 2025 £
Cash on hand | 142 | 200 | - | -
Cash at bank | 3,852,839 | 2,089,590 | - | -
| 3,852,981 | 2,089,790 | - | -

15 | Creditors

|  | Group | Company
| Note | 2026 £ | 2025 £ | 2026 £ | 2025 £
Due within one year |  |  |  |  |
Trade creditors |  | 295,487 | 341,440 | - | -
Amounts due to related parties | 20 | 5,374,357 | 5,374,357 | 5,374,357 | 5,374,357
Social security and other taxes |  | 41,779 | 221,309 | - | -
Accruals |  | 415,915 | 833,339 | - | -
Income tax liability | 10 | 206,332 | 139,038 | - | -
Deferred income |  | 30,562 | 30,265 | - | -
Gross amount due to customers for contract work |  | 348,014 | 589,204 | - | -
|  | 6,712,446 | 7,528,952 | 5,374,357 | 5,374,357
Due after one year |  |  |  |  |
Deferred income |  | 200,981 | 222,942 | - | -

16 | Provisions for liabilities

Group

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

| Warranties £ | Deferred tax £ | Total £
At the beginning of the period | 55,000 | 45,849 | 100,849
Additional provisions | 50,000 | - | 50,000
Increase (decrease) in existing provisions | - | (11,383) | (11,383)
Provisions used | (55,000) | - | (55,000)
At 31 March 2026 | 50,000 | 34,466 | 84,466

Warranty provision is an estimate of the costs which may be incurred on products dispatched but still within their warranty period.
The deferred tax provision relates to the difference between accumulated depreciation and capital allowances.

17 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £246,807 (2025 - £92,214).

18 | Share capital

Allotted, called up and fully paid shares

| 2026 | 2025
| No. | £ | No. | £
Ordinary shares of £1 each | 1 | 1 | 1 | 1

19 | Reserves

Group

Profit and loss account

Represents the cumulative profits or losses net of dividends paid and other adjustments

20 | Related party transactions

Company

Summary of transactions with other related parties

John Meade Will Trust - The Shareholder
No related party transactions in the year ended 31 March 2026 (2025: Company received a loan from the above related party of £5,374,357 to acquire the share capital in Holyhead Marine Services Limited).

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

21 | Parent and ultimate parent undertaking

These financial statements are available upon request from Companies House
The ultimate controlling party is Mr MB Gould and Mr NDL Bailey, the Trustees of the John Meade Will Trust.