Wheelhouse Pilot Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Wheelhouse Pilot Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11725376 . The registered office is Rowan House, 7 West Bank, Scarborough, North Yorkshire, YO12 4DX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of ten years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	0%
Fixtures & Fittings	15% RB
Computer Equipment	33% SL

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Wheelhouse Pilot Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 3)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2025	10,000

As at 31 December 2025	10,000

Amortisation
As at 1 January 2025	6,000
Provided during the period	1,000

As at 31 December 2025	7,000

Net Book Value
As at 31 December 2025	3,000

As at 1 January 2025	4,000

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Wheelhouse Pilot Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Tangible Assets

	Land & Buildings	Plant & Machinery etc.	Total
	£	£	£
Cost
As at 1 January 2025	450,000	41,501	491,501
Additions	-	435	435

As at 31 December 2025	450,000	41,936	491,936

Depreciation
As at 1 January 2025	-	24,979	24,979
Provided during the period	-	2,680	2,680

As at 31 December 2025	-	27,659	27,659

Net Book Value
As at 31 December 2025	450,000	14,277	464,277

As at 1 January 2025	450,000	16,522	466,522

Cost or valuation as at 31 December 2025 represented by:

	Land & Property
	Freehold	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
At cost	367,203	38,079	3,857	409,139
At valuation	82,797	-	-	82,797

	450,000	38,079	3,857	491,936

Freehold land and buildings were valued on an open market basis by the directors.

6. Stocks

	2025	2024
	£	£
Stock	200	200

7. Debtors

	2025	2024
	£	£
Due within one year
Other debtors	850,715	807,957

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Wheelhouse Pilot Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	7,138	13,285
Bank loans and overdrafts	13,300	14,435
Other creditors	957,109	905,987
Taxation and social security	14,355	6,194

	991,902	939,901

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	228,615	240,892

10. Secured Creditors

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Bank loans and overdrafts	213,429		221,587

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

12. Reserves

	Fair Value Reserve
	£
As at 1 January 2025	67,065

As at 31 December 2025	67,065

13. Related Party Transactions

During the year the company loaned monies to Wheelhouse Holdings Ltd. The amount outstanding at the year end date was £1,488 (2024: £1,488). The loan is interest free and repayable on demand.

During the year the loaned monies to Wheelhouse Flotilla Ltd. The amount outstanding at the year end date was £62,518 (2024: £67,418). The loan is interest free and repayable on demand.

During the year the company loaned monies from Hackness Strata Ltd. The amount outstanding at the year end date was £61,248 (2024: £60,886). The loan is interest free and repayable on demand.

During the year the company loaned monies to Hackness Rotunda Ltd. The amount outstanding at the year end date was £1,420 (2024: £1,320). The loan is interest free and repayable on demand.

During the year the company loaned monies to Palinurus Capital Ltd. The amount outstanding at the year end date was £1,441 (2024: £1,341). The loan is interest free and repayable on demand.

During the year the company loaned monies to The Derwent Scarborough Ltd. The amount outstanding at the year end date was £739 (2024: £739). The loan is interest free and repayable on demand.

...CONTINUED

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Wheelhouse Pilot Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

13. Related Party Transactions - continued

During the year the company loaned monies to No13 Scarborough Ltd. The amount outstanding at the year end date was £932 (2024: £832). The loan is interest free and repayable on demand.

During the year the company loaned monies to Wheelhouse Argosy Ltd. The amount outstanding at the year end date was £745,974 (2024: £728,507). The loan is interest free and repayable on demand.

During the year the company loaned monies to Sekstant No1 Ltd. The amount outstanding at the year end date was £579 (2024: £497). The loan is interest free and repayable on demand.

During the year the company loaned monies from J Felawes & Co Ltd. The amount outstanding at the year end date was £326,963 (2024: £326,963). The loan is interest free and repayable on demand.

During the year the company loaned monies from Kronomeeter No3 Ltd. The amount outstanding at the year end date was £203,683 (2024: £203,683). The loan is interest free and repayable on demand.

During the year the company loaned monies from Homemore Ltd. The amount outstanding at the year end date was £346,235 (2024: £291,679). The loan is interest free and repayable on demand.

During the year the company loaned monies to Cindy's of Scarborough Ltd. The amount outstanding at the year end date was £11,021 (2024: £4,660). The loan is interest free and repayable on demand.

14. Ultimate Controlling Party

The company's ultimate controlling party is Wheelhouse Holdings Limited by virtue of his ownership of 100% of the issued share capital in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		3,000		4,000
Tangible Assets	5		464,277		466,522

			467,277		470,522
CURRENT ASSETS
Stocks	6	200		200
Debtors	7	850,715		807,957
Cash at bank and in hand		843		1,656

		851,758		809,813
Creditors: Amounts Falling Due Within One Year	8	(991,902 )		(939,901 )

NET CURRENT ASSETS (LIABILITIES)			(140,144 )		(130,088 )

TOTAL ASSETS LESS CURRENT LIABILITIES			327,133		340,434

Creditors: Amounts Falling Due After More Than One Year	9		(228,615 )		(240,892 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(15,917 )		(16,182 )

NET ASSETS			82,601		83,360

CAPITAL AND RESERVES
Called up share capital	11		100		100
Fair value reserve	12		67,065		67,065
Profit and Loss Account			15,436		16,195

SHAREHOLDERS' FUNDS			82,601		83,360

Mr B E Fellows Director	Ms C M Moseley Director
25 August 2026