QED Naval Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC339873

QED Naval Ltd

Filleted Unaudited Financial Statements

30 April 2026

QED Naval Ltd

Statement of Financial Position

30 April 2026

	2026	2025
Note	£	£

Fixed Assets

Intangible assets	5	51,216	48,333
Tangible assets	6	6,648	12,046
Investments	7	170,533	170,533
		---------	---------
		228,397	230,912

Current Assets

Debtors	8	591,902	571,162
Cash at bank and in hand		–	90,635
		---------	---------
		591,902	661,797

Creditors: amounts falling due within one year	9	228,177	317,177
		---------	---------
Net Current Assets		363,725	344,620
		---------	---------
Total Assets Less Current Liabilities		592,122	575,532

Creditors: amounts falling due after more than one year	10	288,758	103,165
		---------	---------
Net Assets		303,364	472,367
		---------	---------

Capital and Reserves

Called up share capital	8	8
Share premium account	5,028,922	4,634,089
Revaluation reserve	1,000,000	1,000,000
Profit and loss account	( 5,725,566)	( 5,161,730)
	------------	------------
Shareholders Funds	303,364	472,367
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 April 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

QED Naval Ltd

Statement of Financial Position (continued)

30 April 2026

These financial statements were approved by the board of directors and authorised for issue on 7 September 2026 , and are signed on behalf of the board by:

Mr J Smith

Director

Company registration number: SC339873

QED Naval Ltd

Notes to the Financial Statements

Year Ended 30 April 2026

1. General Information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2nd Floor Office (2/4), 11 Castle Street, Edinburgh, EH2 3AH, Scotland.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

The company has made a loss for the year of £563,841 (2025 - £345,077). In making their going concern assessment, the Directors have considered budgets and forecasts for the business and believe that the company can continue trading for a period of at least 12 months from the date of signing these financial statements, and therefore the financial statements have been prepared on a going concern basis.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Foreign Currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible Assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line
Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in Associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in Joint Ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance Leases and Hire Purchase Contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 7 (2025: 7 ).

5. Intangible Assets

	Patents, trademarks and licences
	£
Cost
At 1 May 2025	48,333
Additions	2,883
	--------
At 30 April 2026	51,216
	--------
Amortisation
At 1 May 2025 and 30 April 2026	–
	--------
Carrying amount
At 30 April 2026	51,216
	--------
At 30 April 2025	48,333
	--------

6. Tangible Assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 May 2025	1,003,965	1,608	27,553	102,085	1,135,211
Additions	–	–	–	7,657	7,657
Disposals	–	–	–	( 10,853)	( 10,853)
	------------	-------	--------	---------	------------
At 30 April 2026	1,003,965	1,608	27,553	98,889	1,132,015
	------------	-------	--------	---------	------------
Depreciation
At 1 May 2025	1,003,965	1,608	20,907	96,685	1,123,165
Charge for the year	–	–	5,696	5,340	11,036
Disposals	–	–	–	( 8,834)	( 8,834)
	------------	-------	--------	---------	------------
At 30 April 2026	1,003,965	1,608	26,603	93,191	1,125,367
	------------	-------	--------	---------	------------
Carrying amount
At 30 April 2026	–	–	950	5,698	6,648
	------------	-------	--------	---------	------------
At 30 April 2025	–	–	6,646	5,400	12,046
	------------	-------	--------	---------	------------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 May 2025 and 30 April 2026	170,533
	---------
Impairment
At 1 May 2025 and 30 April 2026	–
	---------

Carrying amount
At 30 April 2026	170,533
	---------
At 30 April 2025	170,533
	---------

8. Debtors

	2026	2025
	£	£
Trade debtors	14,603	115,335
Amounts owed by group undertakings and undertakings in which the company has a participating interest	351,824	299,335
Other debtors	225,475	156,492
	---------	---------
	591,902	571,162
	---------	---------

9. Creditors: amounts falling due within one year

	2026	2025
	£	£
Bank loans and overdrafts	5,223	–
Trade creditors	120,268	117,670
Amounts owed to group undertakings and undertakings in which the company has a participating interest	28,830	30,667
Social security and other taxes	2,876	3,503
Other creditors	70,980	165,337
	---------	---------
	228,177	317,177
	---------	---------

Within Other Creditors, is Loan interest from Roseanna May - £7,501. £5,696 included within Other Creditors relates to a Hire Purchase agreement secured against the Nissan Navara Double Cab Pick Up.

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

	2026	2025
	£	£
Bank loans and overdrafts	34,089	30,990
Other creditors	254,669	72,175
	---------	---------
	288,758	103,165
	---------	---------

11. Investments in Joint Ventures

The company has a direct 50% holding of ordinary share capital in Tocardo BV, an entity with a registered office in Holland and the nature of the business being that of renewable energy.

12. Related Party Transactions

Included within other debtors is a balance of £286,374 (2025 - £299,335) due from Tocardo BV, a company in which QED Naval Ltd holds 50% of shares. The balance is unsecured, interest free and has no fixed terms of repayment. Included within other creditors is a balance of £28,830 (2025 - £30,667) due to QED Marine Projects Ltd, a company in which QED Naval Ltd holds 100% of shares. The balance is unsecured, interest free and has no fixed terms of repayment. Included within other debtors is a balance of £65,450 (2025 - £Nil) due from Mor Energy, the balance is unsecured, interest free and has no fixed terms of repayment.

13. Controlling Party

The director does not consider there to be an ultimate controlling party of the company.