REGISTERED NUMBER: 05578326 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

ADMIRAL HARDING LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

15

Cash Flow Statement

16

Notes to the Cash Flow Statement

17

Notes to the Financial Statements

19

DIRECTORS:

D J Harding

N G Harding

J Lawrence

Ms K L Hawkins

SECRETARY:

Ms K L Hawkins

REGISTERED OFFICE:

Unit C The Nova Distribution Centre

Nova Way

Avonmouth

Bristol

BS11 9DJ

REGISTERED NUMBER:

05578326 (England and Wales)

AUDITORS:

Hayvenhursts Limited

Chartered Accountants & Statutory Auditor

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 0LT

SOLICITORS:

Meade King

11-12 Queen Square

Bristol

BS1 4NT

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The principal activity of the company during the year under review was that of international shipping contractors.

This report aims to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and complex nature of our business.

Turnover for the year to 31st December 2025 whilst falling slightly was still in line with the directors' expectations at £10,278,111 (2024 - £10,894,855).

The company's gross profit margin slightly decreased from 31.9% in 2024 to 31.7% in 2025 resulting in a gross profit of £3,254,574 (2024 - £3,481,234).

The profit before tax however rose to £158,009 (2024 - £136,068). We consider these results to be satisfactory and ahead of expectations given given the market pressures on margins and turnover downtrend in recent years. The company maintained its operations throughout the financial year.

Cash generated from operations was £502,134 for the year to 31st December 2025 (2024 - £25,626). After accounting for cash outflows from investing activities of £45,204 (2024 - £53,209) and net cash outflows from financing activities of £88,370 (2024 - £70,334) the overall net cash inflow for the company for the financial year was £327,626 (2024 - net cash outflow £206,671).

As at 31st December 2025 cash and cash equivalents amounted to £274,988 (2024 - £52,638 negative).

The directors believe that the company has sufficient working capital to meet its normal trading requirements.

Despite competition the company has maintained its operating margins and the directors consider the company to be performing to a similar nature in the first 8 months of the current financial year.

PRINCIPAL RISKS AND UNCERTAINTIES

We consider that the principal risks and uncertainties faced by the company are the same as those faced by any company operating in the international shipping contracting industry. These are as follows;

Competition - the company operates in a very competitive environment. Products are kept under constant review to ensure that they meet market demands.

Fluctuations in exchange rates - the company holds foreign currency cash balances in order to mitigate the risks posed by fluctuations in exchange rates in respect of sales and liabilities not denominated in pounds sterling.

Cash flows - the company actively manages cash flows in order to ensure that sufficient funding is available to meet its cash requirements.

Changes in the macroeconomic environment - the directors actively monitor changes in the national and international economic environment and seek to mitigate the effects of risks posed by any such changes.

BREXIT - the company continues to hold stocks of certain overseas products but has not been materially affected by BREXIT. The directors continue to closely monitor supply chains both in the UK and from overseas.

BUSINESS ENVIRONMENT

The international shipping contracting industry within the United Kingdom continues to be highly competitive and the company continues to manage its position through its pricing policy, range of goods supplied and level of customer support offered,

The directors are confident that the company will continue to offer a high quality service to its customers with the expectation that it will grow its turnover and remain profitable in the short to medium term.

No major changes are expected or other risks anticipated. The directors aim to maintain their current management policies.

KEY PERFORMANCE INDICATORS

We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole being;

Sales targets and margins;

- Turnover achieved and the margins for the year were in line with the directors expectations.

Debtor book;

- Trade debtor days have decreased from an average of 53 days for the year to 31st December 2024 to 46 days for year to 31st December 2025.

Health and safety;

- The company operates a strict health and safety regime in order to ensure the health, safety, welfare and protection of all persons.

Customer satisfaction;

- During the course of this financial year the company has endeavoured to maintain its high class service to its customers. It also continues to deliver its total commitment to quality as demonstrated by the quality standard accreditations that are held.

The directors consider that the company has performed well and in line with their expectations for these KPI's.

ON BEHALF OF THE BOARD:

J Lawrence - Director

21 September 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

D J Harding

N G Harding

J Lawrence

Ms K L Hawkins

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Hayvenhursts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Lawrence - Director

21 September 2026

Opinion

We have audited the financial statements of Admiral Harding Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 December 2025 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors' 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the 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 or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain

professional scepticism throughout the audit. We also:

Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of

expressing an opinion on the effectiveness of the Company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty

exists relating to events or conditions that may cast significant doubt on the Company's

ability to continue as a going concern. If we conclude that a material uncertainty exists,

we are required to draw attention in our auditor's report to the related disclosures in the

financial statements or, if such disclosures are inadequate, to modify our opinion. Our

conclusions are based on the audit evidence obtained up to the date of our auditor's

report. However, future events or conditions may cause the Company to cease to

continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the

planned scope and timing of the audit and significant audit findings, including any significant

deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Stephen Francis Cox (Senior Statutory Auditor)

for and on behalf of Hayvenhursts Limited

Chartered Accountants & Statutory Auditor

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 0LT

22 September 2026

TURNOVER

10,278,111

10,894,855

Cost of sales

(7,023,537

)

(7,413,621

)

GROSS PROFIT

3,254,574

3,481,234

Administrative expenses

(3,158,935

)

(3,365,307

)

95,639

115,927

Other operating income

62,700

21,250

OPERATING PROFIT

4

158,339

137,177

Interest receivable and similar income

5,010

2,756

163,349

139,933

Interest payable and similar expenses

5

(5,340

)

(3,865

)

PROFIT BEFORE TAXATION

158,009

136,068

Tax on profit

6

(42,518

)

(36,428

)

PROFIT FOR THE FINANCIAL YEAR

115,491

99,640

PROFIT FOR THE YEAR

115,491

99,640

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

115,491

99,640

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

138,414

145,940

138,414

145,940

CURRENT ASSETS

Stocks

9

751,055

665,123

Debtors

10

1,478,788

1,760,222

Cash at bank and in hand

606,602

623,625

2,836,445

3,048,970

CREDITORS

Amounts falling due within one year

11

(1,318,277

)

(1,600,101

)

NET CURRENT ASSETS

1,518,168

1,448,869

TOTAL ASSETS LESS CURRENT LIABILITIES

1,656,582

1,594,809

CREDITORS

Amounts falling due after more than one year

12

(27,908

)

(68,081

)

PROVISIONS FOR LIABILITIES

16

(15,180

)

(28,725

)

NET ASSETS

1,613,494

1,498,003

CAPITAL AND RESERVES

Called up share capital

17

556

556

Capital redemption reserve

18

444

444

Retained earnings

18

1,612,494

1,497,003

SHAREHOLDERS' FUNDS

1,613,494

1,498,003

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2026 and were signed on its behalf by:

J Lawrence - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

556

1,397,363

444

1,398,363

Changes in equity

Total comprehensive income

-

99,640

-

99,640

Balance at 31 December 2024

556

1,497,003

444

1,498,003

Changes in equity

Total comprehensive income

-

115,491

-

115,491

Balance at 31 December 2025

556

1,612,494

444

1,613,494

Cash flows from operating activities

Cash generated from operations

1

502,134

25,626

Interest element of hire purchase payments paid

(5,340

)

(3,865

)

Tax paid

(35,594

)

(104,889

)

Net cash from operating activities

461,200

(83,128

)

Cash flows from investing activities

Purchase of tangible fixed assets

(58,469

)

(56,798

)

Sale of tangible fixed assets

8,255

833

Interest received

5,010

2,756

Net cash from investing activities

(45,204

)

(53,209

)

Cash flows from financing activities

Loan repayments in year

(87,500

)

(50,000

)

Capital repayments in year

(870

)

14,166

Amount withdrawn by directors

-

(34,500

)

Net cash from financing activities

(88,370

)

(70,334

)

Increase/(decrease) in cash and cash equivalents

327,626

(206,671

)

Cash and cash equivalents at beginning of year

2

(52,638

)

154,033

Cash and cash equivalents at end of year

2

274,988

(52,638

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

158,009

136,068

Depreciation charges

44,524

47,022

Loss on disposal of fixed assets

13,216

12,751

Finance costs

5,340

3,865

Finance income

(5,010

)

(2,756

)

216,079

196,950

(Increase)/decrease in stocks

(85,932

)

16,709

Decrease in trade and other debtors

281,434

168,629

Increase/(decrease) in trade and other creditors

90,553

(356,662

)

Cash generated from operations

502,134

25,626

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

606,602

623,625

Bank overdrafts

(331,614

)

(676,263

)

274,988

(52,638

)

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

623,625

649,210

Bank overdrafts

(676,263

)

(495,177

)

(52,638

)

154,033

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

623,625

(17,023

)

606,602

Bank overdrafts

(676,263

)

344,649

(331,614

)

(52,638

)

327,626

274,988

Debt

Finance leases

(60,873

)

870

(60,003

)

Debts falling due within 1 year

(50,000

)

50,000

-

Debts falling due after 1 year

(37,500

)

37,500

-

(148,373

)

88,370

(60,003

)

Total

(201,011

)

415,996

214,985

1.	STATUTORY INFORMATION

Admiral Harding Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,493,544

1,612,975

Social security costs

167,258

150,674

Other pension costs

30,121

50,822

1,690,923

1,814,471

The average number of employees during the year was as follows:

2025

2024

Sales and dist. staff

17

17

Administrative staff

32

35

Directors

4

4

53

56

2025

2024

£

£

Directors' remuneration

194,804

260,600

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

18,790

24,563

Depreciation - owned assets

17,118

30,398

Depreciation - assets on hire purchase contracts

27,406

16,624

Loss on disposal of fixed assets

13,216

12,751

Auditors' remuneration

16,500

15,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Hire purchase

5,340

3,865