FOR THE YEAR ENDED 31 DECEMBER 2025
COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
COMPANY INFORMATION
COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
CONTENTS
COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Cockwells Modern and Classic Boat Building Limited is a privately owned business operating within the UK manufacturing sector. The Company’s principal activities are:
∙Design and manufacture of bespoke Tenders for Superyachts and other craft.
∙Manufacture of the Duchy and Hardy semi-custom range of motor launches
∙Refit and maintenance services
∙Over- winter vessel storage.
The Company’s base is Falmouth, Cornwall, UK.
Trading conditions in the UK remain difficult with uncertainty in the marketplace and the increased cost burden of Government taxation and supply chain cost pressures. To mitigate this, the Company continues to market its new models with presence at the main European shows where the new Duchy 45 will be exhibited for the first time and has in place a cost reduction reorganisation programme to match income with expenditure going forward into 2026.
The loss for the year is shown on page 9 at £1,658,080 (2024: £2,420,133) and is expected to further reduce in 2026 as the full benefit of the planned initiatives and reorganisation flow through.
The loss for the year is shown on page 9 at £1,658,080 (2024: £2,420,133) and is expected to further reduce in 2026 as the full benefit of the planned initiatives and reorganisation flow through.
In February 2026 the Company crystallised it fixed asset investment of £50 and the £916,816 amounts owed by joint ventures and associated undertakings as shown in notes 15 and 17 in the financial statements. The net funds were used to reduce the creditors of the Company including the loans and overdraft due to Lloyds Bank plc at that time of £430,481 in full satisfaction of charges they held.
On 1st June 2026, the Company issued £4,000,000 Preference shares to Pendennis Shipyard Limited in part satisfaction of the amount due by the Company to Pendennis Shipyard Limited of £5,969,692 shown in note 19 in the financial statements.
The effect of the above transactions if they were in place at the year end is to reduce Creditors amounts falling within one year as at 31st December 2025 from £12,687,141 to £8,687,141 as at 31 December 2025 (2024: £7,454,540).
On 1st June 2026, the Company issued £4,000,000 Preference shares to Pendennis Shipyard Limited in part satisfaction of the amount due by the Company to Pendennis Shipyard Limited of £5,969,692 shown in note 19 in the financial statements.
The effect of the above transactions if they were in place at the year end is to reduce Creditors amounts falling within one year as at 31st December 2025 from £12,687,141 to £8,687,141 as at 31 December 2025 (2024: £7,454,540).
The Board has assessed the principal risks and uncertainties facing the Company. The most significant risks relate to market demand, supply chain disruption, recruitment and retention of skilled employees, product quality, health and safety, cash flow management, regulatory compliance and cyber security.
These risks are reviewed regularly by management and appropriate controls and mitigation measures are in place. While the Board believes these measures reduce the likelihood and impact of these risks, they cannot eliminate them entirely.
The principal risks described above are not intended to represent an exhaustive list of all risks faced by the Company.
These risks are reviewed regularly by management and appropriate controls and mitigation measures are in place. While the Board believes these measures reduce the likelihood and impact of these risks, they cannot eliminate them entirely.
The principal risks described above are not intended to represent an exhaustive list of all risks faced by the Company.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Due to the size and structure of the business, the Directors do not consider any additional disclosures necessary regarding the use of KPIs.
This report was approved by the Board and signed on its behalf.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The loss for the year, after taxation, amounted to £1,658,080 (2024: loss £2,420,133).
Trading conditions in the UK remain difficult with uncertainty in the marketplace and the increased cost burden of Gov. taxation and supply chain cost pressures. To mitigate this continues to market its new models with presence at the main European shows and has in place a cost reduction reorganisation programme to match income with expenditure going forward into 2026.
The Directors are content with these results.
The Directors are content with these results.
The directors who served during the year were:
Details of post Balance Sheet events have been included in the Strategic Report.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board and signed on its behalf.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to 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.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
We have audited the financial statements of Cockwells Modern and Classic Boat Building Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Analysis of Net Debt, the Balance Sheet and the notes to the financal statements, including 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).
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's 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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Directors report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Directors report. 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. 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 course of 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.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙we have considered the nature of the industry and sector, control environment and business performance;
∙we have considered the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities;
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED (CONTINUED)
∙any matters identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
°identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
°we have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
∙as a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in revenue recognition cut-off.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in,focusing on provisions of those laws and regulations that had a direct effect on determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, Financial Reporting Standard 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the Company's ability to operate or avoid a material penalty. These include data protection regulations, occupational health and safety regulations, recreational craft regulations, building compliance and employment legislation.
Our procedures to respond to the risks identified included the following:
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙enquiring of management concerning actual and potential litigation and claims;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
∙in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments, assessing whether the judgments made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's Report.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Cornwall
TR1 2DP
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
REGISTERED NUMBER:05674848
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
The notes on pages 12 to 28 form part of these financial statements.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Cockwells Modern and Classic Boat Building Limited (company number 05674848) is a private limited company incorporated and registered in England and Wales. The registered office is Mylor Creek Boatyard, Mylor Bridge, Falmouth, Cornwall, TR11 5NS.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements use British Pounds Sterling as the presentational currency, and are rounded to the nearest £1 throughout.
The following principal accounting policies have been applied:
The Directors note the Company has net liabilities of £5,547,029 (2024:£3,888,949) at the Balance Sheet date.
The Directors have assessed in detail the prospects of the Company including the preparation of cashflow forecasts based on the current work programme and cost base which considered various plausible possible downsides, including the ability to trade with a reduced workflow in the period 12 months from the date of approval of these financial statements. The Director's assumptions and outlook are supported by post Balance Sheet and current events.
At 31 December 2025, the Company owed £5,969,692 to Pendennis Shipyard Limited , its immediate parent company.
As shown in post Balance Sheet events note 34, following the year end, the Company has capitalised £4.000,000 of this debt into preference shares regularising the amount due to Pendennis Shipyard Limited at 31 December 2025 to £1,969,692 (2024: £1,591,626). Pendennis Shipyard Limited has indicated that it does not intent to seek repayment of the amounts due at the Balance Sheet date, for the period covered by the forecasts, unless there is sufficient funds to do so.
The Directors have assessed in detail the prospects of the Company including the preparation of cashflow forecasts based on the current work programme and cost base which considered various plausible possible downsides, including the ability to trade with a reduced workflow in the period 12 months from the date of approval of these financial statements. The Director's assumptions and outlook are supported by post Balance Sheet and current events.
At 31 December 2025, the Company owed £5,969,692 to Pendennis Shipyard Limited , its immediate parent company.
As shown in post Balance Sheet events note 34, following the year end, the Company has capitalised £4.000,000 of this debt into preference shares regularising the amount due to Pendennis Shipyard Limited at 31 December 2025 to £1,969,692 (2024: £1,591,626). Pendennis Shipyard Limited has indicated that it does not intent to seek repayment of the amounts due at the Balance Sheet date, for the period covered by the forecasts, unless there is sufficient funds to do so.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Goods and services supplied
Revenue is recognised in the year in which the goods and services are supplied when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due;
∙where the applicable conditions of long term contracting have been achieved (see note 2.5);
Where the outcome of a long-term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract at the reporting date. Turnover is calculated using a valuation of the work performed during the year, along with an assessment of the stage of completion of the contract.
Where the outcome of a long-term contract cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred if it is considered probable that these will be recovered.
Full provision is made for losses on contracts in the year in which they are first foreseen.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
The directors also believe the recognition of revenue and profit on long-term contracts as a key area of judgement and estimation. Profit is recognised when the significant risks have transferred to the customer, revenue can be measured reliably, and recovery of consideration is probable. The timing of the transfer of risks varies depending on terms of the sales agreement, the evaluation of the specific risks associated with the contract or generally accepted practice where there are no specific arrangements stipulated in the contract.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
21. (CONTINUED)
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £99,481 (2024: £72,240). Contributions totaling £11,831 (2024: £14,288) were payable to the fund at the reporting date and are included in creditors.
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COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
At the year end, a director owed the Company £Nil (2024: £5,901) which is included within other debtors. Interest has not been charged on this balance.
During the year, the Company received income of £Nil from 1 director (2024: £29,376 from 1 director) and incurred spending of £Nil for 1 director (2024: £36,608 for 1 director).
On 1st June 2026 the Company issued £4,000,000 preference shares to Pendennis Shipyard Limited in part satisfaction of the amount due by the Company to Pendennis Shipyard Limited of £5,969,692 shown in note 19 in the financial statements.
The effect of the above transactions if they were in place at the year end is to reduce creditors amounts falling within one year as at 31st December 2025 from £10,565,435 to £6,570,593 as at 31 December 2025 (2024: £7,454,540).
The immediate controlling party is Pendennis Shipyard Limited, a Company incorporated in England and Wales, owning 90% of share capital. The ultimate parent undertaking and controlling party is Pendennis Shipyard (Holding) Limited. No individual has ultimate control.
The registered office of both parents is The Docks, Falmouth, Cornwall, TR11 4NR
The issue of £4,000,000 preference shares to Pendennis Shipyard Limited post year end does not affect the Controlling Party noted above.
The issue of £4,000,000 preference shares to Pendennis Shipyard Limited post year end does not affect the Controlling Party noted above.
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