REGISTERED NUMBER: 03510251

Strategic Report,

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Duncan Research & Development Ltd

Page

Company Information

1

Strategic Report

0

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

D Duncan

M Duncan

SECRETARY:

I Mills

REGISTERED OFFICE:

Higher Cholwell Harberton

Totnes

Devon

TQ9 7RZ

REGISTERED NUMBER:

03510251

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Research and Development and production of marine propulsion equipment.

REVIEW OF BUSINESS

The Company continues to invest in Research and Development and to develop products and services for Marine Propulsion and related industries.

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 Duncan

M Duncan

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

D Duncan - Director

18 September 2026

FIXED ASSETS

Tangible assets

3

1,534,630

1,575,665

CURRENT ASSETS

Stocks

728,884

534,274

Debtors

4

123,477

4,121

Cash at bank

122,285

36,554

974,646

574,949

CREDITORS

Amounts falling due within one year

5

1,609,578

1,498,520

NET CURRENT LIABILITIES

(634,932

)

(923,571

)

TOTAL ASSETS LESS CURRENT LIABILITIES

899,698

652,094

CREDITORS

Amounts falling due after more than one year

6

-

(7,665

)

PROVISIONS FOR LIABILITIES

-

(388,139

)

NET ASSETS

899,698

256,290

CAPITAL AND RESERVES

Called up share capital

500,000

500,000

Retained earnings

399,698

(243,710

)

899,698

256,290

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2026 and were signed on its behalf by:

D Duncan - Director

1.	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" including the provisions of Section 1A "Small Entities" 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Going concern basis

The financial statements have been prepared on a going concern basis. At 31 December 2025, amounts totalling £1,043,460 were due to related parties. Those parties have confirmed that they will not demand repayment, beyond the existing agreed repayment arrangements, for at least 12 months from the date of approval of the financial statements.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2025

1,921,454

169,351

2,090,805

Additions

-

1,010

1,010

At 31 December 2025

1,921,454

170,361

2,091,815

DEPRECIATION

At 1 January 2025

363,648

151,492

515,140

Charge for year

39,425

2,620

42,045

At 31 December 2025

403,073

154,112

557,185

NET BOOK VALUE

At 31 December 2025

1,518,381

16,249

1,534,630

At 31 December 2024

1,557,806

17,859

1,575,665

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

as restated

£

£

Trade debtors

430

-

Prepayments

476

653

VAT

-

3,468

Deferred tax asset

122,571

-

123,477

4,121

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

as restated

£

£

Directors and Related Party Loans (See note 9)

(see note 7)

1,043,460

1,132,166

Hire purchase contracts

10,301

13,104

Trade creditors

337

17,432

Social security and other taxes

24,177

2,738

Directors and Related Party Loans Teignbridge Propellers International and Duncan Prlrs

476,840

281,111

Accruals and deferred income

54,463

51,969

1,609,578

1,498,520

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

as restated

£

£

Hire purchase contracts

-

7,665

7.	RELATED PARTY LOANS

An analysis of the maturity of related party loans is given below:

31.12.25

31.12.24

as restated

£

£

Amounts falling due within one year or on demand:

Loan Christopher Duncan

597,897

607,040

Loan Nicola Hutton

445,563

489,113

Loan Marlene Duncan

-

36,013

1,043,460

1,132,166