Aghinver Boat Co. Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Aghinver Boat Co. Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI009599 . The registered office is 167 Crevinish Road, Aghinver, Lisnarick, Enniskillen, BT94 1JY.

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.

The presentation currency is £ Sterling.

The level of rounding is to the nearest £

2.2. 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.

2.3. 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:

Plant & Machinery	7.5/15% Reducing Balance
Motor Vehicles	20% Reducing Balance
Fixtures & Fittings	2% Straight line

2.4. 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.

2.5. Financial Instruments

Classification

The company 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.

Debtors

Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

...CONTINUED

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Aghinver Boat Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

2.5. Financial Instruments - continued

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the

effective interest method.

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the

company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If

contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2.9. Other grants

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching them and the grants will be received using the accrual model.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2025: 7)

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Aghinver Boat Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 February 2025	839,243	31,260	538,631	1,409,134
Additions	121,430	-	-	121,430

As at 31 January 2026	960,673	31,260	538,631	1,530,564

Depreciation
As at 1 February 2025	321,863	12,476	145,786	480,125
Provided during the period	79,759	3,757	10,772	94,288

As at 31 January 2026	401,622	16,233	156,558	574,413

Net Book Value
As at 31 January 2026	559,051	15,027	382,073	956,151

As at 1 February 2025	517,380	18,784	392,845	929,009

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 February 2025	73

As at 31 January 2026	73

Provision
As at 1 February 2025	-

As at 31 January 2026	-

Net Book Value
As at 31 January 2026	73

As at 1 February 2025	73

6. Stocks

	2026	2025
	£	£
Stock	47,300	64,250

7. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	33,393	60,296
Amounts owed by group undertakings	239,499	248,250
Other debtors	83,120	3,465

	356,012	312,011

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Aghinver Boat Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

8. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Other creditors	926,627	934,701

9. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	22,000	22,000

10. Directors Advances, Credits and Guarantees

Included within Creditor are the following loans from directors:

	As at 1 February 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 January 2026
	£	£	£	£	£
Mrs Carolyn McCaldin	309,313	(68,247 )	32,531	-	273,597
Mrs Elizabeth McCaldin	191,538	-	24,562	-	216,100
Mr John Patrick Mccaldin	202,929	(46,312 )	32,531	-	189,148
Mr Michael McCaldin	224,143	(7,797 )	22,926	-	239,272

The above loan is unsecured, interest free and repayable on demand.

11. Related Party Transactions

The company has availed of the exemption under FRS102 in relation to transactions with group companies.

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		956,151		929,009
Investments	5		73		73

			956,224		929,082
CURRENT ASSETS
Stocks	6	47,300		64,250
Debtors	7	356,012		312,011
Cash at bank and in hand		759,383		950,283

		1,162,695		1,326,544
Creditors: Amounts Falling Due Within One Year	8	(926,627 )		(934,701 )

NET CURRENT ASSETS (LIABILITIES)			236,068		391,843

TOTAL ASSETS LESS CURRENT LIABILITIES			1,192,292		1,320,925

Creditors: Amounts Falling Due After More Than One Year			(28,800 )		(29,600 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(116,019 )		(92,259 )

NET ASSETS			1,047,473		1,199,066

CAPITAL AND RESERVES
Called up share capital	9		22,000		22,000
Profit and Loss Account			1,025,473		1,177,066

SHAREHOLDERS' FUNDS			1,047,473		1,199,066