Contents of the Financial Statements

for the Period Ended 31 October 2025

Directors' report period ended 31 October 2025

The directors present their report with the financial statements of the company for the period ended 31 October 2025

Directors

The directors shown below have held office during the whole of the period from
1 November 2024 to 31 October 2025

The director shown below has held office during the period of
1 March 2025 to 31 October 2025

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
29 October 2026

And signed on behalf of the board by:
Name: Martin McTigue
Status: Director

Balance sheet

As at 31 October 2025

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 October 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 October 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  2.2. Incoming Resources All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured reliably. Donations and gift aid are recognised when received or, where entitlement is established before receipt, when receivable. Gift aid is recognised when the related donation is received. Grants are recognised in full when the charity becomes entitled to them, which is normally when the grant agreement is signed or the funds are received. Where a grant is subject to performance conditions that have not been met at the year end, or relates to a specified future period, the income is deferred. Grants given for a specific purpose are accounted for as restricted funds. Any amounts not yet spent at the year end are carried forward within those restricted funds. Income from charitable activities, comprising training course fees, service agreements and programme delivery, is recognised as the related services are provided. Amounts invoiced or received in advance of the service are deferred. Refunds of VAT received under section 33C of the Value Added Tax Act 1994 are recognised as income when the claim is made and the amount can be measured reliably. Income from trading activities, comprising merchandise sales and non-charitable courses and services, is recognised at the point of sale or when the service is provided. Investment income is recognised when receivable.

  Tangible fixed assets depreciation policy

  2.4. 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: Boat & equipment: 20% straight line Machinery & equipment: 33% straight line Royal Docks project: 5% straight line Computer equipment: 33% straight line

  Other accounting policies

  2.1 Basis of Preparation of Financial Statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”, Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Companies Act 2006. The charitable company is a Public Benefit Entity as defined by FRS 102. 2.3 Resources Expended Expenditure is recognised on an accruals basis as soon as there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount can be measured reliably. As the charity is not registered for VAT, expenditure includes VAT. Expenditure on raising funds comprises the cost of merchandise sold. Expenditure on charitable activities comprises the costs of delivering the charity’s training, education and water safety programmes. It includes both the direct costs and the support costs relating to those activities. Support costs comprise general administration and governance costs, which support the charity’s activities but do not themselves constitute a charitable activity. Governance costs include the costs of the independent examination and the preparation of the statutory accounts. The charity’s activities are carried out as a single charitable programme, so support costs are allocated wholly to charitable activities. 2.5 Stocks and Work in Progress Stock comprises merchandise held for resale and is valued at the lower of cost, on a first-in, first-out basis, and net realisable value. 2.6 Cash and Cash Equivalents Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Notes to the Financial Statements

for the Period Ended 31 October 2025

• 2. Employees

  	2025	2024
  Average number of employees during the period	5	5