Company No:
Contents
| DIRECTORS | Pamela Blackadder (Resigned 02 June 2026) |
| Gemma Burnett (Appointed 17 March 2025) | |
| David Duncan (Resigned 04 September 2026) |
| SECRETARY | Shepherd & Wedderburn Secretaries Limited |
| REGISTERED OFFICE | Third Floor |
| The Capitol | |
| 431 Union Street | |
| Aberdeen | |
| AB11 6DA | |
| United Kingdom |
| COMPANY NUMBER | SC547521 (Scotland) |
| AUDITOR | Hall Morrice LLP |
| Statutory Auditor | |
| 6 & 7 Queens Terrace | |
| Aberdeen | |
| AB10 1XL |
| BANKERS | Bank of Scotland |
| 39 Albyn Place | |
| Aberdeen | |
| AB10 1YN |
| SOLICITORS | Shepherd and Wedderburn LLP |
| 37 Albyn Place | |
| Aberdeen | |
| AB10 1YN |
The director presents their Strategic Report for the financial year ended 31 January 2026.
REVIEW OF THE BUSINESS
Business Overview
The Company continues to operate as a specialist engineering and fabrication business providing a range of services and equipment to customers across its established markets.
During the year, the Company continued to focus on the delivery of high-quality services to its existing customer base while investing in the people, systems, equipment and operational capabilities required to support the future development of the business.
The Company continues to maintain a broad range of in-house capabilities, allowing it to respond to varying customer and project requirements.
Strategic Development
The Company's strategy remains focused on sustainable and profitable growth while maintaining appropriate operational and commercial controls.
The principal strategic objectives of the Company are:
• maintaining and developing relationships with existing and prospective customers;
• continuing to develop the Company's operational capabilities;
• improving efficiency, productivity and project performance;
• maintaining appropriate commercial and financial controls;
• developing sustainable and appropriately diversified revenue streams; and
• making selective investment where management considers there to be an appropriate commercial return.
The Board continues to review the Company's strategy in response to market conditions and opportunities and considers the Company well positioned to support its future development.
RESULTS AND PERFORMANCE
For the year ended 31 January 2026, the Company reported:
• Revenue: £11,691,536 (2025: £11,157,947)
• Operating Profit: £1,513,531 (2025: £2,886,196)
• Operating Margin: Approximately 12.9% (2025: Approximately 25.9%)
• Number of Employees: 81 (2025: 67)
Revenue increased by approximately 5% compared with the previous financial year.
Management continues to focus on sustainable growth, operational performance and appropriate financial and commercial control.
KEY PERFORMANCE INDICATORS ('KPIS')
The Board monitors the performance of the business through a range of financial and operational measures considered appropriate to the Company's activities and strategic objectives.
These measures are reviewed and developed periodically to ensure they remain relevant to the Company's operations and future strategy.
During the year, management continued to monitor performance using the Company's established KPIs.
| 2026 | 2025 | ||
| £ | £ | ||
| Turnover (£) | 11,691,536 | 11,157,947 | |
| Profit before tax (£) | 1,150,894 | 2,526,869 | |
| Gross margin % | 38 | 46 | |
| Cash at bank (£) | 329,235 | 415,670 |
PRINCIPAL RISKS AND UNCERTAINTIES
Harper UK applies the PESTEL model to systematically assess and manage risks arising from Political, Economic, Social, Technological, Environmental, and Legal factors affecting the business.
The principal risks and uncertainties identified include:
• Market dependence on the oil and gas sector and exposure to its cyclicality.
• Potential supply chain disruptions affecting project delivery and costs.
• Availability and retention of skilled technical personnel.
• Compliance with health, safety, environmental regulations, and evolving legal requirements.
• Technological changes and the need to adapt to innovation, including digitalisation and automation.
• Impact of environmental regulations and the energy transition on future demand.
The company mitigates these risks through strategic diversification, investment in compliance and technology, and ongoing risk monitoring based on the PESTEL framework.
Post Reporting Date
Since the year-end date of 31 January 2026, no new risks or uncertainties have arisen that would materially affect the company’s performance or financial position.
FUTURE DEVELOPMENTS
Future Plans and Diversification Strategy – 2027 and Beyond
While management’s immediate focus through the remainder of 2026 and into January 2027 remains the successful delivery and development of existing activities, the Company’s longer-term strategy is increasingly focused on diversification.
From 2027 onwards, management intends to actively develop opportunities in adjacent markets where the Company’s existing engineering, fabrication, machining, mobilisation and project-delivery capabilities can be applied.
The principal areas identified for diversification are:
Nuclear
The nuclear sector represents a potential long-term diversification opportunity for the Company. Management considers that the Company's existing capabilities in precision engineering, controlled fabrication, machining, welding, specialist equipment manufacture and the delivery of technically demanding projects provide a foundation from which appropriate nuclear-sector opportunities can be pursued.
The Company's strategy will be to develop the systems, accreditations, supply-chain relationships and customer requirements necessary to compete appropriately within this highly regulated market.
Entry into the nuclear sector will be undertaken in a controlled manner, recognising the sector's stringent requirements relating to quality assurance, traceability, documentation, safety and supplier qualification.
Offshore and Onshore Wind
The Company intends to increase its exposure to the wind sector, particularly where its existing marine, offshore, fabrication and mobilisation experience can be transferred directly.
Potential opportunities include specialist fabrication, mobilisation and demobilisation activities, temporary works, sea fastenings, installation aids, equipment support, repair and refurbishment, machining and the manufacture or rental of specialist equipment.
The offshore wind market is particularly complementary to the Company's existing marine and subsea capabilities and provides an opportunity to apply established skills and assets to a broader renewable-energy customer base.
Management will also assess appropriate opportunities within the wider wind supply chain where the Company's engineering and manufacturing capabilities provide a competitive advantage.
Decommissioning
Decommissioning is considered a particularly relevant diversification opportunity given the Company's existing experience within marine, offshore, fabrication and mobilisation activities.
As offshore infrastructure reaches the end of its operational life, decommissioning programmes require specialist engineering, fabrication, lifting and handling solutions, mobilisation support, temporary structures, equipment modifications and associated project support.
Many of these requirements are closely aligned with services already provided by the Company.
Management therefore intends to develop relationships with operators, tier-one contractors and other participants within the decommissioning supply chain and position the Company to participate in future programmes.
Strategic Rationale for Diversification
The diversification strategy is intended to reduce the Company's longer-term reliance on individual customers and individual market sectors while making greater use of capabilities and assets that already exist within the business.
Importantly, management does not currently envisage diversification requiring the Company to move away from its core engineering competencies.
Instead, the strategy is to apply those competencies across a broader range of end markets.
The Company's existing capabilities in engineering, precision machining, fabrication, robotic manufacturing, mobilisation, specialist offshore equipment and project delivery are potentially transferable across marine, offshore wind, nuclear and decommissioning markets.
This approach should allow diversification to be pursued progressively, with investment made where a demonstrable commercial opportunity exists.
Development Priorities from 2027
Management's principal longer-term development priorities will therefore include:
• continuing to develop established marine and offshore customers;
• reducing customer concentration through the development of additional significant customer relationships;
• developing a presence within the nuclear supply chain;
• increasing participation in offshore and onshore wind projects;
• developing opportunities within offshore decommissioning;
• obtaining additional accreditations, approvals and quality systems where required to access targeted markets;
• establishing relationships with relevant operators, tier-one contractors and supply-chain partners;
• identifying opportunities where existing Company assets and equipment can be deployed into new sectors;
• maintaining investment in engineering, machining, robotic fabrication and manufacturing capability;
• developing the workforce and technical competencies required to support diversification; and
• maintaining financial discipline while entering new markets.
Management expects diversification to be progressive rather than immediate. Opportunities will be evaluated against expected margins, capital requirements, working-capital exposure, customer quality and the Company's ability to deliver safely and effectively.
Overall Outlook to January 2027 and Beyond
Management remains focused in the near term on developing the Company from its established engineering, fabrication, marine mobilisation and specialist-equipment base.
The next stage of development, particularly from 2027 onwards, will therefore place greater emphasis on diversification.
Management has identified nuclear, wind and decommissioning as strategically attractive adjacent markets in which many of the Company's existing engineering and manufacturing capabilities can potentially be deployed.
Offshore wind and decommissioning provide particularly strong operational links to the Company's existing marine and offshore activities, while nuclear represents a longer-term opportunity to apply the Company's precision engineering and controlled manufacturing capabilities within a highly regulated market.
The objective is to develop these markets alongside, rather than instead of, the Company's established marine and offshore activities.
This should broaden the customer base, reduce concentration risk and create additional routes to sustainable growth while allowing the Company to maximise the return from its existing workforce, equipment, facilities and technical capabilities.
Accordingly, the Company's strategy through 2027 and beyond is centred on four complementary priorities:
1. Core business growth – continuing to secure profitable engineering, fabrication, machining, mobilisation and equipment-rental work from existing and new customers.
2. Strategic customer development – maximising the opportunity presented by longer-term customer relationships while maintaining appropriate commercial and contractual discipline.
3. Sector diversification – progressively establishing the Company within nuclear, wind and decommissioning markets.
4. Capability development – continuing investment in people, equipment, systems, accreditations and advanced manufacturing capability required to support sustainable growth.
The Board considers this combination of established revenue-generating activities, longer-term customer relationships and targeted diversification to provide an appropriate platform for the Company's next stage of development.
The Company will continue to pursue growth in a controlled manner, with particular attention to project profitability, cash generation, working capital, customer concentration and the investment required to enter new markets.
Subject to prevailing market conditions and successful execution of this strategy, management considers the Company to be well positioned to broaden its activities progressively during 2027 and beyond.
Approved by the Board of Directors and signed on its behalf by:
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Gemma Burnett
Director |
The director presents this annual report on the affairs of the company, together with the financial statements and auditors’ report, for the financial year ended 31 January 2026.
PRINCIPAL ACTIVITIES
REVIEW OF THE BUSINESS
Turnover for the financial year amounted to £11,691,536 (2025: £11,157,947). The company earned a profit after taxation totalling £842,389 (2025: £1,870,975).
The net current asset position of the company as at the financial year end amounted to £1,121,164 (2025: net current asset £1,870,226).
The net asset position of the company as at the financial year end amounted to £6,183,740 (2025: net asset £5,448,445).
DIVIDENDS
The director paid a dividend of £104,459 in the current financial year (2025: £146,339).
DIRECTOR
The director, who served during the financial year and to the date of this report except as noted, were as follows:
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(Resigned 02 June 2026) |
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(Appointed 17 March 2025) |
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(Resigned 04 September 2026) |
AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Hall Morrice LLP have indicated their intention to resign as auditor following the signing of the Financial Statements. The company is in the process of putting in place appropriate arrangements to appoint a new auditor prior to the next year end.
Approved by and signed by the director:
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Gemma Burnett
Director |
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the director must not approve the financial statements unless the director is 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 financial period.
In preparing these financial statements, the director is required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. The director is 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.
We have audited the financial statements of Harper UK (Aberdeen) Ltd for the financial year ended 31 January 2026, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows, the accounting policies, and the related notes 1 to 23, 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).
In our opinion the financial statements of Harper UK (Aberdeen) Ltd (the ‘company’):
* Give a true and fair view of the state of the company's affairs as at 31 January 2026 and of its profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)). 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 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.
Without qualifying our opinion, we draw attention to the going concern accounting policy, which contains further narrative related to the going concern of the company.
Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has 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 and the Director's Report. We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the Directors’ Responsibilities Statement, 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 is 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.
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.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have:
* Ensured that the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;
* Identified the laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector;
* Focused on the specific laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006 and tax compliance regulations;
* Focused on the specific laws and regulations we consider may have an indirect effect on the financial statements that are central to the entity's ability to trade including those relating to health and safety and data protection;
* Reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations;
* Made enquiries of management and inspected legal correspondence;
* Reviewed minutes of meetings of those charged with governance; and
* Ensured the engagement team remained alert to instances of non-compliance throughout the audit.
In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, and the potential for management bias and the override of controls we have:
* Obtained an understanding of the entity's operations, including the nature of its revenue sources and of its objectives and strategies, to understand the classes of transactions, account balances, expected financial disclosures and business risks that may result in risk of material misstatement;
* Obtained an understanding of the internal controls in place to mitigate risks of irregularities, including fraud;
* Vouched balances and reconciling items in key control account reconciliations to supporting documentation;
* Carried out detailed testing, on a sample basis, to verify the completeness, occurrence, existence and accuracy of transactions and balances;
* Carried out detailed testing to verify the completeness, occurrence, validity, existence and accuracy of income including cut-off testing and ensuring income recognition is in line with stated accounting policies;
* Made enquiries of management as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud;
* Tested journal entries to identify any unusual transactions;
* Performed analytical procedures to identify any significant or unusual transactions;
* Investigated the business rationale behind any significant or unusual transactions; and
* Evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates.
We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.
Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 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
Statutory Auditor
Aberdeen
AB10 1XL
| Note | 2026 | 2025 | ||
| £ | £ | |||
| Turnover | 3 |
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| Cost of sales | (
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| Gross profit |
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| Administrative expenses | (
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| Other operating income | 4 |
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| Operating profit |
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| Interest receivable and similar income | 5 |
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| Interest payable and similar expenses | 5 | (
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| Profit before taxation | 6 |
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| Tax on profit | 9 | (
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| Profit for the financial year |
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| Tax relating to components of other comprehensive income | (
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| Other comprehensive (loss)/income | (2,635) | 6,079 | ||
| Total comprehensive income |
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| Note | 2026 | 2025 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 11 |
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| Tangible assets | 12 |
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| 7,613,612 | 5,754,395 | |||
| Current assets | ||||
| Stocks | 13 |
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| Debtors | 14 |
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| Cash at bank and in hand |
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| 4,253,995 | 4,547,277 | |||
| Creditors: amounts falling due within one year | 15 | (
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| Net current assets | 1,121,164 | 1,870,226 | ||
| Total assets less current liabilities | 8,734,776 | 7,624,621 | ||
| Creditors: amounts falling due after more than one year | 16 | (
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| Provision for liabilities | 17 | (
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| Net assets | 6,183,740 | 5,448,445 | ||
| Capital and reserves | 19 | |||
| Called-up share capital |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholders' funds | 6,183,740 | 5,448,445 |
The financial statements of Harper UK (Aberdeen) Ltd (registered number:
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Gemma Burnett
Director |
| Called-up share capital | Revaluation reserve | Profit and loss account | Total | ||||
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| At 01 February 2024 |
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| Dividends paid on equity shares (note 10) |
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| At 31 January 2025 |
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| At 01 February 2025 |
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| Tax relating to components of other comprehensive income |
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| Total comprehensive income |
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| Dividends paid on equity shares (note 10) |
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| At 31 January 2026 |
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| 2026 | 2025 | ||
| £ | £ | ||
| Net cash flows from operating activities (note 22) |
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| Cash flows from investing activities | |||
| Proceeds from sale of plant and machinery |
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| Purchase of plant and machinery | (
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| Interest received |
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| Purchase of intangible assets | (
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| Other investments and loans made | (102) | 0 | |
| Proceeds from other investments and loans | 0 | 9,182 | |
| Net cash flows from investing activities | (
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| Cash flows from financing activities | |||
| Repayments of borrowings | (
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| Dividends paid to equity shareholders | (104,459) | (146,339) | |
| Net cash flows from financing activities | (
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| Net (decrease)/increase in cash and cash equivalents | (
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| Cash and cash equivalents at beginning of year | (
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| Cash and cash equivalents at end of year | (
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Harper UK (Aberdeen) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 37 Albyn Place, Aberdeen, AB10 1YN, United Kingdom.
The principal activities are set out in the Directors Report.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the company's ability to continue as a going concern, taking into consideration its current financial position, trading performance, cash flow forecasts, available funding arrangements and anticipated future trading activity.
The company continues to operate within its established markets, maintaining relationships with key customers, suppliers and funding providers. Trading activity has continued following changes to the company's governance structure, with operational delivery, contractual commitments and commercial activities remaining under the direction of the current management team.
During the period following the financial year-end, changes were made to the company's board and management structure. The directors have considered these developments, including any associated commercial, operational and reputational risks, as part of their going concern assessment.
The directors have also considered the company's ability to maintain its industry accreditations, meet contractual and regulatory obligations, retain key personnel and continue delivering services to its established customer base.
Having reviewed the available financial information, forecast cash flows, funding arrangements and relevant operational and commercial risks, the directors consider the going concern basis of accounting to be appropriate.
Accordingly, the financial statements have been prepared on a going concern basis.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for:
* exchange differences on transactions entered into to hedge certain foreign currency risks (see above); and
* exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue for the provision of services is recognised by reference to the date on which services were rendered.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the company and the company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
| Other intangible assets |
|
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| Land and buildings | not depreciated |
| Plant and machinery |
|
| 20 -
|
|
| Vehicles |
|
| Fixtures and fittings |
|
| Computer equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Internally manufactured assets whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Raw materials cost is determined using recent purchase invoices, standard industry conversion rates, and recognised formulas to convert item dimensions and grades into appropriate cost units. Work in progress cost comprises direct materials and labour costs allocated to individual projects based on actual usage and recorded labour time, valued at standard rates. Management applies judgement to assess the stage of completion of each project at the reporting date.
At each reporting date, inventory is reviewed for impairment. Provisions are made for obsolete, slow-moving, or defective items where appropriate. Any excess of carrying amount over net realisable value is recognised as an impairment loss in profit or loss. Reversals of previously recognised impairment losses are also recorded when applicable.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that period, or in the financial year of the revision and future periods if the revision affects both current and future periods.
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Determination of appropriate useful economic lives is a key judgement and the useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.
Breakdown by business class
An analysis of the company's turnover by class of business is set out below.
| 2026 | 2025 | ||
| £ | £ | ||
| Workshop sales | 5,943,570 | 5,475,021 | |
| Vessel sales | 4,048,096 | 3,696,228 | |
| Hire sales | 1,699,870 | 1,983,708 | |
| Rental income | 0 | 2,990 | |
| 11,691,536 | 11,157,947 |
Breakdown by geographical market:
An analysis of the company's turnover by geographical market is set out below.
| 2026 | 2025 | ||
| £ | £ | ||
| UK Sales | 11,617,721 | 11,157,947 | |
| Non-UK Sales | 73,815 | 0 | |
| 11,691,536 | 11,157,947 |
| 2026 | 2025 | ||
| £ | £ | ||
| Insurance claim | 0 | 26,945 | |
| Grant income | 6,000 | 34,000 | |
|
|
|
| 2026 | 2025 | ||
| £ | £ | ||
| Interest receivable and similar income |
|
|
|
| Interest payable and similar expenses | (
|
(
|
|
| (362,637) | (359,327) |
Interest receivable and similar income
| 2026 | 2025 | ||
| £ | £ | ||
| Bank interest |
|
|
Interest payable and similar expenses
| 2026 | 2025 | ||
| £ | £ | ||
| Bank loans and overdrafts | (
|
(
|
|
| Finance leases and hire purchase contracts | (
|
(
|
|
| Other interest payable and similar expense | (
|
(
|
|
| (
|
(
|
Profit before taxation is stated after charging/(crediting):
| 2026 | 2025 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 12) |
|
|
|
| Amortisation of intangible assets (note 11) |
|
|
|
| Government grants | (
|
(
|
|
| Loss/(gain) on fair value movement of fixed assets |
|
(
|
|
| Gain/(loss) on disposal of fixed assets |
|
(
|
|
| Fees payable to the company's auditor for the audit of the company's financial statements |
|
|
| 2026 | 2025 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Production staff |
|
|
|
| Administrative staff |
|
|
|
| Directors |
|
|
|
|
|
|
Their aggregate remuneration comprised:
| 2026 | 2025 | ||
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other retirement benefit costs |
|
|
|
| 4,274,540 | 3,554,058 |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
| 2026 | 2025 | ||
| £ | £ | ||
| Director's emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
| 208,655 | 106,745 |
| 2026 | 2025 | ||
| Number | Number | ||
| Members of a money purchase pension scheme |
|
|
Remuneration of the highest paid director
| 2026 | 2025 | ||
| £ | £ | ||
| Director's emoluments | 99,096 | 0 | |
| Company contributions to money purchase schemes | 2,959 | 0 | |
| 102,055 | 0 |
| 2026 | 2025 | ||
| £ | £ | ||
| Current tax on profit | |||
| UK corporation tax |
|
|
|
| Adjustments in respect of prior years | |||
| UK corporation tax | (
|
|
|
| Total current tax | (
|
|
|
| Deferred tax | |||
| Origination and reversal of timing differences |
|
|
|
| Adjustment in respect of prior periods | 867 | 0 | |
| Total deferred tax |
|
|
|
| Total tax on profit |
|
|
The tax assessed for the year is higher than (2025: higher than) the standard rate of corporation tax in the UK:
| 2026 | 2025 | ||
| £ | £ | ||
| Profit before taxation | 1,150,894 | 2,526,869 | |
| Tax on profit at standard UK corporation tax rate of 25% (2025: 25%) |
|
|
|
| Effects of: | |||
| Expenses not deductible for tax purposes |
|
|
|
| Adjustments in respect of prior years | (
|
|
|
| Fixed assets ineligible depreciation | 875 | 1,175 | |
| Other permanent differences | 2,963 | 0 | |
| Losses carried back | 133,579 | 0 | |
| Other current tax adjustment | 9,712 | 0 | |
| Adjustments to tax charge in respect of previous periods - deferred tax | 867 | 0 | |
| Total tax charge for year | 308,505 | 655,894 |
| 2026 | 2025 | ||
| £ | £ | ||
| Amounts recognised as distributions to equity holders in the financial year: | |||
| Interim dividend for the financial year ended 31 January 2026 of £10.52 (2025: £10.52) per Ordinary share | 99,600 | 99,600 | |
| Interim dividend for the financial year ended 31 January 2026 of £9.10 (2025: £87.53) per Class A share | 4,859 | 46,739 | |
| 104,459 | 146,339 | ||
| Other intangible assets | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 February 2025 |
|
|
|
| Additions |
|
|
|
| At 31 January 2026 |
|
|
|
| Accumulated amortisation | |||
| At 01 February 2025 |
|
|
|
| Charge for the financial year |
|
|
|
| At 31 January 2026 |
|
|
|
| Net book value | |||
| At 31 January 2026 |
|
|
|
| At 31 January 2025 |
|
|
| Land and buildings |
Plant and machinery | Vehicles | Fixtures and fittings | Computer equipment | Total | ||||||
| £ | £ | £ | £ | £ | £ | ||||||
| Cost/Valuation | |||||||||||
| At 01 February 2025 |
|
|
|
|
|
|
|||||
| Additions |
|
|
|
|
|
|
|||||
| Disposals |
|
|
(
|
|
(
|
(
|
|||||
| At 31 January 2026 |
|
|
|
|
|
|
|||||
| Accumulated depreciation | |||||||||||
| At 01 February 2025 |
|
|
|
|
|
|
|||||
| Charge for the financial year |
|
|
|
|
|
|
|||||
| Disposals |
|
|
(
|
|
(
|
(
|
|||||
| At 31 January 2026 |
|
|
|
|
|
|
|||||
| Net book value | |||||||||||
| At 31 January 2026 | 5,933 | 7,088,351 | 175,776 | 17,957 | 18,486 | 7,306,503 | |||||
| At 31 January 2025 | 5,933 | 5,401,569 | 150,905 | 21,704 | 16,423 | 5,596,534 | |||||
| Leased assets included above: | |||||||||||
| Net book value | |||||||||||
| At 31 January 2026 | 0 | 1,097,097 | 159,531 | 0 | 0 | 1,256,628 | |||||
| At 31 January 2025 | 0 | 1,164,364 | 133,027 | 0 | 0 | 1,297,391 |
Company has hire purchase agreements in place, to finance items including PPE, Motor Vehicles and Rental Assets. All hire purchases meet the definition of finance leases and are treated accordingly. The average hire purchase term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Rental assets with a carrying amount of £5,070,672 (2025 - £4,168,987) were revalued by the directors at 31 January 2026, with an assumption of no depreciation charged based on the periodic refurbishment and recertification of the rental fleet. Consideration has been made, that similar types of assets are sold at higher value and the valuation is a prudent estimate.
If rental assets were measured using the historic cost model, the carrying amounts would have been £3,434,546 (2025 - £2,750,417), being cost of £4,135,785 (2025 - £3,221,569) and depreciation £701,239 (2025 - £471,152).
| 2026 | 2025 | ||
| £ | £ | ||
| Stocks |
|
|
|
| Work in progress |
|
|
|
|
|
|
| 2026 | 2025 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Corporation tax |
|
|
|
| Other debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Amounts owed by director (note 23) |
|
|
|
|
|
|
| 2026 | 2025 | ||
| £ | £ | ||
| Bank loans and overdrafts (secured) |
|
|
|
| Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
| Trade creditors |
|
|
|
| Corporation tax |
|
|
|
| Payroll taxes payable |
|
|
|
| VAT |
|
|
|
| Accruals and deferred income |
|
|
|
| Other creditors |
|
|
|
|
|
|
The invoice finance lender holds a floating charge over the property or undertaking of the company.
The company also has a bank loan guaranteed by the UK Government Bounce Back Loan Scheme.
Net obligations under hire purchase and finance lease contracts are secured on the assets acquired.
The company also has a bank loan guaranteed by the Funding Circle. This loan is repayable in monthly instalments ending in April 2031 with interest being charged at 15.90% per annum.
| 2026 | 2025 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
|
| Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
| Deferred income |
|
|
|
|
|
|
| Bank loans | |||
| 2026 | 2025 | ||
| £ | £ | ||
| Between one and two years |
|
|
|
| Between two and five years |
|
|
|
| After five years |
|
|
|
|
|
|
||
| On demand or within one year |
|
|
|
| 260,291 | 18,333 |
| Finance leases | |||
| 2026 | 2025 | ||
| £ | £ | ||
| Between one and two years |
|
|
|
| Between two and five years |
|
|
|
| After five years |
|
|
|
|
|
|
||
| On demand or within one year |
|
|
|
| 849,329 | 1,084,930 |
| Total borrowings including finance leases | |||
| 2026 | 2025 | ||
| £ | £ | ||
| Between one and two years |
|
|
|
| Between two and five years |
|
|
|
| After five years |
|
|
|
|
|
|
||
| On demand or within one year |
|
|
|
| 1,109,620 | 1,103,263 |
| 2026 | 2025 | ||
| £ | £ | ||
| Deferred tax |
|
|
| 2026 | 2025 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
(
|
|
| Charged to the Profit and Loss Account | (
|
(
|
|
| (Charged)/credited to the Statement of Comprehensive Income | (
|
|
|
| At the end of financial year | (
|
(
|
The deferred taxation balance is made up as follows:
| 2026 | 2025 | ||
| £ | £ | ||
| Accelerated capital allowances | (
|
(
|
|
| Disallowable provisions | (
|
|
|
| (
|
(
|
| 2026 | 2025 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
|
|
| 1.00 | 1.00 | ||
| Presented as follows: | |||
| Called-up share capital presented as equity | 1 | 1 |
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
The revaluation reserve represents the cumulative effect of revaluations of rental assets which are revalued to fair value at each reporting date.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2026 | 2025 | ||
| £ | £ | ||
| Within one year |
|
|
|
| Between one and five years |
|
|
|
| After five years |
|
|
|
|
|
|
The company had no material capital commitments at the year ended 31 January 2026.
| Balance at 01 February 2025 | Cash flows | New finance leases | Balance at 31 January 2026 | ||||
| £ | £ | £ | £ | ||||
| Cash at bank and in hand | 415,670 | ( 86,435) | 0 | 329,235 | |||
| Bank overdrafts | ( 885,834) | ( 406,958) | 0 | ( 1,292,792) | |||
| ( 470,164) | ( 493,393) | 0 | ( 963,557) | ||||
| Bank loans | ( 18,333) | ( 241,958) | 0 | ( 260,291) | |||
| Finance leases | ( 1,084,930) | 335,067 | ( 99,466) | ( 849,329) | |||
| ( 1,103,263) | 93,109 | ( 99,466) | ( 1,109,620) | ||||
| Net debt | (
|
( 400,284) | ( 99,466) | (
|
The balance presented within bank overdrafts relates to amounts drawn under the company’s invoice discounting facility.
| 2026 | 2025 | ||
| £ | £ | ||
| Operating profit |
|
|
|
| Adjustment for: | |||
| Depreciation and amortisation |
|
|
|
| Loss/(profit) on sale of plant and equipment |
|
(
|
|
| Increase in provisions |
|
|
|
| Operating cash flows before movement in working capital |
|
|
|
| Decrease/(increase) in stocks |
|
(
|
|
| Decrease/(increase) in debtors |
|
(
|
|
| Increase/(decrease) in creditors |
|
(
|
|
| Cash generated by operations |
|
|
|
| Income taxes paid | (
|
(
|
|
| Interest paid | (
|
(
|
|
| Net cash flows from operating activities |
|
|
Transactions with related parties or connected persons
Amounts owed to
| 2026 | 2025 | ||
| £ | £ | ||
| Other related parties | 111,608 |
|
Amounts owed to
| 2026 | 2025 | ||
| £ | £ | ||
| Other related parties |
|
46,727 |
Transactions with connected companies - Sales
| 2026 | 2025 | ||
| £ | £ | ||
| Other related parties | 172,031 | 0 |
Transactions with connected companies - Rent
| 2026 | 2025 | ||
| £ | £ | ||
| Other related parties | 245,132 | 248,693 |
Transactions with connected companies - Recharged expenses
| 2026 | 2025 | ||
| £ | £ | ||
| Other related parties | 34,601 | 64,485 |
Transactions with connected persons - Other expenses
| 2026 | 2025 | ||
| £ | £ | ||
| Directors' and close family members | 49,480 | 0 |
Transactions with the entity’s director (or members of its governing body)
Amounts owed by director
| 2026 | 2025 | ||
| £ | £ | ||
| Directors' loan account |
|
|
The loan is interest free with no set repayment terms.
Dividends totalling £99,600 (2025 - £99,600) were paid in the year in respect of shares held by the company's directors.
Key management compensation
| 2026 | 2025 | ||
| £ | £ | ||
| Key management compensation |
|
|