Coastal Workboats Scotland Ltd

Coastal Workboats Scotland Ltd, based in Stornoway, UK, is a small, active family business founded seven years ago. Employing just two people, the company holds assets totaling £5,277,827 and operates from a real address on Goat Island. With two directors and two owners, the business has earned a perfect 5.0 Google rating from a single review. They are regular importers of iron and steel, with activity recorded for the past 20 months.

The company’s website showcases Coastal Workboats as a “market leading sustainable shipyard” delivering innovative solutions. A key focus is the UK’s first fully-electric workboat, the ELUV, built on their renowned LUV format. The website is full of images and details about shipbuilding, technical design, support, and maintenance services. It’s clear they're targeting a niche market with a focus on zero-emission solutions. There's no obvious e-commerce element—the site seems geared towards showcasing capabilities and attracting partnerships rather than direct sales.

Financially, Coastal Workboats Scotland Ltd presents a mixed picture. While current assets increased by 480% to £5,300,000, net assets plummeted 4000% to -£880,000. Bank borrowings have surged by 390% to £730,000, and cash reserves remain steady at £560,000. Trade creditors decreased by 69%, suggesting better management of short-term debts. The company’s small size (meeting two of three conditions for turnover under £10.2m, assets under £5.1m, and fewer than 50 employees) allows for agility, but the significant equity decline is a cause for concern. The company is exempt from an audit, so the figures are unaudited.

The increase in bank borrowings and the drop in equity suggest Coastal Workboats may be investing heavily in its operations—perhaps to expand its sustainable shipbuilding capabilities—but it’s also possible that the company is burning through cash faster than it’s generating revenue. The lack of employees (reported as just one) indicates a lean operation, but it could also mean that the company is struggling to attract and retain talent.

Registered in Scotland under the registration number SC593669, with a registered address at HS1 2RS, United Kingdom, Stornoway, Isle Of Lewis, Marine Engineering Workshop, Goat Island.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.