Report of the Directors for the Penarth Ship Building & Ship Repairing Company, Limited during the year ended 31st December 1906. [001]

The Balance Sheet - we note that the profit for the year has been reduced by the negative balance outstanding from the previous financial year ending 31st December 1905 making the positive total only £182 6s. 9d. (£182.34p).

The Statement of Accounts fails to inform the shareholders of the turnover to produce this profit so they were probably 'quite busy fools'. Given the outdated plant and facilities at the gridiron and slipway any work would have, almost certainly, been undertaken in a most inefficient manner in comparison to most of the relatively well equipped and modern yards at Cardiff and Barry.

In summary, I believe that the chairman, directors and shareholders would have one thing in common with each other; complete dissatisfaction with these results.