Silverfin false 31/03/2022 31/03/2022 01/04/2021 D Clark 23/08/2019 J Edmonds 01/07/2021 J Edvardsen 22/06/2021 23/08/2019 P Harnett 11/08/2021 23/08/2019 K Hilger 23/08/2019 A Kilgour 23/08/2019 D K Taylor 02/04/2019 P F Taylor 02/04/2019 M Windolf 15/12/2020 22 August 2022 The principal activity of the Company during the financial year was that of the development and sale of heave compensated personnel hoist access solutions. SC626437 2022-03-31 SC626437 bus:Director1 2022-03-31 SC626437 bus:Director2 2022-03-31 SC626437 bus:Director3 2022-03-31 SC626437 bus:Director4 2022-03-31 SC626437 bus:Director5 2022-03-31 SC626437 bus:Director6 2022-03-31 SC626437 bus:Director7 2022-03-31 SC626437 bus:Director8 2022-03-31 SC626437 bus:Director9 2022-03-31 SC626437 2021-03-31 SC626437 core:CurrentFinancialInstruments 2022-03-31 SC626437 core:CurrentFinancialInstruments 2021-03-31 SC626437 core:Non-currentFinancialInstruments 2022-03-31 SC626437 core:Non-currentFinancialInstruments 2021-03-31 SC626437 core:ShareCapital 2022-03-31 SC626437 core:ShareCapital 2021-03-31 SC626437 core:SharePremium 2022-03-31 SC626437 core:SharePremium 2021-03-31 SC626437 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC626437 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC626437 core:Goodwill 2021-03-31 SC626437 core:OtherResidualIntangibleAssets 2021-03-31 SC626437 core:Goodwill 2022-03-31 SC626437 core:OtherResidualIntangibleAssets 2022-03-31 SC626437 core:LeaseholdImprovements 2021-03-31 SC626437 core:PlantMachinery 2021-03-31 SC626437 core:FurnitureFittings 2021-03-31 SC626437 core:LeaseholdImprovements 2022-03-31 SC626437 core:PlantMachinery 2022-03-31 SC626437 core:FurnitureFittings 2022-03-31 SC626437 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-03-31 SC626437 core:RemainingRelatedParties core:CurrentFinancialInstruments 2021-03-31 SC626437 bus:OrdinaryShareClass1 2022-03-31 SC626437 core:WithinOneYear 2022-03-31 SC626437 core:WithinOneYear 2021-03-31 SC626437 core:BetweenOneFiveYears 2022-03-31 SC626437 core:BetweenOneFiveYears 2021-03-31 SC626437 2021-04-01 2022-03-31 SC626437 bus:FullAccounts 2021-04-01 2022-03-31 SC626437 bus:SmallEntities 2021-04-01 2022-03-31 SC626437 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 SC626437 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 SC626437 bus:Director1 2021-04-01 2022-03-31 SC626437 bus:Director2 2021-04-01 2022-03-31 SC626437 bus:Director3 2021-04-01 2022-03-31 SC626437 bus:Director4 2021-04-01 2022-03-31 SC626437 bus:Director5 2021-04-01 2022-03-31 SC626437 bus:Director6 2021-04-01 2022-03-31 SC626437 bus:Director7 2021-04-01 2022-03-31 SC626437 bus:Director8 2021-04-01 2022-03-31 SC626437 bus:Director9 2021-04-01 2022-03-31 SC626437 core:Goodwill core:TopRangeValue 2021-04-01 2022-03-31 SC626437 core:OtherResidualIntangibleAssets core:TopRangeValue 2021-04-01 2022-03-31 SC626437 core:Goodwill 2021-04-01 2022-03-31 SC626437 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-04-01 2022-03-31 SC626437 core:PatentsTrademarksLicencesConcessionsSimilar 2021-04-01 2022-03-31 SC626437 core:LeaseholdImprovements core:TopRangeValue 2021-04-01 2022-03-31 SC626437 core:PlantMachinery core:BottomRangeValue 2021-04-01 2022-03-31 SC626437 core:PlantMachinery core:TopRangeValue 2021-04-01 2022-03-31 SC626437 core:FurnitureFittings core:BottomRangeValue 2021-04-01 2022-03-31 SC626437 core:FurnitureFittings core:TopRangeValue 2021-04-01 2022-03-31 SC626437 2020-04-01 2021-03-31 SC626437 core:OtherResidualIntangibleAssets 2021-04-01 2022-03-31 SC626437 core:LeaseholdImprovements 2021-04-01 2022-03-31 SC626437 core:PlantMachinery 2021-04-01 2022-03-31 SC626437 core:FurnitureFittings 2021-04-01 2022-03-31 SC626437 core:CurrentFinancialInstruments 2021-04-01 2022-03-31 SC626437 core:Non-currentFinancialInstruments 2021-04-01 2022-03-31 SC626437 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC626437 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC626437 (Scotland)

PICT OFFSHORE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH THE REGISTRAR

PICT OFFSHORE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022

Contents

PICT OFFSHORE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2022
PICT OFFSHORE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 4 6,241,413 7,082,952
Tangible assets 5 126,680 168,279
6,368,093 7,251,231
Current assets
Stocks 128,997 1,279,480
Debtors 6 715,563 1,223,591
Cash at bank and in hand 188,595 971,337
1,033,155 3,474,408
Creditors
Amounts falling due within one year 7 ( 852,272) ( 3,647,778)
Net current assets/(liabilities) 180,883 (173,370)
Total assets less current liabilities 6,548,976 7,077,861
Creditors
Amounts falling due after more than one year 8 ( 660,955) ( 47,645)
Net assets 5,888,021 7,030,216
Capital and reserves
Called-up share capital 9 6,451 6,451
Share premium account 9,993,557 9,993,557
Profit and loss account ( 4,111,987 ) ( 2,969,792 )
Total shareholders' funds 5,888,021 7,030,216

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Pict Offshore Limited (registered number: SC626437) were approved and authorised for issue by the Director on 22 August 2022. They were signed on its behalf by:

P F Taylor
Director
PICT OFFSHORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
PICT OFFSHORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
1. Accounting policies

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.

General information and basis of accounting

Pict Offshore Limited (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 Pict House, Unit 13-14 Belleknowes Industrial Estate, Inverkeithing, KY11 1HZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors are aware that there are uncertainties which may cast doubt over the company's ability to continue as a going concern, however based on expected future contracts and recently prepared financial projections the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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 from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Other intangible assets 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 2.1 years straight line
Plant and machinery 3 - 5 years straight line
Fixtures and fittings 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

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.

Impairment of assets

Assets 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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and other loans are initially recognised at transaction price.

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.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the value of the proceeds received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

The closing stock value on the face of the balance sheet is estimated at £128,997. The directors believe that this in an accurate valuation of the closing stock at 31 March 2022 and confirm that the value is held at the lower of cost and the value for which it can be sold.

The directors also wish to highlight note 7, within other creditors is a £96,525 warranty provision which has been estimated as a percentage of the value of the total units sold in the period.

3. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 24

4. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 April 2021 8,415,389 6,774 8,422,163
At 31 March 2022 8,415,389 6,774 8,422,163
Accumulated amortisation
At 01 April 2021 1,332,437 6,774 1,339,211
Charge for the financial year 841,539 0 841,539
At 31 March 2022 2,173,976 6,774 2,180,750
Net book value
At 31 March 2022 6,241,413 0 6,241,413
At 31 March 2021 7,082,952 0 7,082,952

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2021 0 141,290 71,212 212,502
Additions 12,163 1,250 3,387 16,800
At 31 March 2022 12,163 142,540 74,599 229,302
Accumulated depreciation
At 01 April 2021 0 18,782 25,441 44,223
Charge for the financial year 0 40,923 17,476 58,399
At 31 March 2022 0 59,705 42,917 102,622
Net book value
At 31 March 2022 12,163 82,835 31,682 126,680
At 31 March 2021 0 122,508 45,771 168,279

6. Debtors

2022 2021
£ £
Trade debtors 474,705 568,649
Amounts owed by related parties 0 156
Corporation tax 97,832 161,099
Other debtors 143,026 493,687
715,563 1,223,591

7. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 9,547 2,355
Trade creditors 144,264 877,084
Other creditors 675,810 2,680,224
Other taxation and social security 22,651 88,115
852,272 3,647,778

Within bank loans is a loan from Royal Bank of Scotland which is secured by a fixed charge on the assets held by the company.

8. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 38,885 47,645
Other creditors 622,070 0
660,955 47,645

Within bank loans is a loan from Royal Bank of Scotland which is secured by a fixed charge on the assets held by the company.

Within other creditors is a loan from Ørsted Ventures Europe A/S which is secured by a floating charge over the assets held by company.

9. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
6,451 Ordinary shares of £ 1.00 each 6,451 6,451

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2022 2021
£ £
- within one year 80,917 91,490
- between one and five years 82,677 164,494
163,594 255,984

11. Related party transactions

Other related party transactions

2022 2021
£ £
Amounts owed by related parties 0 156

Included in other debtors is a balance of £Nil (2021: £156) due from Limpet Technology Ltd. The balance is unsecured and interest free.

Included in other creditors is an advance payment of £352,545 (2021: £Nil), on future invoices, by Southfork Wind LLC (Ørsted). The advance payment will be deducted from payment of invoices and will be fully repaid by March 2023. The advance payment is interest free.

Included in other creditors is an advance payment of £Nil (2021: £2,419,685) ,on future invoices, by Ørsted Ventures Europe A/S. The advance payment was deducted from payment of invoices and was fully repaid in July 2021. The advance payment is interest free.