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REGISTERED NUMBER: SC562091 (Scotland)















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PLANSEA SOLUTIONS LIMITED

PLANSEA SOLUTIONS LIMITED (REGISTERED NUMBER: SC562091)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


PLANSEA SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J B Cargill
J A W McCall





SECRETARY: MBM Secretarial Services Limited





REGISTERED OFFICE: Suite 2, Ground floor
Orchard Brae
30 Queensferry Road
Edinburgh
EH4 2HS





REGISTERED NUMBER: SC562091 (Scotland)





ACCOUNTANTS: Bon Accord Accountancy Limited
71 Charleston Road North
Cove
Aberdeen
Aberdeenshire
AB12 3SZ

PLANSEA SOLUTIONS LIMITED (REGISTERED NUMBER: SC562091)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of software development.

REVIEW OF BUSINESS
The Directors note key areas of progress made during the course of the financial year and in the period immediately thereafter :
Building on the readiness of the Artificial Intelligence-based marine logistics software for market deployment, further testing with user(s) is underway and the company is positioned for investment/expansion.
The PlanSea software delivery approach is :
o Digital Daily Lookahead - using a SaaS model
o Short Term Vessel Capacity Sharing (an 'Uber' approach to marine logistics) - using a SaaS model
o Strategic Fleet Planning - consultancy service/SaaS
All Intellectual Property Rights (IPR) relating to the software reside with PlanSea Solutions Ltd.
Applications in the offshore renewable/subsea/decommissioning sector continue to be explored through collaboration. Development work in these new areas may generate further IPR for PlanSea.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

J B Cargill
J A W McCall

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J B Cargill - Director


18 November 2024

PLANSEA SOLUTIONS LIMITED (REGISTERED NUMBER: SC562091)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 30,000 30,000
Tangible assets 5 - 72
30,000 30,072

CURRENT ASSETS
Debtors 6 11,489 1,037
Cash at bank and in hand 125,079 166,173
136,568 167,210
CREDITORS
Amounts falling due within one year 7 355 294
NET CURRENT ASSETS 136,213 166,916
TOTAL ASSETS LESS CURRENT
LIABILITIES

166,213

196,988

CREDITORS
Amounts falling due after more than one
year

8

295,000

295,000
NET LIABILITIES (128,787 ) (98,012 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (128,788 ) (98,013 )
SHAREHOLDERS' FUNDS (128,787 ) (98,012 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PLANSEA SOLUTIONS LIMITED (REGISTERED NUMBER: SC562091)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:





J B Cargill - Director


PLANSEA SOLUTIONS LIMITED (REGISTERED NUMBER: SC562091)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Plansea Solutions Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

PLANSEA SOLUTIONS LIMITED (REGISTERED NUMBER: SC562091)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 30,000
NET BOOK VALUE
At 31 March 2024 30,000
At 31 March 2023 30,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 493
DEPRECIATION
At 1 April 2023 421
Charge for year 72
At 31 March 2024 493
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 72

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 11,489 1,037

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 360 (1 )
Taxation and social security (5 ) (5 )
Other creditors - 300
355 294

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other creditors 295,000 295,000