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REGISTERED NUMBER: 10009927 (England and Wales)















Financial Statements for the Year Ended 29 February 2024

for

Ensign Subsea Systems Limited

Ensign Subsea Systems Limited (Registered number: 10009927)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2


Ensign Subsea Systems Limited (Registered number: 10009927)

Balance Sheet
29 February 2024

2024 2023
Unaudited
Notes £ £
Current assets
Debtors 5 440,087 440,129
Cash at bank 24,037 2,618
464,124 442,747
Creditors
Amounts falling due within one year 6 (343,137 ) (338,637 )
Net current assets 120,987 104,110
Total assets less current liabilities 120,987 104,110

Capital and reserves
Called up share capital 100 100
Retained earnings 120,887 104,010
120,987 104,110

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 15 October 2024 and were signed on its behalf by:





Mr A P Darling - Director


Ensign Subsea Systems Limited (Registered number: 10009927)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. Statutory information

Ensign Subsea Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10009927

Registered office: Marine House
Marine Park
Gapton Hall Road
Great Yarmouth
Norfolk
NR31 0NB

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

Turnover is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on dispatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Ensign Subsea Systems Limited (Registered number: 10009927)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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.

Ensign Subsea Systems Limited (Registered number: 10009927)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


3. Accounting policies - continued

Cash and cash equivalents
Cash and cash equivalents in the accounts comprises of cash at bank and in hand converted to the presentational currency at the balance sheet date.

4. Employees and directors

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

5. Debtors: amounts falling due within one year
2024 2023
Unaudited
£ £
Amounts owed by group undertakings 440,087 440,087
Other debtors - 42
440,087 440,129

6. Creditors: amounts falling due within one year
2024 2023
Unaudited
£ £
Trade creditors 54 -
Amounts owed to group undertakings 330,986 329,014
Taxation and social security 7,847 2,325
Other creditors 4,250 7,298
343,137 338,637

7. Disclosure under Section 444(5B) of the Companies Act 2006

The report of the Auditors was unqualified.

The senior statutory auditor was Henry Pettitt FCA CTA .

Stephenson Smart (East Anglia) Limited.

8. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Ensign Subsea Systems Limited (Registered number: 10009927)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


9. Ultimate controlling party

The parent company and controlling party is AAE Technologies Ltd

The registered office of AAE Technologies Ltd is Marine House, Marine Park, Gapton Hall Road, Great Yarmouth, Norfolk, NR31 0NB. The group consolidated accounts are available from the Registrar of Companies.