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Company No: 04972465 (England and Wales)

TRISKEL MARINE LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

TRISKEL MARINE LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

TRISKEL MARINE LIMITED

BALANCE SHEET

As at 30 September 2024
TRISKEL MARINE LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 3,172,776 2,223,570
Tangible assets 4 59,822 85,596
3,232,598 2,309,166
Current assets
Stocks 140,699 126,390
Debtors
- due within one year 5 472,851 332,416
- due after more than one year 5 274,331 293,592
Cash at bank and in hand 459,488 58,838
1,347,369 811,236
Creditors: amounts falling due within one year 6 ( 1,111,275) ( 724,340)
Net current assets 236,094 86,896
Total assets less current liabilities 3,468,692 2,396,062
Creditors: amounts falling due after more than one year 7 ( 991,639) ( 254,287)
Net assets 2,477,053 2,141,775
Capital and reserves
Called-up share capital 8 13,547 13,007
Share premium account 4,634,765 3,496,750
Profit and loss account ( 2,171,259 ) ( 1,367,982 )
Total shareholders' funds 2,477,053 2,141,775

For the financial year ending 30 September 2024 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 Triskel Marine Limited (registered number: 04972465) were approved and authorised for issue by the Board of Directors on 24 March 2025. They were signed on its behalf by:

Mr T E Howard
Director
TRISKEL MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
TRISKEL MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
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

Triskel Marine Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 Marine Renewables Energy Park, North Quay, Hayle, TR27 4DD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 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 initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
Goods are shipped to customers, by the Company:
Installation of equipment is finalised and operational:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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:

Computer software 3 years straight line
Development costs 20 % reducing balance
Other intangible assets 10 years straight line
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 basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 2 - 5 years straight line
Vehicles 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.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling prices less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit of loss.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 17

3. Intangible assets

Computer software Development costs Other intangible assets Total
£ £ £ £
Cost
At 01 October 2023 0 1,496,620 1,200,000 2,696,620
Additions 4,500 1,124,003 0 1,128,503
At 30 September 2024 4,500 2,620,623 1,200,000 3,825,123
Accumulated amortisation
At 01 October 2023 0 343,050 130,000 473,050
Charge for the financial year 375 58,922 120,000 179,297
At 30 September 2024 375 401,972 250,000 652,347
Net book value
At 30 September 2024 4,125 2,218,651 950,000 3,172,776
At 30 September 2023 0 1,153,570 1,070,000 2,223,570

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 October 2023 68,689 251,360 9,595 329,644
Additions 3,225 6,862 0 10,087
At 30 September 2024 71,914 258,222 9,595 339,731
Accumulated depreciation
At 01 October 2023 50,320 184,133 9,595 244,048
Charge for the financial year 9,578 26,283 0 35,861
At 30 September 2024 59,898 210,416 9,595 279,909
Net book value
At 30 September 2024 12,016 47,806 0 59,822
At 30 September 2023 18,369 67,227 0 85,596

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 3,310 38,430
Prepayments 215,952 53,744
VAT recoverable 29,699 0
Corporation tax 186,735 234,204
Other debtors 37,155 6,038
472,851 332,416
Debtors: amounts falling due after more than one year
Deferred tax asset 274,331 293,592

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 269,839 105,578
Trade creditors 188,654 184,008
Amounts owed to directors 269,454 65,929
Accruals and deferred income 86,518 212,235
Other taxation and social security 26,364 37,633
Obligations under finance leases and hire purchase contracts 0 273
Other creditors 270,446 118,684
1,111,275 724,340

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

2024 2023
£ £
Bank loans 991,639 254,287

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
11,033 Ordinary shares of £ 1.00 each (2023: 13,007 shares of £ 1.00 each) 11,033 13,007
2,514 Ordinary A shares of £ 1.00 each (2023: nil shares) 2,514 0
13,547 13,007