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REGISTERED NUMBER: 07804453 (England and Wales)














Financial Statements

for the Year Ended 31 December 2024

for

SUBSEA ENERGY SOLUTIONS LTD

SUBSEA ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 07804453)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


SUBSEA ENERGY SOLUTIONS LTD

Company Information
for the Year Ended 31 December 2024







Directors: P A R Stanyon
C J Topp
S T Boissier Wyles



Registered office: Unit 4 Chartermark Way
Colburn Business Park
Catterick Road
Catterick Garrison
North Yorkshire
DL9 4QJ



Registered number: 07804453 (England and Wales)



Senior statutory auditor: Simon Davies MMath FCA



Auditors: Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

SUBSEA ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 07804453)

Abridged Statement of Financial Position
31 December 2024

31/12/24 31/12/23
Notes £    £    £   
Fixed assets
Intangible assets 4 60,641 38,634
Tangible assets 5 406,467 280,646
467,108 319,280

Current assets
Stocks 27,137 31,625
Debtors 845,506 308,717
Cash at bank and in hand 274,598 157,475
1,147,241 497,817
Creditors
Amounts falling due within one year 351,795 234,247
Net current assets 795,446 263,570
Total assets less current liabilities 1,262,554 582,850

Creditors
Amounts falling due after more than one
year

(691,142

)

(16,667

)

Provisions for liabilities (34,754 ) (43,420 )
Net assets 536,658 522,763

Capital and reserves
Called up share capital 1 1
Capital redemption reserve 1 1
Retained earnings 536,656 522,761
Shareholders' funds 536,658 522,763

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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 12 May 2025 and were signed on its behalf by:





P A R Stanyon - Director


SUBSEA ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 07804453)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Subsea Energy Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


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.

The financial statements have been prepared under the going concern basis of accounting, this is on the basis of the forecasts, current management accounts and discussions on expected future plans and group support there appears to be no significant issues with going concern for the foreseeable future.

Related party exemption
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.

Turnover
Turnover represents the value of work carried out during the year including amounts not yet invoiced, excluding value added tax. Income is being recognised according to the stage of completion of work done.

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.

Patents and licences are being amortised evenly over their estimated useful life of eight years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 2% on cost and Straight line over 20 years
Plant and machinery - At varying rates
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.


SUBSEA ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 07804453)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2024 62,366
Additions 32,041
At 31 December 2024 94,407
AMORTISATION
At 1 January 2024 23,732
Amortisation for year 10,034
At 31 December 2024 33,766
NET BOOK VALUE

At 31 December 2024 60,641
At 31 December 2023 38,634

SUBSEA ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 07804453)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2024 792,267
Additions 240,979
At 31 December 2024 1,033,246
DEPRECIATION
At 1 January 2024 511,621
Charge for year 115,158
At 31 December 2024 626,779
NET BOOK VALUE
At 31 December 2024 406,467
At 31 December 2023 280,646

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
Additions 187,695
At 31 December 2024 187,695
DEPRECIATION
Charge for year 10,949
At 31 December 2024 10,949
NET BOOK VALUE
At 31 December 2024 176,746

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/24 31/12/23
£    £   
Net obligations repayable:
Within one year 37,539 -
Between one and five years 140,771 -
178,310 -

SUBSEA ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 07804453)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31/12/24 31/12/23
£    £   
Within one year 36,000 36,000
Between one and five years 39,000 75,000
75,000 111,000

7. SECURED DEBTS

The following secured debts are included within creditors:

31/12/24 31/12/23
£    £   
Hire purchase contracts 178,310 -

The debts are secured against the assets to which they relate.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Simon Davies MMath FCA (Senior Statutory Auditor)
for and on behalf of Mitchell Gordon LLP

9. CONTINGENT LIABILITIES

The company have provided a guarantee against a loan held by a related company. As at 31 December 2024 the amount outstanding on this loan was £178,086 (2023: £185,780). The guarantee was removed by the lender in April 2025.

10. RELATED PARTY DISCLOSURES

The immediate parent company is Subsea Energy Solutions Holdings Ltd, this company does not prepare consolidated financial statements. The group for which consolidated financial statements are prepared that includes Subsea Energy Solutions Ltd is Topp Holdings Gmbh. Consolidated financial statements can be requested from the company's registered office at Martinistraße 57, 28195 Bremen, Germany.