Silverfin false false 31/03/2025 01/04/2024 31/03/2025 D Clark 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 A Vallienne 10/05/2024 19/04/2024 M Windolf 16/01/2025 15/12/2020 13 August 2025 The principal activity of the Company during the financial year was that of the development, sale and support of innovative access, lifting and height safety solutions for the offshore wind energy sector. SC626437 2025-03-31 SC626437 bus:Director1 2025-03-31 SC626437 bus:Director2 2025-03-31 SC626437 bus:Director3 2025-03-31 SC626437 bus:Director4 2025-03-31 SC626437 bus:Director5 2025-03-31 SC626437 bus:Director6 2025-03-31 SC626437 bus:Director7 2025-03-31 SC626437 2024-03-31 SC626437 core:CurrentFinancialInstruments 2025-03-31 SC626437 core:CurrentFinancialInstruments 2024-03-31 SC626437 core:Non-currentFinancialInstruments 2025-03-31 SC626437 core:Non-currentFinancialInstruments 2024-03-31 SC626437 core:ShareCapital 2025-03-31 SC626437 core:ShareCapital 2024-03-31 SC626437 core:SharePremium 2025-03-31 SC626437 core:SharePremium 2024-03-31 SC626437 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC626437 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC626437 core:Goodwill 2024-03-31 SC626437 core:OtherResidualIntangibleAssets 2024-03-31 SC626437 core:Goodwill 2025-03-31 SC626437 core:OtherResidualIntangibleAssets 2025-03-31 SC626437 core:LeaseholdImprovements 2024-03-31 SC626437 core:PlantMachinery 2024-03-31 SC626437 core:FurnitureFittings 2024-03-31 SC626437 core:LeaseholdImprovements 2025-03-31 SC626437 core:PlantMachinery 2025-03-31 SC626437 core:FurnitureFittings 2025-03-31 SC626437 bus:OrdinaryShareClass1 2025-03-31 SC626437 2024-04-01 2025-03-31 SC626437 bus:FilletedAccounts 2024-04-01 2025-03-31 SC626437 bus:SmallEntities 2024-04-01 2025-03-31 SC626437 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 SC626437 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC626437 bus:Director1 2024-04-01 2025-03-31 SC626437 bus:Director2 2024-04-01 2025-03-31 SC626437 bus:Director3 2024-04-01 2025-03-31 SC626437 bus:Director4 2024-04-01 2025-03-31 SC626437 bus:Director5 2024-04-01 2025-03-31 SC626437 bus:Director6 2024-04-01 2025-03-31 SC626437 bus:Director7 2024-04-01 2025-03-31 SC626437 core:Goodwill core:TopRangeValue 2024-04-01 2025-03-31 SC626437 core:OtherResidualIntangibleAssets core:TopRangeValue 2024-04-01 2025-03-31 SC626437 core:Goodwill 2024-04-01 2025-03-31 SC626437 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-01 2025-03-31 SC626437 core:PatentsTrademarksLicencesConcessionsSimilar 2024-04-01 2025-03-31 SC626437 core:LeaseholdImprovements core:BottomRangeValue 2024-04-01 2025-03-31 SC626437 core:LeaseholdImprovements core:TopRangeValue 2024-04-01 2025-03-31 SC626437 core:PlantMachinery core:BottomRangeValue 2024-04-01 2025-03-31 SC626437 core:PlantMachinery core:TopRangeValue 2024-04-01 2025-03-31 SC626437 core:FurnitureFittings core:BottomRangeValue 2024-04-01 2025-03-31 SC626437 core:FurnitureFittings core:TopRangeValue 2024-04-01 2025-03-31 SC626437 2023-04-01 2024-03-31 SC626437 core:OtherResidualIntangibleAssets 2024-04-01 2025-03-31 SC626437 core:LeaseholdImprovements 2024-04-01 2025-03-31 SC626437 core:PlantMachinery 2024-04-01 2025-03-31 SC626437 core:FurnitureFittings 2024-04-01 2025-03-31 SC626437 core:CurrentFinancialInstruments 2024-04-01 2025-03-31 SC626437 core:Non-currentFinancialInstruments 2024-04-01 2025-03-31 SC626437 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 SC626437 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC626437 (Scotland)

PICT OFFSHORE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

PICT OFFSHORE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Contents

PICT OFFSHORE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025
PICT OFFSHORE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2025
Note 2025 2024
£ £
Restated - note 2
Fixed assets
Intangible assets 4 3,716,797 4,558,335
Tangible assets 5 28,456 46,274
3,745,253 4,604,609
Current assets
Stocks 424,136 632,354
Debtors 6 1,056,184 966,082
Cash at bank and in hand 685,237 1,090,330
2,165,557 2,688,766
Creditors: amounts falling due within one year 7 ( 600,448) ( 4,904,203)
Net current assets/(liabilities) 1,565,109 (2,215,437)
Total assets less current liabilities 5,310,362 2,389,172
Creditors: amounts falling due after more than one year 8 ( 4,527,608) ( 19,062)
Net assets 782,754 2,370,110
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 ( 9,217,254 ) ( 7,629,898 )
Total shareholders' funds 782,754 2,370,110

For the financial year ending 31 March 2025 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 Board of Directors on 13 August 2025. 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 2025
PICT OFFSHORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
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 Company is supported through loans from related parties. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements. Given the current position, the directors believe that any foreseeable debts can be met 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 2 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.

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 2 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, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 1 - 2 years straight line
Plant and machinery 3 - 5 years straight line
Fixtures and fittings 3 - 5 years straight line
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, other than those measured at fair value, 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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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 fair value of the asset 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.

2. Prior year adjustment

During the current financial period, management conducted a review of the loan agreement in place and determined that the original accounting treatment did not accurately reflect the agreed contractual terms regarding the interest accrued as at 31 March 2024.

The initial interpretation of the loan terms had resulted in the interest expense being understated in the financial statements for the year ended 31 March 2024. Following a reassessment and clarification of the terms with the lender, it was identified that interest should have been accrued in full.

As previously reported Adjustment As restated
Year ended 31 March 2024 £ £ £
Other loan Interest payable 50,100 122,272 172,372
Other creditors falling due within one year (4,519,814) (122,272) (4,642,086)
Profit and loss account 7,507,626 122,272 7,629,898

3. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 34

4. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 April 2024 8,415,389 6,774 8,422,163
At 31 March 2025 8,415,389 6,774 8,422,163
Accumulated amortisation
At 01 April 2024 3,857,054 6,774 3,863,828
Charge for the financial year 841,538 0 841,538
At 31 March 2025 4,698,592 6,774 4,705,366
Net book value
At 31 March 2025 3,716,797 0 3,716,797
At 31 March 2024 4,558,335 0 4,558,335

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2024 27,061 151,130 123,953 302,144
Additions 0 3,980 9,549 13,529
At 31 March 2025 27,061 155,110 133,502 315,673
Accumulated depreciation
At 01 April 2024 26,048 139,445 90,377 255,870
Charge for the financial year 1,013 7,753 22,581 31,347
At 31 March 2025 27,061 147,198 112,958 287,217
Net book value
At 31 March 2025 0 7,912 20,544 28,456
At 31 March 2024 1,013 11,685 33,576 46,274

6. Debtors

2025 2024
£ £
Trade debtors 274,257 340,015
Corporation tax 97,141 45,090
Other debtors 684,786 580,977
1,056,184 966,082

7. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans 10,289 10,035
Trade creditors 214,591 209,837
Other taxation and social security 46,104 42,246
Other creditors 329,464 4,642,085
600,448 4,904,203

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

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

2025 2024
£ £
Bank loans 8,773 19,062
Other creditors 4,518,835 0
4,527,608 19,062

Within bank loans is a loan from Royal Bank of Scotland which is secured by a fixed charge over 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 the Company.

During the year, the interest only loans in other creditors were extended with a new repayment date of 30 September 2026. Therefore this balance has been reallocated to amounts due over one year.

9. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
6,451 Ordinary shares of £ 1.00 each 6,451 6,451

10. Financial commitments

Other financial commitments

2025 2024
£ £
Total commitments under non-cancellable operating leases not provided for in the accounts 447,163 413,012

11. Related party transactions

Included in other creditors is an advance payment of £30,725 (2024: £30,725), on future invoices, by customers under common control. The advance payment will be deducted from payment of invoices and will be fully repaid by March 2026. The advance payment is interest free.