ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: SC085501

TRITECH INTERNATIONAL LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

TRITECH INTERNATIONAL LIMITED

COMPANY INFORMATION

Directors	Burton, A J
	Bradley, D
	Hardy, B W
	Lohrmann, A
	Mitchell, A J L
	Van Heerden, A M


Company secretary	Burton, A J


Registered number	SC085501


Registered office	Peregrine Road
	Westhill Business Park
	Westhill
	Aberdeenshire
	AB32 6JL


Independent auditors	Armstrong Watson Audit Limited
	Montgomery Way
	Rosehill
	Carlisle
	Cumbria
	CA1 2UU

TRITECH INTERNATIONAL LIMITED

CONTENTS

	Page
Strategic Report	1 - 3
Directors' Report	4 - 6
Independent Auditors' Report	7 - 10
Statement of Comprehensive Income	11
Statement of Financial Position	12
Statement of Changes in Equity	13 - 14
Notes to the Financial Statements	15 - 30

TRITECH INTERNATIONAL LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

Business review

The company is a high-technology business dedicated to providing the reference equipment to the industries it serves. The company designs and manufactures imaging and ancillary equipment for use in underwater applications including defence, energy, engineering, survey and underwater vehicles.
The company’s products are distributed and sold around the world.
The accounting period reported in these financial statements covers the period from 1st January 2024 to 31st December 2024.
The results for the period and financial position of the company are as shown in the financial statements.

Key performance indicators

The company’s key performance indicators during the period were:

	12 month period ended 31 December 2024	12 month period ended 31 December 2023	Movement during the period
	£000	£000	%

Turnover	15,101,019	11,880,724	27.1%
Profit/(loss) before taxation	2,993,307	1,560,492	91.8%
Profit/(loss) after taxation	2,416,262	1,374,125	75.8%

Average number of employees (No.)	70	64	9.4%

Page 1

TRITECH INTERNATIONAL LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principle risks and uncertainties

Price of oil
The price of Brent Crude oil per barrel has fluctuated throughout the period, ranging from a low of circa $65 up to a high of circa $87, at period end the price of oil per barrel was circa $73.
The company continues to pursue a diversification strategy in order to manage the risk arising from volatility in the demand for oil.
Competitive pressure
Competitive pressure in all the company’s markets is a continuing risk for the company. The company manages this risk by maintaining leading-edge technology in its product ranges; ensuring products employ technologies and features that are both current and relevant, by setting the highest quality standards of production, and by providing the highest standards of customer support and service.

Global economic climate

The global economic climate continues to present a risk for the company. The company continues to pursue a diversification strategy in order to manage the risk of any one market downturn.

Whilst the company continues to be aware of the impact on the global economy from the ongoing conflict in Ukraine and also the potential impact to its supply chain from the ongoing conflict in the Middle East during this period, it has not had a negative impact on the financial results of the business. Ongoing challenges sourcing key electronics components for the business have largely been mitigated through strategic buying, and continuing to focus on the strong working relationships that has been developed with it’s key suppliers. This ongoing planning continues to have a positive impact overall both for supply stability and cost control. In a period of strong growth for the company, it has not experienced any negative supply chain impacts and whilst this growth is forecast to continue for future periods, which will create unique challenges, the company has no concern about maintaining supply to meet customer demand.

The company is aware of future potential changes in how worldwide trade arrangements may be changing due to different approaches from new governments, especially in relation to potential tariff strategies, but believes it is well placed to both continue to source and purchase the required technology, but also to continue to grow its international business overall.

Foreign exchange

For this period the company’s foreign exchange risk has been effectively managed internally, with the company’s focus on ensuring that it has the correct level of expertise internally to ensure that this risk can continue to be effectively mitigated through 2025 and onwards, without the need for corporate support.

Interest rates

The company has nil borrowings and volatility in interest rate does not represent a risk.

Cyber Security

The company has continued its program of IT infrastructure investment during 2024, with expenditure on new hardware and software solutions of over £60k for the year. Work is continuing on developing adequate cyber security and ensuring robust business continuity plans are in place.

New Product Risk

The company is focused on developing high performance solutions to the market to support diversification. As this is primarily an R&D function there is no guarantee that this investment will yield intended results.

Group risks

Group risks are discussed in General Oceans Annual Reports which do not form a part of this report.

Page 2

TRITECH INTERNATIONAL LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Future Developments

The company continues to seek opportunities by the introduction of new products into existing markets, diversification into new markets in partnership with other businesses in the General Oceans Group and continuing to invest in business development and building on its reputation for supporting its customers worldwide.

This report was approved by the board and signed on its behalf.

A J Burton

Director

Date: 6 March 2025

Page 3

TRITECH INTERNATIONAL LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,458,044 (2023 - £1,374,125).

Ordinary dividends were paid out amounting to £2,405,851. The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year were:

Burton, A J

Bradley, D

Hardy, B W

Lohrmann, A

Mitchell, A J L

Van Heerden, A M

Page 4

TRITECH INTERNATIONAL LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

Details of risks and uncertainties, subsequent events and likely future developments are discussed in the strategic report.

Financial risk management objectives and policies

The company’s key performance indicators and financial risk management policies are described in the strategic report.

Overseas operations

The company has a branch, trading as Tritech North America, based in Houston TX. There has been a gradual increase in trading activities through the branch during 2024, although primary focus has been on business development activities for future revenue growth. A business development manager has been employed during 2024 and plans are in place for 2025 to expand the number of staff and to increase it’s footprint with the key objective of growing our business in North America.

Going Concern

Current economic conditions continue to create uncertainty over the level of demand for the company’s products. The company has net assets and a positive cash balance as set out in the balance sheet. The directors have a reasonable expectation that, despite current economic uncertainty, including inflationary pressure impacted by the war in Ukraine and conflicts in the Middle East, the potential future impact of trade tariffs which will impact one of our largest markets, the company has adequate resources to continue in operational existence for the foreseeable future. The directors continue to adopt the going concern basis in preparing the annual report and financial statements. Further details regarding the adoption of the going concern basis can be found in note 1 to the financial statements.

Environmental matters

The company recognises the importance of its environmental responsibilities, monitors its impact on the environment and designs and implements policies to reduce any damage that might be caused by its activities. The installation of a solar PV System for a total capex investment of £155k was completed in February 2024.
Other initiatives designed to minimise the company’s impact on the environment include safe disposal of manufacturing waste, recycling and reducing energy consumption.

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitude of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the company continues, and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 5

TRITECH INTERNATIONAL LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Armstrong Watson were appointed as the new auditors in 2024. The auditors are deemed to be re-appointed under section 487 (2) of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

AJ Burton

Director

Date: 6 March 2025

Page 6

TRITECH INTERNATIONAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRITECH INTERNATIONAL LIMITED

Opinion

We have audited the financial statements of Tritech International Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 7

TRITECH INTERNATIONAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRITECH INTERNATIONAL LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 8

TRITECH INTERNATIONAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRITECH INTERNATIONAL LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the engagement partner ensured that the engagement team collectively had the appropriate competence,
   capabilities and knowledge of the Company to identify or recognise non-compliance with applicable laws
   and regulations;
• we identified the laws and regulations applicable to the Company through discussions with the directors
   and other management and review of appropriate industry knowledge. Key laws and regulations we
   identified during the audit were the UK Companies Act 2006 and UK tax legislation;
• we assessed the extent of compliance with the laws and regulations identified above by making enquiries
   of management; and
• identified laws and regulations were communicated within the audit team regularly and the team remained
   alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their
   knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
   regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected
   relationships;
• tested journal entries recorded on the Company’s finance system to identify unusual transactions that may
   indicate override of controls;
• reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation; and
• enquiring of management to identify actual and potential litigation and claims.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 9

TRITECH INTERNATIONAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRITECH INTERNATIONAL LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Lauren Graham (Senior Statutory Auditor)

for and on behalf of

Armstrong Watson Audit Limited

James Watson House

6 March 2025

Page 10

TRITECH INTERNATIONAL LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	15,101,019	11,880,724
Cost of sales		(6,027,176)	(5,449,531)
Gross profit		9,073,843	6,431,193
Administrative expenses		(6,132,809)	(4,891,540)
Other operating income	5	23,864	10,784
Operating profit	6	2,964,898	1,550,437
Interest receivable and similar income	10	28,409	12,009
Interest payable and similar expenses		-	(1,954)
Profit before tax		2,993,307	1,560,492
Tax on profit	12	(535,263)	(186,367)
Profit for the financial year		2,458,044	1,374,125

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 30 form part of these financial statements.

Page 11

TRITECH INTERNATIONAL LIMITED

REGISTERED NUMBER: SC085501

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	14		160,785		188,342
Tangible assets	15		4,623,878		4,767,852
			4,784,663		4,956,194
Current assets
Stocks	16	2,353,807		2,343,909
Debtors: amounts falling due within one year	17	2,089,364		1,845,006
Cash at bank and in hand	18	2,210,403		1,682,040
		6,653,574		5,870,955
Creditors: amounts falling due within one year	19	(2,071,280)		(1,509,371)
Net current assets			4,582,294		4,361,584
Total assets less current liabilities			9,366,957		9,317,778
Provisions for liabilities
Deferred tax	20	(38,065)		(45,279)
Other provisions	21	(44,700)		(40,500)
			(82,765)		(85,779)
Net assets			9,284,192		9,231,999

Capital and reserves
Called up share capital	22	25,200	25,200
Profit and loss account		9,258,992	9,206,799
		9,284,192	9,231,999

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A J Burton

Director

Date: 6 March 2025

The notes on pages 15 to 30 form part of these financial statements.

Page 12

TRITECH INTERNATIONAL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	25,200	9,206,799	9,231,999
Comprehensive income for the year
Profit for the year	-	2,458,044	2,458,044
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	2,458,044	2,458,044
Contributions by and distributions to owners
Dividends: Equity capital	-	(2,405,851)	(2,405,851)
Total transactions with owners	-	(2,405,851)	(2,405,851)
At 31 December 2024	25,200	9,258,992	9,284,192

The notes on pages 15 to 30 form part of these financial statements.

Page 13

TRITECH INTERNATIONAL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	25,200	8,932,674	8,957,874
Comprehensive income for the year
Profit for the year	-	1,374,125	1,374,125
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	1,374,125	1,374,125
Contributions by and distributions to owners
Dividends: Equity capital	-	(1,100,000)	(1,100,000)
Total transactions with owners	-	(1,100,000)	(1,100,000)
At 31 December 2023	25,200	9,206,799	9,231,999

The notes on pages 15 to 30 form part of these financial statements.

Page 14

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Tritech International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Peregrine Road, Westhill Business Park, Westhill, Aberdeenshire, AB32 6JL.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of General Oceans AS as at 31 December 2024 and these financial statements may be obtained from Altinn.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 16

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Interest income

Interest income is recognised in profit or loss on a cash basis.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 17

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Freehold property	-	2.5%
Plant and machinery	-	10% - 33%
Fixtures and fittings	-	10% - 33%
Office equipment	-	25% - 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Page 19

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
Turnover in relation to the sale of goods is recognised when the significant risks and rewards of ownership are considered to have been transferred to the buyer, as defined by the terms of each order. Turnover in relation to services is recognised once all agreed work has been performed. An exercise is performed at period end to ascertain whether such risks and rewards have been transferred and whether such work has been completed.
Revenue on long-term contracts 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 as a proportion of total estimated costs for a contract.
Warranty provision
A warranty has been issued on sales and a provision has been calculated based on historical costs to repair.
Debt provision
The company exercises judgement as to its ability to collect outstanding trade debtors and in the event that such recoverability becomes uncertain, makes provision against that debt. The company analyses its historical collection experience and current economic trends when determining the extent to which a provision is made.
Stock provision
The carrying value of the company's stock has been reviewed using commercial judgement with regard to the assessment of the appropriate level of provisioning against stock obsolescence.

Page 20

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Sale of Goods	13,047,694	9,718,043
Servicing of Goods	1,833,812	2,030,537
Rental Income	219,513	132,144
	15,101,019	11,880,724

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	4,852,485	4,373,255
Rest of Europe	4,255,774	2,792,197
USA	1,579,317	1,769,160
Rest of World	4,413,443	2,946,112
	15,101,019	11,880,724

5.	Other operating income
		2024	2023
		£	£

Sundry income	23,864	10,784
	23,864	10,784

Research & development charged as an expense	277,721	533,205
Exchange differences	18,334	63,953
Other operating lease rentals	116,404	96,423

Page 21

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Fees payable to the Company's auditors for the audit of the Company's financial statements

23,500

17,760

Wages and salaries	3,383,242	3,076,083
Social security costs	357,343	301,068
Cost of defined contribution scheme	502,563	194,445
	4,243,148	3,571,596

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Production	31	31
Sales	8	6
Administration	9	7
R&D	22	20

	70	64

Page 22

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	549,869	379,436
Company contributions to defined contribution pension schemes	44,214	28,050
	594,083	407,486

	During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £163,037 (2023 - £151,956).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,466 (2023 - £13,074).
	The total accrued pension provision of the highest paid director at 31 December 2024 amounted to £NIL (2023 - £NIL).
	The amount of the accrued lump sum in respect of the highest paid director at 31 December 2024 amounted to £NIL (2023 - £NIL).

10.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	28,409	12,009
		28,409	12,009

11.	Interest payable and similar expenses
		2024	2023
		£	£

	Other loan interest payable	-	1,954
		-	1,954

Page 23

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	558,091	211,262
Adjustments in respect of previous periods	(16,072)	-
	542,019	211,262
Foreign tax
Foreign tax on income for the year	458	-
	458	-
Total current tax	542,477	211,262

Deferred tax
Origination and reversal of timing differences	(7,214)	(24,895)
Total deferred tax	(7,214)	(24,895)


	Tax on profit	535,263	186,367

Page 24

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.Taxation (continued)

Profit on ordinary activities before tax

2,993,307

1,560,492

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	762,056	367,028
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,395	741
Capital allowances for year in excess of depreciation	(4,079)	(5,267)
Effect of change in corporation tax rate	-	(1,473)
Depreciation on assets not qualifying for tax allowances	29,865	31,112
Research and development tax credit	(180,681)	(207,864)
Other permanent differences	3,372	2,093
Effect of superdeduction	-	(3)
Overseas tax	458	-
Adjustment to tax charge in respect of prior period	(16,072)	-
Group relief	(62,051)	-
Total tax charge for the year	535,263	186,367

13.	Dividends
		2024	2023
		£	£

	Dividend paid	2,405,851	1,100,000
		2,405,851	1,100,000

Page 25

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Intangible assets

		Computer software
		£
	Cost
	At 1 January 2024	404,685
	Additions	32,495
	At 31 December 2024	437,180
	Amortisation
	At 1 January 2024	216,343
	Charge for the year on owned assets	60,052
	At 31 December 2024	276,395
	Net book value
	At 31 December 2024	160,785
	At 31 December 2023	188,342

Page 26

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Tangible fixed assets

	Freehold property	Plant and machinery	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	5,396,488	1,346,950	31,512	307,006	7,081,956
Additions	38,068	122,548	8,659	27,531	196,806
Disposals	-	(86,297)	(1,633)	-	(87,930)
At 31 December 2024	5,434,556	1,383,201	38,538	334,537	7,190,832
Depreciation
At 1 January 2024	1,050,461	1,032,672	24,930	206,041	2,314,104
Charge for the year on owned assets	120,671	119,513	2,710	48,639	291,533
Disposals	-	(38,683)	-	-	(38,683)
At 31 December 2024	1,171,132	1,113,502	27,640	254,680	2,566,954
Net book value
At 31 December 2024	4,263,424	269,699	10,898	79,857	4,623,878
At 31 December 2023	4,346,027	314,278	6,582	100,965	4,767,852

The net book value of land and buildings may be further analysed as follows:
	2024	2023
	£	£

Freehold	4,263,424	4,346,027
	4,263,424	4,346,027

16.	Stocks
		2024	2023
		£	£

Raw materials and consumables	1,873,899	2,034,385
Work in progress (goods to be sold)	100,529	49,623
Finished goods and goods for resale	379,379	259,901
	2,353,807	2,343,909

Page 27

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.

Debtors

					2024	2023
					£	£


Trade debtors	1,582,368	1,434,730
Amounts owed by group undertakings	60,379	155,035
Other debtors	55,404	67,252
Prepayments and accrued income	391,213	187,989
	2,089,364	1,845,006

18.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	2,210,403	1,682,040
	2,210,403	1,682,040

19.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	856,143	816,842
Amounts owed to group undertakings	102,234	-
Corporation tax	319,739	56,308
Other taxation and social security	165,419	138,025
Other creditors	83,627	43,705
Accruals and deferred income	544,118	454,491
	2,071,280	1,509,371

20.	Deferred taxation

		2024
		£

	At beginning of year	(45,279)
	Charged to profit or loss	7,214
	At end of year	(38,065)

Page 28

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	(95,496)	(91,952)
Other timing differences	57,431	46,673
	(38,065)	(45,279)

21.	Provisions

		Dilapidation
		£

	At 1 January 2024	40,500
	Charged to profit or loss	4,200
	At 31 December 2024	44,700

22.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

25,200 (2023 - 25,200) Ordinary shares shares of £1.00 each	25,200	25,200

	Contracted for but not provided in these financial statements	6,815	-
		6,815	-

24.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £502,562 (2023 - £194,445) . Contributions totalling £82,538 (2023 - £43,705) were payable to the fund at 31 December 2024 and are included in creditors.

Page 29

TRITECH INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Not later than 1 year	97,631	97,631
Later than 1 year and not later than 5 years	35,959	98,948
	133,590	196,579

26.	Related party transactions
	The company has taken advantage of the exemption contained in Section 33 of Financial Reporting Standard 102 Related Party Disclosures from disclosing transactions entered into between two or members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

		2024	2023
		£	£

Amounts due to entities with control, joint control or significant influence over the company	102,234	-
Amounts due to other related parties	-	140,944
Amounts due from entities with control, joint control or significant influence over the company	-	(14,090)
Amounts due from other related parties	(60,379)	-

27.	Controlling party

The immediate parent company is General Oceans UK Holdings Limited (formerly Tritech Holdings Limited) which is incorporated in Scotland. The ultimate parent company and controlling party of Tritech International Limited and the parent company of the only group for which consolidated financial statements are prepared which include the company is General Oceans AS. The financial statements of General Oceans AS can be obtained from: General Oceans AS, 4th Floor, 78 Duke Street, London, W1K 6JQ. The ultimate controlling party is Mr Atle Lohrmann.

Page 30