ACCOUNTS - Final Accounts preparation

18 month period ended 31 December 2024

Year ended 30 June 2023

Registered number: SC150859

CYAN SUBSEA UK LTD.(FORMERLY MMA OFFSHORE SERVICES LTD)

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

COMPANY INFORMATION

Directors	Kevin Alexander Stephen
	Lee Keng Lin (appointed 22 November 2024)
	David Colin Ross (resigned 22 November 2024)


Company secretary	LC Secretaries Limited


Registered number	SC150859


Registered office	Johnstone House
	52-54 Rose Street
	Aberdeen
	AB10 1HA


Independent auditor	Anderson Anderson & Brown Audit LLP
	Kingshill View
	Prime Four Business Park
	Kingswells
	Aberdeen
	AB15 8PU


Solicitors	Ledingham Chalmers LLP
	Johnstone House
	52-54 Rose Street
	Aberdeen
	AB10 1HA

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

CONTENTS

	Page
Directors' report	1
Directors' responsibilities statement	2
Independent auditor's report	3 - 6
Statement of comprehensive income	7
Balance sheet	8
Statement of changes in equity	9
Notes to the financial statements	10 - 20

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

DIRECTORS' REPORT

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the 18 month period ended 31 December 2024.

Directors

The directors who served during the 18 month period were:

Kevin Alexander Stephen

Lee Keng Lin (appointed 22 November 2024)

David Colin Ross (resigned 22 November 2024)

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Auditor

A resolution to appoint AAB Audit & Accountancy Limited as auditor of the Company will be proposed at the next general meeting.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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

Kevin Alexander Stephen

Director

Date: 24 September 2025

Page 1

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

The directors are responsible for preparing 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 101 ‘Reduced Disclosure Framework’. 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 and then apply them consistently;

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

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙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.

Page 2

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

Opinion

We have audited the financial statements of Cyan Subsea UK Ltd. (Formerly MMA Offshore Services Ltd) (the 'Company') for the 18 month period ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, 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 101 ‘Reduced Disclosure Framework’ (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 18 month period 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 Auditor's 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 Auditor's 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 3

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD) (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 Directors' report for the financial 18 month period for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has 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 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; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 4

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD) (CONTINUED)

Auditor's 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 Auditor's 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.
The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:

∙timing and completeness of revenue recognition;

∙compliance with relevant laws and regulations which may impact on the financial statements and those that the company needs to comply with for the purpose of trading;

∙management judgement applied in the calculation provisions; and

∙management override of controls to manipulate the Company's key performance indicators to meet targets.

Our audit procedures to respond to these risks included:

∙testing of journal entries and other adjustments for appropriateness;

∙evaluating the business rationale of significant transactions outsdie the normal course of business;

∙reviewing a sample of sales contracts to ensure income has been recorded accurately in the correct period;

∙reviewing judgements made by management in their calculations of accounting estimates for potential management bias;

∙enquireies of management about litigation and claims and inspection of relevant corresspondence; and

∙reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-complaince with laws and regulations.

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 Auditor's report.

Page 5

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD) (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 Auditor's 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.

Christopher Masson (Senior statutory auditor)

for and on behalf of

Anderson Anderson & Brown Audit LLP

Statutory Auditor

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU

26 September 2025

Page 6

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024


	18 month period ended 31 December 2024	Year ended 30 June 2023
Note	£000	£000


Turnover		18,258	8,185
Cost of sales		(12,611)	(5,215)
Gross profit		5,647	2,970
Administrative expenses		(4,491)	(1,995)
Other operating charges		(713)	(331)
Operating profit		443	644
Interest receivable and similar income		1	-
Interest payable and similar expenses		(69)	(66)
Profit before tax		375	578
Tax on profit	4	(3)	-
Profit for the financial 18 month period		372	578

There was no other comprehensive income for 18 month period ended 31 December 2024 (year ended 30 June 2023 - £NIL).

The notes on pages 10 to 20 form part of these financial statements.

Page 7

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

REGISTERED NUMBER: SC150859

BALANCE SHEET

AS AT 31 DECEMBER 2024


	31 December 2024	30 June 2023
Note	£000	£000


Fixed assets
Tangible assets	5		1,017		1,516
			1,017		1,516
Current assets
Stocks		-		86
Debtors: amounts falling due within one year	6	5,983		5,904
Cash at bank and in hand	7	2,185		494
		8,168		6,484
Creditors: amounts falling due within one year	8	(6,626)		(5,487)
Net current assets			1,542		997
Total assets less current liabilities			2,559		2,513

Creditors: amounts falling due after more than one year	9		(303)		(629)
Net assets			2,256		1,884

Capital and reserves
Called up share capital	11	35	35
Capital redemption reserve		35	35
Other reserves		1,427	1,427
Profit and loss account		759	387
		2,256	1,884

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

Kevin Alexander Stephen

Director

Date: 24 September 2025

Page 8

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

STATEMENT OF CHANGES IN EQUITY

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Capital contribution	Profit and loss account	Total equity
	£000	£000	£000	£000	£000
At 1 July 2022	35	35	1,427	(191)	1,306

Profit for the year	-	-	-	578	578

At 1 July 2023	35	35	1,427	387	1,884

Profit for the 18 month period	-	-	-	372	372
At 31 December 2024	35	35	1,427	759	2,256

The notes on pages 10 to 20 form part of these financial statements.

Page 9

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

1.	General information

The Company is a private company limited by shares and is incorporated in Scotland. The address of the registered office is Johnstone House, 52-54 Rose Street, Aberdeen AB10 1HA with the principal places of business being Spurryhillock, Stonehaven, Aberdeenshire, AB39 2NH; Fordoun, Laurencekirk, Aberdeenshire, AB30 1NH and Westhill, Aberdeenshire, AB32 6FE.
The principal activity of the Company is the design, development and manufacture of mechanical and hydraulically operated equipment for subsea, offshore and traditional industries.

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 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and the amounts are rounded to the nearest thousand pounds.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Financial reporting standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:

∙The requirements of IA'S 7 Statement of Cash Flows;

∙The requirements of paragraph 17 and 18A of IA'S 24 Related Party Disclosures;

∙The requirements in IA'S 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

2.3

Going concern

The Directors have considered the Company's current and future prospects, its availability of financing and are satisfied that the Company can continue to pay its liabilities as they fall due and as such the directors deem the going concern assumption to be appropriate.
Management regularly prepare a rolling cash flow forecast to ensure adequate working capital is in place. Management also regularly prepare work forecasts based on orders already received and anticipated future opportunities. This forms the basis of providing a longer term indication of working capital requirements.
The directors are satisfied that they have a reasonable basis to continue as a going concern. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 10

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

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.

2.5

Revenue recognition

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 on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Rendering of services

Revenue from a contract to provide services is recognised over time by reference to the stage of completion of the contract when all of the following conditions are satisfied:
For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

∙the amount of revenue can be reliably measured;

∙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 measure reliably.

Page 11

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Leases

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability and a dilapidation provision with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.

2.7

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.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.9

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.

2.10

Pensions

Defined contribution pension plan

The Company contributes to 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Taxation

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 balance sheet 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 balance sheet 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 balance sheet date.

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery	-	10 years
Motor vehicles	-	5 years
Fixtures and fittings	-	10 years
Right-of-use assets	-	straight line over the term of the lease

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.

Page 13

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

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 balance sheet 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

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.17

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value.

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.

Impairment of financial assets

The Company always recognises lifetime expected credit losses (ECL) for trade receivables and amounts due on contracts with customers. The ECL on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the

Page 14

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.17

Financial instruments (continued)

debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

Employees

The average monthly number of employees, including the directors, during the 18 month period was as follows:

	31 December	30 June
	2024	2023
	No.	No.

Administration	21	28
Warehouse	36	21

	57	49

Page 15

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

Corporation tax
Adjustments in respect of previous periods	3	-


	Taxation on profit on ordinary activities	3	-

Profit on ordinary activities before tax

375

578

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)	94	118
Effects of:
Expenses not deductible for tax purposes	2	1
Other tax adjustments, relief's and transfers	-	(11)
Adjustments in respect of prior periods	3	-
Movement in deferred tax asset not recognised	(96)	(108)
Total tax charge for the 18 month period/year	3	-

The deferred tax has been calculated at the rate enacted for future periods of 25% (June 2023 - 25%). At the period end, there was a deferred tax asset not recognised of £458,000 (2023 - £522,000).

Page 16

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Short-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Right-of-use assets	Total
	£000	£000	£000	£000	£000	£000
Cost or valuation
At 1 July 2023	7	3,016	48	659	1,116	4,846
Additions	-	41	-	47	81	169
Disposals	(7)	(785)	-	(315)	-	(1,107)
Revaluation	-	-	-	-	68	68
At 31 December 2024	-	2,272	48	391	1,265	3,976
Depreciation
At 1 July 2023	7	2,474	41	510	298	3,330
Charge for the period on owned assets	-	185	4	110	414	713
Disposals	(7)	(762)	-	(315)	-	(1,084)
At 31 December 2024	-	1,897	45	305	712	2,959
Net book value
At 31 December 2024	-	375	3	86	553	1,017
At 30 June 2023	-	542	7	149	818	1,516

Page 17

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

Debtors


					31 December 2024	30 June 2023
					£000	£000


Trade debtors	1,834	1,806
Amounts owed by group undertakings	2,105	626
Other debtors	12	-
Prepayments and accrued income	2,032	3,472
	5,983	5,904

Cash at bank and in hand	2,185	494
	2,185	494

Trade creditors	375	768
Amounts owed to group undertakings	2,855	3,018
Other taxation and social security	133	167
Lease liabilities	265	216
Accruals and deferred income	2,998	1,318
	6,626	5,487

Page 18

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

Lease liabilities	303	629
	303	629

10.	Leases
	Company as a lessee
	The only leases held by the Company which are for a period more than 12 months and not classified as low value assets relate to property.
	Lease liabilities are due as follows:

		31 Decemer 2024	30 June 2023
		£000	£000

Due within one year	265	216
Between one year and two years	258	227
Between two years and five years	45	402
	568	845

The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

	31 December 2024	30 June 2023
	£000	£000

	Finance lease interest payable	69	66
	Depreciation on right-of-use assets	414	214

Allotted, called up and fully paid

35,000 (2023 - 35,000) Ordinary shares of £1.00 each	35	35

Page 19

CYAN SUBSEA UK LTD. (FORMERLY MMA OFFSHORE SERVICES LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2024

12.	Capital commitments

At the year end the company had made capital commitments of £NIL (2023 - £2,500).

13.	Pension commitments

The Company contributes to 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 £200,947 (June 2023 - £100,023). Contributions totaling £33,690 (June 2023 - £36,191) were payable to the fund at the balance sheet date and are included in creditors.

14.	Related party transactions
	The Company has taken advantage of the exemption in IAS 24 from the requirement to disclose transactions with wholly owned group Companies on the grounds that group financial statements are prepared by the ultimate parent Company.

15.	Controlling party

The Company considers Cyan Renewables Pte Ltd as its parent company, a company with its registered office at 9 Raffles Place #22-02, Singapore 048619.
Copies of Cyan Renewables Pte Ltd’s group financial statements are available from Finance@cyanrenewables.com.
On 25 July 2024, the majority shareholding in the Company's immediate parent company, MMA Offshore Limited was acquired by Cyan Renewables Pte Limited, a portfolio of Seraya Partners Fund I, L.P. At the period end, the Company considers its ultimate beneficial owner to be Cyan Renewables Pte Ltd.

Page 20