Subsea Infrastructure Limited


Directors	BARCLAY, Duncan Hugh
	DWEK, David Cyril


Company Secretary	DWEK, David Cyril


Registered Address	41 Hamilton Gardens
	London
	Greater London
	NW8 9PX


Registered Number	05242151 (England and Wales)

Balance Sheet as at
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Investments	3		1,494		1,494
			1,494		1,494
Current assets
Debtors	4	298,795		285,624
Cash at bank and on hand		-		1
		298,795		285,625
Creditors amounts falling due within one year	5	(5,502,723)		(5,339,026)
Net current assets (liabilities)			(5,203,928)		(5,053,401)
Total assets less current liabilities			(5,202,434)		(5,051,907)
Net assets			(5,202,434)		(5,051,907)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(5,202,534)		(5,052,007)
Shareholders' funds			(5,202,434)		(5,051,907)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 19 September 2025, and are signed on its behalf by:

BARCLAY, Duncan Hugh
Director

DWEK, David Cyril
Director

Registered Company No. 05242151

Subsea Infrastructure Limited

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	These financial statements have been prepared on a going concern basis, as D.H. Barclay, a director, has given an undertaking not to seek repayment of loans provided to the company, if this would financially disadvantage the company, and to ensure that the company and its subsidiary meet their liabilities, as and when they fall due, for a period of at least twelve months from the date that the financial statements are signed.

Going concern

These financial statements have been prepared on a going concern basis, as D.H. Barclay, a director, has given an undertaking not to seek repayment of loans provided to the company, if this would financially disadvantage the company, and to ensure that the company and its subsidiary meet their liabilities, as and when they fall due, for a period of at least twelve months from the date that the financial statements are signed.

	Revenue from rendering of services
	Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

	Finance costs
	Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. 

2.	Average number of employees
	The average monthly number of employees, including directors, during the year, was


		2024		2023
	Average number of employees during the year	2		2

3.	Fixed asset investments
	See Note 7 for details of subsidiary investment.

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 24	1,494	1,494
At 31 December 24	1,494	1,494
Net book value
At 31 December 24	1,494	1,494
At 31 December 23	1,494	1,494

	Notes
	¹Investments in group undertakings and participating interests

4.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	6,500	6,500
Amounts owed by group undertakings	83,941	83,566
Amounts owed by associates and joint ventures / participating interests	88,248	87,693
Other debtors	119,686	107,322
Prepayments and accrued income	420	543
Total	298,795	285,624


	Amounts owed by subsidiary undertakings and associates are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

5.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	755,101	690,463
Bank borrowings and overdrafts	7,948	7,968
Taxation and social security	73	395
Other creditors	4,242,101	4,229,250
Accrued liabilities and deferred income	497,500	410,950
Total	5,502,723	5,339,026


	Amounts owed to related parties (see Note 6) are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

6.	Related party transactions
	At the end of the year, the company had an outstanding loan balance of £4,203,725 (2023 - £4,199,225) due to one of the directors; this is included in Other Creditors. During the year, fees and expenses of £144,000 (2023 - £148,722) were charged by a company controlled by one of the directors of this company. These expenses were included in the profit and loss account. Amounts due to the company controlled by this director are included in Trade Creditors and Accruals with balances of £753,839 (2023 - £609,275) and £491,000 (2023 - £406,000) respectively. Additionally, there is a loan due to the same company with a balance of £11,264 (2023: £5,864); this balance is included within Other Creditors.

Related party transactions

At the end of the year, the company had an outstanding loan balance of £4,203,725 (2023 - £4,199,225) due to one of the directors; this is included in Other Creditors.

During the year, fees and expenses of £144,000 (2023 - £148,722) were charged by a company controlled by one of the directors of this company. These expenses were included in the profit and loss account. Amounts due to the company controlled by this director are included in Trade Creditors and Accruals with balances of £753,839 (2023 - £609,275) and £491,000 (2023 - £406,000) respectively. Additionally, there is a loan due to the same company with a balance of £11,264 (2023: £5,864); this balance is included within Other Creditors.

7.	Parent-subsidiary relationships
	The company has a subsidiary undertaking as follows: Silnir Cyprus Limited. Registered Office address: 4 Riga Feraiou, Omega Court, 1st Floor, 3095, Limassol, Cyprus. Subsea Infrastructure Limited owns 100% of the shares in Silnir Cyprus Limited. - Aggregate of Share Capital & Reserves: £(7,268,884) - Profit/(Loss) £( 3,734) The figures quoted are the 2023 figures as the 2024 accounts have not yet been prepared but the company was virtually dormant in 2024 so the final figures will be very similar to those above.

Parent-subsidiary relationships

The company has a subsidiary undertaking as follows:
Silnir Cyprus Limited. Registered Office address: 4 Riga Feraiou, Omega Court, 1st Floor, 3095, Limassol, Cyprus. 
Subsea Infrastructure Limited owns 100% of the shares in Silnir Cyprus Limited.
- Aggregate of Share Capital & Reserves:              £(7,268,884)
- Profit/(Loss)                                                     £(       3,734)
The figures quoted are the 2023 figures as the 2024 accounts have not yet been prepared but the company was virtually dormant in 2024 so the final figures will be very similar to those above.