REGISTERED NUMBER: SC645756 (Scotland)

Financial Statements for the Year Ended 31 December 2024

for

Jifmar Subsea Alba Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Jean-Michel Berud

Pierre Marie Joseph Michel De Lapasse

Antony James Ratcliffe

REGISTERED OFFICE:

7e Glengallan Road

Oban

Argyll

PA34 4HG

REGISTERED NUMBER:

SC645756 (Scotland)

AUDITORS:

Constantin

25 Hosier Lane

London

EC1A 9LQ

CURRENT ASSETS

Debtors

4

343,007

382,881

Cash at bank and in hand

374

433

343,381

383,314

CREDITORS

Amounts falling due within one year

5

341,907

380,717

NET CURRENT ASSETS

1,474

2,597

TOTAL ASSETS LESS CURRENT LIABILITIES

1,474

2,597

CAPITAL AND RESERVES

Called up share capital

6

10

10

Retained earnings

7

1,464

2,587

SHAREHOLDERS' FUNDS

1,474

2,597

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

Antony James Ratcliffe - Director

1.	STATUTORY INFORMATION

Jifmar Subsea Alba Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Accounting convention

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

-

the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27,12.29(a), 12.29(b) and 12.29A;

-

the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21and 26.23;

-

the requirements of Section 33 Related Party Disclosures paragraph 33.7.

Going concern

The directors believes that the company will continue to perform well and will have sufficient cash to achieve the company's goals for the foreseeable future. The directors do not consider any assets to be impaired and continues to monitor the situation closely. Jifmar Offshore Services S.A.S. will fully support the Company during the operation of its business and will ensure sufficient funds are available for the Company to meet its liabilities as they fall due. The Directors therefore have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and have adopted the going concern basis in preparing the annual report and financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Basic financial assets

Basic financial assets, which include trade and other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, amounts owed to group undertakings and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate

method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 12 ).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

-

101,496

Amounts owed by group undertakings

343,007

281,385

343,007

382,881

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

-

1,063

Amounts owed to group undertakings

292,937

280,037

Corporation tax

340

607

Social security and other taxes

16,865

36,837

VAT

15,172

57,187

Other creditors

6,593

-

Accrued expenses

10,000

4,986

341,907

380,717

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

10

Ordinary

£1

10

10

7.

RESERVES

Retained

earnings

£

At 1 January 2024

2,587

Deficit for the year

(1,123

)

At 31 December 2024

1,464

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

The Report of the Auditors was unqualified.

Thierry de Gennes ACA (Senior Statutory Auditor)

for and on behalf of Constantin

9.	CONTROLLING PARTY

The parent undertaking of the smallest group of undertakings for which group accounts are drawn up of which the company is a member is Jifmar Offshore Services S.A.S. The registered office of the parent is 120 Avenue Napoléon Bonaparte, 13100 Aix-en-Provence, France.

A copy of the consolidated accounts can be obtained from Jifmar Offshore Services S.A.S. at the above address.

The ultimate parent company is Marguerite II SCSp, 15 Boulevard F.W. Raiffeisen, L-2411 Luxembourg.

10.	POST BALANCE SHEET EVENTS

None