ACCOUNTS - Final Accounts preparation

Other operating income

Year ended 31 December

7 months ended 31 December

Registered number: SC772186

INTEROCEAN HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

INTEROCEAN HOLDINGS LIMITED

COMPANY INFORMATION

Directors	M A Cliff
	A F Moore
	M A Clare (appointed 6 May 2025)


Registered number	SC772186


Registered office	2 Marischal Square
	Broad Street
	Aberdeen
	AB10 1DQ

INTEROCEAN HOLDINGS LIMITED

CONTENTS

	Page
Group Strategic Report	1
Directors' Report	2
Directors' Responsibilities Statement	3
Independent Auditors' Report	4 - 7
Consolidated Statement of Comprehensive Income	8
Consolidated Balance Sheet	9
Company Balance Sheet	10
Consolidated Statement of Changes in Equity	11
Company Statement of Changes in Equity	12
Consolidated Statement of Cash Flows	13 - 14
Consolidated Analysis of Net Debt	15
Notes to the Financial Statements	16 - 35

INTEROCEAN HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2024

Introduction

The aim of the group is to provide market leading technical services for marine operations and asset integrity. The Group has extended its offering of technical services across assets classes and geographies focusing on extending the asset life and operational uptime of clients' assets. The company's principal activity is that of a holding company.
Interocean is working toward transforming the group into becoming the specialist provider of support services to the Offshore Energy, Marine and Renewable sectors.
This reflects the groups future offerings being not only in Energy and Marine, but also a growing footprint in the renewable sector.

Business review

The Group has been able to add to its asset base during 2024 to utilise new technology and reduce operating costs. The Group will continue to take advantage of future opportunities as they arise.

Principal risks and uncertainties

The principal business risks and uncertainties affecting the company are considered to relate to competition from similar business, activity levels within the oil and gas sector and the volatility in the oil price.

Financial key performance indicators

The directors monitor turnover and profitability as key performance indicators. The directors believe the profit and loss account presented gives sufficient information to assess performance.

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

A F Moore

Director

Date: 29 September 2025

Page 1

INTEROCEAN HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2024

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

Results and dividends

The profit for the period, after taxation, amounted to £2,154,483 (2023 - loss £3,508,384).

There were no dividends paid or proposed during the period.

Directors

The directors who served during the period were:

M A Cliff

A F Moore

P M Czarnecki (resigned 9 October 2024)

Future developments

A joint venture in Norway was created called Interocean Marine Services AS which has increased our brand presence in country and the joint venture which created Intermara Marine Ltd has plans to increase the vessel fleet size in the coming year. A new company called Interocean Energy Services DMCC in Dubai is planned for the coming year.
The actions will support the directors aim to increase revenues and profitability in the coming year.

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

A F Moore

Director

Date: 29 September 2025

Page 2

INTEROCEAN HOLDINGS LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE PERIOD ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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

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

∙make judgements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

INTEROCEAN HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEROCEAN HOLDINGS LIMITED

Opinion

We have audited the financial statements of Interocean Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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.

Material uncertainty related to going concern

We draw attention to note 2.3 in the financial statements, which indicates that the group relies on the support of its controlling party, The Lamia Trust, who have provided a non-enforcement letter to the group, agreeing not to require the repayment of the £550k loan until the group is in a position to do so which will allow Interocean Holdings Limited to meet its liabilities as they fall due for at least 12 months from the date of these financial statements. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern.
Our opinion is not modified in respect of this matter.

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.

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

Page 4

INTEROCEAN HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEROCEAN HOLDINGS LIMITED (CONTINUED)

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.

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 Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company 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 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

INTEROCEAN HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEROCEAN HOLDINGS 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 Group 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 UK Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:

∙Management override of controls to manipulate the company’s key performance indicators to meet targets;

∙Timing and completeness of revenue recognition;

∙Management judgement applied in calculating provisions; and

∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.

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 outside the normal course of business;

∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias;

∙Testing the completeness of revenue and matching with related costs;

∙Enquiries of management about litigation and claims and inspection of relevant correspondence; and

∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance 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 Auditors' Report.

Page 6

INTEROCEAN HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEROCEAN HOLDINGS 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.

James Pirrie (Senior Statutory Auditor)

for and on behalf of

AAB Audit & Accountancy Limited

Statutory Auditor

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU

29 September 2025

Page 7

INTEROCEAN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2024


	Year ended 31 December	7 months ended 31 December
	2024	2023
Note	£	£


Turnover	4	18,321,840	3,157,818
Cost of sales		(11,962,967)	(2,839,112)
Gross profit		6,358,873	318,706
Administrative expenses		(4,118,722)	(1,893,573)
Exceptional administrative expenses		-	(210,200)
Other operating income	5	30,307	32,000
Operating profit/(loss)	6	2,270,458	(1,753,067)
Share of profit of joint venture		-	(45)
Total operating profit/(loss)		2,270,458	(1,753,112)
Amounts written off investments		-	(1,717,688)
Amounts written off on dissolution of overseas subsidiaries		14,722	-
Interest payable and similar expenses	10	(130,697)	(45,033)
Profit/(loss) before taxation		2,154,483	(3,515,833)
Tax on profit/(loss)	11	-	7,449
Profit/(loss) for the financial period		2,154,483	(3,508,384)

Profit/(loss) for the period attributable to:
Owners of the parent Company	2,154,483	(3,508,384)
	2,154,483	(3,508,384)

The notes on pages 16 to 35 form part of these financial statements.

Page 8

INTEROCEAN HOLDINGS LIMITED

REGISTERED NUMBER: SC772186

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	14		(181,122)		(202,021)
Tangible assets	15		301,161		349,721
Investments	16		200,931		-
			320,970		147,700
Current assets
Debtors: amounts falling due within one year	17	4,525,003		4,257,685
Cash at bank and in hand	18	186,836		291,730
		4,711,839		4,549,415
Creditors: amounts falling due within one year	19	(4,216,710)		(6,035,499)
Net current assets/(liabilities)			495,129		(1,486,084)
Total assets less current liabilities			816,099		(1,338,384)

Net assets/(liabilities)			816,099		(1,338,384)

Capital and reserves
Called up share capital	20	2,170,000	2,170,000
Profit and loss account		(1,353,901)	(3,508,384)
		816,099	(1,338,384)

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

A F Moore

Director

Date: 29 September 2025

The notes on pages 16 to 35 form part of these financial statements.

Page 9

INTEROCEAN HOLDINGS LIMITED

REGISTERED NUMBER: SC772186

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	16		2,170,000		2,170,000
			2,170,000		2,170,000
Current assets
Debtors: amounts falling due within one year	17	550,000		950,000
		550,000		950,000
Creditors: amounts falling due within one year	19	(654,763)		(950,000)
Net current (liabilities)/assets			(104,763)		-
Total assets less current liabilities			2,065,237		2,170,000


Net assets			2,065,237		2,170,000

Capital and reserves
Called up share capital	20	2,170,000	2,170,000
Profit and loss account		(104,763)	-
		2,065,237	2,170,000

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

A F Moore

Director

Date: 29 September 2025

The notes on pages 16 to 35 form part of these financial statements.

Page 10

INTEROCEAN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£
At 1 September 2023	-	-	-	-

Loss for the period	-	(3,508,384)	(3,508,384)	(3,508,384)
Shares issued during the period	2,170,000	-	2,170,000	2,170,000

At 1 January 2024	2,170,000	(3,508,384)	(1,338,384)	(1,338,384)

Profit for the year	-	2,154,483	2,154,483	2,154,483
At 31 December 2024	2,170,000	(1,353,901)	816,099	816,099

The notes on pages 16 to 35 form part of these financial statements.

Page 11

INTEROCEAN HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 September 2023	-	-	-
Loss for the period	-	-	-
Shares issued during the period	2,170,000	-	2,170,000

At 1 January 2024	2,170,000	-	2,170,000

Loss for the year	-	(104,763)	(104,763)
At 31 December 2024	2,170,000	(104,763)	2,065,237

The notes on pages 16 to 35 form part of these financial statements.

Page 12

INTEROCEAN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit/(loss) for the financial period	2,154,483	(3,508,384)
Adjustments for:
Amortisation of intangible assets	(20,899)	(6,966)
Depreciation of tangible assets	196,886	48,469
Loss on disposal of tangible assets	77,218	1,402
Interest paid	130,697	45,033
Taxation charge	-	(7,449)
(Increase)/decrease in debtors	(95,685)	1,013,255
(Increase) in amounts owed by joint ventures	(150,293)	-
(Increase) in amounts owed by related parties	38,209	21,939
(Decrease) in creditors	(1,454,664)	(677,537)
Share of operating profit in joint ventures	-	45
Net cash generated from operating activities	875,952	(3,070,193)

Cash flows from investing activities
Purchase of tangible fixed assets	(229,864)	-
Sale of tangible fixed assets	4,320	3,500
Net cash acquired on purchase of subsidiary companies	-	238,568
Purchase of share in joint ventures	(35,923)	(45)
Purchase of share in associates	(165,008)	-
Net cash from investing activities	(426,475)	242,023

Page 13

INTEROCEAN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Cash flows from financing activities
Issue of ordinary shares	-	2,169,900
Repayment of bank loan	(23,674)	-
Movement in other loans	(400,000)	950,000
Interest paid	(130,697)	-
Net cash used in financing activities	(554,371)	3,119,900
Net (decrease)/increase in cash and cash equivalents	(104,894)	291,730
Cash and cash equivalents at beginning of period	291,730	-
Cash and cash equivalents at the end of period	186,836	291,730

Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand	186,836	291,730
	186,836	291,730

The notes on pages 16 to 35 form part of these financial statements.

Page 14

INTEROCEAN HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE PERIOD ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand	291,730	(104,894)	186,836
Debt due within 1 year	(973,674)	381,053	(592,621)
	(681,944)	276,159	(405,785)

The notes on pages 16 to 35 form part of these financial statements.

Page 15

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Interocean Holdings Limited is a company incorporated in Scotland. The registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ. The company's principal activity is a holding company. The group's principal activity is to provide a comprehensive range of services to the offshore oil and gas, marine and renewables sector.

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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

The directors, having made due and careful enquiry including the preparation of detailed forecasts, review of the order book and anticipated market conditions, are of the opinion that the company has adequate working capital to execute their operations over the next 12 months.
Financial projections have been prepared for the group for 2025/26. The financial statements have been prepared on a going concern basis due to the support provided by their investors
The directors remain confident that the group can continue to operate as a going concern. This assessment is based on the understanding that the wider group will continue to trade over the coming months and that the ultimate controlling party, The Lamia Trust, have provided a nonenforcement letter to the group, agreeing not to require the repayment of the £550k loan until the group is in a position to do so which will allow the group to meet its liabilities as they fall due for at least 12 months from the date of these financial statements.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 16

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 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.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

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 Group 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.

2.6

Operating leases: the Group 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.

2.7

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.

Page 17

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

2.10

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 and the Group operate and generate 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;

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 18

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

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.

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.

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.

Amortisation is provided on the following bases:

Goodwill

10%

Straight line

2.13

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 Group 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, using the straight-line method.

Depreciation is provided on the following basis:

Land & buildings	-	1% on cost
Short-term leasehold property	-	20% on cost
Plant and machinery	-	10 - 33% on cost
Motor vehicles	-	50% on cost
Fixtures and fittings	-	20 - 50% on cost
Office equipment	-	50% on cost

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 19

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in joint ventures are measured using the equity method.

2.16

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

2.17

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.

2.18

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 20

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

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.

2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 21

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.20

Financial instruments (continued)

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 22

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

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

The preparation of financial statements, requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of financial position date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements.
Taxation
The group establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions are based on various factors, such as experience with previous tax authorities and differing interpretations of tax regulations by the company and the tax authority.
Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
Impairment of debtors
The group makes an assessment of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider various factors including the ageing profile of debtors and historical experience. See Note 17 for the net carrying amount of the debtors and associated impairment provisions.

Turnover

In the opinion of the directors it would be seriously prejudicial to disclose segmental information by class
of business or by geographical markets.

Net rents receivable	30,307	32,000
	30,307	32,000

Page 23

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Depreciation on tangible fixed assets	195,980	48,469
Amortisation of goodwill	(20,899)	(6,966)
Exchange differences	(34,972)	14,522
Other operating lease rentals	82,544	69,618

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's and subsidiaries financial statements	68,250	65,000
Fees payable to the Company's auditors in respect of:
Taxation compliance services	33,180	31,600

Page 24

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2024	2023
		£	£


Wages and salaries	3,340,011	656,041
Social security costs	323,811	109,881
Cost of defined contribution scheme	86,090	26,479
	3,749,912	792,401

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

	Year ended 31 December	7 months ended 31 December
	2024	2023
	No.	No.

Management	1	1
Operations	30	10
Administration	15	21

	46	32

The Company has no employees other than the directors, whose remuneration is borne by a fellow group company.

Directors' emoluments	180,000	60,000
Group contributions to defined contribution pension schemes	9,450	770
	189,450	60,770

During the period retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Page 25

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Bank interest payable	36,396	19,016
Loan interest payable	87,314	-
Other interest payable	6,987	26,017
	130,697	45,033


Foreign tax
Foreign tax on income for the year	-	(7,449)

Page 26

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit/(loss) on ordinary activities before tax

2,154,483

(3,515,833)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	538,621	(826,924)
Effects of:
Non-tax deductible amortisation of goodwill and impairment	(20,899)	10,397
Expenses not deductible for tax purposes	32,927	899,619
Capital allowances for period in excess of depreciation	423	158
Double taxation relief	-	(7,449)
Other differences leading to an increase (decrease) in the tax charge	(6,914)	634
Group relief	-	17,685
Deferred tax not recognised	(544,158)	(101,569)
Total tax charge for the period	-	(7,449)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Deal fees	-	75,200
Dilapidation provision	-	135,000
	-	210,200

Page 27

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

13.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the period was £104,763 (2023 - £NIL).

14.	Intangible assets
	Group and Company

		Negative goodwill
		£

	At 1 January 2024	(208,987)
	At 31 December 2024	(208,987)

	At 1 January 2024	(6,966)
	Charge for the period on owned assets	(20,899)
	At 31 December 2024	(27,865)
	Net book value
	At 31 December 2024	(181,122)
	At 31 December 2023	(202,021)

Page 28

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

15.	Tangible fixed assets
	Group

	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Computer equipment	Tenants Improvements
	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	1,645,632	10,782	292,738	613,643	359,781	221,148
Additions	135,974	-	4,450	33,562	34,397	21,481
Disposals	(1,100,811)	(10,782)	(292,738)	(613,643)	(274,153)	(221,148)
At 31 December 2024	680,795	-	4,450	33,562	120,025	21,481
Depreciation
At 1 January 2024	1,322,362	10,782	282,798	605,427	353,542	219,092
Charge for the period on owned assets	176,032	-	1,298	7,963	7,957	3,636
Disposals	(1,037,502)	(10,782)	(282,798)	(605,427)	(274,080)	(221,148)
At 31 December 2024	460,892	-	1,298	7,963	87,419	1,580
Net book value
At 31 December 2024	219,903	-	3,152	25,599	32,606	19,901
At 31 December 2023	323,270	-	9,940	8,216	6,239	2,056

Page 29

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

15.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 1 January 2024	3,143,724
	Additions	229,864
	Disposals	(2,513,275)
	At 31 December 2024	860,313
	Depreciation
	At 1 January 2024	2,794,003
	Charge for the period on owned assets	196,886
	Disposals	(2,431,737)
	At 31 December 2024	559,152
	Net book value
	At 31 December 2024	301,161
	At 31 December 2023	349,721

16.	Fixed asset investments
	Group

	Investments in associates	Investment in joint ventures	Total
	£	£	£
Cost or valuation
At 1 January 2024	-	-	-
Additions	165,008	35,923	200,931
At 31 December 2024	165,008	35,923	200,931

On 5 November 2024, Rigmar Services Limited acquired 20% of shares in Prime Meridian Docks Ghana for £165,008 consideration. This investment is accounted for as an associate of the Group.
On 11 December 2024, Interocean Marine Services Limited entered a joint venture agreement to acquire 50% of shares in Interocean Norway AS for £35,923 consideration.

Page 30

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	2,170,000
	At 31 December 2024	2,170,000

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Country of Incorporation	Class of shares	Holding

Interocean Group Services Limited	Scotland	Ordinary	100%
Interocean Marine Services Limited *	Scotland	Ordinary	100%
Rigmar Services Limited *	Scotland	Ordinary	100%
Terraocean Limited *	Scotland	Ordinary	100%
Interocean Marine Services (Canada) Limited **	Canada	Ordinary	100%
Rigmar Middle East Oil Field Services L.L.C. ***	United Arab Emirates	Ordinary	100%
Rigmar Marine Consultancy DMCC ***	United Arab Emirates	Ordinary	100%
Rigmar Ghana Ltd ****	Ghana	Ordinary	90%

* 100% owned by Interocean Group Services Limited
** 100% owned by Interocean Marine Services Limited
*** 100% owned by Rigmar Services Limited
**** 90% owned by Rigmar Services Limited

Page 31

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Interocean Group Services Limited	2,162,371	10,183
Interocean Marine Services Limited *	994,161	1,219,947
Rigmar Services Limited *	(1,596,535)	999,128
Terraocean Limited *	(478,469)	(75,732)
Interocean Marine Services (Canada) Limited **	20,456	57,749
Rigmar Middle East Oil Field Services L.L.C. ***	-	(8,719)
Rigmar Marine Consultancy DMCC ***	-	23,441
Rigmar Ghana Ltd ****	-	-

* 100% owned by Interocean Group Services Limited
** 100% owned by Interocean Marine Services Limited
*** 100% owned by Rigmar Services Limited
**** 90% owned by Rigmar Services Limited
On 3 April 2024, Rigmar Services Limited acquired 90% of shares in Rigmar Ghana Ltd for £133,897 consideration.
During the year, Rigmar Middle East Oil Field Services L.L.C. and Rigmar Marine Consultancy DMCC operations ceased and the entities wound up.

Page 32

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

17.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	3,142,823	2,387,614	-	-
Amounts owed by group undertakings	-	-	550,000	950,000
Amounts owed by related parties	213,631	41,998	-	-
Other debtors	32,547	787,786	-	-
Prepayments and accrued income	1,136,002	1,040,287	-	-
	4,525,003	4,257,685	550,000	950,000

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	186,836	291,730	-	-
	186,836	291,730	-	-

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

Bank loans	-	23,674	-	-
Other loans	550,000	950,000	550,000	950,000
Trade creditors	1,989,483	1,566,414	54,242	-
Amounts owed to group undertakings	-	-	2,999	-
Amounts owed to joint ventures	59,549	-	-	-
Other taxation and social security	1,114,184	1,097,279	-	-
Other creditors	45,613	58,553	-	-
Accruals and deferred income	457,881	2,339,579	47,522	-
	4,216,710	6,035,499	654,763	950,000

During the year, the bank loan comprised of an interest free CAD$40,000 CEBA loan from TD Bank Group. This was fully repaid in January 2024.
The other loans relate to funding provided by the majority shareholder for working capital and is repayable on demand. The majority shareholder has provided a non-enforcement letter to the group, agreeing not to require the repayment of this facility until the group is in a position to do so.

Page 33

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

20.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

2,169,900 (2023 - 2,169,900) Ordinary shares of £1.00 each	2,169,900	2,169,900

Allotted, called up and partly paid

100 (2023 - 100) Ordinary shares of £1.00 each	100	100

21.	Pension commitments

The group contributes to a defined contribution 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 £88,784 (2023 - £26,479). Contributions of £42,621 (2023 - £15,060) were payable to the fund at the year end and are included in creditors.

22.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Not later than 1 year	112,817	42,500	-	-
Later than 1 year and not later than 5 years	281,297	-	-	-
	394,114	42,500	-	-

Page 34

INTEROCEAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

23.	Related party transactions
	Control Throughout the period the company was controlled by the directors. Transactions The company has taken advantage of FRS 102 section 33 paragraph (a), which allows exemption disclosure of related party transactions with other group companies.

		Transactions throughout 2024	Balance at period end 2024	Balance at period end 2023
		£	£	£

Entities over which the entity has joint control or significant influence
Loan	-	-	36,250
Expenses paid	-	-	5,748
	-	-	41,998

24.	Controlling party

The company's controlling party is The Lamia Trust, a trust registered in Guernsey.

Page 35