REGISTERED NUMBER: 12016741 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

TRIVANE LTD

Page

Company Information

1

Report of the Director

2

Statement of Financial Position

3

Notes to the Financial Statements

4

DIRECTOR:

R S W Martin

REGISTERED OFFICE:

Mor Workspace

Treloggan Lane

Newquay

Cornwall

TR7 2FP

REGISTERED NUMBER:

12016741 (England and Wales)

ACCOUNTANTS:

Thorne Lancaster Parker

5th Floor

Palladium House

1-4 Argyll Street

London

W1F 7TA

The director presents his report with the financial statements of the company for the year ended 31 May 2025.

PRINCIPAL ACTIVITY

Since its registration in May 2019, Trivane Limited has been designing Floating Offshore Wind Platforms. The current design is in the form of a semi submersible trimaran, called Trivane. The turbine tower is mounted on the stern of the centre pontoon. This pontoon is connected to the two outer hulls using either transverse pontoons or else trusses. It has a mooring system that permits it to weathervane, in order that Trivane heads into the wind and seas. This is an efficient overall hull form to use.

It can be moored in almost any water depth. Trivane has low motions in extreme seastates. The base case design supports a 15 MW turbine.

Early in 2024 it became clear that the overall cost of the platform would be greatly reduced if the pontoons are built in concrete rather than steel. This also makes it possible to build most of the platform using locally sourced materials

Extensive model tests of three variants of this design, including models representing the concrete designs, were carried out at FloWave, Edinburgh in October 2023 and March 2024.

The work has been funded by the UK Government (BEIS)

During 2025 Trivane has developed the design of a somewhat smaller version, of the same shape, and primarily built in concrete, to support a turbine of 5 MW. This will act as a demonstrator and it may subsequently continue offshore as an operational unit, carrying a 8 MW turbine. It is hoped that investors and / or funding will be found soon, in order to build such a demonstrator.

DIRECTOR

R S W Martin held office during the whole of the period from 1 June 2024 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

R S W Martin - Director

7 October 2025

CURRENT ASSETS

Cash at bank and in hand

25,286

84,617

CREDITORS

Amounts falling due within one year

5

(25,286

)

(84,617

)

TOTAL ASSETS LESS CURRENT LIABILITIES

-

-

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

7

(100

)

(100

)

SHAREHOLDERS' FUNDS

-

-

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 7 October 2025 and were signed by:

R S W Martin - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Financial instruments

The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

a) Basic financial assets

Trade and other debtors, and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic 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.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

b) Basic financial liabilities and equity

Financial liabilities are classified as liabilities and equity instruments 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.

Trade creditors, and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

c) Equity instruments

The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Accruals and deferred income

25,286

84,617

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

7.

RESERVES

Retained

earnings

£

At 1 June 2024

(100

)

Profit for the year

-

At 31 May 2025

(100

)

8.	ULTIMATE CONTROLLING PARTY

The controlling party is R S W Martin.