REGISTERED NUMBER: 10009927 (England and Wales)

Directors' Report and

Audited Financial Statements for the Year Ended 28 February 2025

for

Ensign Subsea Systems Limited

Page

Company Information

1

Directors' Report

2

Balance Sheet

4

Notes to the Financial Statements

5

Directors:

Mr A P Darling

Mr G Willoughby

Registered office:

Marine House

Marine Park

Gapton Hall Road

Great Yarmouth

Norfolk

NR31 0NB

Registered number:

10009927 (England and Wales)

Senior statutory auditor:

Henry Pettitt FCA CTA

Auditors:

Stephenson Smart (East Anglia) Limited

Statutory Auditor

East Coast House

Galahad Road

Gorleston

Great Yarmouth

Norfolk

NR31 7RU

The directors present their report with the financial statements of the company for the year ended 28 February 2025.

Principal activity

The principal activity of the company in the year under review was that of manufacturing of electronic measuring, testing, equipment, not for industrial process control.

Directors

The directors shown below have held office during the whole of the period from 1 March 2024 to the date of this report.

Mr A P Darling

Mr G Willoughby

Statement of directors' responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 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 judgements and accounting estimates that are reasonable and prudent;

-	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 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.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Stephenson Smart (East Anglia) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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:

Mr A P Darling - Director

14 November 2025

Current assets

Debtors

5

441,642

440,087

Cash at bank

846

24,037

442,488

464,124

Creditors

Amounts falling due within one year

6

(319,729

)

(343,137

)

Net current assets

122,759

120,987

Total assets less current liabilities

122,759

120,987

Capital and reserves

Called up share capital

100

100

Retained earnings

122,659

120,887

122,759

120,987

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2025 and were signed on its behalf by:

Mr A P Darling - Director

1.	Statutory information

Ensign Subsea Systems Limited 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.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The critical accounting judgements and key sources of uncertainty are deemed to be:

Staff recharges

Staff members across the group are recharged to the company at a rate determined by management. Management review the balance included at the year end and make adjustments as deemed necessary.

Turnover

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

Turnover is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on dispatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Cash and cash equivalents

Cash and cash equivalents in the accounts comprises of cash at bank and in hand converted to the presentational currency at the balance sheet date.

4.	Employees and directors

The average number of employees during the year was 2 (2024 - 2 ) .

5.

Debtors: amounts falling due within one year

2025

2024

£

£

Amounts owed by group undertakings

440,087

440,087

Other debtors

1,555

-

441,642

440,087

6.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

-

53

Amounts owed to group undertakings

314,729

330,986

Taxation and social security

-

7,848

Other creditors

5,000

4,250

319,729

343,137

7.	Disclosure under Section 444(5B) of the Companies Act 2006

The report of the Auditors was unqualified.

The senior statutory auditor was Henry Pettitt FCA CTA .

The statutory auditor was Stephenson Smart (East Anglia) Limited.

8.	Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9.	Ultimate controlling party

The parent company and controlling party is AAE Technologies Ltd

The registered office of AAE Technologies Ltd is Marine House, Marine Park, Gapton Hall Road, Great Yarmouth, Norfolk, NR31 0NB. The group consolidated accounts are available from the Registrar of Companies.