REGISTERED NUMBER: 03097009 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SCORPION OCEANICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A C Page

D M Devine

REGISTERED OFFICE:

C/O Thompson Taraz Rand

Suite 20, New Cambridge House

Bassingbourn Road

Litlington

Cambridgeshire

SG8 0SS

BUSINESS ADDRESS:

Unit 2 Park Farm

Great Chesterford

Saffron Walden

Essex

CB10 1RN

REGISTERED NUMBER:

03097009 (England and Wales)

AUDITORS:

Thompson Taraz Rand Audit and Assurance Limited

Statutory Auditors

10 Jesus Lane

Cambridge

Cambridgeshire

CB5 8BA

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

14,808

12,891

14,808

12,891

CURRENT ASSETS

Stocks

2,989,632

2,830,822

Debtors

7

1,670,625

1,260,450

Cash and cash equivalents

3,481,655

1,952,951

8,141,912

6,044,223

CREDITORS

Amounts falling due within one year

8

(2,219,802

)

(1,792,652

)

NET CURRENT ASSETS

5,922,110

4,251,571

TOTAL ASSETS LESS CURRENT LIABILITIES

5,936,918

4,264,462

CAPITAL AND RESERVES

Called up share capital

10

753

753

Retained earnings

11

5,936,165

4,263,709

SHAREHOLDERS' FUNDS

5,936,918

4,264,462

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2025 and were signed on its behalf by:

A C Page - Director

1.	STATUTORY INFORMATION

Scorpion Oceanics 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

Tangible fixed assets:

assets are depreciated over their expected useful lives taking into consideration residual values,where appropriate. The actual lives of the assets and residual values are assessed and amended when necessary to reflect the current estimates based on economic utilization and physical condition of the assets.

Doubtful debts:

The company makes an estimate of the recoverable value of trade and other debtors. When assessing

impairment of trade debtors , management considers factors including the current credit rating of the debtor,

the ageing of the debtor and historical experience regarding payment history.

Stock obsolescence:

An estimate is made by management relating to stock that may have become obsolete. This is based on stock items that have been included in stock for a period greater than 24 months and where appropriate items that have not moved within the last 6 months.

Turnover

Turnover represents the fair value of consideration received or receivable in relation to the sale of underwater cable and connectors for the offshore and nuclear industries excluding, trade discounts and value added tax.

Revenue is usually recognised on dispatch unless there goods are manufactured and remain on site until required by the customer in which instance revenue is recognised once the right to consideration has been earnt through fulfilment of contractual obligations.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development costs are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment and furniture

-

33.33% on cost

Plant and machinery

-

20% on cost

The asset's residual values and useful lives are reviewed, and adjusted, if appropriate at the end of each reporting period. The changes are accounted for prospectively.

Stocks

Stocks consist of finished goods and goods held for resale, and are stated at the lower of cost and net realisable value. Net realisable value is based on estimated normal selling price, less further costs expected to be incurred to disposal. Provision is made for slow moving or defective items where appropriate.

Work in progress is valued at selling price less an estimated gross margin.

Financial instruments

Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss accountprofit and loss account, 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 material 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates an Employer-Financed Retirement Benefits Scheme for key employees, which provides benefits on a money purchase basis. The assets of the scheme are held separately from those of the company. The contributions payable are charged to the profit and loss account.

Going concern

The company has access to considerable financial resources together with long standing relationships with its key suppliers and customers. The Company has continued during the period to invest in its development of a range of cable connectors and other products ensuring that the broad range of products on offer continue to attract long standing and new customers.

As a consequence of its continued development and considerable financial resources the directors believe the Company is well placed to manage its business risk successfully. After making enquiries, the directors have a more than reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 32 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

3,000

AMORTISATION

At 1 January 2024

and 31 December 2024

3,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

235,746

Additions

11,068

At 31 December 2024

246,814

DEPRECIATION

At 1 January 2024

222,855

Charge for year

9,151

At 31 December 2024

232,006

NET BOOK VALUE

At 31 December 2024

14,808

At 31 December 2023

12,891

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Trade debtors

957,700

709,621

Amounts owed by group undertakings

580,175

-

Amounts owed by associates

-

99,600

Other debtors

132,750

451,229

1,670,625

1,260,450

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Trade creditors

628,092

381,469

Amounts owed to associates

500,000

500,000

Taxation and social security

337,195

481,475

Other creditors

754,515

429,708

2,219,802

1,792,652

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

as restated

£

£

Within one year

68,540

79,390

Between one and five years

-

32,540

68,540

111,930

One property is on a rolling 12 month lease of £36,000. The other properties are on lease until 2031 however there is a break clause every two years. The above figures only represent amounts to the next break point.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

as restated

£

£

750

Ordinary

£1

750

750

1

Ordinary 'A'

£1

1

1

1

Ordinary 'B'

£1

1

1

1

Ordinary 'C'

£1

1

1

753

753

11.

RESERVES

Retained

earnings

£

At 1 January 2024

4,263,709

Profit for the year

2,372,056

Dividends

(699,600

)

At 31 December 2024

5,936,165

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

The Report of the Auditors was unqualified.

Andrew Rand BA FCA (Senior Statutory Auditor)

for and on behalf of Thompson Taraz Rand Audit and Assurance Limited

13.	RELATED PARTY DISCLOSURES

Scorpion Oceanics Ltd was charged £431,608 (2023: £398,400) in relation to management fees by companies which hold a participating interests. The balance of £431,608 (2023: £398,400) is disclosed in accruals and is due in less than one year.

Shown within other creditors is a balance of £500,000 (2023: £500,000) due to a company which holds a participating interest in the share capital of Scorpion Oceanics Ltd. The amount bears no interest and is repayable on demand.

Shown within debtors is a balance of £nil (2023: £99,600) due to a company which holds a participating interest in the share capital of Scorpion Oceanics Ltd. The amount bears no interest and is repayable on demand.

Shown within debtors is a balance of £580,175 (2023: £335,448) due from a company under common control, the amount bears no interest and is repayable on demand.

Key Management Personal:

The amount of remuneration paid to key management personnel during the year amounted to £18,200 (2023: £25,140).

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A C Page.