REGISTERED NUMBER: SC694097 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Intelligent Seas Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M W White

A D O Economakis

A J Head

T F Love

Dr B Akdemir

G Wauthier Chavrier

Captain H B A R Andrews-Tipler

REGISTERED OFFICE:

Office 1

Technology House

9 Newton Place

Glasgow

Lanarkshire

G3 7PR

REGISTERED NUMBER:

SC694097 (Scotland)

ACCOUNTANTS:

Thornton Springer LLP

Chartered Accountants

67 Westow Street

London

SE19 3RW

FIXED ASSETS

Intangible assets

4

2,085,475

1,876,729

Tangible assets

5

3,773

1,567

2,089,248

1,878,296

CURRENT ASSETS

Debtors

6

208,052

208,037

Cash at bank

125,855

1,324

333,907

209,361

CREDITORS

Amounts falling due within one year

7

(483,342

)

(481,614

)

NET CURRENT LIABILITIES

(149,435

)

(272,253

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,939,813

1,606,043

CREDITORS

Amounts falling due after more than one year

8

(649,665

)

(499,909

)

NET ASSETS

1,290,148

1,106,134

CAPITAL AND RESERVES

Called up share capital

9,917

9,809

Share premium

420,555

155,917

Revaluation reserve

9

1,580,492

1,580,492

Retained earnings

(720,816

)

(640,084

)

1,290,148

1,106,134

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 30 December 2025 and were signed on its behalf by:

M W White - Director

1.	STATUTORY INFORMATION

Intelligent Seas Group 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.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

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.

Development costs are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets

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

Plant and machinery - 33% SL

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2024

2,282,936

Additions

288,753

At 31 December 2024

2,571,689

AMORTISATION

At 1 January 2024

406,207

Amortisation for year

80,007

At 31 December 2024

486,214

NET BOOK VALUE

At 31 December 2024

2,085,475

At 31 December 2023

1,876,729

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2024

6,186

Additions

4,267

At 31 December 2024

10,453

DEPRECIATION

At 1 January 2024

4,619

Charge for year

2,061

At 31 December 2024

6,680

NET BOOK VALUE

At 31 December 2024

3,773

At 31 December 2023

1,567

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

151,535

28,286

Other debtors

56,517

179,751

208,052

208,037

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

105,603

83,193

Taxation and social security

129,610

194,178

Other creditors

248,129

204,243

483,342

481,614

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Taxation and social security

34,807

174,036

Other creditors

614,858

325,873

649,665

499,909

9.

RESERVES

Revaluation

reserve

£

At 1 January 2024

and 31 December 2024

1,580,492

10.	DEFERRED INCOME

As at 31 December 2024, the Company has recognised deferred income of £208,191 (2023: £60,005).