Argonaut Marine Limited

	Page
Company Information	1
Accountants' Report	2
Balance Sheet	3—4
Statement of Changes in Equity	5
Notes to the Financial Statements	6—10

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Accountants' Report

For The Year Ended 31 October 2025

Accountants' Report

Report to the directors on the preparation of the unaudited statutory accounts of Argonaut Marine Limited for the year ended 31 October 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Argonaut Marine Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the directors of Argonaut Marine Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Argonaut Marine Limited and state those matters that we have agreed to state to the directors of Argonaut Marine Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Argonaut Marine Limited and its directors as a body for our work or for this report.

It is your duty to ensure that Argonaut Marine Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Argonaut Marine Limited . You consider that Argonaut Marine Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Argonaut Marine Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

5 January 2026

Nuvo Scotland Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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Argonaut Marine Limited

Balance Sheet

As At 31 October 2025

Balance Sheet

Registered number: SC160987

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		34,632		53,662

			34,632		53,662
CURRENT ASSETS
Stocks	5	37,304		30,355
Debtors	6	144,140		101,368
Cash at bank and in hand		27		56

		181,471		131,779
Creditors: Amounts Falling Due Within One Year	7	(436,839 )		(448,926 )

NET CURRENT ASSETS (LIABILITIES)			(255,368 )		(317,147 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(220,736 )		(263,485 )

Creditors: Amounts Falling Due After More Than One Year	8		(1,667 )		(17,947 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(8,658 )		(13,415 )

NET LIABILITIES			(231,061 )		(294,847 )

CAPITAL AND RESERVES
Called up share capital			2		2
Profit and Loss Account			(231,063 )		(294,849 )

SHAREHOLDERS' FUNDS			(231,061)		(294,847)

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Argonaut Marine Limited

Balance Sheet (continued)

As At 31 October 2025

For the year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr J West

Director

28 December 2025

The notes on pages 6 to 10 form part of these financial statements.

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Argonaut Marine Limited

Statement of Changes in Equity

For The Year Ended 31 October 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 November 2023	2	(207,560 )	(207,558)
Loss for the year and total comprehensive income	-	(87,289 )	(87,289)

As at 31 October 2024 and 1 November 2024	2	(294,849 )	(294,847)


Profit for the year and total comprehensive income	-	63,786	63,786

As at 31 October 2025	2	(231,063 )	(231,061)

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Argonaut Marine Limited

Notes to the Financial Statements

For The Year Ended 31 October 2025

Notes to the Financial Statements

1. General Information

Argonaut Marine Limited is a private company, limited by shares, incorporated in Scotland, registered number SC160987 . The registered office is Unit 19 Denmore Industrial Estate, Denmore Road, Bridge Of Don, Aberdeen, AB23 8JW.

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

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The financial statements have been prepared on a going concern basis on the confirmation from the director that the company will continue to trade for a period of no less than 12 months from the date of this report.

The directors acknowledges the negative balance sheet position and have given assurance that they will continue to support the company in order for it to meet it's obligations as they fall due by making funds available and ensuring that loans from associates are not called on for repayment until the company is in such a position to be able to make repayments.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Assets held under finance leases are depreciated in the same way as owned assets.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% on cost
Fixtures & Fittings	20% on cost
Computer Equipment	33% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

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Argonaut Marine Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.7. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.

Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Argonaut Marine Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2024: 6)

4. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 November 2024	283,399	3,793	3,999	291,191
Additions	1,408	-	500	1,908

As at 31 October 2025	284,807	3,793	4,499	293,099

Depreciation
As at 1 November 2024	232,758	772	3,999	237,529
Provided during the period	20,096	759	83	20,938

As at 31 October 2025	252,854	1,531	4,082	258,467

Net Book Value
As at 31 October 2025	31,953	2,262	417	34,632

As at 1 November 2024	50,641	3,021	-	53,662

5. Stocks

	2025	2024
	£	£
Stock	5,000	18,000
Work in progress	32,304	12,355

	37,304	30,355

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	115,457	69,879
Prepayments and accrued income	20,014	21,846
Other debtors	8,669	9,643

	144,140	101,368

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Argonaut Marine Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	7,581	10,108
Trade creditors	68,007	86,450
Bank loans and overdrafts	35,089	44,597
Other loans	27,753	39,753
Other taxes and social security	36,459	50,227
VAT	65,975	39,435
Other creditors	1,739	1,112
Accruals and deferred income	5,938	3,070
Directors' loan accounts	188,298	174,174

	436,839	448,926

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	-	7,581
Bank loans	1,667	10,366

	1,667	17,947

9. Secured Creditors

Of the creditors the following amounts are secured under charge code: SC16 0987 0003 from Yuliya West in favor of Argonaut Marine

	2025		2024
	£		£
Other Creditors	11,667		-

10. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	7,581	10,108
Later than one year and not later than five years	-	7,581

	7,581	17,689

	7,581	17,689

11. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 November 2024	13,415	13,415
Deferred taxation	(4,757 )	(4,757 )

Balance at 31 October 2025	8,658	8,658

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Argonaut Marine Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

12. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	43,979	43,980
Later than one year and not later than five years	-	3,665

	43,979	47,645

13. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 November 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 October 2025
	£	£	£	£	£
Mr Paul Trubshaw	(46,813 )	(8,312 )	7,500	-	(47,625 )
Mr James West	(127,049 )	(49,512 )	36,200	-	(140,673 )

The above loan is interest free and has no fixed repayment terms.

14. Related Party Transactions

As at 31 October 2025, there is a loan balance due of £27,753 (2024: £39,753) to a family member of the director which is

included in other creditors.

The loan is unsecured, interest free and there are no fixed repayment terms.

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Directors	Mr P Trubshaw
	Mr J West

Secretary	Mackinnons Solicitors LLP

Company Number	SC160987

Registered Office	Unit 19 Denmore Industrial Estate
	Denmore Road
	Bridge Of Don
	Aberdeen
	AB23 8JW

Accountants	Nuvo Scotland Limited
	Bankhead Drive
	City South Office Park
	Portlethen
	Aberdeen
	AB12 4XX