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Registered number: SC821196 FIRST MARINE PRODUCTS LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 30 APRIL 2025
FIRST MARINE PRODUCTS LTD
COMPANY INFORMATION
Directors | Stephen Broadbent (appointed 30 August 2024)
| Steven Brown (appointed 30 August 2024)
| Lloyd Inglis (appointed 30 August 2024)
| Martin Suttie (appointed 30 August 2024)
Registered number | SC821196
Registered office | First Integrated House
| Broadfold Road
| Aberdeen
| AB23 8EE
Independent auditors | AAB Audit & Accountancy Limited
| Kingshill View
| Prime Four Business Park
| Kingswells
| Aberdeen
| AB15 8PU
FIRST MARINE PRODUCTS LTD
CONTENTS
| Page
Directors' Responsibilities Statement | 1
Balance Sheet | 2
Statement of Changes in Equity | 3
Notes to the Financial Statements | 4 - 7
FIRST MARINE PRODUCTS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE PERIOD ENDED 30 APRIL 2025 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions. Page 1
FIRST MARINE PRODUCTS LTD REGISTERED NUMBER:SC821196
BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025
Note |  | £
Current assets |  |  |
Debtors: amounts falling due within one year | 4 | 100 |
Cash at bank and in hand | 5 | 61 |
|  | 161 |
Creditors: amounts falling due within one year | 6 | (219,496) |
Net current (liabilities)/assets |  |  | (219,335)
Total assets less current liabilities |  |  | (219,335)
Net (liabilities)/assets |  |  | (219,335)
Capital and reserves |  |  |
Called up share capital |  |  | 100
Profit and loss account |  |  | (219,435)
|  |  | (219,335)
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Martin Suttie
Director
Date: 16 January 2026
The notes on pages 4 to 7 form part of these financial statements. Page 2
FIRST MARINE PRODUCTS LTD
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 APRIL 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
Loss for the period | - | (219,435) | (219,435)
Shares issued during the period | 100 | - | 100
At 30 April 2025 | 100 | (219,435) | (219,335)
| The notes on pages 4 to 7 form part of these financial statements.
Page 3
FIRST MARINE PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
1. | General information
First Marine Products Ltd is a limited liabilty Company incorporated in the United Kingdom. The registered office is First Integrated House, Broadfold Road, Bridge of Don, Aberdeen, Scotland, AB23 8EE. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of First Tech Limited as at 30 April 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
The company has net liabilities of £219,335 at the period end which includes a balance due to group companies of £100. The directors, have made an informed judgement, at the time of approving the financial statements that there is a reasonable expectation that the Company has adequate resources, with continued support from the Group, to continue in operational existence for the foreseeable future. This assessment is based on the understanding that the wider group will continue to trade at high levels over the coming months. This will allow the Company to continue to meet it’s obligations as they fall due and operate as a going concern. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements Page 4
FIRST MARINE PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.4 | Pensions
Defined contribution pension plan The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.5 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.6 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.7 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The Company has no employees, however, there are recharged staff costs from a fellow group company.
Page 5
FIRST MARINE PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
4. | Debtors
|  |  |  |  | 2025
|  |  |  |  | £
| Other debtors | 100
|  | 100
5. | Cash and cash equivalents
|  |  |  |  | 2025
|  |  |  |  | £
| Cash at bank and in hand | 61
|  | 61
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | £
| Amounts owed to group undertakings | 100
| Accruals and deferred income | 219,396
|  | 219,496
7. | Share capital
|  |  |  |  | 2025
|  |  |  |  | £
|  | Allotted, called up and fully paid |
|  | 100 Ordinary shares of £1.00 each | 100
8. | Pension commitments
The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,000. Contributions totalling £Nil were payable to the fund at the Balance sheet date and are included within creditors. Page 6
FIRST MARINE PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
9. | Controlling party
The Company is a subsidiary of First Marine Solutions Limited, a company registered in Scotland. The immediate parent company is itself a wholly owned subsidiary of First Tech Limited, which is the ultimate parent company and the only group for which consolidated financial statements are prepared. The ultimate controlling party, Ian Suttie, passed away on 4 October 2025, prior to the approval of these financial statements. Control of the company remains with the directors while ownership has passed to Ian Suttie's estate, which will be transferred to the beneficiaries in due course.
10. | Auditors' information
The auditors' report on the financial statements for the period ended 30 April 2025 was unqualified. The audit report was signed on 19 January 2026 by James Pirrie (Senior Statutory Auditor) on behalf of AAB Audit & Accountancy Limited.
Page 7