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Registered number: SC346015 FIRST MARINE SOLUTIONS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
FIRST MARINE SOLUTIONS LIMITED
COMPANY INFORMATION
Directors | I A Suttie (deceased 4 October 2025)
| S M Brown
| M I Suttie
Registered number | SC346015
Registered office | First Integrated House
| Broadfold Road
| Bridge of Don
| Aberdeen
| AB23 8EE
Independent auditors | AAB Audit & Accountancy Limited
| Kingshill View
| Prime Four Business Park
| Kingswells
| Aberdeen
| AB15 8PU
FIRST MARINE SOLUTIONS LIMITED
CONTENTS
| Page
Strategic report | 1
Directors' report | 2
Directors' responsibilities statement | 3
Independent auditors' report | 4 - 7
Statement of comprehensive income | 8
Balance sheet | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 23
FIRST MARINE SOLUTIONS LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 30 APRIL 2025
Introduction
The principal activity is the provision of total mooring solutions, encompassing survey & positioning, marine and engineering consultancy and mooring equipment rental/sales to the offshore energy sector.
Business review
The statement of comprehensive income for the year is set out on page 8. The underlying trading performance of the Company in the year to April 2025 has been positive – with the company seeing turnover remain flat with a slight decrease in EBITDA due to a different mix of works being undertaken compared to the PY. The company continues to invest in all areas of its operations in order to position itself for future growth across the worldwide energy sector. The company has also been successful in the year at diversifying its revenue mix both in terms of the number of service lines offered and the geography whereby these operations are taking place. We have also continued our growth in the Floating Offshore Wind sector with the further development of our Glasgow base, which is predominantly servicing this business unit. We have also recently launched our first in house designed mooring component – The “Terra” Anchor which will further diversify the revenue mix both in terms of sales and rentals moving forwards. The company’s acquired Andrews Hydrographics in February which adds huge depth to our existing Survey & Positioning offering further enhancing our integrated marine services division and enabling us to tackle larger projects across the globe.
Principal risks and uncertainties
The principal risks and uncertainties facing the Company are competitive risks, legislative risks and financial risks. The Company faces competition from other companies in all of its market sectors but it is committed to investment in new technologies and high quality staff in order to maintain its competitive edge. The principal legislative risk is that of health and safety compliance, and the Company’s policy is full compliance with all requirements.
Financial and other key performance indicators
The Company’s financial instruments comprise various items such as trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to fund the Group’s operations as well as manage its working capital and liquidity. The Company’s operations expose it to a variety of financial risks that include the effects of changes in liquidity risk, foreign currency risk and credit risk. This report was approved by the board and signed on its behalf.
M I Suttie Director
Date: 16 January 2026
Page 1
FIRST MARINE SOLUTIONS LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025 The directors present their report and the financial statements for the year ended 30 April 2025.
Results and dividends
The profit for the year, after taxation, amounted to £798,436 (2024 - £2,851,415). No ordinary dividends were paid. The directors do not recommend payment of any further dividends.
Directors
The directors who served during the year were:
I A Suttie (deceased 4 October 2025)
S M Brown
M I Suttie
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
M I Suttie Director
Date: 16 January 2026
Page 2
FIRST MARINE SOLUTIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 APRIL 2025 The directors are responsible for preparing the Strategic report, 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. Page 3
FIRST MARINE SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIRST MARINE SOLUTIONS LIMITED
Opinion
We have audited the financial statements of First Marine Solutions Limited (the 'Company') for the year ended 30 April 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 April 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 4
FIRST MARINE SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIRST MARINE SOLUTIONS LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
FIRST MARINE SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIRST MARINE SOLUTIONS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation. We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be: ∙Management override of controls to manipulate the company's key performance indicators to meet targets; ∙Timing and completeness of revenue recognition; ∙Management judgement applied in calculating provisions; ∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading; ∙Trade debtor recoverabilty. Our audit procedures to respond to these risks included: ∙Testing of journal entries and other adjustments for appropriateness; ∙Evaluating the business rationale of significant transactions outside the normal course of business; ∙Reviewing judgments made by management in their calculation of accounting estimates for potential management bias; ∙Reviewing a sample of April 2025 & May 2025 sales and purchases to ensure relevant income and costs have been recorded accurately in the correct period; ∙Enquiries of management about litigation and claims and inspection of relevant correspondence; ∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations; ∙Reviewing minutes of meetings of those charged with governance to identify any matters indicating actual or potential fraud; ∙Enquire with management around process for assessing debtor recoverabilty; ∙Analyse debtor recoverbilty post year end, by tracing a sample of debtors to post year end reciepts. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 6
FIRST MARINE SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIRST MARINE SOLUTIONS LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. James Pirrie (Senior statutory auditor) for and on behalf of AAB Audit & Accountancy Limited Statutory Auditor Kingshill View Prime Four Business Park Kingswells Aberdeen AB15 8PU 19 January 2026 Page 7
FIRST MARINE SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
| £ | £
Turnover | 3 | 21,588,761 | 21,781,841
Cost of sales |  | (11,928,796) | (10,512,532)
Gross profit |  | 9,659,965 | 11,269,309
Administrative expenses |  | (5,167,094) | (4,565,164)
EBITDA |  | 4,492,871 | 6,704,145
Depreciation |  | (2,514,910) | (2,820,248)
Interest payable and similar expenses | 7 | (158,274) | (1,398)
Profit before tax |  | 1,819,687 | 3,882,499
Tax on profit | 8 | (1,021,251) | (1,031,084)
Profit for the financial year |  | 798,436 | 2,851,415
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 11 to 23 form part of these financial statements.
Page 8
FIRST MARINE SOLUTIONS LIMITED REGISTERED NUMBER:SC346015
BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 9 |  | 17,117,993 |  | 17,151,421
Investments | 10 |  | 16,628,790 |  | 2
|  |  | 33,746,783 |  | 17,151,423
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 11 | 6,209,734 |  | 6,540,709 |
Cash at bank and in hand | 12 | 3,019,066 |  | 3,066,442 |
|  | 9,228,800 |  | 9,607,151 |
Creditors: amounts falling due within one year | 13 | (8,691,385) |  | (3,525,469) |
Net current assets |  |  | 537,415 |  | 6,081,682
Total assets less current liabilities |  |  | 34,284,198 |  | 23,233,105
Creditors: amounts falling due after more than one year | 14 |  | (14,624,155) |  | (5,409,206)
Provisions for liabilities |  |  |  |  |
Deferred tax | 16 | (2,453,980) |  | (1,416,272) |
|  |  | (2,453,980) |  | (1,416,272)
Net assets |  |  | 17,206,063 |  | 16,407,627
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 100 |  | 100
Profit and loss account |  |  | 17,205,963 |  | 16,407,527
|  |  | 17,206,063 |  | 16,407,627
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M I Suttie
Director
Date: 16 January 2026
The notes on pages 11 to 23 form part of these financial statements. Page 9
FIRST MARINE SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 May 2023 | 100 | 13,556,112 | 13,556,212
Profit for the year | - | 2,851,415 | 2,851,415
At 1 May 2024 | 100 | 16,407,527 | 16,407,627
Profit for the year | - | 798,436 | 798,436
At 30 April 2025 | 100 | 17,205,963 | 17,206,063
Page 10
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
First Marine Solutions Limited is a limited liability Company incorporated in the United Kingdom. The registered office is First Integrated House, Broadford Road, Bridge Of Don, Aberdeen, Scotland, AB23 8EE. The principal activity is the provision of total mooring solutions, encompassing survey & positioning, marine and engineering consultancy and mooring equipment rental/sales to the offshore energy sector. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. 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 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙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 directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, 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 to continue in operational existence for the foreseeable future. This assessment is based on the understanding that the Company and the wider group will continue to trade at high levels over the coming months. This, along with making use of retained reserves 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 11
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 12
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | 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 the Statement of comprehensive income 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.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 13
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Tenant's improvements | - | 20% straight line
|  |  |  | Plant and machinery | - | 7% straight line
|  |  |  | Motor vehicles | - | 11% - 25% straight line
|  |  |  | Fixtures, fittings and equipment | - | 20% - 33% straight line
|  |  |  | Survey and positioning equipment | - | 10% - 25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | 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. Page 14
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
3. | Turnover
In the opinion of the directors it would be seriously prejudicial to disclose segmental information by class of business or by geographical markets.
4. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 17,747 | 17,234
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
5. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,516,827 | 2,843,921
| Social security costs | 387,697 | 308,036
| Cost of defined contribution scheme | 243,133 | 179,431
|  | 4,147,657 | 3,331,388
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Operations | 13 | 13
|  | Administrative | 40 | 32
|  |  | 53 | 45
Page 15
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
6. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 116,074 | 80,442
| Company contributions to defined contribution pension schemes | 13,368 | 8,909
|  | 129,442 | 89,351
| During the year retirement benefits were accruing to 1 directors (2024 - 1) in respect of defined contribution pension schemes.
7. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 158,274 | 1,398
|  | 158,274 | 1,398
8. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 71,780
| Adjustments in respect of previous periods | (8,053) | -
|  | (8,053) | 71,780
| Foreign tax |  |
| Foreign tax on income for the year | (8,404) | 102,415
| Total current tax | (16,457) | 174,195
| Deferred tax |  |
| Origination and reversal of timing differences | 1,050,229 | 838,565
| Over/(under) provided | (12,521) | 18,324
| Total deferred tax | 1,037,708 | 856,889
| Tax on profit | 1,021,251 | 1,031,084
Page 16
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 8.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,819,687 | 3,882,499
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 454,922 | 970,625
| Effects of: |  |
| Expenses not deductible for tax purposes | 5,048 | 4,143
| Capital allowances for year in excess of depreciation | (24,660) | (9,032)
| Adjustment to tax charge in respect of prior periods - deferred tax | (12,521) | 18,324
| Adjustment to tax charge in respect of prior periods | (16,457) | -
| Capital gains | 27,642 | 18,335
| Double taxation relief | - | 102,415
| Group relief | 586,609 | (48,122)
| Other permanent differences | 668 | (25,604)
| Total tax charge for the year | 1,021,251 | 1,031,084
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 17
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
9. | Tangible fixed assets
|  | Tenant's improvements | Plant and machinery | Motor vehicles | Fixtures, fittings and equipment | Survey and positioning equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 May 2024 | 110,977 | 40,570,217 | 185,990 | 450,333 | 1,100,368 | 42,417,885
| Additions | 44,834 | 1,508,014 | 71,000 | 116,577 | 945,381 | 2,685,806
| Disposals | - | (817,518) | - | (828) | (107,146) | (925,492)
| At 30 April 2025 | 155,811 | 41,260,713 | 256,990 | 566,082 | 1,938,603 | 44,178,199
| Depreciation |  |  |  |  |  |
| At 1 May 2024 | 52,503 | 24,485,081 | 121,237 | 294,819 | 312,824 | 25,266,464
| Charge for the year on owned assets | 22,304 | 2,081,336 | 22,501 | 72,744 | 316,025 | 2,514,910
| Disposals | - | (689,493) | - | (828) | (30,847) | (721,168)
| At 30 April 2025 | 74,807 | 25,876,924 | 143,738 | 366,735 | 598,002 | 27,060,206
| Net book value |  |  |  |  |  |
| At 30 April 2025 | 81,004 | 15,383,789 | 113,252 | 199,347 | 1,340,601 | 17,117,993
| At 30 April 2024 | 58,474 | 16,085,136 | 64,753 | 155,514 | 787,544 | 17,151,421
Page 18
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
10. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 May 2024 | 2
| Additions | 16,628,788
| At 30 April 2025 | 16,628,790
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Andrews Hydrographics Limited | First Floor North, 40 Oxford Road, High Wycombe, Buckinghamshire, United Kingdom, HP11 2EE | Ordinary | 100%
| Andrews Hydrographics (Holding Company) Limited | First Floor North, 40 Oxford Road, High Wycombe, Buckinghamshire, United Kingdom, HP11 2EE | Ordinary | 100%
| First Marine Products Limited | First Integrated House, Broadfold Road, Bridge Of Don, Aberdeen, Scotland, AB23 8EE | Ordinary | 90%
| The aggregate of the share capital and reserves as at 30 April 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Andrews Hydrographics Limited | 3,256,349 | (516,242)
| Andrews Hydrographics (Holding Company) Limited | 1,799,932 | (60,196)
| First Marine Products Limited | (219,335) | (219,435)
| On the 14 February 2025, First Marine Solutions Limited acquired 100% of the share capital of Andrews Hydrographics Limited.
Page 19
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
11. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 5,277,377 | 5,041,365
| Amounts owed by related parties | 73,000 | 73,000
| Other debtors | 378,216 | 27,005
| Corporation tax | 8,053 | -
| Prepayments and accrued income | 473,088 | 1,399,339
|  | 6,209,734 | 6,540,709
12. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,019,066 | 3,066,442
|  | 3,019,066 | 3,066,442
| Facilities used across the First Tech Group are secured by a floating charge over the assets and undertakings of First Marine Solutions Limited. There are also cross guarantees across all group companies.
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,031,579 | -
| Trade creditors | 2,751,480 | 2,412,989
| Corporation tax | - | 174,195
| Other taxation and social security | 493,857 | 507,180
| Other creditors | 3,385,310 | 21,586
| Accruals and deferred income | 1,029,159 | 409,519
|  | 8,691,385 | 3,525,469
14. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 5,710,526 | -
| Amounts owed to group undertakings | 8,913,629 | 5,409,206
|  | 14,624,155 | 5,409,206
Page 20
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
15. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Due within 1 year | 1,031,579 | -
| Amounts falling due after more than one year |  |
| Due within 1 - 2 years | 1,031,579 | -
| Due within 2 - 5 years | 4,678,947 | -
|  | 6,742,105 | -
| The loan was drawn down on 18 February 2025 and will be repaid in quarterly installments. Interest applied is 3.25% over the Bank of England base rate and is due to be paid in arrears.
16. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 1,416,272 | 559,383
| Charged/(credited) to profit or loss | 1,037,708 | 856,889
| At end of year | 2,453,980 | 1,416,272
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 2,715,376 | 2,206,458
| Short term timing differences | (4,823) | (4,129)
| Tax losses carried forward | (256,573) | (786,057)
|  | 2,453,980 | 1,416,272
Page 21
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
17. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary share capital shares of £1.00 each | 100 | 100
18. | Capital commitments
| At 30 April 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 1,768,999 | 220,830
|  | 1,768,999 | 220,830
19. | 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 £215,784 (2024 - £170,522). Contributions totalling £22,656 (2024 - £19,336) were payable to the fund at the Balance sheet date and are included in creditors.
20. | Commitments under operating leases
| At 30 April 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 291,352 | 248,076
| Later than 1 year and not later than 5 years | 703,848 | 58,231
|  | 995,200 | 306,307
Page 22
FIRST MARINE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
21. | Related party transactions
| Control During the year the Company was controlled by the directors. Transactions The Company has taken advantage of the exemptions within FRS 102 section 1AC.35 (Related Party Disclosures) which allow exemption from the disclosure of related party transactions with other group companies. At the Balance sheet date £73,000 (2024 - £73,000) was due from businesses with a common owner.
22. | Controlling party
The Company's immediate and ultimate parent company is First Tech Limited, a company registered in Scotland. 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.
Page 23