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Registered number: 01349279 ANDREWS HYDROGRAPHICS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
ANDREWS HYDROGRAPHICS LIMITED
COMPANY INFORMATION
Directors | S M Brown (appointed 14 February 2025)
| A N Dare
| M I Suttie (appointed 14 February 2025)
Registered number | 01349279
Registered office | 40 Oxford Road
| High Wycombe
| Buckinghamshire
| HP11 2EE
Independent auditors | AAB Audit & Accountancy Limited
| Kingshill View
| Prime Four Business Park
| Kingswells
| Aberdeen
| AB15 8PU
ANDREWS HYDROGRAPHICS 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 - 25
ANDREWS HYDROGRAPHICS LIMITED
STRATEGIC REPORT FOR THE PERIOD ENDED 30 APRIL 2025
Introduction
The principal activity of the company continued to be that of the provision of offshore survey and positioning services to the international energy industries predominately in Construction and Inspection Support Services.
Business review
The company's mission is to offer a high quality and cost effective service with a strong emphasis on safety and operational efficiency. The company is a member of IMCA's Offshore Survey divisions and operates fully in accordance with all current UK HSE Legislation and IMCA guidance.
Principal risks and uncertainties
The principal risks and uncertainties facing the company are: Oil Price The company operates in the worldwide oil and gas industry where overall activity is driven partially by the price of oil in international markets. Any adverse movement in oil prices could have an effect on the company's future performance. This is partially mitigated by increasing activity in the renewables sector. Credit risk The company may face client default or significant payment delays which could harm its liquidity position. The company seeks to limit its credit risk by careful assessment of the credit worthiness of customers and monitoring the ageing of outstanding receivables. Provision is made for any specific debts considered doubtful of recovery. Contract risk Contract earnings are typically based on the principle of payment for delivery of goods and services rendered on a time apportioned basis. The company has not engaged, and does not intend to engage, in significant lump-sum contracts. However, contracts do include a number of commitments which may trigger potential liabilities to clients during or after the execution of work. To the maximum extent possible, the company negotiates standard contracts which exclude post-contractual liabilities.
Financial key performance indicators
The company reported revenue of £25,227,571 (31 Dec 2023 - £13,856,208), a profit before tax of £232,517 (31 Dec 23 - £1,053,617) and net assets of £3,256,349 (31 Dec 23 - £3,772,591). Earnings Before Interest, Depreciation, Amortisation and Taxation ("EBITDA") and exceptional costs for the year was a profit of £3,502,479 (31 Dec 23 £1,295,712) which is considered by the directors to be satisfactory. The company finances its activities with a combination of cash and short term deposits. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the company's operating activities. This report was approved by the board and signed on its behalf.
M I Suttie Director
Date: 16 January 2026
Page 1
ANDREWS HYDROGRAPHICS LIMITED
DIRECTORS' REPORT FOR THE PERIOD ENDED 30 APRIL 2025 The directors present their report and the financial statements for the period ended 30 April 2025.
Results and dividends
The loss for the period, after taxation, amounted to £516,242 (2023 - profit £858,198). No ordinary dividends were paid (2023: £2,287,500). The directors do not recommend payment of any further dividends.
Directors
The directors who served during the period were:
S M Brown (appointed 14 February 2025)
A N Dare
M I Suttie (appointed 14 February 2025)
I R W Herd (resigned 14 February 2025)
S R Reid (resigned 14 February 2025)
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
ANDREWS HYDROGRAPHICS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE PERIOD 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 judgments and accounting estimates that are reasonable and prudent; ∙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
ANDREWS HYDROGRAPHICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANDREWS HYDROGRAPHICS LIMITED
Opinion
We have audited the financial statements of Andrews Hydrographics Limited (the 'Company') for the period 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 period 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
ANDREWS HYDROGRAPHICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANDREWS HYDROGRAPHICS 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 period 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
ANDREWS HYDROGRAPHICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANDREWS HYDROGRAPHICS 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 target; ∙Timing and completeness of revenue recognition ∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company need to comply with for the purpose of trading; Our audit procedures to respond to theses 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 judgements made by management in their calculation of accounting estimates for potential management bias; ∙Reviewing a sample of April 2025 and May 2025 sales and purchases to ensure relevant income and costs have been recorded accurately in the correct period; ∙Enquires with 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; and ∙Reviewing minutes of meetings of those charges with governance to identify any matters indicating actual or potential fraud. 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
ANDREWS HYDROGRAPHICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANDREWS HYDROGRAPHICS 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
ANDREWS HYDROGRAPHICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 APRIL 2025
| 30 April | 31 December
| 2025 | 2023
Note | £ | £
Turnover | 4 | 25,227,571 | 13,856,208
Cost of sales |  | (14,484,928) | (10,506,609)
Gross profit |  | 10,742,643 | 3,349,599
Administrative expenses |  | (7,240,164) | (2,053,887)
Exceptional administrative expenses | 13 | (2,765,000) | -
EBITDA | 5 | 737,479 | 1,295,712
Interest receivable and similar income | 9 | 18,825 | 2,281
Interest payable and similar expenses |  | (36,215) | (1,646)
Depreciation |  | (487,572) | (242,730)
Profit before tax |  | 232,517 | 1,053,617
Tax on profit | 11 | (748,759) | (195,419)
(Loss)/profit for the financial period |  | (516,242) | 858,198
There was no other comprehensive income for 2025 (2023:£NIL).
The notes on pages 11 to 25 form part of these financial statements.
Page 8
ANDREWS HYDROGRAPHICS LIMITED REGISTERED NUMBER:01349279
BALANCE SHEET AS AT 30 APRIL 2025
|  | 30 April |  | 31 December
|  | 2025 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 1,777,272 |  | 608,564
|  |  | 1,777,272 |  | 608,564
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 4,294,521 |  | 3,290,901 |
Cash at bank and in hand | 16 | 1,548,550 |  | 1,396,117 |
|  | 5,843,071 |  | 4,687,018 |
Creditors: amounts falling due within one year | 17 | (3,809,011) |  | (1,494,113) |
Net current assets |  |  | 2,034,060 |  | 3,192,905
Total assets less current liabilities |  |  | 3,811,332 |  | 3,801,469
Creditors: amounts falling due after more than one year | 18 |  | (237,034) |  | (28,878)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (317,949) |  | - |
|  |  | (317,949) |  | -
Net assets |  |  | 3,256,349 |  | 3,772,591
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 2,000 |  | 2,000
Share premium account |  |  | 16,500 |  | 16,500
Capital redemption reserve |  |  | 3,750 |  | 3,750
Profit and loss account |  |  | 3,234,099 |  | 3,750,341
|  |  | 3,256,349 |  | 3,772,591
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 25 form part of these financial statements. Page 9
ANDREWS HYDROGRAPHICS LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 APRIL 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2023 | 2,000 | 16,500 | 3,750 | 5,179,643 | 5,201,893
Profit for the year | - | - | - | 858,198 | 858,198
Dividends: Equity capital | - | - | - | (2,287,500) | (2,287,500)
At 1 January 2024 | 2,000 | 16,500 | 3,750 | 3,750,341 | 3,772,591
Loss for the period | - | - | - | (516,242) | (516,242)
At 30 April 2025 | 2,000 | 16,500 | 3,750 | 3,234,099 | 3,256,349
| The notes on pages 11 to 25 form part of these financial statements.
Page 10
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
1. | General information
The principal activity of the company continued to be that of the provision of offshore survey and positioning services to the international energy industries predominately active in Construction and Inspection Support Services. 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 judgment in applying the Company's accounting policies (see note 3). 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
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 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 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 12
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 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 | Pensions
Defined contribution pension plan The Company operates 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.
| 2.9 | Current and deferred taxation
The tax expense for the period 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.
| 2.10 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 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. Page 13
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
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:
|  |  |  | Plant and machinery | - | 2-9 years straight line
|  |  |  | Motor vehicles | - | 2-6 years straight line
|  |  |  | Fixtures and fittings | - | 4 years 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.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 14
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 15
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
4. | Turnover
In the opinion of the directors it would be seriously prejudicial to disclose segmental information by class of business or by geographical markets.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Exchange losses | 92,985 | 134,703
| Depreciation of owned tangible fixed assets | 473,640 | 238,690
| Depreciation of tangible fixed assets held under finance leases | 13,932 | 4,041
| Other operating lease rentals | 110,403 | 96,645
Page 16
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
6. | Auditors' remuneration
| During the period, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 18,460 | 21,703
| 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.
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 5,675,234 | 3,501,769
| Social security costs | 640,993 | 394,422
| Cost of defined contribution scheme | 308,260 | 171,013
|  | 6,624,487 | 4,067,204
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 30 April | 31 December
|  |  | 2025 | 2023
|  |  | No. | No.
|  | Administrative | 4 | 5
|  | Survey | 64 | 53
|  |  | 68 | 58
Page 17
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
8. | Directors' remuneration
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 424,504 | 349,099
| Company contributions to defined contribution pension schemes | 30,745 | 36,973
|  | 455,249 | 386,072
| During the period retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £214,433 (2023 - £239,997).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £15,345 (2023 - £NIL).
9. | Interest receivable
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Bank interest receivable | 18,825 | 2,281
|  | 18,825 | 2,281
10. | Interest payable and similar expenses
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Hire purchase interest payable | 36,215 | 1,646
|  | 36,215 | 1,646
Page 18
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
11. | Taxation
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 432,780 | 13,278
| Adjustments in respect of previous periods | - | 34,168
|  | 432,780 | 47,446
| Double taxation relief | (52,573) | -
|  | 380,207 | 47,446
| Foreign tax |  |
| Foreign tax on income for the year | 43,644 | 67,478
| Total current tax | 423,851 | 114,924
| Deferred tax |  |
| Origination and reversal of timing differences | 324,908 | 80,495
| Total deferred tax | 324,908 | 80,495
|  | 748,759 | 195,419
Page 19
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 11.Taxation (continued)
| Factors affecting tax charge for the period/year
| The tax assessed for the period/year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 232,517 | 1,053,617
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 58,129 | 247,811
| Effects of: |  |
| Expenses not deductible for tax purposes | 699,559 | 1,036
| Capital allowances for period/year in excess of depreciation | - | (3,163)
| Adjustments to tax charge in respect of prior periods | - | 34,168
| Effect of change in corporation tax rates | - | (3,269)
| Foreign tax credits | (8,929) | (12,870)
| Group relief | - | (68,294)
| Total tax charge for the period/year | 748,759 | 195,419
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Dividends paid | - | 2,287,500
|  | - | 2,287,500
Page 20
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
13. | Exceptional items
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Exceptional item - loan write off | 2,765,000 | -
| During the year, the Company made an exceptional write-off of a receivable. The balance related to a transaction no longer deemed recoverable, and its write-off has no ongoing operational impact. This item is presented separately due to its size and nature.
14. | Tangible fixed assets
|  | Plant and equipment | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 3,543,928 | 48,495 | 579,338 | 4,171,761
| Additions | 1,573,337 | - | 82,943 | 1,656,280
| At 30 April 2025 | 5,117,265 | 48,495 | 662,281 | 5,828,041
| Depreciation |  |  |  |
| At 1 January 2024 | 3,079,100 | 4,041 | 480,056 | 3,563,197
| Charge for the period on owned assets | 376,048 | 12,932 | 98,592 | 487,572
| At 30 April 2025 | 3,455,148 | 16,973 | 578,648 | 4,050,769
| Net book value |  |  |  |
| At 30 April 2025 | 1,662,117 | 31,522 | 83,633 | 1,777,272
| At 31 December 2023 | 464,828 | 44,454 | 99,282 | 608,564
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Short leasehold | 27,686 | 9,687
|  | 27,686 | 9,687
Page 21
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
15. | Debtors
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,566,012 | 1,320,067
| Amounts owed by group undertakings | - | 650,631
| Other debtors | 213,514 | 81,234
| Prepayments and accrued income | 2,514,995 | 1,232,010
| Deferred taxation | - | 6,959
|  | 4,294,521 | 3,290,901
16. | Cash and cash equivalents
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,548,550 | 1,396,117
|  | 1,548,550 | 1,396,117
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Trade creditors | 1,853,290 | 608,322
| Amounts owed to group undertakings | - | 61,724
| Corporation tax | 375,967 | 100,165
| Other taxation and social security | 263,207 | 107,101
| Obligations under finance lease and hire purchase contracts | 197,788 | 15,082
| Accruals and deferred income | 1,118,759 | 601,719
|  | 3,809,011 | 1,494,113
Page 22
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 237,034 | 28,878
|  | 237,034 | 28,878
19. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Within one year | 197,787 | 18,717
| Between 1-5 years | 237,034 | 31,442
| Less: future finance charges | - | (6,199)
|  | 434,821 | 43,960
20. | Deferred taxation
|  | 2025 | 2023
|  | £ | £
| At beginning of year | 6,959 | 87,454
| Charged to the profit or loss | (324,908) | (80,495)
| At end of year | (317,949) | 6,959
| The deferred taxation balance is made up as follows:
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Fixed asset timing differences | (323,655) | 355
| Short term differences | 5,706 | 6,604
|  | (317,949) | 6,959
Page 23
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
21. | Share capital
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,000 (2023 - 2,000) Ordinary shares of £1.00 each | 2,000 | 2,000
22. | 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 £308,260 (2023 - £171,014). Employer and employee contributions totaling £38,337 (2023 - £26,415) were payable to the fund at the Balance sheet date and are included in creditors.
23. | 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:
|  |  |  |  | 30 April | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 84,186 | 84,186
| Later than 1 year and not later than 5 years | 267,010 | 326,233
| Later than 5 years | - | 53,666
|  | 351,196 | 464,085
Page 24
ANDREWS HYDROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
24. | Related party transactions
| Control The Company was controlled by Amplus Energy (Holdings) Limited until 14 February 2025. Following this date the entity was controlled by lan Suttie. 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.
|  | Transactions up to the date of ownership change | Balance | Transaction | Balance
|  | 12 February 2025 | 30 April 2025 | 31 December 2023 | 31 December 2023
|  | £ | £ | £ | £
| A company with common directors - purchases | (941,684) | - | (847,648) | (62,904)
| A company with common directors - sales | 11,850 | - | 9,130 | 650,882
|  | (929,834) | - | (838,518) | 587,978
25. | Controlling party
The immediate parent company is Andrews Hydrographics (Holding Company) Limited. The company and its immediate parent were acquired by First Marine Solutions Limited on 14 February 2025. Prior to this date, the company was controlled by Amplus Energy (Holdings) Limited, a company registered in Scotland. The ultimate parent company is now First Tech Limited, a company registered in Scotland. The consolidated financial statements of First Tech Limited, within which the results of the company are included, can be obtained from the Companies House website. 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 25