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REGISTERED NUMBER: SC572111 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2025

for

Scottish Maritime Cluster Limited

Scottish Maritime Cluster Limited (Registered number: SC572111)

Contents of the Financial Statements

for the Year Ended 31 August 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

Chartered Accountants' Report | 5 |

Scottish Maritime Cluster Limited

Company Information

for the Year Ended 31 August 2025

| DIRECTORS: | P K Carnie

| K P Hobbs

| M P Bullock

| P G K Little

| C A F Oakshett

| R E Ballantyne

| Brigadier A R Muddiman

| D Burke

| REGISTERED OFFICE: | C/O Addleshaw Goddard Llp Exchange Tower

| 19 Canning Street

| Edinburgh

| EH3 8EH

| REGISTERED NUMBER: | SC572111 (Scotland)

| ACCOUNTANTS: | Key Professional Partnership Ltd

| Unit 3

| Morris Park

| 37 Rosyth Road

| Glasgow

| G5 0YE

Scottish Maritime Cluster Limited (Registered number: SC572111)

Balance Sheet

31 August 2025

| 31.8.25 |  | 31.8.24

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 4 | 20,253 |  | 11,023 |  |

Cash at bank | 154,034 |  | 83,483 |  |

174,287 |  | 94,506 |  |

CREDITORS

Amounts falling due within one year | 5 | 87,502 |  | 33,513 |  |

NET CURRENT ASSETS | 86,785 |  | 60,993 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 86,785 |  | 60,993 |  |

RESERVES

Income and expenditure account | 86,785 |  | 60,993 |  |

86,785 |  | 60,993 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2026 and were signed on its behalf by:

K P Hobbs - Director

Scottish Maritime Cluster Limited (Registered number: SC572111)

Notes to the Financial Statements

for the Year Ended 31 August 2025

1. | STATUTORY INFORMATION

| Scottish Maritime Cluster Limited is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Grants

| Grants received relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - NIL).

4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.8.25 |  | 31.8.24

£ | £ |

| Trade debtors | 16,240 |  | 8,768 |  |

| Other debtors | 4,013 |  | 2,255 |  |

20,253 |  | 11,023 |  |

Scottish Maritime Cluster Limited (Registered number: SC572111)

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.8.25 |  | 31.8.24

£ | £ |

| Trade creditors | - |  | 525 |  |

| Taxation and social security | 6,051 |  | 6,868 |  |

| Other creditors | 81,451 |  | 26,120 |  |

87,502 |  | 33,513 |  |

| Other creditors comprises of grants unspent of £80,331.37 (20234: £25,000)

6. | 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, loans from banks and other third parties, loans to related parties and investments in non-putative ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable end payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective Interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term Instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

| Financial assets that are measured at cost and amortised cost 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 Income and Retained Earnings.

Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

Scottish Maritime Cluster Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scottish Maritime Cluster Limited for the year ended 31 August 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Scottish Maritime Cluster Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Scottish Maritime Cluster Limited and state those matters that we have agreed to state to the Board of Directors of Scottish Maritime Cluster Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

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

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

Key Professional Partnership Ltd

Unit 3

Morris Park

37 Rosyth Road

Glasgow

G5 0YE

22 January 2026