REGISTERED NUMBER: 07804453 (England and Wales)

Financial Statements

for the Year Ended 31 December 2025

for

SUBSEA ENERGY SOLUTIONS LTD

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

Director:

P A R Stanyon

Registered office:

Unit 4 Chartermark Way

Colburn Business Park

Catterick Road

Catterick Garrison

North Yorkshire

DL9 4QJ

Registered number:

07804453 (England and Wales)

Senior statutory auditor:

Simon Davies MMath FCA

Auditors:

Mitchell Gordon LLP

Accountants and Statutory Auditor

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

Fixed assets

Intangible assets

4

76,431

60,641

Tangible assets

5

247,839

406,467

324,270

467,108

Current assets

Stocks

24,152

27,137

Debtors

6

802,961

845,506

Cash at bank and in hand

172,838

274,598

999,951

1,147,241

Creditors

Amounts falling due within one year

799,649

351,795

Net current assets

200,302

795,446

Total assets less current liabilities

524,572

1,262,554

Creditors

Amounts falling due after more than one year

-

(691,142

)

Provisions for liabilities

(32,683

)

(34,754

)

Net assets

491,889

536,658

Capital and reserves

Called up share capital

1

1

Capital redemption reserve

1

1

Retained earnings

491,887

536,656

Shareholders' funds

491,889

536,658

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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 December 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 22 April 2026 and were signed by:

P A R Stanyon - Director

1.	STATUTORY INFORMATION

Subsea Energy Solutions Ltd is a private company, limited by shares , registered in England and Wales. 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.

The financial statements have been prepared under the going concern basis of accounting, this is on the basis of the forecasts, current management accounts and discussions on expected future plans and group support there appears to be no significant issues with going concern for the foreseeable future.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Changes in accounting policies

Effective from 1 January 2025, the Company revised its depreciation policy for Patents and licenses. Previously, these assets were depreciated using the straight line method over 8 years. To better reflect the expected pattern of consumption of future economic benefits specifically, the expected length of the patents management adopted the straight line method over 13 years.

This change has been accounted for prospectively. As a result of this change in estimate, the depreciation expense for the year ended 31 December 2025 is lower by £17,961 compared to the previous method.

Turnover

Turnover represents the value of work carried out during the year including amounts not yet invoiced, excluding value added tax. Income is being recognised according to the stage of completion of work done.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of thirteen years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

2% on cost and Straight line over 20 years

Plant and machinery

-

At varying rates

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance and 20% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2024 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2025

94,407

Additions

15,509

Disposals

(4,600

)

At 31 December 2025

105,316

AMORTISATION

At 1 January 2025

33,766

Amortisation for year

(4,584

)

Eliminated on disposal

(297

)

At 31 December 2025

28,885

NET BOOK VALUE

At 31 December 2025

76,431

At 31 December 2024

60,641

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2025

1,033,246

Additions

116,130

Disposals

(224,392

)

At 31 December 2025

924,984

DEPRECIATION

At 1 January 2025

626,779

Charge for year

114,590

Eliminated on disposal

(64,224

)

At 31 December 2025

677,145

NET BOOK VALUE

At 31 December 2025

247,839

At 31 December 2024

406,467

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 January 2025

187,695

Disposals

(187,695

)

At 31 December 2025

-

DEPRECIATION

At 1 January 2025

10,949

Charge for year

18,769

Eliminated on disposal

(29,718

)

At 31 December 2025

-

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

176,746

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/25

31/12/24

£

£

Amounts owed by group undertakings

59,418

-

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31/12/25

31/12/24

£

£

Net obligations repayable:

Within one year

-

37,539

Between one and five years

-

140,771

-

178,310

Non-cancellable

operating leases

31/12/25

31/12/24

£

£

Within one year

36,000

36,000

Between one and five years

3,000

39,000

39,000

75,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/25

31/12/24

£

£

Hire purchase contracts

-

178,310

The debts are secured against the assets to which they relate.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Simon Davies MMath FCA (Senior Statutory Auditor)

for and on behalf of Mitchell Gordon LLP

10.	RELATED PARTY DISCLOSURES

The immediate parent company is Subsea Energy Solutions Holdings Ltd, this company does not prepare consolidated financial statements. The ultimate parent company is Topp Holdings GmbH. The company's registered office is Martinistraße 57, 28195 Bremen, Germany.