REGISTERED NUMBER: SC846119 (Scotland)

Unaudited Financial Statements

for the Period 23 April 2025 to 31 March 2026

for

GT Subsea Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr G Turriff

Mrs J Turriff

REGISTERED OFFICE:

11 Wellington Drive

Peterhead

AB42 3PN

REGISTERED NUMBER:

SC846119 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Tangible assets

4

758

CURRENT ASSETS

Debtors

5

14,735

Cash at bank

4,032

18,767

CREDITORS

Amounts falling due within one year

6

15,926

NET CURRENT ASSETS

2,841

TOTAL ASSETS LESS CURRENT LIABILITIES

3,599

PROVISIONS FOR LIABILITIES

144

NET ASSETS

3,455

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

3,453

SHAREHOLDERS' FUNDS

3,455

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2026 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 profit or loss 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 21 April 2026 and were signed on its behalf by:

Mr G Turriff - Director

1.	STATUTORY INFORMATION

GT Subsea Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of services to customers. Revenue is recognised at the point services are provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Taxation

Taxation for the period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

1,099

At 31 March 2026

1,099

DEPRECIATION

Charge for period

341

At 31 March 2026

341

NET BOOK VALUE

At 31 March 2026

758

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

12,447

Other debtors

2,288

14,735

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Taxation and social security

12,284

Other creditors

3,642

15,926

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 March 2026:

£

Mr G Turriff and Mrs J Turriff

Balance outstanding at start of period

-

Amounts advanced

3,704

Amounts repaid

(1,538

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

2,166