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Company No: 07413429 (England and Wales)

# NORTH SEA SYSTEMS ENTERPRISES LTD

### Unaudited Financial Statements
For the financial year ended 31 October 2025
Pages for filing with the registrar

NORTH SEA SYSTEMS ENTERPRISES LTD

## Unaudited Financial Statements

For the financial year ended 31 October 2025

Contents

NORTH SEA SYSTEMS ENTERPRISES LTD

## BALANCE SHEET

As at 31 October 2025
NORTH SEA SYSTEMS ENTERPRISES LTD

## BALANCE SHEET (continued)

As at 31 October 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 518,946 |  | 134,746
|  | 518,946 |  | 134,746
Current assets |  |  |  |
Debtors | 5 | 611,006 |  | 136,012
Cash at bank and in hand |  | 197,956 |  | 96,430
|  | 808,962 |  | 232,442
Creditors: amounts falling due within one year | 6 | ( 237,155) |  | ( 136,491)
Net current assets |  | 571,807 |  | 95,951
Total assets less current liabilities |  | 1,090,753 |  | 230,697
Creditors: amounts falling due after more than one year | 7 | ( 30,462) |  | 0
Provision for liabilities | 8, 9 | ( 129,737) |  | 0
Net assets |  | 930,554 |  | 230,697
Capital and reserves |  |  |  |
Called-up share capital | 10 | 123 |  | 123
Share premium account |  | 184,977 |  | 184,977
Profit and loss account |  | 745,454 |  | 45,597
Total shareholders' funds |  | 930,554 |  | 230,697

For the financial year ending 31 October 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of North Sea Systems Enterprises Ltd (registered number: 07413429) were approved and authorised for issue by the Director on 19 May 2026. They were signed on its behalf by:

D C Rigg Director |

NORTH SEA SYSTEMS ENTERPRISES LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2025
NORTH SEA SYSTEMS ENTERPRISES LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

North Sea Systems Enterprises Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House 2-8, Parkstone Road, Poole, BH15 2PW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets | 10 years straight line

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery | 5 years straight line
Vehicles | 4 years straight line
Computer equipment | 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
During the year, the company reviewed the expected useful life of its Plant and Machinery assets. As a result of this review, the depreciation rate has been revised from a 4 year straight‑line basis to a 10 year straight‑line basis, effective 1 November 2024. The revision reflects management’s assessment that the assets are expected to be used over a longer period than previously estimated. The new Plant and machinery depreciation charge is £43,125 for the current financial year, compared with £53,907 under the previous estimate. This results in a reduction in the Plant and Machinery depreciation charge for the current financial year of £10,782.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 3 |  | 1

#### 3. Intangible assets

| Other intangible assets |  | Total
| £ |  | £
Cost |  |  |
At 01 November 2024 | 62,000 |  | 62,000
At 31 October 2025 | 62,000 |  | 62,000
Accumulated amortisation |  |  |
At 01 November 2024 | 62,000 |  | 62,000
At 31 October 2025 | 62,000 |  | 62,000
Net book value |  |  |
At 31 October 2025 | 0 |  | 0
At 31 October 2024 | 0 |  | 0

#### 4. Tangible assets

| Plant and machinery |  | Vehicles |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 November 2024 | 217,485 |  | 13,500 |  | 16,826 |  | 247,811
Additions | 406,914 |  | 0 |  | 26,218 |  | 433,132
At 31 October 2025 | 624,399 |  | 13,500 |  | 43,044 |  | 680,943
Accumulated depreciation |  |  |  |  |  |  |
At 01 November 2024 | 86,410 |  | 13,500 |  | 13,155 |  | 113,065
Charge for the financial year | 43,125 |  | 0 |  | 5,807 |  | 48,932
At 31 October 2025 | 129,535 |  | 13,500 |  | 18,962 |  | 161,997
Net book value |  |  |  |  |  |  |
At 31 October 2025 | 494,864 |  | 0 |  | 24,082 |  | 518,946
At 31 October 2024 | 131,075 |  | 0 |  | 3,671 |  | 134,746

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 465,658 |  | 3,777
Other debtors | 145,348 |  | 132,235
| 611,006 |  | 136,012

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 7,930 |  | 0
Trade creditors | 71,346 |  | 0
Taxation and social security | 131,580 |  | 33,199
Other creditors | 26,299 |  | 103,292
| 237,155 |  | 136,491

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 30,462 |  | 0

There are no amounts included above in respect of which any security has been given by the small entity.

#### 8. Provision for liabilities

| 2025 |  | 2024
| £ |  | £
Deferred tax | 129,737 |  | 0

#### 9. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | 0 |  | 0
Charged to the Profit and Loss Account | ( 129,737) |  | 0
At the end of financial year | ( 129,737) |  | 0

#### 10. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
122,700 Ordinary shares of £ 0.001 each | 123 |  | 123

#### 11. Related party transactions

Transactions with the entity's director

| 2025 |  | 2024
| £ |  | £
Key management | 457 |  | 0

Interest has been charged on director's loan account at HMRC's rate (2.25%).