Company registration number SC602358 (Scotland)
OCEAN FARM SERVICES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
OCEAN FARM SERVICES LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
OCEAN FARM SERVICES LTD
COMPANY INFORMATION
Directors
Gilbert Clark
Marianne Clark
Colin Leask
Valerie Leask
Company number
SC602358
Registered office
Unit 8 Arlanda Yard
Gremista
Lerwick
Shetland
ZE1 0PX
Accountant
Mackay Johnson
2 North Ness Business Park
Lerwick
Shetland
ZE1 0LZ
Auditor
PFS & Partners Limited
16 Main Street
Limavady
BT49 0EU
Bankers
Virgin Money
106 Commercial Street
Lerwick
Shetland
ZE1 0JJ
Solicitors
Harper Macleod LLP
St Olaf's Hall
Church Road
Lerwick
Shetland
ZE1 0FD
OCEAN FARM SERVICES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of s ea and coastal freight water transport.

Review of the business

Ocean Farm Services is a relatively new company, but is formed as part of a merger of experienced Shetland-based organisations Aurora Marine Ltd. and North Isles Marine Ltd. Aurora Marine was run by experienced fisherman Colin Leask and his wife Valerie with a team of professional staff experienced in the aquaculture industry. North Isles Marine was run by Gilbert and Marianne Clark, established in 2008 to provide live fish transport services for the aquaculture industry in Scotland.

The merging of these companies “will combine forces to provide a stronger, broader Vessel service to Scotland’s growing Aquaculture industry.” Based in Shetland, we serve the aquaculture sector across all of Scotland and beyond.

The company is fully equipped with vessels, equipment and qualified experienced local crews, capable of covering all vessel services required, from setting up a new Site all the way through to Harvest, ready for the Farm starting all over again for the next generation of Smolts.

Principal risks and uncertainties

Principal risks and uncertainties for the company include the following:

- meeting financial obligations and commitments

- increase in fuel costs

- economic stability

- gearing

- increase in costs of maintaining and repairing vessels

- increase in insurance costs

Development and performance

The company performed well during the current year generating turnover in excess of £9.9 million, a de crease of 19% relative to the prior year. The company also generated a gross profit margin of 6 2% (202 4: 6 9%) and a net profit margin of 0.42% (202 4: 2 5%). The company also has healthy net assets at the end of the current financial period in excess of £7 million.

Key performance indicators

The key performance indicators of the company are as follows:

| 2025 | 2024 | % increase/ (decrease)
Turnover | 9,983,183 | 12,353,109 | (19%)
Gross profit | 6,277,372 | 8,510,457 | (26%)
Profit before tax | (42,332) | 3,088,945 | (101%)
Gearing | 2.62 | 2.72 |

OCEAN FARM SERVICES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Important events occurring during the year

In 2025, we purchased 4 new stealths at a cost of £975,000. These were all up and running Spring 2025.

Future developments and important events occurring post year end

We have signed a contract to purchase a larger Wellboat whilst looking to sell the Settler, purchase went through March 2026.

Research and development activities

During the year ended 31 December 2025 the company had no projects.

Indication of the existence of branches of the company outside the UK

The company does not have any branches outside the UK.

On behalf of the board

Gilbert Clark
Director
21 May 2026
OCEAN FARM SERVICES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £346,640. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Gilbert Clark
Marianne Clark
Colin Leask
Valerie Leask
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

OCEAN FARM SERVICES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
On behalf of the board
Gilbert Clark
Marianne Clark
Director
Director
Colin Leask
Valerie Leask
Director
Director
21 May 2026
OCEAN FARM SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OCEAN FARM SERVICES LTD
- 5 -
Opinion

We have audited the financial statements of Ocean Farm Services Ltd (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 31 December 2025 and of its loss for the year 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 Auditor's 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 UK, including the FRC’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 auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year 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.

OCEAN FARM SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OCEAN FARM SERVICES LTD (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to 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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

OCEAN FARM SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OCEAN FARM SERVICES LTD (CONTINUED)
- 7 -

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 auditor's 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 John Fitzgerald Farren (Senior Statutory Auditor)
For and on behalf of PFS & Partners Limited, Statutory Auditor
Chartered Certified Accountants
16 Main Street
Limavady
BT49 0EU
21 May 2026
OCEAN FARM SERVICES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
9,983,183
12,353,111
Cost of sales
(3,705,811)
(3,842,652)
Gross profit
6,277,372
8,510,459
Administrative expenses
(5,073,104)
(3,563,219)
Other operating income
2,002
10,457
Operating profit
4
1,206,270
4,957,697
Interest receivable and similar income
7
18,113
4,088
Interest payable and similar expenses
8
(1,266,715)
(1,872,839)
(Loss)/profit before taxation
(42,332)
3,088,946
Tax on (loss)/profit
9
1,433
(716,947)
(Loss)/profit for the financial year
(40,899)
2,371,999
Other comprehensive income
Revaluation of tangible fixed assets
3,467,429
-
0
Tax relating to other comprehensive income
(811,568)
55,289
Total comprehensive income for the year
2,614,962
2,427,288

The profit and loss account has been prepared on the basis that all operations are continuing operations.

OCEAN FARM SERVICES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
541,200
676,515
Tangible assets
12
28,838,201
25,861,153
29,379,401
26,537,668
Current assets
Stocks
13
1,099,686
837,218
Debtors
14
1,269,122
1,718,470
Cash at bank and in hand
1,465,002
1,913,082
3,833,810
4,468,770
Creditors: amounts falling due within one year
15
(1,811,384)
(7,623,646)
Net current assets/(liabilities)
2,022,426
(3,154,876)
Total assets less current liabilities
31,401,827
23,382,792
Creditors: amounts falling due after more than one year
16
(18,730,494)
(13,568,759)
Provisions for liabilities
Deferred tax liability
19
5,519,978
4,709,843
(5,519,978)
(4,709,843)
Net assets
7,151,355
5,104,190
Capital and reserves
Called up share capital
21
100
100
Revaluation reserve
6,249,660
3,814,956
Profit and loss reserves
901,595
1,289,134
Total equity
7,151,355
5,104,190
OCEAN FARM SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 21 May 2026 and are signed on its behalf by:
Gilbert Clark
Marianne Clark
Director
Director
Colin Leask
Valerie Leask
Director
Director
Company registration number SC602358 (Scotland)
OCEAN FARM SERVICES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
100
3,980,824
(1,028,265)
2,952,659
Year ended 31 December 2024:
Profit
-
-
2,371,999
2,371,999
Other comprehensive income:
Tax relating to other comprehensive income
-
55,289
-
0
55,289
Total comprehensive income
-
55,289
2,371,999
2,427,288
Dividends
10
-
-
(54,600)
(54,600)
Other movements
-
(221,157)
-
(221,157)
Balance at 31 December 2024
100
3,814,956
1,289,134
5,104,190
Year ended 31 December 2025:
Loss
-
-
(40,899)
(40,899)
Other comprehensive income:
Revaluation of tangible fixed assets
-
3,467,429
-
3,467,429
Tax relating to other comprehensive income
-
(811,568)
-
0
(811,568)
Total comprehensive income
-
2,655,861
(40,899)
2,614,962
Dividends
10
-
-
(346,640)
(346,640)
Other movements
-
(221,157)
-
(221,157)
Balance at 31 December 2025
100
6,249,660
901,595
7,151,355
OCEAN FARM SERVICES LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,075,756
3,732,821
Interest paid
(1,266,715)
(1,872,839)
Income taxes (paid)/refunded
(777)
62,961
Net cash inflow from operating activities
808,264
1,922,943
Investing activities
Purchase of tangible fixed assets
(1,058,577)
(1,506,781)
Proceeds from disposal of tangible fixed assets
23,750
10,005,537
Interest received
18,113
4,088
Net cash (used in)/generated from investing activities
(1,016,714)
8,502,844
Financing activities
Repayment of borrowings
(240,000)
(346,561)
Proceeds from new bank loans
10,350,000
1,700,000
Repayment of bank loans
(9,996,250)
(9,732,500)
Payment of finance leases obligations
(6,740)
(7,077)
Dividends paid
(346,640)
(54,600)
Net cash used in financing activities
(239,630)
(8,440,738)
Net (decrease)/increase in cash and cash equivalents
(448,080)
1,985,049
Cash and cash equivalents at beginning of year
1,913,082
(71,967)
Cash and cash equivalents at end of year
1,465,002
1,913,082
OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Ocean Farm Services Ltd is a private company limited by shares incorporated in Scotland. The registered office is Unit 8 Arlanda Yard, Gremista, Lerwick, Shetland, ZE1 0PX.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of vessels at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

- Wellboat services

- Site services

- ROV services

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Wellboat services
Site services
ROV services

Our Workboats are fully equipped for carrying out a wide range of ROV Services, which include :

- ROV seabed surveys

- ROV net washing

- ROV grid / anchor cleaning

Our team has significant expertise in the industry, and our modern, superior quality equipment enable us to achieve and maintain a high standard of results.

We undertake thorough disinfecting and testing procedures before and after cleaning, and we can typically complete a full net clean in one to three hours depending on overall net size, growth coverage and other environmental factors. In comparison to traditional methods, Ocean Farm Services provides efficient, inexpensive services promoting good net hygiene to help fish farms grow more active, healthier fish.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
10/20% straight line
Fixtures and fittings
20% reducing balance
Computers
25/33% straight line
Motor vehicles
20% reducing balance
Vessels
4/10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements 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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Vessel hire and site services
9,983,183
12,353,111
2025
2024
£
£
Other revenue
Interest income
18,113
4,088
OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(53,220)
43,372
Fees payable to the company's auditor for the audit of the company's financial statements
10,275
13,760
Depreciation of tangible fixed assets
1,301,209
1,507,877
Loss/(profit) on disposal of tangible fixed assets
2,843
(1,656,161)
Amortisation of intangible assets
135,315
135,300
Operating lease charges
31,036
31,549
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
4
4
Administration
6
6
Operations
55
56
Total
65
66

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,091,046
3,180,853
Social security costs
391,456
350,353
Pension costs
151,463
280,165
3,633,965
3,811,371
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
30,880
193,000
Company pension contributions to defined contribution schemes
11,800
143,200
42,680
336,200
OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
18,113
4,088
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
18,113
4,088
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
1,265,756
1,871,517
Other finance costs
Interest on finance leases and hire purchase contracts
959
1,322
1,266,715
1,872,839
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
777
Adjustments in respect of prior periods
-
0
(523)
Total current tax
-
0
254
Deferred tax
Origination and reversal of timing differences
(1,433)
716,693
Total tax (credit)/charge
(1,433)
716,947
OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 21 -

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(42,332)
3,088,946
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19% (2024: 19%)
(8,043)
586,900
Effects of:
Expenses that are not deductible in determining taxable profit
28,458
27,235
Income not taxable in determining taxable profit
(740)
(316,015)
Utilisation of tax losses not previously recognised
-
0
(337,764)
Unutilised tax losses carried forward
48,389
-
0
Adjustments in respect of prior years
-
0
(523)
Permanent capital allowances in excess of depreciation
(68,064)
102,507
Research and development tax credit
-
0
(62,086)
Deferred tax movement
(1,433)
716,693
Taxation (credit)/charge in the financial statements
(1,433)
716,947

In addition to the amount (credited)/charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
811,568
(55,289)
10
Dividends
2025
2024
£
£
Interim paid
346,640
54,600
OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
1,353,015
Amortisation and impairment
At 1 January 2025
676,500
Amortisation charged for the year
135,315
At 31 December 2025
811,815
Carrying amount
At 31 December 2025
541,200
At 31 December 2024
676,515
OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Vessels
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2025
839,504
1,595,343
20,360
23,693
234,987
29,763,450
32,477,337
Additions
596
990,692
-
0
2,194
65,095
-
0
1,058,577
Disposals
-
0
(39,484)
-
0
(911)
(49,068)
-
0
(89,463)
Revaluation
-
0
-
0
-
0
-
0
-
0
3,467,429
3,467,429
At 31 December 2025
840,100
2,546,551
20,360
24,976
251,014
33,230,879
36,913,880
Depreciation and impairment
At 1 January 2025
20,974
533,885
6,457
22,248
69,877
5,962,742
6,616,183
Depreciation charged in the year
16,802
240,949
4,072
1,071
41,335
996,980
1,301,209
Eliminated in respect of disposals
-
0
(39,484)
-
0
(911)
(22,475)
-
0
(62,870)
Revaluation
-
0
-
0
-
0
-
0
-
0
221,157
221,157
At 31 December 2025
37,776
735,350
10,529
22,408
88,737
7,180,879
8,075,679
Carrying amount
At 31 December 2025
802,324
1,811,201
9,831
2,568
162,277
26,050,000
28,838,201
At 31 December 2024
818,530
1,061,457
13,903
1,446
165,110
23,800,707
25,861,153
OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -

Vessels were revalued on 7 January 2026 by S. J. Oakes B.Eng (Hons) MRINA FSCMS, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar vessels.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Vessels
2025
2024
£
£
Cost
24,234,527
24,234,527
Accumulated depreciation
(7,180,879)
(5,962,742)
Carrying value
17,053,648
18,271,785
13
Stocks
2025
2024
£
£
Raw materials and consumables
1,099,686
837,218
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,050,165
1,330,231
Other debtors
1,691
-
0
Prepayments and accrued income
217,266
388,239
1,269,122
1,718,470
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
1,035,000
6,090,000
Obligations under finance leases
18
7,640
7,365
Trade creditors
100,590
201,416
Corporation tax
-
0
777
Other taxation and social security
459,764
418,324
Other creditors
23,545
18,039
Accruals and deferred income
184,845
887,725
1,811,384
7,623,646
OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
8,538,750
3,130,000
Obligations under finance leases
18
31,744
38,759
Other borrowings
17
10,160,000
10,400,000
18,730,494
13,568,759
Creditors which fall due after five years are payable as follows:
Payable other than by instalments
10,160,000
10,400,000
17
Loans and overdrafts
2025
2024
£
£
Bank loans
9,573,750
9,220,000
Other loans
10,160,000
10,400,000
19,733,750
19,620,000
Payable within one year
1,035,000
6,090,000
Payable after one year
18,698,750
13,530,000

Bank loans totalling £9,573,750 (202 4: £9,220,000) are secured over the company vessels.

18
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
7,640
7,365
After more than one year
31,744
38,759
39,384
46,124
2025
2024
Future minimum lease payments due:
£
£
Within one year
7,640
7,365
In two to five years
31,744
38,759
39,384
46,124
OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
18
Finance lease obligations
(Continued)
- 26 -

Finance lease payments represent rentals payable by the company for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
4,273,183
4,210,946
Tax losses
(836,425)
(772,755)
Revaluations
2,083,220
1,271,652
5,519,978
4,709,843
2025
Movements in the year:
£
Liability at 1 January 2025
4,709,843
Charge to profit or loss
810,135
Liability at 31 December 2025
5,519,978

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
151,463
280,165

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
X ordinary shares of £1 each
50
50
100
50
Y ordinary shares of £1 each
50
50
-
0
50
100
100
100
100
OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
22
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
14,852
32,258
23
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Loans advanced
Loans repaid
2025
2024
2025
2024
£
£
£
£
Entities with control, joint control or significant influence over the company
390,000
59,000
210,000
350,561
Other related parties
20,000
200,000
440,000
255,000
2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
9,980,000
9,800,000
Other related parties
180,000
600,000

The amounts due to related parties are related party loans advanced to Ocean Farm Services Ltd. The interest on these loans is calculated at 6%.

24
Ultimate controlling party

The ultimate controlling parties are as follows:

- Colin Andrew Leask - 60% shareholder of Aurora Marine Ltd. which owns 50% of the share capital of Ocean Farm Services Ltd

- Gilbert Ian Clark - 50% shareholder of North Isles Marine Limited which owns 50% of the share capital of Ocean Farm Services Ltd

- Marianne Louise Clark - 50% shareholder of North Isles Marine Limited which owns 50% of the share capital of Ocean Farm Services Ltd

OCEAN FARM SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
25
Cash generated from operations
2025
2024
£
£
(Loss)/profit after taxation
(40,899)
2,371,999
Adjustments for:
Taxation (credited)/charged
(1,433)
716,947
Finance costs
1,266,715
1,872,839
Investment income
(18,113)
(4,088)
Loss/(gain) on disposal of tangible fixed assets
2,843
(1,656,161)
Amortisation and impairment of intangible assets
135,315
135,300
Depreciation and impairment of tangible fixed assets
1,301,209
1,507,877
Movements in working capital:
Increase in stocks
(262,468)
(301,071)
Decrease/(increase) in debtors
449,348
(145,924)
Decrease in creditors
(756,761)
(764,897)
Cash generated from operations
2,075,756
3,732,821
26
Analysis of changes in net debt
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
1,913,082
(448,080)
1,465,002
Borrowings excluding overdrafts
(19,620,000)
(113,750)
(19,733,750)
Lease liabilities
(46,124)
6,740
(39,384)
(17,753,042)
(555,090)
(18,308,132)
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