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REGISTERED NUMBER: 00883132 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

SOCIETY OF MARITIME INDUSTRIES LIMITED

SOCIETY OF MARITIME INDUSTRIES LIMITED (REGISTERED NUMBER: 00883132)

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 30 September 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

SOCIETY OF MARITIME INDUSTRIES LIMITED

COMPANY INFORMATION

for the Year Ended 30 September 2025

| DIRECTORS: | T R Chant

| D M Bloor

| R Connor

| J W R Graham

| H M Gullick

| B R Johnson

| A Khurmi

| C A Knight

| M B Knott

| A M Long

| I Mcfarlane

| R Mowat

| D S O'Sullivan

| R L Powell

| G A Rankine

| K M Robertson

| R D Buckley

| J O Sawh

| REGISTERED OFFICE: | 28-29 Threadneedle Street

| London

| EC2R 8AY

| REGISTERED NUMBER: | 00883132 (England and Wales)

| AUDITORS: | Blue Swift Accountants Limited

| 37 Riverside House

| River Lawn Road

| Tonbridge

| Kent

| TN9 1EP

SOCIETY OF MARITIME INDUSTRIES LIMITED (REGISTERED NUMBER: 00883132)

BALANCE SHEET

30 September 2025

| 30.9.25 | 30.9.24 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 870 |  | 2,230 |  |

Tangible assets | 5 | 8,739 |  | 12,428 |  |

9,609 |  | 14,658 |  |

CURRENT ASSETS

Debtors | 6 | 842,061 |  | 602,608 |  |

Investments | 7 | 170,000 |  | - |  |

Cash at bank and in hand | 583,291 |  | 693,273 |  |

1,595,352 |  | 1,295,881 |  |

CREDITORS

Amounts falling due within one year | 8 | 1,403,577 |  | 1,090,879 |  |

NET CURRENT ASSETS | 191,775 |  | 205,002 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 201,384 |  | 219,660 |  |

PROVISIONS FOR LIABILITIES | 7,515 |  | 4,762 |  |

NET ASSETS | 193,869 |  | 214,898 |  |

RESERVES

Retained earnings | 193,869 |  | 214,898 |  |

193,869 |  | 214,898 |  |

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 28 May 2026 and were signed on its behalf by:

T R Chant - Director

SOCIETY OF MARITIME INDUSTRIES LIMITED (REGISTERED NUMBER: 00883132)

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 30 September 2025

1. | STATUTORY INFORMATION

| The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

| The principal place of business is:

| 28-29 Threadneedle Street

| London

| EC2R 8AY

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.

| Going concern

| The directors have assessed the company’s ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

| In making this assessment, the directors have considered the company’s current financial position, cash flow forecasts, and available funding. The company has no significant external debt and maintains sufficient working capital to meet its obligations as they fall due.

| There are no material uncertainties that cast significant doubt on the company’s ability to continue as a going concern.

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

| Dilapidations

| Certain leases entered into by the company include clauses obligating the company to return the property in the condition at the date of entry into the lease. The costs to bring the property back to the condition cannot be confirmed until the company leaves the property and accordingly estimates are prepared at each reporting date. The company has estimated the value of such dilapidation as at 30 September 2025 at £4,800 (2024: £2,400).

| Impairment of debtors

| The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the profile of debtors, and historical experience.

SOCIETY OF MARITIME INDUSTRIES LIMITED (REGISTERED NUMBER: 00883132)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Income consists of subscriptions, exhibitions and project revenue and grants stated net of value added tax.

| Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

| The company recognises revenue when:

| - The amount of revenue can be reliably measured;

| - It is probable that future economic benefits will flow to the entity;

| - Specific criteria have been met for each of the company's activities.

| 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.

| Development costs are being amortised evenly over their estimated useful life of five years.

| Tangible fixed assets

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

| Improvements to property | - | 33% on cost

| Fixtures and fittings | - | 33% on cost

SOCIETY OF MARITIME INDUSTRIES LIMITED (REGISTERED NUMBER: 00883132)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

| Debtors

| Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

| Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

| Creditors

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company

| does not have an unconditional right, at the end of the reporting period, to defer settlement of the

| creditor for at least twelve months after the reporting date. If there is an unconditional right to defer

| settlement for at least twelve months after the reporting date, they are presented as non-current

| liabilities.

| Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

| Borrowings

| Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

| Interest expense is recognised on the basis of the effective interest method and is included in interest

| payable and similar charges.

| Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

| 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.

SOCIETY OF MARITIME INDUSTRIES LIMITED (REGISTERED NUMBER: 00883132)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

| The contributions are recognised as an expense in the profit and loss account when they fall due.

| Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are

| held separately from the company in independently administered funds.

| Provisions

| Provisions are recognised when the company has an obligation at the reporting date 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 8 (2024 - 7 ) .

4. | INTANGIBLE FIXED ASSETS

| Development

| costs

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 6,800 |  |

| AMORTISATION

| At 1 October 2024 | 4,570 |  |

| Amortisation for year | 1,360 |  |

| At 30 September 2025 | 5,930 |  |

| NET BOOK VALUE

| At 30 September 2025 | 870 |  |

| At 30 September 2024 | 2,230 |  |

SOCIETY OF MARITIME INDUSTRIES LIMITED (REGISTERED NUMBER: 00883132)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 September 2025

5. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| to |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 350 |  | 74,458 |  | 74,808 |  |

| Additions | - |  | 3,076 |  | 3,076 |  |

| Disposals | - |  | (16,215 | ) | (16,215 | ) |

| At 30 September 2025 | 350 |  | 61,319 |  | 61,669 |  |

| DEPRECIATION

| At 1 October 2024 | 88 |  | 62,292 |  | 62,380 |  |

| Charge for year | 116 |  | 6,649 |  | 6,765 |  |

| Eliminated on disposal | - |  | (16,215 | ) | (16,215 | ) |

| At 30 September 2025 | 204 |  | 52,726 |  | 52,930 |  |

| NET BOOK VALUE

| At 30 September 2025 | 146 |  | 8,593 |  | 8,739 |  |

| At 30 September 2024 | 262 |  | 12,166 |  | 12,428 |  |

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

| 30.9.25 |  | 30.9.24

| as restated |

£ | £ |

| Trade debtors | 668,896 |  | 471,029 |  |

| Other debtors | 173,165 |  | 131,579 |  |

842,061 |  | 602,608 |  |

7. | CURRENT ASSET INVESTMENTS

| 30.9.25 |  | 30.9.24

| as restated |

£ | £ |

| Cash deposits | 170,000 |  | - |  |

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

| 30.9.25 |  | 30.9.24

| as restated |

£ | £ |

| Bank loans and overdrafts | 6,229 |  | 11,482 |  |

| Trade creditors | 57,662 |  | 35,336 |  |

| Taxation and social security | 161,197 |  | 146,246 |  |

| Other creditors | 1,178,489 |  | 897,815 |  |

1,403,577 |  | 1,090,879 |  |

SOCIETY OF MARITIME INDUSTRIES LIMITED (REGISTERED NUMBER: 00883132)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 September 2025

9. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 30.9.25 |  | 30.9.24

| as restated |

£ | £ |

| Within one year | 99,674 |  | 55,097 |  |

| Between one and five years | 182,736 |  | 282,410 |  |

282,410 |  | 337,507 |  |

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

| The Auditors' Report was unqualified.

| Andrew Branson (Senior Statutory Auditor)

| For and on behalf of Blue Swift Accountants Limited

11. | RELATED PARTY DISCLOSURES

| The Board of Directors are representatives from member organisations, who pay subscriptions to and attend events and exhibitions organised by the company. The amounts paid by member organisations represented on the Board are on the same basis as available to other member organisations.