Melcal Marine UK Limited

	Page
Accountants' Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—8

Report to the director on the preparation of the unaudited statutory accounts of Melcal Marine UK Limited for the year ended 31 December 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Melcal Marine UK Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the director of Melcal Marine UK Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Melcal Marine UK Limited and state those matters that we have agreed to state to the director of Melcal Marine UK Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Melcal Marine UK Limited and its director as a body for our work or for this report.

It is your duty to ensure that Melcal Marine UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Melcal Marine UK Limited . You consider that Melcal Marine UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Melcal Marine UK Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

8 July 2026

Nuvo Scotland Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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Melcal Marine UK Limited

Balance Sheet

As At 31 December 2025

Balance Sheet

Registered number: SC455891

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		445,835		327,612

			445,835		327,612
CURRENT ASSETS
Stocks	5	48,000		34,650
Debtors	6	541,272		161,037
Cash at bank and in hand		119,948		108,730

		709,220		304,417
Creditors: Amounts Falling Due Within One Year	7	(481,995 )		(232,179 )

NET CURRENT ASSETS (LIABILITIES)			227,225		72,238

TOTAL ASSETS LESS CURRENT LIABILITIES			673,060		399,850

Creditors: Amounts Falling Due After More Than One Year	8		(184,946 )		(231,735 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(107,019 )		(75,963 )

NET ASSETS			381,095		92,152

CAPITAL AND RESERVES
Called up share capital	11		1,000		1,000
Profit and Loss Account			380,095		91,152

SHAREHOLDERS' FUNDS			381,095		92,152

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Melcal Marine UK Limited

Balance Sheet (continued)

As At 31 December 2025

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

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved by the board of directors on 8 July 2026 and were signed on its behalf by:

Mr S Steele

Director

The notes on pages 4 to 8 form part of these financial statements.

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Melcal Marine UK Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Melcal Marine UK Limited is a private company, limited by shares, incorporated in Scotland, registered number SC455891 . The registered office is 1st Floor, Blenheim House, Fountainhall Road, Aberdeen, AB15 4DT.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

2.3. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Assets held under finance leases are depreciated in the same way as owned assets.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	not depreciated
Plant & Machinery	25% on cost and 10% on cost
Motor Vehicles	Straight line over 3 years
Fixtures & Fittings	25% on cost
Computer Equipment	25% on cost

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.5. Stocks and Work in Progress

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

2.6. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Melcal Marine UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2024: 6)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2025	7,764	571,962	17,995	9,682
Additions	-	226,171	-	-
Disposals	-	(112,559 )	-	-

As at 31 December 2025	7,764	685,574	17,995	9,682

Depreciation
As at 1 January 2025	-	271,222	2,000	8,013
Provided during the period	-	56,335	5,999	1,025
Disposals	-	(67,535 )	-	-

As at 31 December 2025	-	260,022	7,999	9,038

Net Book Value
As at 31 December 2025	7,764	425,552	9,996	644

As at 1 January 2025	7,764	300,740	15,995	1,669

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Melcal Marine UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2025	4,570	611,973
Additions	1,229	227,400
Disposals	-	(112,559 )

As at 31 December 2025	5,799	726,814

Depreciation
As at 1 January 2025	3,126	284,361
Provided during the period	794	64,153
Disposals	-	(67,535 )

As at 31 December 2025	3,920	280,979

Net Book Value
As at 31 December 2025	1,879	445,835

As at 1 January 2025	1,444	327,612

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor Vehicles	9,996	15,995

5. Stocks

	2025	2024
	£	£
Stock	48,000	34,650

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	525,446	144,424
Prepayments and accrued income	15,826	15,494
VAT	-	1,119

	541,272	161,037

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Melcal Marine UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	1,966	1,764
Trade creditors	216,306	34,564
Other loans	56,939	53,931
Other taxes and social security	15,287	9,019
VAT	17,189	-
Other creditors	116,636	105,443
Accruals and deferred income	56,162	26,260
Director's loan account	1,510	1,198

	481,995	232,179

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	12,557	14,522
Other loans	172,389	217,213

	184,946	231,735

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	1,966	1,764
Later than one year and not later than five years	12,557	14,522

	14,523	16,286

	14,523	16,286

10. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2025	75,963	75,963
Additions	31,056	31,056

Balance at 31 December 2025	107,019	107,019

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1,000	1,000

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Melcal Marine UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Capital Commitments

	2025	2024
	£	£
At the end of the period	148,371	173,971

At the end of the period, the company had capital commitments contracted for but not provided in these financial statements

13. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	50,780	50,038
Later than one year and not later than five years	105,142	154,167

	155,922	204,205

14. Directors Advances, Credits and Guarantees

Included within Creditors are the following loans to directors:

	As at 1 January 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2025
	£	£	£	£	£
Mr Scott Steele	(1,198 )	-	(312 )	-	(1,510 )

The above loan is interest free and has no fixed repayment terms.

15. Related Party Transactions

As at 31 December 2025, there is a loan balance due of £229,329 (2024: £271,145) due to the parent company with

repayment terms of 10 years at an interest rate of 3% per annum. The interest balance of £98,912 (2024: £91,559 ) is

included within other creditors.

16. Ultimate Controlling Party

The company's ultimate controlling party is Melcal S.P.A. by virtue of his ownership of 100% of the issued share capital in the company.

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