Silverfin false 17 July 2026 17 July 2026 Derek Petrie MA (Hons) CA Hall Morrice LLP 7 0 false true 31/12/2025 01/01/2025 31/12/2025 CM Scott, Chairman 22/02/2022 MJ Cohen 19/11/2015 D Duthie (alternate for EM Macdonald) 11/09/2025 GP Elgie 05/09/2019 EM Macdonald 16/10/2017 Dr M Roach (alternate for MJ Cohen) 11/09/2025 JC Skipper 18/09/2008 17 July 2026 The principal activity of the Company continued to be that of the sale of FishSAFE units and the provision of corresponding data to UK fishing vessels. SC348751 2025-12-31 SC348751 bus:Director1 2025-12-31 SC348751 bus:Director2 2025-12-31 SC348751 bus:Director3 2025-12-31 SC348751 bus:Director4 2025-12-31 SC348751 bus:Director5 2025-12-31 SC348751 bus:Director6 2025-12-31 SC348751 bus:Director7 2025-12-31 SC348751 2024-12-31 SC348751 core:CurrentFinancialInstruments 2025-12-31 SC348751 core:CurrentFinancialInstruments 2024-12-31 SC348751 core:ShareCapital 2025-12-31 SC348751 core:ShareCapital 2024-12-31 SC348751 core:RetainedEarningsAccumulatedLosses 2025-12-31 SC348751 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC348751 core:ImmediateParent core:CurrentFinancialInstruments 2025-12-31 SC348751 core:ImmediateParent core:CurrentFinancialInstruments 2024-12-31 SC348751 bus:OrdinaryShareClass1 2025-12-31 SC348751 2025-01-01 2025-12-31 SC348751 bus:FilletedAccounts 2025-01-01 2025-12-31 SC348751 bus:SmallEntities 2025-01-01 2025-12-31 SC348751 bus:Audited 2025-01-01 2025-12-31 SC348751 2024-01-01 2024-12-31 SC348751 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 SC348751 bus:Director1 2025-01-01 2025-12-31 SC348751 bus:Director2 2025-01-01 2025-12-31 SC348751 bus:Director3 2025-01-01 2025-12-31 SC348751 bus:Director4 2025-01-01 2025-12-31 SC348751 bus:Director5 2025-01-01 2025-12-31 SC348751 bus:Director6 2025-01-01 2025-12-31 SC348751 bus:Director7 2025-01-01 2025-12-31 SC348751 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 SC348751 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC348751 (Scotland)

# FLTC SERVICES LIMITED

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

FLTC SERVICES LIMITED

## Financial Statements

For the financial year ended 31 December 2025

Contents

FLTC SERVICES LIMITED

## BALANCE SHEET

As at 31 December 2025
FLTC SERVICES LIMITED

## BALANCE SHEET (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Current assets |  |  |  |
Stocks |  | 53,545 |  | 77,970
Debtors | 3 | 8,982 |  | 4,298
Cash at bank and in hand |  | 19,949 |  | 14,338
|  | 82,476 |  | 96,606
Creditors: amounts falling due within one year | 4 | ( 82,376) |  | ( 96,513)
Net current assets |  | 100 |  | 93
Total assets less current liabilities |  | 100 |  | 93
Net assets |  | 100 |  | 93
Capital and reserves |  |  |  |
Called-up share capital | 5 | 100 |  | 100
Profit and loss account |  | 0 |  | ( 7 )
Total shareholder's funds |  | 100 |  | 93

The 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 FLTC Services Limited (registered number: SC348751) were approved and authorised for issue by the Board of Directors on 17 July 2026. They were signed on its behalf by:

GP Elgie Director |

FLTC SERVICES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
FLTC SERVICES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

FLTC Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 24 Rubislaw Terrace, Aberdeen, AB10 1XE, 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 £.

##### Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the Directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 it is probable will be recovered.

##### Taxation

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.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.
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.

##### 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 creditors: amounts falling due within one year.

##### 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, 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.

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, 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 payments 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. Amounts 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.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

##### 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 | 1 |  | 1

#### 3. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 1,440 |  | 1,440
Other debtors | 7,542 |  | 2,858
| 8,982 |  | 4,298

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

| 2025 |  | 2024
| £ |  | £
Trade creditors | 70,243 |  | 0
Amounts owed to parent undertakings | 1,537 |  | 18,865
Taxation and social security | 52 |  | 0
Other creditors | 10,544 |  | 77,648
| 82,376 |  | 96,513

#### 5. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares shares of £ 1.00 each | 100 |  | 100

#### 6. Related party transactions

The Company has taken advantage of the exemption available in accordance with section 33 of FRS102 'Related Party Disclosures' not to disclose related party transactions with its parent undertaking.

#### 7. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2025 was unqualified.

The audit report was signed by Derek Petrie MA (Hons) CA on behalf of Hall Morrice LLP.

#### 8. Ultimate controlling party

Parent Company:

U.K. Fisheries Offshore Oil and Gas Legacy Trust Fund Limited
24 Rubislaw Terrace, Aberdeen, AB10 1XE