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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
COMPANY INFORMATION
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
CONTENTS
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Marine & Remote Sensing Solutions Limited (the "Company") and the group it heads design and supply innovative, technology led solutions focused on maritime safety, remote sensing and protection of lives and critical assets. During 2024, the Company and its subsidiary company operated across marine, land and aerial environments, with operations in the UK and the Middle East.
The principal activity of the Company and its subsidiary company is the design and supply of technology led solutions for security and protection of lives and critical assets. Revenue for the period increased by 33% year on year to £21.6m (2023: £16.3m) supported by the strength of the Company’s offering and geopolitical developments, including in the Middle East. Despite this, inflationary pressures remained during the period, although these subsided towards the end of the year. Investment continued by the Company to support delivery of expected follow-on and new projects, including ongoing research and development activities focused on product innovation and improvement.
Subsequent to the year end, the Company sold its Interceptor Technology on 19 November 2025 and the wider Group completed the disposal of its Defence business to Electro Optic Systems Holdings Limited (“EOS”) on 20 May 2026. Following completion of the transaction, the wider Group has strategically refocused on its Maritime and Commercial business lines, including maritime safety, remote sensing and related technology solutions. The Director believes this revised strategic focus positions the wider Group to pursue sustainable growth in its core maritime markets.
The principal risks and uncertainties facing the business and how they are managed are set out below:
• Customer demand & forecasting: Customer demand and project timing are influenced by external and internal factors, including customer requirements, procurement cycles, prevailing economic conditions, and broader market developments across the maritime and commercial sectors. The Company’s performance also depends on the strength of its product offering, pricing, and its ability to deliver complex solutions on time and within budget. During the period under review, the Company maintained investment in product development, delivery capability, and customer support to meet the needs of existing customers and pursue new opportunities across its core maritime and adjacent markets. • Competition: the Company operates in a competitive environment with both established maritime technology providers and new market entrants, including technology-driven start-ups and AI-enabled remote sensing solution providers. These competitors may seek to replicate or surpass the Group’s offerings or expand into its target markets. The Group seeks to mitigate this risk through continued investment in innovation, research and development, and delivery excellence, as well as by maintaining strong, long-term relationships with key customer groups and partners. • Government policy and export controls: Certain projects may remain subject to government approvals, export control requirements, licensing frameworks, sanctions, or trade restrictions, depending on the nature of the technology, customer and jurisdiction involved. Changes in these requirements may impact project timing, delivery or future orders. The Company continues to monitor applicable regulatory developments and maintains processes to assess licensing and compliance requirements on a project-by-project basis. Where required, the Company engages with relevant authorities and advisers to support compliance with applicable legal and regulatory frameworks.
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
• Supply chain and inflationary pressures: During the period, the Company experienced disruption across certain elements of its supply chain, including delivery delays and cost increases driven by inflationary pressures, although these began to ease towards the end of the period. The Company continues to work closely with suppliers and customers to manage these risks through procurement planning, supplier engagement and project coordination.
• Cybersecurity and information security given the nature of its solutions and customer base, the Group is exposed to cybersecurity threats. A successful cyber-attack could disrupt operations, compromise sensitive customer or project data, and result in reputational damage or regulatory consequences. The Company and its subsidiary company employs a layered cybersecurity approach, regularly updates its systems and protocols, and maintains awareness of emerging threats. It also works closely with its customers and relevant service providers to meet contractual, regulatory, and information security requirements. • Geopolitical Risk: The Company operates across international markets that may be affected by regional political instability, regulatory change, trade restrictions, or diplomatic tensions. Such developments may impact project execution, customer investment decisions, access to certain markets, or the timing and enforceability of contracts. The Company monitors geopolitical developments closely and maintains flexibility in its operational and commercial approach to manage exposure and respond to changing market conditions. • Talent Acquisition and Retention: the Company’s growth and delivery capabilities depend on access to highly skilled engineering, technical, and program management personnel. Increased competition for such talent, particularly in technology, AI-enabled analytics, and maritime innovation sectors, could pose challenges to delivery timelines, product development, and future growth. The Company actively invests in talent development, competitive compensation, and employee retention strategies to maintain its technical capabilities and organisational resilience.
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 23 July 2026 and signed on its behalf.
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
The director who served during the year was:
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £1,939,574 (2023 - loss £5,750,124).
The director does not propose a final dividend.
Following the year end, the Company and its subsidiary company continued operating as previously until the sale by the Company of its Interceptor Technology and the subsequent completion of the disposal of the wider Group’s Defence business assets to Electro Optic Systems Holdings Limited (“EOS”) on 20 May 2026, the wider Group will focus on its Maritime and Commercial business lines, including MOBtronic, Commercial Maritime and RADiRguard solutions.
Investment in research and development remains ongoing to enhance existing product offerings and support the development of new and differentiated technology solutions across the wider Group’s Maritime and Commercial business lines.
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company and its subsidiary company reported net consolidated liabilities at the balance sheet date of £14,456,316 and the Company reported net liabilities of £11,817,614. However, liabilities include £19,920,556 due to the Company's parent company and there has been a material improvement in the Company and its subsidiary's financial performance and cash generation compared to the prior year. The net loss for the year decreased to £1,939,574 (2023: £5,706,222), and net cash and cash equivalents increased to £2,063,729 (2023: £ 581,811).
The Company has prepared a 12-month cash flow forecast from the date of approval of these financial statements, which indicates that it expects to meet its liabilities as they fall due, supported by project delivery and cost controls. In addition, the Company and its subsidiary company have received formal written confirmation from the parent company, MARSS Holding SARL, that it will provide the financial support necessary to enable them to meet their obligations as they fall due for at least 12 months from the date of approval of the financial statements. Subsequent to the year end, the Company sold its Interceptor Technology on 19 November 2025 and the wider Group completed the disposal of its Defence business assets to Electro Optic Systems Holdings Limited on 20 May 2026 with an upfront payment of US$36million. This transaction represents a significant strategic milestone for the wider Group and has strengthened its liquidity position and financial flexibility. Following completion, the wider Group is focused on its continuing Maritime and Commercial business operations. Following the sales referred to above, the Company and subsidiary company are significantly reducing their activities and future revenue will be limited. Equally, operational costs will be substantially reduced. Based on the financial outlook, the wider Group’s improved operating performance, post-balance sheet strategic developments, liquidity position, and the assurance of ongoing shareholder support, the Director considers it appropriate to prepare the financial statements on a going concern basis.
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
On 19 November 2025, the Company completed the sale of its Interceptor Technology to Electro Optic Systems Limited and received associated development funding, with a combined total consideration of €5.5million. The transaction was settled in full on 25 November 2025.
On 12 January 2026, Electro Optic Systems Holdings Limited (“EOS”) (ASX: EOS) announced that it had entered into an agreement to acquire the MARSS Group Defence business assets. The transaction was completed on 20 May 2026. As both of above the agreements were entered into after the reporting date of 31 December 2024, these events are considered to be non-adjusting subsequent events. Accordingly, no adjustment has been made to the amounts recognized in these financial statements. At the date of approval of these financial statements, the Director does not consider that this transaction gives rise to any adjustment to the carrying amounts of the Company’s assets or liabilities at 31 December 2024. As part of the post year-end developments relating to the disposal by the wider Group of the Defence business assets to Electro Optic Systems Holdings Limited, a significant defence contract valued at approximately £85.5million was signed by the Company on 10 May 2026, prior to completion of the transaction, and is expected to be novated to EOS as part of the asset transfer.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARINE & REMOTE SENSING SOLUTIONS LIMITED
We have audited the financial statements of Marine & Remote Sensing Solutions Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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 auditing the financial statements, we have concluded that the director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARINE & REMOTE SENSING SOLUTIONS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARINE & REMOTE SENSING SOLUTIONS LIMITED (CONTINUED)
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARINE & REMOTE SENSING SOLUTIONS LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • the nature of the industry and sector, control environment and business performance; • results of our enquiries of management about their own identification and assessment of the risks of irregularities, including those that are specific to the Group’s and the parent Company's business sector; • results of our discussions and enquiries with management and those charged with governance regarding any known or suspected instances of fraud; • any matters we identified having obtained and reviewed the Group’s and the parent Company’s documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. We obtained an understanding of the legal and regulatory frameworks that the Group and the parent Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation. In addition, we considered other laws and regulations that could have an effect on the Group and the parent Company and result in the imposition of financial or other penalties and litigation. We discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements, any opportunities or incentives for fraud and potential indicators of fraud. The audit engagement team includes component auditors involved in the audit of an overseas subsidiary. All matters in relation to non-compliance with relevant laws and regulations and potential fraud risks were communicated to all members of the engagement team, who were all deemed to have appropriate competence and capabilities, and we remained alert to any indications of fraud or non-compliance throughout the audit. Non-compliance with laws and regulations Our procedures to respond to risks identified included the following: • enquiring of management and those charged with governance concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations;
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARINE & REMOTE SENSING SOLUTIONS LIMITED (CONTINUED)
• reviewing and considering any correspondence with tax authorities for any instances of non-compliance with laws and regulations;
• assessing the appropriateness of disclosures concerning actual and potential litigation and claims, and where appropriate, discussing with third parties; • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; and • reviewing any legal expenditure accounts to understand the nature of expenditure incurred. No instances of non-compliance with laws and regulations were brought to our attention by the component auditors. These limited procedures did not identify any actual or suspected non-compliance. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Fraud As a result of our risk assessment procedures, we identified the area with the greatest potential for fraud to be revenue recognition. In common with all audits under ISAs (UK), we are required to presume there is a fraud risk in relation to revenue recognition, and we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we reviewed and tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. Our procedures to respond to the risks identified included the following: • performing substantive audit procedures on the revenue recognised during the year by agreeing to supporting documentation; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and • enquiring of management and those charged with governance concerning any known or suspected instances of 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARINE & REMOTE SENSING SOLUTIONS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
124 Finchley Road
NW3 5JS
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
REGISTERED NUMBER: 04773266
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
REGISTERED NUMBER: 04773266
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 22 to 43 form part of these financial statements.
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
REGISTERED NUMBER: 04773266
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 22 to 43 form part of these financial statements.
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Marine & Remote Sensing Solutions Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is 8th Floor, 1 Southampton Street, London, WC2R 0LR.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiary as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The Company and its subsidiary company meet their day to day working capital requirements through the utilisation of their own funds, and as required, loans from third parties and from fellow group members.
The Company has prepared a 12-month cash flow forecast from the date of approval of these financial statements, which indicates that it expects to meet its liabilities as they fall due, supported by project delivery and cost controls. This outlook includes a number of significant contracts with high confidence in the near-term pipeline (which include follow-on contracts with existing customers). In addition, the Company has received formal written confirmation from its parent company, MARSS Holding SARL, that it will provide the financial support necessary to enable them to meet their obligations as they fall due for at least 12 months from the date of approval of the financial statements. The financial commitment by the Company’s parent company is supported by the post year end sales by the Company and the wider Group detailed in the Director’s report. Based on the financial outlook and the assurance of ongoing parent company support, the director considers it appropriate to prepare the financial statements on a going concern basis.
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Project revenue Project revenue represents amounts receivable for work carried out in the supply of marine and land solutions for saving life and asset protection. Revenue is recognised over the period of the project on a percentage of completion basis and in accordance with the underlying contract. The percentage of completion basis compares the proportion of project costs incurred to total estimated costs and recognises the same proportion of income in relation to the total contract value. Maintenance and support revenue Maintenance and support revenue represents amounts receivable in respect of maintenance and support contracts following the supply of marine and land solutions for saving life and asset protection. Revenue is recognised in accordance with the provision of services under the terms of underlying contract. Equipment revenue Equipment revenue represents amounts receivable in respect of the sale of equipment. Revenue is recognised on point of acceptance when the Group has transferred ownership to the buyer and the Group has no further control over the asset.
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 24
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 25
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is
Page 26
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Page 27
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Tangible assets Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Project revenue Project revenue is recognised over the period of the contract. The stage of completion is determined with reference to core costs of the project which are reviewed regularly by management at each stage of completion and may vary due to unexpected requirements necessary to fulfil the Group's contractual obligations. Accruals The Group makes an estimate of accruals at the year end based on invoices received after the reporting date and work undertaken which has not been invoiced based on quotations or estimates of amounts that maybe due for payment. Provision for warranty and repair costs The Group provides maintenance and support under multi-year contracts. At the reporting date, the costs incurred in the year are compared to the budgeted costs and a provision recognised for the anticipated future costs in proportion to the overall costs for the service. As these costs are subject to uncertain future events, such as customer requirements and potential price changes, there is an element of uncertainty with respect to the specific amount and timing of the obligation. Budgets and forecasts are reviewed regularly by management and may vary due to unexpected requirements necessary to fulfil the Group's contractual obligations.
Page 28
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
Page 29
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
The Group has corporation tax losses of £11,498,028 (2023: £10,847,887) carried forward available to utilise against future profits.
The Group therefore would have a deferred tax asset of £2,874,507 (2023: £2,711,972) if the corporation tax losses were realised at the main rate of corporation tax of 25%. However, future profits to utilise the corporation tax losses against are not yet certain and no deferred tax asset has been recongised in the financial statements.
Page 32
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 33
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 34
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Tangible fixed assets (continued)
Page 35
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 36
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 37
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 38
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
20.Loans (continued)
Page 39
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 40
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Foreign exchange reserve
Page 41
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
At the reporting date, there was an amount of £nil (2023: £nil) outstanding in respect of pension contributions payable by the Group and Company.
Contributions payable by the Group and Company during the year were £27,563 (2023: £26,010). On 19 November 2025, the Company completed the sale of its Interceptor Technology to Electro Optic Systems Limited plus received development funding with a combined total consideration of €5.5million. The transaction was settled in full on 25 November 2025. As detailed in note 20, the loan due within one year of £4,514,813 matured in October 2025 and the loan principal was renewed for a further six months. Under the revised terms of the loan renewal, the loan prinicpal was due for repayment in July 2025, and the refinanced loan accrues interest at 5.5% per month and is payable monthly. The loan was repaid in full on 15 May 2026. On 12 January 2026, Electro Optic Systems Holdings Limited (“EOS”) (ASX: EOS) announced that it had entered into an agreement to acquire the MARSS Group Defence business assets with an upfront payment of US$36million. The transaction was completed on 20 May 2026. These are considered to be non-adjusting subsequent events and accordingly, the financial statements for the year ended 31 December 2024 have not been adjusted to reflect their impact.
Page 42
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MARINE & REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group's immediate and ultimate parent undertaking is MARSS Holdings SARL, a company incorporated in Luxembourg.
The ultimate controlling party is J Pinl.
Page 43
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