IRIS Accounts Production v26.1.10.61 SC346192 Board of Directors 1.1.25 31.12.25 31.12.25 5/3/2026 true false true false false true false Auditors Opinion A Ordinary 1.00000 B Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC346192 2024-12-31 SC346192 2025-12-31 SC346192 2025-01-01 2025-12-31 SC346192 2023-09-30 SC346192 2023-10-01 2024-12-31 SC346192 2024-12-31 SC346192 ns15:Scotland 2025-01-01 2025-12-31 SC346192 ns14:PoundSterling 2025-01-01 2025-12-31 SC346192 ns10:Director1 2025-01-01 2025-12-31 SC346192 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 SC346192 ns10:SmallEntities 2025-01-01 2025-12-31 SC346192 ns10:Audited 2025-01-01 2025-12-31 SC346192 ns10:SmallCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 SC346192 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 SC346192 ns10:FullAccounts 2025-01-01 2025-12-31 SC346192 ns10:OrdinaryShareClass2 2025-01-01 2025-12-31 SC346192 ns10:OrdinaryShareClass3 2025-01-01 2025-12-31 SC346192 ns10:Director2 2025-01-01 2025-12-31 SC346192 ns10:Director3 2025-01-01 2025-12-31 SC346192 ns10:Director4 2025-01-01 2025-12-31 SC346192 ns10:RegisteredOffice 2025-01-01 2025-12-31 SC346192 ns5:CurrentFinancialInstruments 2025-12-31 SC346192 ns5:CurrentFinancialInstruments 2024-12-31 SC346192 ns5:ShareCapital 2025-12-31 SC346192 ns5:ShareCapital 2024-12-31 SC346192 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 SC346192 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 SC346192 ns5:FurnitureFittings 2025-01-01 2025-12-31 SC346192 ns5:MotorVehicles 2025-01-01 2025-12-31 SC346192 ns5:FurnitureFittings 2024-12-31 SC346192 ns5:MotorVehicles 2024-12-31 SC346192 ns5:FurnitureFittings 2025-12-31 SC346192 ns5:MotorVehicles 2025-12-31 SC346192 ns5:FurnitureFittings 2024-12-31 SC346192 ns5:MotorVehicles 2024-12-31 SC346192 ns5:CostValuation 2024-12-31 SC346192 ns5:Subsidiary1 2025-01-01 2025-12-31 SC346192 1 ns5:Subsidiary1 2025-01-01 2025-12-31 SC346192 ns5:Subsidiary1 2025-12-31 SC346192 ns5:Subsidiary1 2024-12-31 SC346192 ns5:Subsidiary1 2023-10-01 2024-12-31 SC346192 ns5:Subsidiary2 2025-01-01 2025-12-31 SC346192 ns5:Subsidiary2 3 2025-01-01 2025-12-31 SC346192 ns5:Subsidiary2 2025-12-31 SC346192 ns5:Subsidiary2 2024-12-31 SC346192 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 SC346192 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 SC346192 ns10:OrdinaryShareClass2 2025-12-31 SC346192 ns10:OrdinaryShareClass3 2025-12-31 SC346192 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 SC346192 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31

REGISTERED NUMBER: SC346192 (Scotland)

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| OFFSHORE WATER MANAGEMENT LTD |

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

| Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |  | to |  | 8

OFFSHORE WATER MANAGEMENT LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | N Crone

| J J Bruins

| B D Schuurs

| M H M Van Schaik

| REGISTERED OFFICE: | Ground Floor

| 3 Prospect Place

| Arnhall Business Park

| Westhill

| Aberdeenshire

| AB32 6SY

| REGISTERED NUMBER: | SC346192 (Scotland)

| AUDITORS: | Azets Audit Services

| Statutory Auditor

| Chartered Accountants

| Titanium 1

| Kings Inch Place

| Renfrew

| PA4 8WF

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

BALANCE SHEET

31 DECEMBER 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 49,318 |  | 67,111 |  |

Investments | 5 | 2 |  | 2 |  |

49,320 |  | 67,113 |  |

CURRENT ASSETS

Stocks | - |  | 25,785 |  |

Debtors | 6 | 3,873,589 |  | 2,365,041 |  |

Cash at bank and in hand | 156,810 |  | 244,880 |  |

4,030,399 |  | 2,635,706 |  |

CREDITORS

Amounts falling due within one year | 7 | 952,674 |  | 842,644 |  |

NET CURRENT ASSETS | 3,077,725 |  | 1,793,062 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,127,045 |  | 1,860,175 |  |

PROVISIONS FOR LIABILITIES | 12,330 |  | 16,778 |  |

NET ASSETS | 3,114,715 |  | 1,843,397 |  |

CAPITAL AND RESERVES

Called up share capital | 8 | 100 |  | 100 |  |

Retained earnings | 9 | 3,114,615 |  | 1,843,297 |  |

SHAREHOLDERS' FUNDS | 3,114,715 |  | 1,843,397 |  |

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 5 March 2026 and were signed on its behalf by:

N Crone - Director

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Offshore Water Management Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

| The company's financial statements are presented in sterling, which is also the company's functional currency, and all values are rounded to the nearest pound.

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

| Preparation of consolidated financial statements

| The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 399 of the Companies Act 2006. Accordingly the financial statements present information about the company as an individual undertaking only and not about its group.

| Turnover

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

| 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 delivery), 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 the supply of services is recognised when the services are delivered, 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.

| Tangible fixed assets

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

| Fittings & equipment | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

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

| At each balance sheet date an impairment review is carried out. Where there is any indication that an asset may be impaired, the carrying value is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying value exceeds its recoverable amount.

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Investments in subsidiaries

| Investments in subsidiary undertakings are initially recognised at cost.

| At each balance sheet date an impairment review is carried out. Where there is any indication that an investment may be impaired, the carrying value is tested for impairment. An impairment loss is recognised for the amount by which the investment's carrying value exceeds its recoverable amount.

| A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

| Stocks

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

| 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 present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| 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.

| 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.

| 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.

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 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.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| 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 the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| 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 current liabilities.

| Reporting period

| On 18 March 2024 the company extended the previous accounting period by three months to end on 31 December 2024. This was to align its accounting reporting date with the other companies in its group. These accounts represent the 12 months of trading ended 31 December 2025, and so the comparative amounts presented in the financial statements are not entirely comparable.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 11 (2024 - 13 ) .

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | TANGIBLE FIXED ASSETS

| Fittings |  | Motor |

| & equipment |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 98,172 |  | 29,710 |  | 127,882 |  |

| Disposals | (6,109 | ) | - |  | (6,109 | ) |

| At 31 December 2025 | 92,063 |  | 29,710 |  | 121,773 |  |

| DEPRECIATION

| At 1 January 2025 | 49,555 |  | 11,216 |  | 60,771 |  |

| Charge for year | 10,524 |  | 4,208 |  | 14,732 |  |

| Eliminated on disposal | (3,048 | ) | - |  | (3,048 | ) |

| At 31 December 2025 | 57,031 |  | 15,424 |  | 72,455 |  |

| NET BOOK VALUE

| At 31 December 2025 | 35,032 |  | 14,286 |  | 49,318 |  |

| At 31 December 2024 | 48,617 |  | 18,494 |  | 67,111 |  |

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 2 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2 |  |

| At 31 December 2024 | 2 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| OWM Trading Ltd

| Registered office: Ground Floor 3 Prospect Place, Arnhall Business Park, Westhill, Aberdeenshire, United Kingdom, AB32 6SY

| Nature of business: Property sub-letting

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.12.25 |  | 31.12.24

£ | £ |

| Aggregate capital and reserves | - |  | (2,312 | ) |

| Profit/(loss) for the year/period | 2,312 |  | (1,446 | ) |

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | FIXED ASSET INVESTMENTS - continued

| OWM Rentals Ltd

| Registered office: Ground Floor 3 Prospect Place Arnhall Business Park, Westhill, Aberdeenshire, United Kingdom, AB32 6SY

| Nature of business: Property sub-letting

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.12.25 |  | 31.12.24

£ | £ |

| Aggregate capital and reserves | 1 |  | 1 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 636,209 |  | 769,847 |  |

| Other debtors | 3,112,447 |  | 1,475,270 |  |

| Accrued income | 102,844 |  | 71,265 |  |

| Prepayments | 22,089 |  | 48,659 |  |

3,873,589 |  | 2,365,041 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | 331,487 |  | 164,932 |  |

| Tax | 428,221 |  | 401,041 |  |

| Social security and other taxes | 12,079 |  | 26,851 |  |

| VAT | 78,189 |  | 124,758 |  |

| Other creditors | 1,596 |  | 13,452 |  |

| Deferred income | 10,591 |  | 30,068 |  |

| Accrued expenses | 90,511 |  | 81,542 |  |

952,674 |  | 842,644 |  |

8. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £ | £ |

| 60 | A Ordinary | £1 | 60 |  | 60 |  |

| 40 | B Ordinary | £1 | 40 |  | 40 |  |

100 |  | 100 |  |

| Each A Ordinary share carries the right to vote, receive dividends and participate in a return of capital (including on a winding up). The A Ordinary shares do not carry the right of redemption.

| Each B Ordinary share carries the right to vote, receive dividends and participate in a return of capital (including on a winding up). The B Ordinary shares do not carry the right of redemption.

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

9. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 1,843,297 |  |

| Profit for the year | 1,271,318 |  |

| At 31 December 2025 | 3,114,615 |  |

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

| The Report of the Auditors was unqualified.

| Victoria Walker (Senior Statutory Auditor)

| for and on behalf of Azets Audit Services

11. | RELATED PARTY DISCLOSURES

| Included in debtors are loans to group companies totalling £3,102,912 (2024 - £1,465,050). There are no fixed terms for repayment and interest of £86,702 was charged (2024 - £NIL), at a rate of 3% p.a.

| Included in cost of sales is a total of £276,457 (2024 - £NIL) charged by group companies. Also, included in administrative expenses are amounts totalling £280,231 (2024 - £NIL) in respect of rent and recharges.

| Included in trade creditors are amounts totalling £151,623 (2024 - £NIL) owed to group companies.

12. | ULTIMATE CONTROLLING PARTY

| Greyhound Dutch Topco B.V. is the ultimate parent company, and ultimate controlling party. This company is registered at Honthorststraat 3, 1071 DC, Amsterdam, Netherlands.

| OWM Holdco Limited is the immediate parent company, and is registered at c/o Foot Anstey LLP, Senate Court, Southernhay Gardens, Exeter, EX1 1NT.