REGISTERED NUMBER: SC346192 (Scotland)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

OFFSHORE WATER MANAGEMENT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

8

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

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

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.

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.

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 ) .

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

)

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.

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.