Company No: SC626437 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	3	2,875,258		3,716,797
Tangible assets	4	44,969		28,456
		2,920,227		3,745,253
Current assets
Stocks		346,205		424,136
Debtors	5	1,167,225		1,056,184
Cash at bank and in hand		841,103		685,237
		2,354,533		2,165,557
Creditors: amounts falling due within one year	6	( 352,372)		( 600,448)
Net current assets		2,002,161		1,565,109
Total assets less current liabilities		4,922,388		5,310,362
Creditors: amounts falling due after more than one year	7	( 4,835,154)		( 4,527,608)
Net assets		87,234		782,754
Capital and reserves
Called-up share capital	8	6,451		6,451
Share premium account		9,993,557		9,993,557
Profit and loss account		( 9,912,774 )		( 9,217,254 )
Total shareholders' funds		87,234		782,754

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These 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 Pict Offshore Limited (registered number: SC626437) were approved and authorised for issue by the Board of Directors on 27 July 2026. They were signed on its behalf by:

P F Taylor Director

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

Pict Offshore 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 Pict House, Unit 13-14 Belleknowes Industrial Estate, Inverkeithing, KY11 1HZ, United Kingdom.

The financial statements have been prepared under the historical cost convention 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company is supported through loans from related parties. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	10 years straight line
Other intangible assets	2 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit.

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 2 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	1 - 2 years straight line
Plant and machinery	3 - 5 years straight line
Fixtures and fittings	3 - 5 years straight line

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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. Cost is calculated using the FIFO (first-in, first-out) method. 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 and deposits held at call with banks.

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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are 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.

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.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the Company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	26		25

3. Intangible assets

	Goodwill		Other intangible assets		Total
	£		£		£
Cost
At 01 April 2025	8,415,389		6,774		8,422,163
At 31 March 2026	8,415,389		6,774		8,422,163
Accumulated amortisation
At 01 April 2025	4,698,592		6,774		4,705,366
Charge for the financial year	841,539		0		841,539
At 31 March 2026	5,540,131		6,774		5,546,905
Net book value
At 31 March 2026	2,875,258		0		2,875,258
At 31 March 2025	3,716,797		0		3,716,797

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2025	27,061		155,110		133,502		315,673
Additions	0		16,826		18,976		35,802
At 31 March 2026	27,061		171,936		152,478		351,475
Accumulated depreciation
At 01 April 2025	27,061		147,198		112,958		287,217
Charge for the financial year	0		3,999		15,290		19,289
At 31 March 2026	27,061		151,197		128,248		306,506
Net book value
At 31 March 2026	0		20,739		24,230		44,969
At 31 March 2025	0		7,912		20,544		28,456

5. Debtors

	2026		2025
	£		£
Trade debtors	283,575		274,257
Amounts owed by Group undertakings	262,178		0
Corporation tax	103,418		97,141
Other debtors	518,054		684,786
	1,167,225		1,056,184

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans	8,773		10,289
Trade creditors	80,159		214,591
Other taxation and social security	50,887		46,104
Other creditors	212,553		329,464
	352,372		600,448

Within bank loans is a loan from Royal Bank of Scotland which is secured by a fixed charge over assets held by the Company.

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans	0		8,773
Other creditors	4,835,154		4,518,835
	4,835,154		4,527,608

Within other creditors is a loan from Ørsted Ventures Europe A/S of £3,000,000 (2025: £3,000,000) which is secured by a floating charge over the assets held by the Company, plus accrued interest of £536,922 (2025: £305,534).

Also included in other creditors is a loan due to key management personnel of £1,100,000 (2025: £1,100,000), plus accrued interest of £198,233 (2025: £113,301).

During the year, the directors received assurances from the lenders that the interest only loans included in other creditors would not be called for repayment within the next 12 months and that repayment would be deferred until 2029. Therefore, this balance has been allocated to amounts due over one year.

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
6,451 Ordinary shares of £ 1.00 each	6,451		6,451

9. Financial commitments

Other financial commitments

	2026		2025
	£		£
Total commitments under non-cancellable operating leases not provided for in the accounts	341,737		447,163

10. Related party transactions

Included in other creditors is an advance payment of £25,409 (2025: £25,409), on future invoices, by customers under common control. The advance payment will be deducted from payment of invoices and will be fully repaid by March 2027. The advance payment is interest free.