Company registration number SC524429 (Scotland)
ROCKSALT SUBSEA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
PAGES FOR FILING WITH REGISTRAR
ROCKSALT SUBSEA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ROCKSALT SUBSEA LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2026
31 January 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
3
891,768
727,442
Current assets
Debtors
4
870,382
1,987,528
Cash at bank and in hand
490,277
861,545
1,360,659
2,849,073
Creditors: amounts falling due within one year
5
(405,961)
(1,024,589)
Net current assets
954,698
1,824,484
Total assets less current liabilities
1,846,466
2,551,926
Creditors: amounts falling due after more than one year
6
(38,031)
(93,600)
Provisions for liabilities
(213,696)
(178,338)
Net assets
1,594,739
2,279,988
Capital and reserves
Called up share capital
400
400
Profit and loss reserves
1,594,339
2,279,588
Total equity
1,594,739
2,279,988
ROCKSALT SUBSEA LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2026
31 January 2026
- 2 -

For the financial year ended 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 August 2026 and are signed on its behalf by:
A J FRENCH
A J French
Director
Company registration number SC524429 (Scotland)
ROCKSALT SUBSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
- 3 -
1
Accounting policies
Company information

RockSalt Subsea Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 9, Insch Business Park, Muiryheadless Road, Insch, AB52 6TA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

1.4
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
4 years straight line
Plant and equipment
10 years straight line
Fixtures and fittings
25% reducing balance
Computers
4 years straight line
Motor vehicles
25% reducing balance
Boats
10 years straight line
Dive systems
10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ROCKSALT SUBSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
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 current liabilities.

1.7
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

ROCKSALT SUBSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 5 -
1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
23
45
ROCKSALT SUBSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Boats
Total
£
£
£
£
£
£
£
Cost
At 1 February 2025
23,763
737,437
13,912
26,597
142,649
193,463
1,137,821
Additions
5,054
26,945
-
899
22,795
252,250
307,943
Disposals
-
-
-
-
(8,795)
(1,375)
(10,170)
Transfers
-
(4,996)
-
-
-
4,996
-
At 31 January 2026
28,817
759,386
13,912
27,496
156,649
449,334
1,435,594
Depreciation and impairment
At 1 February 2025
12,088
298,041
9,290
9,917
72,432
8,611
410,379
Depreciation charged in the year
4,789
73,370
1,156
5,224
20,114
35,628
140,281
Eliminated in respect of disposals
-
-
-
-
(6,766)
(68)
(6,834)
Transfers
-
(833)
-
-
-
833
-
At 31 January 2026
16,877
370,578
10,446
15,141
85,780
45,004
543,826
Carrying amount
At 31 January 2026
11,940
388,808
3,466
12,355
70,869
404,330
891,768
At 31 January 2025
11,675
439,396
4,622
16,680
70,217
184,852
727,442
ROCKSALT SUBSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 7 -
4
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
376,149
1,197,118
Other debtors
494,233
790,410
870,382
1,987,528
5
Creditors: amounts falling due within one year
2026
2025
£
£
Bank loans
29,584
45,000
Trade creditors
176,630
394,814
Taxation and social security
22,409
285,017
Other creditors
177,338
299,758
405,961
1,024,589

The b ank loans are secured by a g overnment g uarantee and by a floating charge over the company's assets.

Included within other creditors are obligations under finance leases of £25,985 (2025 - £24,270) which are secured against the asset to which they relate.

6
Creditors: amounts falling due after more than one year
2026
2025
£
£
Bank loans and overdrafts
3,000
32,584
Other creditors
35,031
61,016
38,031
93,600

The b ank loans are secured by a g overnment g uarantee and by a floating charge over the company's assets.

Included within other creditors are obligations under finance leases of £35,031 (2025 - £61,016) which are secured against the asset to which they relate.

ROCKSALT SUBSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 8 -
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2026
2025
£
£
Total commitments
110,952
163,722
8
Related party transactions

During the year the company made advances to a director of £20,000 and credits were received by the company of £1,405 resulting in a balance of £nil (2025 - £18,595 due to the director from the company).

During the year the company made advances to another director of £55,195 and credits were received by the company of £20,785 resulting in a balance of £1,477 due from the director (2025 - £32,933 due to the director from the company).

During the year, the company made advances of £3,221 to a company under common ownership, which resulted in a balance due to the company at the year end of £3,221 (2025 - nil). The loan is unsecured and interest free with no fixed repayments terms in place.

During the year, the company made advances of £69,842 to another company under common ownership and received credits of £1,551, which resulted in a balance due to the company at the year end of £68,291 (2025 - nil). The loan is unsecured and interest free with no fixed repayments terms in place.

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