Subsea Commercial Services Ltd

	Page
Accountants' Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—8

Report to the director on the preparation of the unaudited statutory accounts of Subsea Commercial Services Ltd for the year ended 31 March 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Subsea Commercial Services Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the director of Subsea Commercial Services Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Subsea Commercial Services Ltd and state those matters that we have agreed to state to the director of Subsea Commercial Services Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Subsea Commercial Services Ltd and its director as a body for our work or for this report.

It is your duty to ensure that Subsea Commercial Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Subsea Commercial Services Ltd . You consider that Subsea Commercial Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Subsea Commercial Services Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

Nuvo Scotland Limited

31 August 2026

Nuvo Scotland Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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Subsea Commercial Services Ltd

Balance Sheet

As At 31 March 2026

Balance Sheet

Registered number: SC409442

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		160		320
Tangible Assets	5		76,538		55,792

			76,698		56,112
CURRENT ASSETS
Debtors	6	98,296		77,509
Cash at bank and in hand		251,712		218,883

		350,008		296,392
Creditors: Amounts Falling Due Within One Year	7	(129,364 )		(72,577 )

NET CURRENT ASSETS (LIABILITIES)			220,644		223,815

TOTAL ASSETS LESS CURRENT LIABILITIES			297,342		279,927

Creditors: Amounts Falling Due After More Than One Year	8		(33,958 )		(40,400 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(19,174 )		(14,028 )

NET ASSETS			244,210		225,499

CAPITAL AND RESERVES
Called up share capital			1		1
Profit and Loss Account			244,209		225,498

SHAREHOLDERS' FUNDS			244,210		225,499

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Subsea Commercial Services Ltd

Balance Sheet (continued)

As At 31 March 2026

For the 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.

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved by the board of directors on 31 August 2026 and were signed on its behalf by:

Mr C Magee

Director

The notes on pages 4 to 8 form part of these financial statements.

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Subsea Commercial Services Ltd

Notes to the Financial Statements

For The Year Ended 31 March 2026

Notes to the Financial Statements

1. General Information

Subsea Commercial Services Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC409442 . The registered office is 1 Rubislaw Place, Aberdeen, AB10 1XN.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortised to and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	25% Reducing Balance
Fixtures & Fittings	20% on cost
Computer Equipment	33% on cost

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.6. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.

Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.

...CONTINUED

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Subsea Commercial Services Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.6. Financial Instruments - continued

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2.7. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2025: NIL)

4. Intangible Assets

	Computer Software
	£
Cost
As at 1 April 2025	800

As at 31 March 2026	800

Amortisation
As at 1 April 2025	480
Provided during the period	160

As at 31 March 2026	640

...CONTINUED

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Subsea Commercial Services Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

Net Book Value
As at 31 March 2026	160

As at 1 April 2025	320

5. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost or Valuation
As at 1 April 2025	54,119	2,511	4,158	60,788
Additions	-	35,468	558	36,026
Disposals	-	-	(99 )	(99 )

As at 31 March 2026	54,119	37,979	4,617	96,715

Depreciation
As at 1 April 2025	1,127	924	2,945	4,996
Provided during the period	13,248	1,198	813	15,259
Disposals	-	-	(78 )	(78 )

As at 31 March 2026	14,375	2,122	3,680	20,177

Net Book Value
As at 31 March 2026	39,744	35,857	937	76,538

As at 1 April 2025	52,992	1,587	1,213	55,792

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2026	2025
	£	£
Motor Vehicles	39,744	52,992

6. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	94,192	75,485
Prepayments and accrued income	4,104	1,419
VAT	-	605

	98,296	77,509

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Subsea Commercial Services Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	7,016	6,774
Trade creditors	63,786	-
Corporation tax	11,699	21,280
Other taxes and social security	1,016	-
VAT	3,286	-
Accruals and deferred income	33,340	34,936
Director's loan account	9,221	9,587

	129,364	72,577

8. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	33,958	40,400

9. Obligations Under Finance Leases and Hire Purchase

	2026	2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	7,016	6,774
Later than one year and not later than five years	33,958	40,400

	40,974	47,174

	40,974	47,174

10. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 April 2025	14,028	14,028
Deferred taxation	5,146	5,146

Balance at 31 March 2026	19,174	19,174

11. Capital Commitments

At the end of the period, the company had capital commitments contracted for but not provided in these financial statements of £330,000 relating to the purchase of an investment property with completion anticipated to take place in August 2026.

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Subsea Commercial Services Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

12. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2026
	£	£	£	£	£
Mr Callum Magee	(9,587 )	365	-	-	(9,221 )

The above loan is interest free and has no fixed repayment terms.

13. Ultimate Controlling Party

The company's ultimate controlling party is Callum Magee by virtue of his ownership of 100% of the issued share capital in the company.

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