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Registered number: SC227632














TRIDENT AQUA SERVICES (UK) LIMITED
(FORMERLY AQUASHIP (UK) LIMITED)





ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

COMPANY INFORMATION


Directors
I G Johnson 
D G Johnson 
A Aasmyr 




Company secretary
D G Johnson



Registered number
SC227632



Registered office
Garthspool

Lerwick

Shetland

ZE1 0NY





 
TRIDENT AQUA SERVICES (UK) LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditors' report
4 - 7
Statement of comprehensive income
8 - 9
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 28

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction
 
The principal activities of the company during the year were harvesting, well-boat services and workboat services to the aquaculture industry.

The directors are pleased to present their strategic report on a year with good company performance. The company strategy of building existing customer relationships and entering longer-term contracts has been successful. A continued focus on cost reduction and efficiency has also been successfully implemented, which reduced operating costs whilst maintaining the continued professional and efficient service provided by the business.

Principal risks and uncertainties
 
The management of the business, nature of the Company’s strategy and sector the company works in are subject to several risks. The directors have set out below the principal risks facing the business.

Price Risk & Demand
 
The Company will continue their focus on the Scottish market and Aquaculture industry and although demand for farmed fish continues to be high any downturn could affect the business. To reduce this risk the Company will continue to prioritise the securing of longer-term charters over the next 12-18 months.

Currency
 
As the business trades solely in the UK market there is and will be very low currency risk going forward.  If there is a need to purchase or trade in large amouts of currency then the Company will implement a buy forward to hedge strategy to mitigate and minimise these currency risks.  

Key performance indicators
 
The directors view the following to be key performance indicators that are used to monitor the Company’s progress: net profit, net assets, profit before tax, EBITDA.


This report was approved by the board and signed on its behalf.



D G Johnson
Director

Date: 10 June 2026
Page 1

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Results and dividends

The profit for the year, after taxation, amounted to £2,777,753 (2024 - £629,496).

During the year the Company paid no dividends (2024 - £Nil).

Directors

The directors who served during the year were:

I G Johnson (appointed 8 January 2025)
O P Brandal (resigned 19 November 2025)
D G Johnson 
A Aasmyr (appointed 4 October 2025)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsAAB Audit & Accountancy Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





D G Johnson
Director

Date: 10 June 2026
Page 2

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIDENT AQUA SERVICES (UK) LIMITED
 

Opinion


We have audited the financial statements of Trident Aqua Services (UK) Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the , the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIDENT AQUA SERVICES (UK) LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIDENT AQUA SERVICES (UK) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.  

The laws and regulations we considered in this context were the Companies Act 2006, Taxation and Maritime legislation.

We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:

Management override of controls to manipulate the company's key performance indicators to meet targets;
Timing and completeness of revenue recognition;
Management judgement applied in calculating provisions; and
Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading. 

Our audit procedures to respond to these risks included:

Testing of journal entries and other adjustments for appropriateness;
Sales cut off and transaction testing to ensure revenue was recognised correctly;
Evaluating the business rationale of significant transactions outside the normal course of business;
Reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
Enquiries of management about litigation and claims and inspection of relevant correspondence; and
Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIDENT AQUA SERVICES (UK) LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Pirrie (Senior statutory auditor)
  
for and on behalf of
AAB Audit & Accountancy Limited
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

10 June 2026
Page 7

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025

2025
2024
Note
£
£

  

Turnover
 4 
13,651,905
15,156,774

Cost of sales
  
(2,163,516)
(3,131,992)

Gross profit
  
11,488,389
12,024,782

Administrative expenses
  
(9,485,074)
(12,781,339)

Operating profit/(loss)
 5 
2,003,315
(756,557)

Interest receivable and similar income
  
3,998
6,926

Interest payable and similar expenses
 8 
(7,007)
(117,328)

Profit/(loss) before tax
  
2,000,306
(866,959)

Tax on profit/(loss)
 9 
777,447
1,496,455

Profit for the financial year
  
2,777,753
629,496

Other comprehensive income for the year
  

Loss on vessel revaluation
  
(212,749)
(908,100)

Other comprehensive income for the year
  
(212,749)
(908,100)

Total comprehensive income for the year
  
2,565,004
(278,604)

The notes on pages 13 to 28 form part of these financial statements.
Page 8

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 10 
22,893,131
23,304,034

  
22,893,131
23,304,034

Current assets
  

Debtors: amounts falling due within one year
 11 
5,288,738
3,369,763

Cash at bank and in hand
 12 
625,859
1,874,703

  
5,914,597
5,244,466

Creditors: amounts falling due within one year
 13 
(867,476)
(2,395,639)

Net current assets
  
 
 
5,047,121
 
 
2,848,827

Total assets less current liabilities
  
27,940,252
26,152,861

Provisions for liabilities
  

Deferred tax
 16 
(2,337,318)
(3,114,931)

  
 
 
(2,337,318)
 
 
(3,114,931)

Net assets
  
25,602,934
23,037,930


Capital and reserves
  

Called up share capital 
 17 
4
4

Revaluation reserve
  
1,411,125
1,644,429

Profit and loss account
  
24,191,805
21,393,497

  
25,602,934
23,037,930


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D G Johnson
Director

Date: 10 June 2026

The notes on pages 13 to 28 form part of these financial statements.
Page 9

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2024
4
2,584,839
20,731,691
23,316,534



Profit for the year
-
-
629,496
629,496

Loss on vessel revaluation
-
-
(908,100)
(908,100)

Transfer from revaluation reserve
-
(940,410)
940,410
-



At 1 January 2025
4
1,644,429
21,393,497
23,037,930



Profit for the year
-
-
2,777,753
2,777,753

Loss on vessel revaluation
-
-
(212,749)
(212,749)

Transfer from revaluation reserve
-
(233,304)
233,304
-


At 31 December 2025
4
1,411,125
24,191,805
25,602,934


The notes on pages 13 to 28 form part of these financial statements.
Page 10

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
2,777,753
629,496

Adjustments for:

Depreciation of tangible assets
392,536
493,213

Impairments of fixed assets
1,044,702
2,707,212

Loss on disposal of tangible assets
-
249,784

Interest paid
7,007
117,328

Interest received
(3,998)
(6,926)

Taxation charge
(777,447)
(1,496,455)

(Increase)/decrease in debtors
(847,608)
1,368,913

(Decrease) in creditors
(565,381)
(136,595)

(Decrease)/increase in amounts owed to groups
(2,036,687)
2,557,896

Corporation tax received/(paid)
25,411
(76,269)

Net cash generated from operating activities

16,288
6,407,597


Cash flows from investing activities

Purchase of tangible fixed assets
(1,239,081)
(1,514,844)

Sale of tangible fixed assets
-
538,634

Interest received
3,998
6,926

HP interest paid
(2,176)
(4,170)

Net cash from investing activities

(1,237,259)
(973,454)

Cash flows from financing activities

Repayment of loans
-
(7,487,000)

Repayment of/new finance leases
(23,042)
(46,086)

Interest paid
(4,831)
(113,158)

Net cash used in financing activities
(27,873)
(7,646,244)

Net (decrease) in cash and cash equivalents
(1,248,844)
(2,212,101)

Cash and cash equivalents at beginning of year
1,874,703
4,086,804

Cash and cash equivalents at the end of year
625,859
1,874,703


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
625,859
1,874,703

625,859
1,874,703


The notes on pages 13 to 28 form part of these financial statements.

Page 11

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

FOR THE YEAR ENDED 31 DECEMBER 2025




At 1 January 2025
Cash flows
At 31 December 2025
£

£

£

Cash at bank and in hand

1,874,703

(1,248,844)

625,859

Debt due within 1 year

(36,578)

12,766

(23,812)

Finance leases

(23,042)

23,042

-


1,815,083
(1,213,036)
602,047

The notes on pages 13 to 28 form part of these financial statements.
Page 12

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

1.


General information

Trident Aqua Services (UK) Limited (formerly AquaShip (UK) Limited) is a company incorporated in Scotland. The registered address is Garthspool, Lerwick, Shetland, ZE1 0NY. The principal activity of the company is aquaculture.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry and, after preparing projections and given good post year end trading, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Buildings
-
50 years straight line
Plant and machinery
-
5 -10 years straight line
Motor vehicles
-
3 years straight line
Office equipment
-
4 years straight line
Vessels
-
20 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Revaluation of tangible fixed assets

Individual freehold property and vessels are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Page 14

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

 
2.8

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Page 15

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 16

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Pensions

Defined contribution pension plan

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 17

 
TRIDENT AQUA SERVICES (UK) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 18

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements.

Impairment of debtors

The Company makes an assessment of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider various factors including the ageing profile of debtors and historical experience.

Revaluation and estimated useful economic lives of vessels

The carrying value of vessels is their most recent valuation less accumulated depreciation based on residual value of the vessels and expected useful life remaining.  The carrying value of vessels is sensitive to changes in useful economic lives and residual values of the vessels.  Revaluation of vessels are undertaken regularly with useful lives and residual values reassessed annually.  They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition of the vessels.



4.


Turnover

The whole of the turnover is attributable to acquaculture and arose within the United Kingdom.


5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2025
2024
£
£

Fees payable to the company's auditor for the audit of the company's annual financial statements
26,000
39,156

Exchange differences
28,746
127,599

Other operating lease rentals
-
119,146

Page 19

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
4,740,089
5,549,070

Social security costs
596,914
608,019

Cost of defined contribution scheme
91,196
105,248

5,428,199
6,262,337


The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Management
1
3



Administration
70
83

71
86


7.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
186,890
545,566

Company contributions to defined contribution pension schemes
3,522
51,214

190,412
596,780


During the year retirement benefits were accruing to 1 directors (2024 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £172,886 (2024 - £230,252).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,522 (2024 - £45,672).

Page 20

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

8.


Interest payable and similar expenses

2025
2024
£
£


Bank interest payable
4,831
33,684

Loans from group undertakings
-
75,793

Finance leases and hire purchase contracts
2,176
4,170

Other interest payable
-
3,681

7,007
117,328


9.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
166
(84,697)

Adjustments in respect of previous periods
-
(25,411)


166
(110,108)


Total current tax
166
(110,108)

Deferred tax


Origination and reversal of timing differences
(730,811)
(1,391,111)

Adjustments in respect of prior periods
(46,802)
4,764

Total deferred tax
(777,613)
(1,386,347)


Tax on profit/(loss)
(777,447)
(1,496,455)
Page 21

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit/(loss) on ordinary activities before tax
2,000,306
(866,959)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
380,058
(216,740)

Effects of:


Expenses not deductible for tax purposes
200,828
682,900

Fixed asset differences
(238,181)
(902,862)

Other permanent differences
166
219

Losses carried back
-
5,288

Adjustments to tax charge in respect of prior periods
-
(25,411)

Adjustments to tax charge in respect of prior periods - deferred tax
(46,802)
4,764

Non-taxable income
(875,155)
(794,648)

Capital gains
(22,966)
(249,912)

Tax credits
-
(53)

Remeasurement of deferred tax for changes in tax rates
(175,395)
-

Total tax charge for the year
(777,447)
(1,496,455)


Factors that may affect future tax charges

There are no factors affecting future tax charges.

Page 22

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

10.


Tangible fixed assets


Freehold property
Plant and machinery
Motor vehicles
Office equipment
Vessels
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2025
454,772
4,815,996
28,495
44,324
22,773,291
28,116,878


Additions
-
-
-
-
1,239,081
1,239,081


Revaluations
-
-
-
-
(1,562,988)
(1,562,988)



At 31 December 2025

454,772
4,815,996
28,495
44,324
22,449,384
27,792,971



Depreciation


At 1 January 2025
55,514
4,688,421
28,495
40,414
-
4,812,844


Charge for the year on owned assets
9,098
76,454
-
1,444
305,540
392,536


On revalued assets
-
-
-
-
(305,540)
(305,540)



At 31 December 2025

64,612
4,764,875
28,495
41,858
-
4,899,840



Net book value



At 31 December 2025
390,160
51,121
-
2,466
22,449,384
22,893,131



At 31 December 2024
399,258
127,575
-
3,910
22,773,291
23,304,034

Page 23

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

           10.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2025
2024
£
£

Freehold
390,160
399,258

390,160
399,258


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2025
2024
£
£



Other fixed assets
-
125,201

-
125,201


11.


Debtors

2025
2024
£
£


Trade debtors
1,527,734
332,690

Amounts owed by group undertakings
3,626,001
2,447,488

Other debtors
84,531
110,108

Prepayments and accrued income
50,472
479,477

5,288,738
3,369,763



12.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
625,859
1,874,703


Page 24

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

13.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
217,873
536,292

Amounts owed to group undertakings
321,678
1,261,418

Other taxation and social security
244,966
409,326

Obligations under finance lease and hire purchase contracts
-
23,042

Other creditors
24,174
36,780

Accruals and deferred income
58,785
128,781

867,476
2,395,639



14.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2025
2024
£
£


Within one year
-
23,043

-
23,043

Page 25

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

15.


Financial instruments

2025
2024
£
£

Financial assets


Financial assets measured at fair value through profit or loss
625,859
1,874,703

Other financial assets measured at amortised cost through profit or loss
5,263,843
3,259,655

5,889,702
5,134,358


Financial liabilities


Other financial liabilities measured at amortised cost through profit or loss
622,510
1,963,271


Financial assets measured at fair value through profit or loss comprise cash at bank.

Financial assets that are debt instruments measured at amortised cost comprise trade debtors, accrued income, amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, accruals, amounts owed to group undertakings and other creditors.
Page 26

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

16.


Deferred taxation




2025
2024


£

£






At beginning of year
3,114,931
4,501,278


Charged to profit or loss
(777,613)
(1,386,347)



At end of year
2,337,318
3,114,931

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Fixed asset timing differences
2,639,251
3,021,129

Short term timing differences
(5,953)
(9,144)

Capital gains
154,281
184,500

Losses and other deductions
(450,261)
(81,554)

2,337,318
3,114,931


17.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



400 (2024 - 400) Ordinary shares of £0.01 each
4
4



18.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £91,196 (2024 - £105,248). Contributions totalling £23,812 (2024 - £36,578) were payable to the fund at the balance sheet date.

Page 27

 
TRIDENT AQUA SERVICES (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

19.


Commitments under operating leases

At 31 December 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
126,234
429,186

Later than 1 year and not later than 5 years
31,039
115,526

157,273
544,712


20.


Related party transactions

Control

Throughout the year the company was controlled by the directors.

Transactions

The company has taken advantage of FRS 102 section 33 paragraph (a), which allows exemption from disclosure of related party transactions with other group companies.

During the year, the company entered into transactions with related parties as follows: 


2025
2024
£
£

A company with common directors - Purchases
-
(9,600)
A company with common directors - Purchases
(9,047)
(5,318)
A company with common directors - Purchases
(6,644)
-
A company with common directors - Purchases
(260,648)
-


21.


Controlling party

The company's immediate parent company is AquaShip AS, a company registered in Norway.

AquaShip AS is the largest and smallest company which the financial information of Trident Services (UK) Limited is consolidated. The finanical statements of AquaShip AS are available from Vågeveien 5, 6509 Kristiansund, Norway.

The ultimate controlling party of Trident Services (UK) Limited is American Industrial Partners Capital Fund VII.

Page 28