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

Marine Fire Safety Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit D1 To D4 Haysbridge Business Park, Brickhouse Lane, South Godstone, Surrey, United Kingdom, RH9 8JW.

The financial statements are presented for the period from 1 October 2024 to 31 December 2025, a 15 month period. The prior period financial statements were prepared for the year from 1 October 2023 to 30 September 2024. As a result, the comparative amounts presented in the financial statements are not entirely comparable. The accounting period was changed due to the company being acquired in December 2024.

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 amounts 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.

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

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

For non-contract work, invoices are raised once the goods leave the Marine Fire Safety warehouse. For one-off installation/services, these are invoiced on completion. As such, for the non-contract work, revenue is recognised once goods are dispatched or work completed, as this is the point at which the risks and rewards of ownership transfer.

For lease income, assets are leased out to customers for the agreed contract term. Revenue is invoiced in advance on an annual basis and a portion of the revenue is deferred, to be released in line with the term of the contract.

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:

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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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 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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Equity instruments 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.

The 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 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 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

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 leases asset are consumed.

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

During the year, the company disposed of its investment in Marasafe Limited, previously trading as Marine Fire Safety (Scotland) Limited.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company has three classes of ordinary shares.

The holders of ordinary A shares are entitled to receive dividends as declared, are entitled to one vote per share at meetings of the company and do not have any restrictions on repayment of capital.

The holders of ordinary B shares and ordinary D shares do not hold voting rights, are entitled to dividend distributions at the discretion of the holders of ordinary A shares and have no right to participate in any capital distributions on wind up of the entity.

The capital redemption reserve represents the par value of shares which have been repurchased by the entity and subsequently cancelled.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

Qualified opinion on financial statements

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, 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 period 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 qualified opinion

We have not performed any audit procedures on the comparative balance sheet for the year ended 30 September 2024 due to the company being exempt from audit as at that date. We have been unable to confirm that the comparative balances are free from material mis-statement, nor assess the impact on the current year's profit and loss account which might result from any such mis-statements. Accordingly we qualify our opinion on the comparative figures as at 30 September 2024 and the result for the period ended 31 December 2025.

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 Auditor's 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 UK, including the FRC’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.

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

The operating leases as lessor represent leases of life raft equipment to third parties. The leases are negotiated over terms of 1-5 years and rentals are fixed over the term of the lease. The total outstanding future minimum receipt at 31 December 2025 is £123,280 (2024: £117,989).

The company has taken advantage of the exemption available in Section 33.1A of FRS 102, whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group.

From 13 December 2024, following a change in ownership, the company's immediate parent undertaking is Nobel Fire Systems Limited, a company incorporated in England and Wales and registered at 7 Quest Park, Moss Hall Road, Heywood, England, BL9 7JZ. The results of this company from the date of acquisition are included within the consolidated accounts of Nobel Fire Systems Limited.

The company's ultimate parent undertaking is considered to be Systemic Group AB, a company registered in Sweden.

During the period ended 31 December 2025, the directors identified that an element of income, relating to the lease of liferafts, should be held within deferred income. This was following a review of the revenue recognition process, in which it was identified that income invoiced in advance should be deferred and released over the period which has been invoiced in line with FRS102. The impact on equity from this restatement is (£35,996). The profit in the year ended 31 December 2024 has decreased by £35,996 on account of the reclassification of the deferred income. The tax impact of deferring income of £35,996 has been estimated at £8,999 (using a corporation tax rate of 25%) is not considered material and will be accounted for as an adjustment through the 2025 tax charge for the period.

In addition to the above, an adjustment has been made within equity to accurately reflect the balance of the capital redemption reserve. This reserve arose out of share repurchases beginning in 2014 and subsequent cancellation of said shares. Previously, the value of this reserve reflected the consideration paid for the repurchase of the shares less the par value of each share and has been restated to reflect the par value of the cancelled shares, with the balance of consideration being deducted from the profit and loss reserve. The total impact on equity from this adjustment is £nil and the impact on profit and loss reserves brought forward is (£70,001). There is no impact on net assets nor profit from this restatement.