SUBSEA CRAFT LIMITED

• ⚠

  Material uncertainty over going concern

  Based on the Directors' forecasts and plans, taking into account existing cash and debt facilities, the Group and Company will need to obtain additional funding during 2025/2026 in order to continue meeting liabilities as they fall due. The Group and Company are reliant on support from investors who have pledged sufficient funding into 2025/2026 and for a period of at least 12 months from the approval of these financial statements to meet these obligations.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  +94.7%

  £764,019 → £1,487,207

• Cash

  +25.1%

  £1,445,212 → £1,807,765

  highest in 5 filed years

• Net assets

  -28.3%

  -£36,310,420 → -£46,588,030

  lowest in 5 filed years

• Employees

  +61.4%

  57 → 92

  highest in 5 filed years

• Operating profit

  +25.4%

  -£12,650,341 → -£9,437,143

• Profit before tax

  +17.6%

  -£13,904,324 → -£11,453,988

• Wages

  +54.4%

  £4,030,407 → £6,221,177

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Based on the Directors' forecasts and plans, taking into account existing cash and debt facilities, the Group and Company will need to obtain additional funding during 2025/2026 in order to continue meeting liabilities as they fall due. The Group and Company are reliant on support from investors who have pledged sufficient funding into 2025/2026 and for a period of at least 12 months from the approval of these financial statements to meet these obligations.”

Group structure

1. SUBSEA CRAFT LIMITED · parent
   1. Subsea Craft Australia Pty Limited 100% · Australia

Significant events

• “the Group expanded its international footprint by progressing the stand-up of subsidiaries in the European Union, United States of America, and Australia”
• “the Group increased headcount by 61% during the year, including the appointment of new leadership in; Product, Manufacturing, and Programme Delivery, to strengthen core operations.”
• “Development of the VICTA programme accelerated significantly during the year, with the capitalisation of £6m (2023: £4.9m) of development costs as an intangible asset, with progress focused on refining its autonomous control architecture.”
• “The Group successfully delivered the first phase of work under the UK Ministry of Defence's USSV contract, including receipt of an initial milestone payment of £1.3m.”
• “Both an Uncrewed Surface Vehicle ("USV") and an Uncrewed Aerial Vehicle ("UAV") were added to our offering, reflecting continued investment in a family of systems across multiple domains.”
• “Since the year end a further £18.75m of loan facility has been advanced to the Parent Company.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

11

last 12 months

Capital events

2

last 24 months

Officers appointed

2

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.