SULMARA SUBSEA INTERNATIONAL LIMITED

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  +23.2%

  £46,209,913 → £56,949,989

• Cash

  +591.9%

  £294,535 → £2,037,826

  highest in 3 filed years

• Net assets

  -13.4%

  £6,068,625 → £5,256,036

• Employees

  +32.2%

  180 → 238

  highest in 6 filed years

• Operating profit

  -109.4%

  £1,514,540 → -£142,035

• Profit before tax

  -123.5%

  £1,494,356 → -£351,349

• Wages

  +23.6%

  £11,957,838 → £14,783,584

  highest in 5 filed years

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

Margins divide P&L lines by turnover. 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. Sector-distribution context coming next.

1. SULMARA SUBSEA INTERNATIONAL LIMITED 2018-08-30 → present
2. SLLP 238 LIMITED 2018-07-13 → 2018-08-30

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Azets Audit Services

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“As disclosed above, there has been additional investment in the group made by shareholders after the reporting date to support the group's short-term working capital position. Assurances have been obtained by the group from its shareholders, BGF Investments LP and BGF UK Enterprise Fund 3 LP, that they remain supportive of the group and will consider providing additional investment if required in the next 12 months to allow the group to continue as a going concern but do not currently consider that this is required based on the latest forecasts. They have also confirmed that they have no intention to seek early repayment of any long-term amounts due or seeking repayment of any short-term funding provided to the detriment of other creditors. As with any group or company placing reliance on shareholders for financial support, the directors acknowledge that there can be no certainty that this will continue although, at the date of approval of these financial statements, they have no reason to believe that this support will not continue for a period of at least 12 months from the date of approval of the financial statements. On that basis, and along with recent results and forecasts, the directors have a reasonable expectation that it is appropriate to adopt the going concern basis in the preparation of the financial statements and are confident that the group and company will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements.”

Group structure

1. SULMARA SUBSEA INTERNATIONAL LIMITED · parent
   1. Sulmara Subsea Guyana Inc 100% · Guyana
   2. Sulmara Subsea Canada Limited 100% · Canada
   3. Sulmara Subsea Inc 100% · USA
   4. Sulmara Subsea Limited 100% · UK
   5. Sulmara Subsea Mozambique Limited 100% · UK
   6. Sulmara Geo Limited 100% · UK
   7. Sulmara Subsea AS 100% · Norway
   8. Sulmara Subsea PTE. Ltd. 100% · Singapore
   9. Sulmara Geo Inc 100% · USA
   10. Sulmara Mexico, S. de R.L. de C.V 100% · Mexico
   11. Sulmara Subsea Mozambique Limitada 100% · Mozambique
   12. Sulmara Renewables Limited 100% · Taiwan
   13. Sulmara Massachusetts LLC 100% · USA
   14. Sulmara Rhode Island LLC 100% · USA
   15. Sulmara Virginia LLC 100% · USA
   16. Sulmara New Jersey LLC 100% · USA
   17. Sulmara New York LLC 100% · USA
   18. Sulmara Renewables Limited 100% · South Korea
   19. Sulmara Louisiana LLC 100% · USA
   20. Sulmara Subsea Sp. z o.o 100% · Poland

Significant events

• “On 18 December 2025, new loan notes of £3,865,000 were issued by BGF Investments LP and BGF UK Enterprise Fund 3 LP, which are subject to interest at 14% per annum with only interest due to commence being repaid from December 2026. These new loan notes are repayable at the same time as the previous loan notes. On this date, they also elected to exercise share warrants for additional C Ordinary Shares.”
• “On 18 December 2025, a short-term loan and interest owed to a related party were settled with the related party choosing to reinvest with a new loan note of £1,135,000, which is subject to interest at 14% per with only interest due to commence being repaid from December 2026. These new loan notes are repayable at the same time as the previous loan notes. On this date, they also elected to exercise share warrants for additional A Ordinary Shares.”

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

Filings

15

last 12 months

Capital events

1

last 24 months

Officers appointed

0

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.