SULMARA SUBSEA LIMITED

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

  +6.4%

  £23,820,000 → £25,340,000

• Cash

  +3,333.3%

  £27,000 → £927,000

• Net assets

  -0.5%

  £3,955,000 → £3,936,000

• Employees

  +29.4%

  102 → 132

  highest in 6 filed years

• Operating profit

  -308.8%

  £566,000 → -£1,182,000

• Profit before tax

  -101%

  £1,849,000 → -£18,000

  lowest in 3 filed years

• Wages

  +28.3%

  £6,949,000 → £8,917,000

  highest in 3 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 LIMITED 2018-11-07 → present
2. SLLP 242 LIMITED 2018-08-31 → 2018-11-07

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Azets Audit Services

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“As at 31 December 2024 the company has net current liabilities of £2,931k (2023: net current assets of £271k) meaning it does not have sufficient funds to continue to meet its current liabilities as they fall due over the next 12 months. However, there are significant intercompany liabilities of £26,546k, which are repayable on demand as at 31 December 2024. The majority of the balance, is due to the parent company as a result of the novation in 2022 and has not been settled at the date of approving the financial statements. As a result of this, the company requires the support of the parent company, Sulmara Subsea International Limited, and confirmation has been provided that the parent company has the ability to provide the necessary support.”

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 to the parent company, Sulmara Subsea International Limited, 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 held by the parent company, Sulmara Subsea International Limited, and 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 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 A Ordinary Shares.”

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

Filings

10

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

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