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REGISTERED NUMBER: 00219451 (England and Wales)

John H Whitaker (Tankers) Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Contents of the Financial Statements

for the year ended 31st December 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Statement of Comprehensive Income | 9 |

Balance Sheet | 10 |

Statement of Changes in Equity | 11 |

Notes to the Financial Statements | 12 |

John H Whitaker (Tankers) Limited

Company Information

for the year ended 31st December 2024

| DIRECTORS: | J M Whitaker

| A J Jenkins

| P M Howard

| G Stones

| D McGahey

| M Stanley

| J J Hills

| D Morrison

| SECRETARY: | D McGahey

| REGISTERED OFFICE: | Crown Dry Dock

| Tower Street

| Hull

| HU9 1TY

| REGISTERED NUMBER: | 00219451 (England and Wales)

| AUDITORS: | Smailes Goldie

| Chartered Accountants

| Statutory Auditor

| Regent's Court

| Princess Street

| Hull

| East Yorkshire

| HU2 8BA

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Strategic Report

for the year ended 31st December 2024

The directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

After 140 of family ownership the company was sold on the 12th of March 2024 to the British oil trading company Lindsay Blee.

It was the belief of the Shareholders that this was the best thing to do to ensure future prosperity of the business and whilst this could be viewed by some as being a compromise to our total independence the Directors believe that there are many advantages of belonging to an enthusiastic and dynamic oil trading company

The main income of the company is generated from the shipping activities with further income from the management of the storage facilities at Plymouth and Portsmouth.

The Company relies heavily on the expertise and commitment of its staff both afloat and ashore to strive for a zero-incident safety record. The Company makes every endeavour to operate in a clean and environmentally friendly manner with a continual aim to reduce waste and emissions which are harmful to the environment.

Our continued good record in this field is a credit to all involved and is continually acknowledged by our customers.

2024 has continued from the prior year in respect of the challenges faced, but again we have managed to safely operate through these difficult times and produce a satisfactory result. This has only been achieved because of the professionalism of our staff both ashore and afloat and the loyalty and enthusiasm of our customers.

In terms of the financial results, turnover for 2024 increased on 2023 reflecting demand for our specific shipping activities.with a target to achieve the market charter rates.

In 2024 The company operated eight owned vessels and technically managed one vessel for a third-party shipowner.

PRINCIPAL RISKS AND UNCERTAINTIES

Maintenance costs continue to increase but it is Company policy to ensure that the fleet remains in top class condition, to ensure the vessels remain reliable and attractive to our customers. This policy has been reflected in excellent third-party inspection and audit findings.

The Directors believe that the company is well equipped with its highly versatile fleet.

They have a strategy in place to invest in new and or second-hand vessels and also to develop dedicated staff to face the challenges which lie ahead.

FINANCIAL INSTRUMENTS

Objectives and policies

The financial risk management objectives of the Directors are to ensure that the Company has adequate cash flow to meet trading requirements.

In order to meet these objectives the Company uses financial instruments, other then derivatives, comprising cash, liquid resources and other items that arise directly from its operations such as trade debtors and trade creditors.

Price risk, credit risk, liquidity risk and cashflow risk

The business' principal financial instrument comprises of bank balances. The Company operates bank accounts in US Dollar, Euro and British Pounds in order to mitigate any currency risks identified.

In respect of bank balances, the liquidity risk is mitigated by maintaining a balance between continuity of funding and flexibility of intercompany lending.

Trade debtors are offered credit terms based on risk profile of the customers. The timings of the receipts are managed along with the trade creditor payments.

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Strategic Report

for the year ended 31st December 2024

FUTURE DEVELOPMENTS

The company is keeping a close eye on all future possibilities as the world strives for decarbonization.

Despite all this, recent events have proven that there is still going to be strong demand for traditional fuels and traditional fuels blended with biofuels for some considerable time to come.

Whilst the sad events in Ukraine have created oil market turmoil it has in actual fact increased demand for our services as suppliers strive to find alternative supplies of fuel to keep their customers happy

Future challenges are most certainly going to be ensuring that inflation does not erode our earnings and renewing the fleet which is a fine balance of making sure that our customers have the correctly sized vessels at a competitive price.

ON BEHALF OF THE BOARD:

J J Hills - Director

10th September 2025

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Report of the Directors

for the year ended 31st December 2024

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of owning and operating coastal tankers transporting oil products for 3rd party customers. We also continue to manage and operate on behalf of a third party, a COMAH compliant oil storage terminal in Plymouth and storage in Portsmouth.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 were £5,062,666.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

J M Whitaker

A J Jenkins

P M Howard

G Stones

D McGahey

M Stanley

Other changes in directors holding office are as follows:

J J Hills - appointed 11th March 2024

D Morrison - appointed 11th March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- | make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Report of the Directors

for the year ended 31st December 2024

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J J Hills - Director

10th September 2025

Report of the Independent Auditors to the Members of

John H Whitaker (Tankers) Limited

Opinion

We have audited the financial statements of John H Whitaker (Tankers) Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 31st December 2024 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 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.

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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

John H Whitaker (Tankers) Limited

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed

procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with relevant regulators and the company's legal advisors.

Report of the Independent Auditors to the Members of

John H Whitaker (Tankers) Limited

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.

Stephen Bramall BSc, FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

11th September 2025

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Statement of Comprehensive Income

for the year ended 31st December 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 26,176,200 |  | 22,575,343 |  |

Cost of sales | 19,049,389 |  | 15,085,775 |  |

GROSS PROFIT | 7,126,811 |  | 7,489,568 |  |

Administrative expenses | 2,548,741 |  | 2,406,533 |  |

OPERATING PROFIT and |

PROFIT BEFORE TAXATION | 4,578,070 |  | 5,083,035 |  |

Tax on profit | 6 | 2,222 |  | 2,216 |  |

PROFIT FOR THE FINANCIAL YEAR | 4,575,848 |  | 5,080,819 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,575,848 |  | 5,080,819 |  |

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Balance Sheet

31st December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 1,507,382 |  | 2,271,704 |  |

CURRENT ASSETS

Stocks | 9 | 207,093 |  | 235,267 |  |

Debtors | 10 | 4,682,790 |  | 3,763,297 |  |

Cash at bank | 1,639,314 |  | 2,275,206 |  |

6,529,197 |  | 6,273,770 |  |

CREDITORS

Amounts falling due within one year | 11 | 2,580,367 |  | 2,602,444 |  |

NET CURRENT ASSETS | 3,948,830 |  | 3,671,326 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,456,212 |  | 5,943,030 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 65,000 |  | 65,000 |  |

Retained earnings | 14 | 5,391,212 |  | 5,878,030 |  |

SHAREHOLDERS' FUNDS | 5,456,212 |  | 5,943,030 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10th September 2025 and were signed on its behalf by:

J J Hills - Director

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Statement of Changes in Equity

for the year ended 31st December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1st January 2023 | 65,000 |  | 797,211 |  | 862,211 |  |

Changes in equity

Total comprehensive income | - |  | 5,080,819 |  | 5,080,819 |  |

Balance at 31st December 2023 | 65,000 |  | 5,878,030 |  | 5,943,030 |  |

Changes in equity

Dividends | - |  | (5,062,666 | ) | (5,062,666 | ) |

Total comprehensive income | - |  | 4,575,848 |  | 4,575,848 |  |

Balance at 31st December 2024 | 65,000 |  | 5,391,212 |  | 5,456,212 |  |

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements

for the year ended 31st December 2024

1. | STATUTORY INFORMATION

| John H Whitaker (Tankers) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 3.17(d);

| • | the requirement of paragraph 33.7.

| Significant judgements and estimates

| The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

| Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

| (a) Establishing useful economic lives for depreciation purposes of vessels, plant and equipment.

| Long lived assets, consisting primarily of vessels, plant and equipment comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review these assets useful economic lives and change them as necessary to reflect current thinking on remaining lives in the light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period.

| (b) Providing for doubtful debts

| The Company makes an estimate of the recoverable value of trade and other debtors. The Company uses estimates based on historical experience in determining the level of debts which, the company believes, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of debtors and historical experience. The level of provision requires is reviewed on an on-going basis.

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

2. | ACCOUNTING POLICIES - continued

| Turnover

| 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:

| Sale of goods

| Revenue from the sale of goods is recognised when all of the following conditions are satisfied.

| - |  | the Company has transferred the significant risk and rewards of ownership to the buyer; |  |

| - |  | the Company retains neither continuing managerial involvement to the degree usually associated |  |  |

| with ownership, nor effective control over the goods sold; |  |

| - |  | the amount of revenue can be measured reliably |  |

| - |  | it is probable that the Company will receive the consideration due under the transaction; and |  |

| - |  | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |  |

| 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. |  |

| 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.

| Depreciation is charged so as to allocated the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

| Depreciation is provided on the following basis:

| Plant and machinery |  | - 20% reducing balance |  |

| Vessels |  | - 5-20% straight line |  |

| Motor vehicles |  | - 25% reducing balance |  |

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

| Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

| Stocks

| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out, basis.

| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Pension costs and other post-retirement benefits

| The Company operates 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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. the assets of the plan are held separately from the Company in an independently administered funds.

| Debtors and creditors receivable / payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses.

| Provisions

| Where the parent Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its group, the company treats the guarantee contract as a contingent liability in its individual financial statements until such time as it becomes probable that the company will be required to make a payment under the guarantee.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£ | £ |

| United Kingdom | 22,379,039 |  | 18,813,450 |  |

| Europe | 3,797,161 |  | 3,761,893 |  |

26,176,200 |  | 22,575,343 |  |

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 2,823,462 |  | 867,642 |  |

| Social security costs | 243,408 |  | 111,259 |  |

| Other pension costs | 268,236 |  | 96,626 |  |

3,335,106 |  | 1,075,527 |  |

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

4. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Operations | 5 |  | 4 |  |

| Administration and support | 3 |  | 3 |  |

| Management | 6 |  | 6 |  |

| Seafarers | 37 |  | - |  |

51 |  | 13 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 355,202 |  | 384,789 |  |

| Directors' pension contributions to money purchase schemes | 47,838 |  | 45,314 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2024 |  | 2023

£ | £ |

| Emoluments etc | 217,583 |  | 212,342 |  |

| Pension contributions to money purchase schemes | 31,046 |  | 29,069 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | 764,322 |  | 746,911 |  |

| Auditors' remuneration | 8,250 |  | 7,525 |  |

| Foreign exchange differences | 9,790 |  | 3,689 |  |

| Operating leases - other | 35,483 |  | 32,239 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 2,222 |  | 2,216 |  |

| Tax on profit | 2,222 |  | 2,216 |  |

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

6. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Profit before tax | 4,578,070 |  | 5,083,035 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 19% (2023 - 19%) | 869,833 |  | 965,777 |  |

| Effects of:

| Expenses not deductible for tax purposes | 145,221 |  | 142,942 |  |

| Income not taxable for tax purposes | (908,083 | ) | (699,895 | ) |

| (Utilisation)/creation of tax losses | (104,749 | ) | (406,608 | ) |

| Total tax charge | 2,222 |  | 2,216 |  |

7. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Ordinary shares of £1 each

| Final | 5,062,666 |  | - |  |

8. | TANGIBLE FIXED ASSETS

| Plant and |  | Motor |

| machinery |  | vehicles |  | Vessels |  | Totals

£ | £ | £ | £ |

| COST

| At 1st January 2024

| and 31st December 2024 | 86,372 |  | 17,656 |  | 27,854,601 |  | 27,958,629 |  |

| DEPRECIATION

| At 1st January 2024 | 69,683 |  | 16,169 |  | 25,601,073 |  | 25,686,925 |  |

| Charge for year | 3,938 |  | 369 |  | 760,015 |  | 764,322 |  |

| At 31st December 2024 | 73,621 |  | 16,538 |  | 26,361,088 |  | 26,451,247 |  |

| NET BOOK VALUE

| At 31st December 2024 | 12,751 |  | 1,118 |  | 1,493,513 |  | 1,507,382 |  |

| At 31st December 2023 | 16,689 |  | 1,487 |  | 2,253,528 |  | 2,271,704 |  |

9. | STOCKS

2024 | 2023 |

£ | £ |

| Raw materials & consumables | 207,093 |  | 235,267 |  |

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 948,455 |  | 1,307,460 |  |

| Amounts owed by group undertakings | 3,100,495 |  | 1,652,770 |  |

| Other debtors | 184,330 |  | 131,828 |  |

| Prepayments | 449,510 |  | 671,239 |  |

4,682,790 |  | 3,763,297 |  |

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 788,880 |  | 1,048,206 |  |

| Amounts owed to group undertakings | 131,754 |  | 130,432 |  |

| Tax | 2,222 |  | 2,216 |  |

| Social security and other taxes | 177,639 |  | 39,239 |  |

| Other creditors | 1,086,156 |  | 1,091,249 |  |

| Accruals and deferred income | 393,716 |  | 291,102 |  |

2,580,367 |  | 2,602,444 |  |

12. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | 35,483 |  | 25,882 |  |

| Between one and five years | 32,901 |  | 31,249 |  |

68,384 |  | 57,131 |  |

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 65,000 | Ordinary | £1 | 65,000 |  | 65,000 |  |

14. | RESERVES

| Retained

| earnings

£ |

| At 1st January 2024 | 5,878,030 |  |

| Profit for the year | 4,575,848 |  |

| Dividends | (5,062,666 | ) |

| At 31st December 2024 | 5,391,212 |  |

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

15. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The pension scheme cost charge for the year represents contributions payable by the company to the scheme and amounted to £268,236 (2023 - £96,626). No amounts were outstanding at the year end (2023 - £nil).

16. | CONTINGENT LIABILITIES

| The company has entered into a guarantee arrangement with Clydesdale Bank plc, guaranteeing the bank borrowings of its parent company Lindsay Blee Limited. As part of the arrangement Clydesdale Bank plc holds fixed and floating charges over all of the the company's assets and a separate floating charge covering all property and undertakings of the company. At 31 December 2024 the guaranteed borrowings totalled £8,035,713. This figure represents the maximum potential liability under this arrangement.

17. | RELATED PARTY DISCLOSURES

| Key management personnel of the entity or its parent (in the aggregate)

2024 | 2023 |

£ | £ |

| Salaries and other short term employee benefits | 709,125 |  | 620,461 |  |

| Post employment benefits | 77,836 |  | 66,954 |  |

18. | PARENT AND ULTIMATE PARENT UNDERTAKING

| The company's parent company up to 12 March 2024, was John H. Whitaker (Holdings) Limited. From this date, Cantii Aestuarium Holdings Limited became the immediate parent company and Lindsay Blee Limited became the ultimate parent company. Lindsay Blee Limited heads the smallest and largest group in which the company's accounts are consolidated. The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.