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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
COMPANY INFORMATION
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
CONTENTS
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
In 2024, CMB.TECH Technology & Development Centre Ltd advanced our hydrogen and dual fuel propulsion solutions. A highlight included the launch of the Hydrocat 55 crew transfer vessel, the second in the Mk3.5 series which is currently operating on a commercial hydrogen contract. These achievements, coupled with continued investment in R&D and strategic partnerships, underscore our mission to accelerate decarbonisation in heavy duty transport and maritime sectors while driving sustainable growth for the Company.
The year 2024 built on the momentum of 2023, moving from prototype trials to early commercial roll-outs of hydrogen and dual-fuel technologies. We deepened collaborations with partners such as Volvo Penta, MAN and Damen and broadened our market reach into port-equipment and heavy-duty on-road applications. Although inflationary pressures persisted, disciplined cost control and milestone-based contracts supported healthy margins. Our unwavering commitment to innovation and sustainability continues to position the Company for accelerated growth in 2025 and beyond.
The principal risks facing CMB.TECH Technology & Development Centre Ltd remain broadly unchanged, but their relative weight shifted during 2024. Market adoption of hydrogen and dual-fuel systems still depends on the pace at which customers invest in infrastructure and on-site hydrogen supply, while regulatory change—particularly around IMO safety codes and carbon-pricing mechanisms—continues to evolve. Supply-chain maturity is improving, yet the availability of specialist valves, tanks and power-electronics remains exposed to geopolitical tensions and raw-material price volatility. We track these risks through quarterly reviews, maintain dual-sourcing strategies and stay closely engaged with regulators and industry bodies to mitigate potential impacts on operations and financial performance.
In 2024, CMB.TECH Technology & Development Centre Ltd sustained its upward trajectory, with revenue rising as commercial roll-outs of hydrogen and dual-fuel solutions gathered pace. Profit margins held firm—despite persistent inflation—thanks to a richer product mix and disciplined cost control. Operating cash flow remained robust, funding a stepped-up R&D programme and the expansion of our integration capacity. These results underscore the Company’s ability to balance growth investment with sound financial stewardship.
Beyond financial metrics, CMB.TECH Technology & Development Centre Ltd continues to monitor project delivery timelines, customer satisfaction and environmental impact. Our sustainability commitment also deepened: wider deployment of hydrogen and dual-fuel products has further lowered the carbon footprint of client operations and accelerated the shift toward low-emission technologies.
This report was approved by the board on 18 September 2025 and signed on its behalf.
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The profit for the year, after taxation, amounted to £492,742 (2023 - £1,121,397).
No dividends were paid in the year and no dividend payable is recommended.
The directors who served during the year were:
The CMB.TECH Technology & Development Centre is likely to focus on advancing hydrogen propulsion technologies for both marine and industrial applications. Future developments may include the refinement of combustion engines and integration of these technologies into broader zero-emission solutions. The centre will play a key role in supporting CMB.TECH's mission to decarbonise the shipping, transport and energy sectors, particularly by driving innovation and developing clean fuel infrastructure and solutions.
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the company since the year end.
This report was approved by the board on
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
We have audited the financial statements of CMB.TECH Technology & Development Centre Ltd (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD (CONTINUED)
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 an Auditors' Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Extent to which the audit was considered capable of detecting irregularities, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • the nature of the industry and sector, control environment and business performance including the design of the company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets; • results of our enquiries of management about their own identification and assessment of the risks of irregularities; • any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; • the matters discussed among the audit engagement team and involving relevant internal specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation.
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD (CONTINUED)
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. We identified no such laws and regulations applicable to the company.
Audit response to risks identified As a result of performing the above, we identified revenue recognition as a key audit risk related to the potential risk of fraud. Our procedures to respond to risks identified included the following: • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • enquiring of management concerning actual and potential litigation and claims; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • reading minutes of meetings of those charged with governance; • obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions; and • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit.
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 Auditors' Report.
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD (CONTINUED)
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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Cambridge House
Camboro Business Park
Girton
CB3 0QH
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
REGISTERED NUMBER: 12110963
BALANCE SHEET
AS AT 31 DECEMBER 2024
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
REGISTERED NUMBER: 12110963
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 28 form part of these financial statements.
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CMB.Tech Technology & Development Centre Ltd ("the company") is a private limited company limited by shares and is incorporated in England and Wales. The address of its registered office is Prospect Way, Hutton, Brentwood, Essex, CM13 1XA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of CMB N.V. as at 2024 and these financial statements may be obtained from the group's website.
Functional and presentation currency
Transactions and balances
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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 thathave a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful lives and residual values are re-assessed annually. (ii) Basis of amortisation of intangible assets The annual amortisation is linked to the number of units sold in the year; the appropriateness of this basis is re-assessed annually. (iii) Revenue recognition The amount of accrued and deferred income relies on the correct estimation of the level of completion of each relevant project. These estimations are reviewed on a monthly basis to ensure they remain in line with expectations. (iv) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience.
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
The company expects to continue to be eligible and make claims for further research and development tax credits.
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CMB.TECH TECHNOLOGY & DEVELOPMENT CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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