Caseware UK (AP4) 2024.0.164 2024.0.164 2025-09-30 2025-09-30 2024-10-01 49 51 false The principal activities are the worldwide carriage of liquid cargoes in tank containers.false false false 01202048 2024-10-01 2025-09-30 01202048 2023-10-01 2024-09-30 01202048 2025-09-30 01202048 2024-09-30 01202048 2023-10-01 01202048 1 2024-10-01 2025-09-30 01202048 1 2023-10-01 2024-09-30 01202048 4 2024-10-01 2025-09-30 01202048 4 2023-10-01 2024-09-30 01202048 5 2024-10-01 2025-09-30 01202048 5 2023-10-01 2024-09-30 01202048 d:Director1 2024-10-01 2025-09-30 01202048 d:Director11 2024-10-01 2025-09-30 01202048 d:Director11 2025-09-30 01202048 d:Director12 2024-10-01 2025-09-30 01202048 d:Director13 2024-10-01 2025-09-30 01202048 d:Director13 2025-09-30 01202048 d:Director14 2024-10-01 2025-09-30 01202048 d:Director15 2024-10-01 2025-09-30 01202048 d:Director16 2024-10-01 2025-09-30 01202048 d:Director16 2025-09-30 01202048 d:Director17 2024-10-01 2025-09-30 01202048 d:Director17 2025-09-30 01202048 d:Director18 2024-10-01 2025-09-30 01202048 d:Director18 2025-09-30 01202048 d:RegisteredOffice 2024-10-01 2025-09-30 01202048 e:Buildings e:LongLeaseholdAssets 2024-10-01 2025-09-30 01202048 e:PlantMachinery 2024-10-01 2025-09-30 01202048 e:PlantMachinery 2025-09-30 01202048 e:PlantMachinery 2024-09-30 01202048 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 01202048 e:FurnitureFittings 2024-10-01 2025-09-30 01202048 e:FurnitureFittings 2025-09-30 01202048 e:FurnitureFittings 2024-09-30 01202048 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 01202048 e:OtherPropertyPlantEquipment 2024-10-01 2025-09-30 01202048 e:OtherPropertyPlantEquipment 2025-09-30 01202048 e:OtherPropertyPlantEquipment 2024-09-30 01202048 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 01202048 e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 01202048 e:CurrentFinancialInstruments 2025-09-30 01202048 e:CurrentFinancialInstruments 2024-09-30 01202048 e:CurrentFinancialInstruments e:WithinOneYear 2025-09-30 01202048 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 01202048 e:ReportableOperatingSegment1 2024-10-01 2025-09-30 01202048 e:ReportableOperatingSegment1 2023-10-01 2024-09-30 01202048 e:ReportableOperatingSegment2 2024-10-01 2025-09-30 01202048 e:ReportableOperatingSegment2 2023-10-01 2024-09-30 01202048 e:ReportableOperatingSegment3 2024-10-01 2025-09-30 01202048 e:ReportableOperatingSegment3 2023-10-01 2024-09-30 01202048 e:ReportableOperatingSegment5 2024-10-01 2025-09-30 01202048 e:ReportableOperatingSegment5 2023-10-01 2024-09-30 01202048 e:ReportableOperatingSegment6 2024-10-01 2025-09-30 01202048 e:ReportableOperatingSegment6 2023-10-01 2024-09-30 01202048 f:UnitedKingdom 2024-10-01 2025-09-30 01202048 f:UnitedKingdom 2023-10-01 2024-09-30 01202048 f:RestEuropeOutsideUK 2024-10-01 2025-09-30 01202048 f:RestEuropeOutsideUK 2023-10-01 2024-09-30 01202048 f:RestWorldOutsideUK 2024-10-01 2025-09-30 01202048 f:RestWorldOutsideUK 2023-10-01 2024-09-30 01202048 e:UKTax 2024-10-01 2025-09-30 01202048 e:UKTax 2023-10-01 2024-09-30 01202048 e:ForeignTax 2024-10-01 2025-09-30 01202048 e:ForeignTax 2023-10-01 2024-09-30 01202048 e:ShareCapital 2024-10-01 2025-09-30 01202048 e:ShareCapital 2025-09-30 01202048 e:ShareCapital 2023-10-01 2024-09-30 01202048 e:ShareCapital 2024-09-30 01202048 e:ShareCapital 2023-10-01 01202048 e:SharePremium 2024-10-01 2025-09-30 01202048 e:SharePremium 2025-09-30 01202048 e:SharePremium 1 2024-10-01 2025-09-30 01202048 e:SharePremium 2023-10-01 2024-09-30 01202048 e:SharePremium 2024-09-30 01202048 e:SharePremium 2023-10-01 01202048 e:SharePremium 1 2023-10-01 2024-09-30 01202048 e:ForeignCurrencyTranslationReserve 2024-10-01 2025-09-30 01202048 e:ForeignCurrencyTranslationReserve 2025-09-30 01202048 e:ForeignCurrencyTranslationReserve 1 2024-10-01 2025-09-30 01202048 e:ForeignCurrencyTranslationReserve 2023-10-01 2024-09-30 01202048 e:ForeignCurrencyTranslationReserve 2024-09-30 01202048 e:ForeignCurrencyTranslationReserve 2023-10-01 01202048 e:ForeignCurrencyTranslationReserve 1 2023-10-01 2024-09-30 01202048 e:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30 01202048 e:RetainedEarningsAccumulatedLosses 2025-09-30 01202048 e:RetainedEarningsAccumulatedLosses 1 2024-10-01 2025-09-30 01202048 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 01202048 e:RetainedEarningsAccumulatedLosses 2024-09-30 01202048 e:RetainedEarningsAccumulatedLosses 2023-10-01 01202048 e:RetainedEarningsAccumulatedLosses 1 2023-10-01 2024-09-30 01202048 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2024-10-01 2025-09-30 01202048 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2025-09-30 01202048 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2024-09-30 01202048 e:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2024-10-01 2025-09-30 01202048 e:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2025-09-30 01202048 e:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2024-09-30 01202048 e:FurtherSpecificTypeProvisionContingentLiability4ComponentTotalProvisionsContingentLiabilities 2024-10-01 2025-09-30 01202048 e:FurtherSpecificTypeProvisionContingentLiability4ComponentTotalProvisionsContingentLiabilities 2025-09-30 01202048 e:FurtherSpecificTypeProvisionContingentLiability4ComponentTotalProvisionsContingentLiabilities 2024-09-30 01202048 d:OrdinaryShareClass1 2024-10-01 2025-09-30 01202048 d:OrdinaryShareClass1 2025-09-30 01202048 d:OrdinaryShareClass1 2024-09-30 01202048 d:FRS102 2024-10-01 2025-09-30 01202048 d:Audited 2024-10-01 2025-09-30 01202048 d:FullAccounts 2024-10-01 2025-09-30 01202048 d:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 01202048 e:WithinOneYear 2025-09-30 01202048 e:WithinOneYear 2024-09-30 01202048 e:BetweenOneFiveYears 2025-09-30 01202048 e:BetweenOneFiveYears 2024-09-30 01202048 e:AcceleratedTaxDepreciationDeferredTax 2025-09-30 01202048 e:AcceleratedTaxDepreciationDeferredTax 2024-09-30 01202048 2 2024-10-01 2025-09-30 01202048 e:Associate1 2024-10-01 2025-09-30 01202048 e:Associate1 1 2024-10-01 2025-09-30 01202048 e:ShareCapital 1 2024-10-01 2025-09-30 01202048 e:ShareCapital 1 2023-10-01 2024-09-30 01202048 g:USDollar 2024-10-01 2025-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01202048 NRS OCEAN LOGISTICS LTD. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
NRS OCEAN LOGISTICS LTD. COMPANY INFORMATION
Directors | T Endo
| A Malik (resigned 8 January 2025)
| N Enright
| A Morimoto (resigned 1 April 2025)
| M Yamamoto
| Y Sato
| Y Li (appointed 1 April 2025)
| T Martinez (appointed 1 April 2025)
| Y Ueki (appointed 1 November 2025)
Registered number | 01202048
Registered office | 36-38 Botolph Lane
| London
| England
| EC3R 8DE
Independent auditors | Price Bailey LLP
| Chartered Accountants & Statutory Auditors
| 24 Old Bond Street
| London
| W1S 4AP
NRS OCEAN LOGISTICS LTD. CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 6
Independent Auditors' Report | 7 - 10
Statement of Comprehensive Income | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14
Analysis of Net Debt | 15
Notes to the Financial Statements | 16 - 30
NRS OCEAN LOGISTICS LTD. STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Introduction
The directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.
Business review
Since COVID-19, many competitors have introduced large quantities of tank containers into the market, and new companies have entered the market, resulting in rapid competition in our main business, the One Way business, and a significant decrease in our profit margins. Among them, our main target was expanding leasing and special tanks business, but due to the slowdown in the chemical industry, we were behind our expectation. Our objective is to expand international transportation services utilising warehouses as key destinations. Key actions and objectives: ∙Immediately adjust and review our rates to align with our new sales strategy. ∙Promoting exports to areas where demurrage revenues are expected and negotiating an increase in demurrage rate. ∙Decrease involvement in volume-based tender businesses with low profitability. ∙Focus on attracting semiconductor raw materials and lithium-ion battery raw materials. ∙Direct efforts towards small and medium-sized customers with enhanced profitability. ∙Expand lease and tank management business, particularly in specific tanks. ∙Increase focus on gas tank business. ∙Reducing operating costs by increasing the ratio of in-house owned tanks. ∙Develop our freight forwarding business for all types of packaging within our industry. ∙Enhance operational efficiency and elevate customer satisfaction. ∙Maintain an appropriate inventory of tank containers based on market demands. During the year, the Company continued to operate within a challenging and uncertain global trading environment. Security disruption in the Red Sea region materially affected global shipping patterns, with many operators rerouting vessels around the Cape of Good Hope rather than transiting the Suez Canal. This resulted in longer transit times, schedule unreliability, equipment repositioning inefficiencies, and increased volatility in freight and charter markets. At the same time, the Company experienced sustained margin pressure as cost inflation from suppliers across the logistics value chain coincided with heightened price sensitivity among customers. In Europe particularly, the ongoing effects of the war in Ukraine, increased regulatory complexity, and elevated labour and energy costs continued to weigh on the chemical industry, contributing to production curtailments and site closures during 2025 and into 2026. Looking ahead, the Company continues to monitor macroeconomic conditions and global trade policy uncertainty, including potential tariff and trade measure changes under the US administration, as these factors may influence global trade flows and customer demand. In addition, the global semiconductor supply chain remains subject to ongoing investment and reconfiguration across Asia, the United States and Europe, alongside geopolitical and export control considerations. These developments may lead to changes in production locations, sourcing patterns and inventory strategies, with corresponding implications for demand for specialised tank container logistics supporting the movement of high-purity chemicals and other sensitive inputs used in semiconductor manufacturing.
Principal risks and uncertainties
Sea Freight Price Volatility As tank operators, we face a comparable scenario, potentially exerting pressure on our profits. Political instability around the world and dock strikes have caused shipping rates to fluctuate. Maintaining ongoing communication with our customers, we are actively working to secure and safeguard our profitability. Page 1
NRS OCEAN LOGISTICS LTD. STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Political Conflict Risk Ongoing political conflicts, such as those involving Russia and Ukraine, the Middle East, and the China-Taiwan issue, pose a threat to the timely operation of ships and the well-being of our employees. The occurrence of inflation related to these conflicts adds an additional layer of uncertainty to our operations. We are closely monitoring these geopolitical situations to mitigate potential impacts. Financial risk management The Company's operations expose the Company to a variety of financial risks that include the effects of changes in credit and liquidity risk. The Company monitors the risks in order to limit the adverse effects on the financial performance by reviewing levels of finance costs. Credit risk The Company has implemented policies that require appropriate credit checks on potential customers prior to confirming sales activity. We carefully monitor the financial condition and our exposure to high risk accounts. Foreign exchange risk As a result of our operations, the company is exposed to foreign exchange risk. This risk is managed by matching payments and receipts in the same currency and maintaining bank accounts in different currencies. However, given global economic uncertainty and interest rates, we can expect greater than normal currency movement this fiscal year.
Financial key performance indicators
∙Revenue Per Shipment NRS Ocean Logistics has seen a decrease in its revenue per shipment and profit margin per shipment. ∙Net DPP – Revenue of Empty Continued improvements in global fleet management and use of global management information has enabled the fleet management team to keep empty moves to a minimum. Continuous emphasis has been applied to ensuring that correct DPP (positioning surcharge) has been charged to customers wanting to ship to low export regions. Overall, we have been able to control our Net DPP charge and in some months even generate a profit.
Other key performance indicators
∙Fleet Utilisation Fleet utilisation improved during the year following disciplined fleet rationalisation after the expiry of a primary lease, enabling closer alignment of capacity with market demand. ∙Transit Times One of the biggest challenges we face is accuracy of transit times and efficiency of loading data into our system. We regularly receive depot reports globally which the operation teams use to ensure that the operating system is updated daily. This allows us to ensure that tanks are allocated effectively, and billing is completed accurately. Page 2
NRS OCEAN LOGISTICS LTD. STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Directors' statement of compliance with duty to promote the success of the Company
The Directors, in line with their duties under s172 of the Companies Act 2006, act individually and collectively in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its member, and in doing so have regard, amongst other matters, to the: ∙Likely consequences of any decision in the long term ∙Interests of the company's employees ∙Need to foster the company's business relationships with suppliers, customers and others ∙Impact of the company's operations on the community and the environment ∙Desirability of the company maintaining a reputation for high standards of business conduct ∙Need to act fairly as between members of the company The Directors' regard to these matters is embedded in their decision-making process, through the Company's business strategy, culture, governance framework, management information flows and stakeholder engagement processes. The Company's business strategy is focused on achieving success for the Company in the long-term. In setting this strategy, the Directors take into account the impact of relevant factors and stakeholder interests on the Company's performance. The Board also identifies principal risks facing the business and sets risk management objectives. The Board promotes a culture of upholding the highest standards of business conduct and regulatory conduct. The Directors ensure these core values are communicated to the Company's employees and embedded in the Company's policies and procedures, employee induction and training programmes. The Directors recognise that building strong and lasting relationships with our stakeholders will help us to deliver our strategy in line with our long-term values, and operate a sustainable business. The Directors are supported in the discharge of their duties by: ∙A continuing professional development programme to further their understanding of their duties and obligations under applicable law and regulations ∙Processes which ensure the provision of timely management information and escalation through reporting lines to the Board ∙Agenda planning for Board meetings to provide sufficient time for the consideration and discussion of key matters. This report was approved by the board and signed on its behalf.
T Endo Director
Date: 17 February 2026
Page 3
NRS OCEAN LOGISTICS LTD. DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025. Directors The directors who served during the year were: T Endo Y Li (appointed 1 April 2025) T Martinez (appointed 1 April 2025) N Enright A Malik (resigned 8 January 2025) A Morimoto (resigned 1 April 2025) Y Sato M Yamamoto Principal activity The principal activity is the worldwide carriage of liquid cargoes in tank containers. The company is based in the UK with offices in strategic global market locations including France, Holland, USA and Japan. Results and dividends The profit for the year, after taxation, amounted to $1,410,064 (2024 - $2,956,127). Dividends of $5,000,000 were paid in the year (2024: $3,000,000). Page 4
NRS OCEAN LOGISTICS LTD. DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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. Future developments The board of directors believes that the company’s progress and development will continue throughout the coming year, even though global economic conditions remain uncertain. Our goal is to continue to improve operational efficiencies and thrive to provide our clients with a dependable and high-quality service. Engagement with suppliers, customers and others Clients Clients and agencies are at the centre of our business. We are dedicated and focussed on building lasting relationships with current and potential clients, understanding their objectives and requirements. Suppliers We aim to promote fair and transparent dealings, conducting due diligence of suppliers, and ensuring systems are in place to pay in a timely manner. Community and the Environment NRS is against any form of discrimination through our hiring policies and culture, and continues to maintain a diverse mix of staff. Any significant impacts to our local communities are considered and incorporated into key decision making. The corporation has prioritised sustainability and reducing its carbon footprint. We are globally collecting data and monitoring to ensure that we do not exceed our sustainability targets. Page 5
NRS OCEAN LOGISTICS LTD. DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000KWh or lower.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 487 (2) of the Companies Act 2006. This report was approved by the board and signed on its behalf.
T Endo Director
Date: 17 February 2026
Page 6
NRS OCEAN LOGISTICS LTD. INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NRS OCEAN LOGISTICS LTD.
Opinion
We have audited the financial statements of NRS Ocean Logistics Ltd. (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 September 2025 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 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.
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 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. Page 7
NRS OCEAN LOGISTICS LTD. INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NRS OCEAN LOGISTICS LTD. (CONTINUED)
Opinion 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 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.
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 Directors' Report. We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 5, 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 is 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. Page 8
NRS OCEAN LOGISTICS LTD. INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NRS OCEAN LOGISTICS LTD. (CONTINUED)
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 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: We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates and considered the risk of the Company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows: - Reviewing legal fees incurred; - Agreeing the financial statement disclosures to underlying supporting documentation; - Enquiring of management including those responsible for the key regulations and; - Reviewing the key accounting policies and estimates To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Because of 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. 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 Auditors' Report. Page 9
NRS OCEAN LOGISTICS LTD. INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NRS OCEAN LOGISTICS LTD. (CONTINUED)
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 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. Richard Vass (Senior Statutory Auditor) for and on behalf of Price Bailey LLP Chartered Accountants Statutory Auditors 24 Old Bond Street London W1S 4AP Date: 18 February 2026 Page 10
NRS OCEAN LOGISTICS LTD. STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | US$ | US$
Turnover | 4 | 68,526,066 | 69,446,306
Cost of sales |  | (55,907,551) | (59,127,431)
Gross profit |  | 12,618,515 | 10,318,875
Administrative expenses |  | (8,971,144) | (8,029,176)
Operating profit | 5 | 3,647,371 | 2,289,699
Interest receivable and similar income | 9 | 133,820 | 524,075
Profit before tax |  | 3,781,191 | 2,813,774
Tax on profit | 10 | (2,371,127) | 142,353
Profit for the financial year |  | 1,410,064 | 2,956,127
Other comprehensive income for the year |  |  |
Foreign exchange |  | (493,024) | 728,784
Other comprehensive income for the year |  | (493,024) | 728,784
Total comprehensive income for the year |  | 917,040 | 3,684,911
The notes on pages 16 to 30 form part of these financial statements.
Page 11
NRS OCEAN LOGISTICS LTD. REGISTERED NUMBER: 01202048 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | US$ |  | US$
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 19,704,917 |  | 17,587,520
Investments | 13 |  | 1 |  | 1
|  |  | 19,704,918 |  | 17,587,521
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 11,147,020 |  | 13,631,764 |
Cash at bank and in hand |  | 23,222,888 |  | 26,431,034 |
|  | 34,369,908 |  | 40,062,798 |
Creditors: amounts falling due within one year | 15 | (12,697,146) |  | (12,012,694) |
Net current assets |  |  | 21,672,762 |  | 28,050,104
Total assets less current liabilities |  |  | 41,377,680 |  | 45,637,625
Provisions for liabilities |  |  |  |  |
Deferred tax | 16 | (3,411,357) |  | (2,575,408) |
Other provisions | 17 | (4,094,632) |  | (5,107,566) |
|  |  | (7,505,989) |  | (7,682,974)
Net assets |  |  | 33,871,691 |  | 37,954,651
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 16,085,790 |  | 16,085,790
Share premium account | 19 |  | 3,328,435 |  | 3,328,435
Foreign exchange reserve | 19 |  | (4,178,096) |  | (3,685,072)
Profit and loss account | 19 |  | 18,635,562 |  | 22,225,498
|  |  | 33,871,691 |  | 37,954,651
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
T Endo
Director
Date: 17 February 2026
The notes on pages 16 to 30 form part of these financial statements. Page 12
NRS OCEAN LOGISTICS LTD. STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Total equity
| US$ | US$ | US$ | US$ | US$
At 1 October 2023 | 16,085,790 | 3,328,435 | (4,413,856) | 22,269,371 | 37,269,740
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 2,956,127 | 2,956,127
Foreign exchange | - | - | 728,784 | - | 728,784
Total comprehensive income for the year | - | - | 728,784 | 2,956,127 | 3,684,911
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | - | (3,000,000) | (3,000,000)
At 1 October 2024 | 16,085,790 | 3,328,435 | (3,685,072) | 22,225,498 | 37,954,651
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 1,410,064 | 1,410,064
Foreign exchange | - | - | (493,024) | - | (493,024)
Total comprehensive income for the year | - | - | (493,024) | 1,410,064 | 917,040
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | - | (5,000,000) | (5,000,000)
At 30 September 2025 | 16,085,790 | 3,328,435 | (4,178,096) | 18,635,562 | 33,871,691
| The notes on pages 16 to 30 form part of these financial statements.
Page 13
NRS OCEAN LOGISTICS LTD. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  |  | 2025 | 2024
|  |  | US$ | US$
Cash flows from operating activities |  |
Profit for the financial year | 1,410,064 | 2,956,127
Adjustments for: |  |
Depreciation of tangible assets | 1,069,898 | 913,911
Profit on disposal of tangible assets | (7,999) | (29,791)
Interest received | (133,820) | (524,075)
Taxation charge | 2,371,127 | (142,353)
Decrease in debtors | 2,227,171 | 1,204,068
Decrease in amounts owed by group undertakings | 1,167,798 | 1,039,074
Decrease in creditors | (1,264,295) | (314,449)
Increase in amounts owed to group undertakings | 458,874 | 9,994
Decrease in provisions | (1,012,934) | (2,407,721)
Corporation tax paid | (955,530) | (2,051,919)
Foreign exchange | (11,103) | (590)
Net cash generated from operating activities | 5,319,251 | 652,276
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (3,199,000) | (575,904)
Sale of tangible fixed assets | 30,807 | 77,991
Interest received | 133,820 | 524,075
Net cash from investing activities | (3,034,373) | 26,162
Cash flows from financing activities |  |
Dividends paid | (5,000,000) | (3,000,000)
Net cash used in financing activities | (5,000,000) | (3,000,000)
Net (decrease) in cash and cash equivalents | (2,715,122) | (2,321,562)
Cash and cash equivalents at beginning of year | 26,431,034 | 28,023,812
Foreign exchange gains and losses | (493,024) | 728,784
Cash and cash equivalents at the end of year | 23,222,888 | 26,431,034
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 23,222,888 | 26,431,034
| 23,222,888 | 26,431,034
The notes on pages 16 to 30 form part of these financial statements.
Page 14
NRS OCEAN LOGISTICS LTD. ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 SEPTEMBER 2025
| At 1 October 2024 | Cash flows | Foreign exchange movements | At 30 September 2025
| US$ | US$ | US$ | US$
Cash at bank and in hand | 26,431,034 | (2,715,122) | (493,024) | 23,222,888
Debt due within 1 year | - | - | - | -
| 26,431,034 | (2,715,122) | (493,024) | 23,222,888
The notes on pages 16 to 30 form part of these financial statements.
Page 15
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
NRS Ocean Logistics Ltd. is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is 3rd Floor, 36-38 Botolph Lane, London, England, EC3R 8DE. The nature of the Company's operations and principal activities are the worldwide carriage of liquid cargo in tank containers. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Turnover
There are two main streams of turnover; Operations (which includes dry cargo) and Demurrage. Operations turnover represents income due to the Company in respect of tank leasing to enable the shipping of goods between destinations, recognised by the ‘depot out date’ of each shipment. The Depot out date is considered to be the date that cargo is loaded onto the ship at a port. Demurrage turnover represents income due to the Company in respect of ongoing jobs, where tanks are being held by the customer after completing the journey to the destination. The customer is invoiced based on the time period that the tank is held and charges are accrued and invoiced on a monthly basis. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Rendering of services Turnover 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 turnover 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.
| 2.3 | Associates
Associates are held at cost less impairment. Page 16
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | 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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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. The estimated useful lives range as follows:
|  |  |  | Tank containers | - | 15 years with residual value of $3,000
|  |  |  | Furniture and fittings | - | 10 years
|  |  |  | Computer equipment | - | 4 years
|  |  |  | Building improvement | - | period of lease
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.
| 2.5 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.6 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.7 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.8 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Page 17
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.9 | Foreign currency translation
Functional and presentation currency The Company's presentational currency is USD. This differs from some of the branches' functional currencies, which are either USD, EUR or JPY. As a result of these branches operating with sufficient independence and autonomy, the foreign exchange differences as a consequence of the consolidation into the presentational currency are shown in the foreign exchange reserve. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.10 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.11 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
| 2.12 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.13 | Pensions
Defined contribution pension plan 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 profit or loss 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 independently administered funds.
| 2.14 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 18
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 19
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The directors make estimates and assumptions concerning the future based on their knowledge of the business and the markets it operates in. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have the most significant risk of causing a material adjustment to the carrying value or assets and liabilities are addressed below: Fixed Asset Tanks Tanks held within fixed assets have been estimated to have a useful life of 15 years and residual value of $3,000. The carrying amount of fixed asset tanks as at the end of the reporting period is $19,679,303. Job Costing Accruals Estimates regarding the expected costs of jobs completed before the year end. Due to the nature and type of costings across multiple countries judgements and estimates are inherent in assessing the accounting position at the year end. The carrying amount of job costing accruals as at the end of the reporting period is $7,564,102. This accrual is offset with a provision made against a proportion of accruals which are not expected to materialise, based on monthly write offs during the year and post year end. The write off provision totals $1,972,152 at the end of the reporting period. Off-Hire Provision s As detailed within note 17, a provision is included to account for the expected costing committed to before the year end, in relation to off-hire charges which were estimated based on contractual obligations and costings received to date. The carrying amount of the off-hire provision as at the end of the reporting period was $3,959,533. Provision for Bad and Doubtful Debts Included within trade debtors is a provision against bad and doubtful debts. This provision is calculated with consideration for ageing debtors and specific balances that are not expected to be received. The net carrying amount of the trade debtors at the end of the reporting period is $5,552,541, the total provision is $246,955. Page 20
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Operations | 45,576,120 | 47,256,718
| Leasing | 607,545 | 409,347
| Dry cargo | 15,249,347 | 14,788,879
| Demurrage | 6,975,688 | 6,613,541
| Other | 117,366 | 377,821
|  | 68,526,066 | 69,446,306
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Asia | 40,489,313 | 43,161,933
| Europe | 15,826,985 | 15,789,814
| USA | 12,209,768 | 10,494,559
|  | 68,526,066 | 69,446,306
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Exchange differences | 11,134 | (239,864)
| Depreciation | 1,069,898 | 913,911
| Operating leases | 3,127,167 | 4,265,940
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 87,417 | 78,266
| Fees payable to the Company's auditors and their associates in respect of: |  |
| Taxation compliance services | 20,856 | 11,724
| All other services | 18,058 | 15,970
Page 21
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Wages and salaries | 3,755,043 | 3,652,531
| Social security costs | 522,400 | 484,313
| Cost of defined contribution scheme | 175,488 | 192,419
|  | 4,452,931 | 4,329,263
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 5 | 6
|  | Operations | 26 | 26
|  | Administration | 11 | 11
|  | Sales | 7 | 8
|  |  | 49 | 51
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Directors' emoluments | 290,420 | 395,471
| Company contributions to defined contribution pension schemes | 12,896 | 18,912
|  | 303,316 | 414,383
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of $192,476 (2024 - $210,904).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to $8,526 (2024 - $12,403).
Page 22
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Interest receivable from group companies | - | 130,610
| Bank interest receivable | 133,820 | 393,465
|  | 133,820 | 524,075
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Corporation tax |  |
| Current tax on profits for the year | 88,541 | 176,572
|  | 88,541 | 176,572
| Foreign tax |  |
| Foreign tax on income for the year | 1,446,637 | 656,417
|  | 1,446,637 | 656,417
| Total current tax | 1,535,178 | 832,989
| Deferred tax |  |
| Deferred tax | 835,949 | (975,342)
| Tax on profit | 2,371,127 | (142,353)
Page 23
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the effective rate of corporation tax in the UK of 25% (2024 - 25%).
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Profit on ordinary activities before tax | 3,781,191 | 2,813,774
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 945,298 | 703,444
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 18,239 | 138,768
| Capital allowances for year in excess of depreciation | (20,427) | (1,289,067)
| Higher rate taxes on overseas earnings | 1,411,974 | -
| Changes in provisions leading to an increase/(decrease) in the tax charge | 58,404 | 209,329
| Exchange differences on overseas earnings | (42,361) | 95,173
| Total tax charge for the year | 2,371,127 | (142,353)
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Dividends | 5,000,000 | 3,000,000
Page 24
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | Tangible fixed assets
|  | Plant and machinery | Building improvements | Tank containers | Total
|  | US$ | US$ | US$ | US$
| Cost or valuation |  |  |  |
| At 1 October 2024 | 427,604 | 188,700 | 19,028,367 | 19,644,671
| Additions | - | - | 3,199,000 | 3,199,000
| Disposals | - | - | (24,500) | (24,500)
| Exchange adjustments | 22,838 | - | - | 22,838
| At 30 September 2025 | 450,442 | 188,700 | 22,202,867 | 22,842,009
| Depreciation |  |  |  |
| At 1 October 2024 | 394,601 | 188,700 | 1,473,850 | 2,057,151
| Depreciation charge for the year | 18,492 | - | 1,051,406 | 1,069,898
| Disposals | - | - | (1,692) | (1,692)
| Exchange adjustments | 11,735 | - | - | 11,735
| At 30 September 2025 | 424,828 | 188,700 | 2,523,564 | 3,137,092
| Net book value |  |  |  |
| At 30 September 2025 | 25,614 | - | 19,679,303 | 19,704,917
| At 30 September 2024 | 33,003 | - | 17,554,517 | 17,587,520
Page 25
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
13. | Fixed asset investments
|  | Investments in associates
|  | US$
| Cost or valuation |
| At 1 October 2024 | 7,647
| At 30 September 2025 | 7,647
| Impairment |
| At 1 October 2024 | 7,646
| At 30 September 2025 | 7,646
| Net book value |
| At 30 September 2025 | 1
| At 30 September 2024 | 1
| Associate
| The following was an associate of the Company:
| Name | Class of shares | Holding
| Interflow Tank Container System SDN BHD | Ordinary | 20%
| The principal activity of Interflow Tank Container System SDN BHD was that of carriage of liquid cargoes and its country of incorporation was Malaysia.
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Trade debtors | 5,552,541 | 6,736,494
| Amounts owed by group undertakings | 1,753,968 | 2,921,766
| Other debtors | 1,474,861 | 699,013
| Prepayments and accrued income | 2,365,650 | 3,274,491
|  | 11,147,020 | 13,631,764
Page 26
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Trade creditors | 2,758,609 | 4,091,550
| Amounts owed to group undertakings | 494,461 | 35,587
| Corporation tax | 1,544,387 | 54,514
| Other creditors | 827,527 | 797,073
| Accruals and deferred income | 7,072,162 | 7,033,970
|  | 12,697,146 | 12,012,694
16. | Deferred taxation
|  | 2025
|  | US$
| At beginning of year | (2,575,408)
| Charged to profit or loss | (835,949)
| At end of year | (3,411,357)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Accelerated capital allowances | (3,411,357) | (2,575,408)
| The deferred tax liability arising on accelerated capital allowances will be released over the useful life of the tangible fixed assets.
Page 27
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
17. | Provisions
|  | Off-hire provision | Dilapidations provision | ERO provision | Total
|  | US$ | US$ | US$ | US$
| At 1 October 2024 | 4,944,548 | 131,423 | 31,595 | 5,107,566
| Charged to profit or loss | 23,303 | 3,676 | - | 26,979
| Utilised in year | (1,008,318) | - | (31,595) | (1,039,913)
| At 30 September 2025 | 3,959,533 | 135,099 | - | 4,094,632
| Off-hire provision: This provision relates to charges expected to be incurred by the Company as a consequence of off-hiring tanks on operating lease contracts which come to the end of the lease term. This provision is built up over the life of the contract and is based on charges incurred to date on off-hired tanks. A number of contracts will expire and be replaced or renegotiated on a continual basis. Dilapidations provision: This relates to office restructuring costs. This is expected to be utilised as operating leases cease, if they are not extended further than the current commitment. ERO provision: This provision relates to charges expected to be incurred by the Company as of consequence of activating Early Release Options (ERO) on operating lease contracts for tank hire. This is expected to be utilised as tanks are off hired and the respective invoices are received.
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
|  | Authorised, allotted, called up and fully paid |  |
|  | 12,142,857 (2024 - 12,142,857) Ordinary shares of £1.00 each | 16,085,790 | 16,085,790
19. | Reserves
Share premium account The share premium account represents the difference between the par value of shares issued and the subscription price. Foreign exchange reserve The foreign exchange reserve represents the gains and losses made on the conversion of the individual branches, who operate in different functional currencies to that of the presentational currency of the accounts. These amounts are recognised in other comprehensive income. Profit and loss account The profit and loss account represents cumulative profits and losses net of dividends and other adjustments. Page 28
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
20. | Capital commitments
| At 30 September 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Contracted for but not provided in these financial statements | - | 3,179,000
|  | - | 3,179,000
21. | Commitments under operating leases
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Not later than 1 year | 1,866,456 | 2,164,366
| Later than 1 year and not later than 5 years | 1,780,957 | 4,720,996
|  | 3,647,413 | 6,885,362
| The operating lease payments recognised as an expense during the year were $3,517,254 (2024: $4,536,861).
Page 29
NRS OCEAN LOGISTICS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
22. | Receivables under operating leases
| At 30 September 2025 the Company had future minimum lease payments receivable under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | US$ | US$
| Not later than 1 year | 402,609 | 372,099
| Later than 1 year and not later than 5 years | 831,450 | 1,030,703
| Later than 5 years | 450,661 | 542,856
|  | 1,684,720 | 1,945,658
23. | Related party transactions
| During the year the Company provided services to and received services from parent companies. The income from the services provided to parent companies during the year was $9,240,612 (2024: $9,860,740). The costs of the services received from parent companies during the year was $5,351,528 (2024: $6,961,499). The total amount due to NRS Ocean Logistics Ltd from parent companies at the year end was $285,282 (2024: $272,205). During the year the Company provided services to and received services from group companies. The income from the services provided to these group companies during the year was $9,309,217 (2024: $7,495,339). The costs of the services received from group companies during the year was $11,877,788 (2024: $9,959,023). The total compensation paid to key management personnel was $1,426,300 (2024: $1,481,844).
24. | Controlling party
The immediate parent company is NRS Corporation, which is incorporated in Japan. The registered office of the Company is 3-7-1 Kanda Nishikicho Chiyoda-ku, Tokyo 101-0054, Japan. The ultimate controlling party is NRS Holdings, which is incorporated in Japan. The registered office of the Company is 3-7-1 Kanda Nishikicho Chiyoda-ku, Tokyo 101-0054, Japan.
Page 30