Company registration number 08266966 (England and Wales)
Blue Water Logistics UK Limited
Annual Report and Financial Statements
for the Year ended 30 June 2025
Blue Water Logistics UK Limited
Company Information
Directors
F Busch
C V Laursen
D G Nissen
Secretary
F Busch
Company number
08266966
Registered office
Unit 11a Central Park Trading Estate
Westinghouse Road
Trafford Park
Manchester
M17 1PG
Auditor
B M Howarth Ltd
Townend House
8 Springwell Court
Leeds
West Yorkshire
LS12 1AL
Blue Water Logistics UK Limited
Contents
Page
Directors' report
1
Independent auditor's report
2 - 4
Statement of income and retained earnings
5
Statement of financial position
6
Notes to the financial statements
7 - 9
Blue Water Logistics UK Limited
Directors' Report
for the Year ended 30 June 2025
- 1 -

The directors present their annual report and financial statements for the Year ended 30 June 2025.

Principal activities

The principal activity of the company is to perform logistical services.

Directors

The directors who held office during the Year and up to the date of signature of the financial statements were as follows:

F Busch
C V Laursen
D G Nissen
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
F Busch
Director
19 March 2026
Blue Water Logistics UK Limited
Independent Auditor's Report
to the members of Blue Water Logistics UK Limited
- 2 -
Opinion

We have audited the financial statements of Blue Water Logistics UK Limited (the 'company') for the Year ended 30 June 2025 which comprise the statement of income and retained earnings, the statement of financial position and notes to the financial statements, including 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 June 2025 and of its loss 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the directors' r eport for the financial Year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Blue Water Logistics UK Limited
Independent Auditor's Report
to the members of Blue Water Logistics UK Limited (continued)
- 3 -
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 identifie d material misstatements in the directors' r eport. 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

Auditor's 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 auditor's 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.

Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:

- Agreement of the financial statements disclosures to underlying supporting documentation;

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Challenging assumptions, accounting estimates and judgements made by Directors;

- Identifying and testing journal entries to ensure they are appropriate;

- Sample testing of income and expenditure to ensure correct cut-off has been applied.

Blue Water Logistics UK Limited
Independent Auditor's Report
to the members of Blue Water Logistics UK Limited (continued)
- 4 -

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor's 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.

Charles R Moorby (Senior Statutory Auditor)
For and on behalf of B M Howarth Ltd, Statutory Auditor
Chartered Accountants
Townend House
8 Springwell Court
Leeds
West Yorkshire
LS12 1AL
19 March 2026
Blue Water Logistics UK Limited
Statement of Income and Retained Earnings
for the Year ended 30 June 2025
- 5 -
Year
Year
ended
ended
30 June
30 June
2025
2024
Notes
$
$
Turnover
-
-
Cost of sales
-
0
70,411
Gross profit
-
70,411
Administrative expenses
(9,203)
127,381
Operating (loss)/profit
(9,203)
197,792
Interest receivable
4
1,610
2,098
Interest payable
-
0
(42,222)
(Loss)/profit before taxation
(7,593)
157,668
Tax on (loss)/profit
-
0
(5,078)
(Loss)/profit for the financial Year
(7,593)
152,590
Retained earnings brought forward
3,021,947
2,869,357
Dividends
(2,500,000)
-
0
Retained earnings carried forward
514,354
3,021,947

The income statement has been prepared on the basis that all operations are continuing operations.

Blue Water Logistics UK Limited
Statement of financial position
as at 30 June 2025
- 6 -
2025
2024
Notes
$
$
$
$
Current assets
Debtors
6
-
0
2,529
Cash at bank and in hand
1,523,293
4,069,240
1,523,293
4,071,769
Creditors: amounts falling due within one year
7
(8,939)
(49,822)
Net current assets
1,514,354
4,021,947
Capital and reserves
Called up share capital
1,000,000
1,000,000
Profit and loss reserves
514,354
3,021,947
Total equity
1,514,354
4,021,947

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 March 2026 and are signed on its behalf by:
F Busch
Director
Company registration number 08266966 (England and Wales)
Blue Water Logistics UK Limited
Notes to the Financial Statements
for the Year ended 30 June 2025
- 7 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company meets the definition of a qualifying entity under FRS102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The financial statements of the company are consolidated in the financial statements of its parent, Blue Water International A/S, a company incorporated under the law in Denmark. These consolidated financial statements are available from its registered office, Trafikhavnskaj 9, P.O. Box 515, 6701 Esbjerg, Denmark.

Going concern

The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. However, the underlying contract on which the entity operates has reached maturity following the completion of the module transport. Following the completion of the contracts the entity will cease to trade and the directors have the intention to liquidate the company within the next 12 months and so have prepared the accounts on a basis other than going concern. No adjustments arose as a result of ceasing to apply the going concern basis.

Intangible fixed assets other than goodwill

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the year during which the company is expected to benefit, which is between three and five years. Provision is made for any impairment.

Development costs are in relation to IT software which is still in the process of being developed. Once fully developed assets are moved to IT software and are depreciated in line with the below policy.

IT software - released in line with the utilisation of the ships it is used on.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Blue Water Logistics UK Limited
Notes to the Financial Statements (continued)
for the Year ended 30 June 2025
1
Accounting policies
(continued)
- 8 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the Year was:

2025
2024
Number
Number
Total
3
3
4
Interest receivable
2025
2024
$
$
Interest receivable includes the following:
Interest receivable from group companies
1,610
2,098
Blue Water Logistics UK Limited
Notes to the Financial Statements (continued)
for the Year ended 30 June 2025
- 9 -
5
Intangible fixed assets
Other
$
Cost
At 1 July 2024 and 30 June 2025
355,076
Amortisation and impairment
At 1 July 2024 and 30 June 2025
355,076
Carrying amount
At 30 June 2025
-
0
At 30 June 2024
-
0
6
Debtors
2025
2024
Amounts falling due within one year:
$
$
Other debtors
-
0
2,529
7
Creditors: amounts falling due within one year
2025
2024
$
$
Corporation tax
-
0
37,175
Other taxation and social security
22
-
0
Other creditors
8,917
12,647
8,939
49,822
8
Related party transactions

In the ordinary course of business, the company has traded with its ultimate parent company Blue Water Holding A/S, a company registered in Denmark, together with its subsidiaries. Advantage has been taken of the exemption permitted by FRS102 section 33 not to disclose transactions with wholly-owned entities that are part of the Blue Water Shipping International A/S group.

9
Parent company

The immediate parent company and controlling party is Blue Water International A/S, a company incorporated in Denmark. This is the smallest group in which Blue Water Logistics UK Limited is consolidated. The ultimate parent company is Blue Water Holding A/S, a company incorporated in Denmark. This is the largest group in which Blue Water Logistics UK Limited is consolidated.

Blue Water Shipping A/S results are publicly available, and may be obtained from the registered office, Trafikhavnskaj 9, P.O. Box 515, 6701 Esbjerg, Denmark.

10
Company information

Blue Water Logistics UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11a Central Park Trading Estate, Westinghouse Road, Trafford Park, Manchester, M17 1PG.

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