Company registration number 05072227 (England and Wales)
SENNING (UK) LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SENNING (UK) LTD.
COMPANY INFORMATION
Directors
Mr Hao Wu
Ran Ji
Mrs Guang Zhu
Jun Zheng
Secretary
Dentons Secretaries Limited
Company number
05072227
Registered office and business address
3rd Floor
Devonshire House
1 Mayfair Place
London
W1J 8AJ
Auditor
RSM UK Audit LLP
3rd Floor
T Bromley
15-17 London Road
Bromley
Kent
BR1 1DE
SENNING (UK) LTD.
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 27
SENNING (UK) LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Core purpose and strategy

The C ompany’s principal activity during this financial period was the trading of crude oil and the crude oil marketing services. The C ompany envisages expansion over the coming year, seeing expanding marketing services opportunities.

The core business purpose of the Company is to secure profit margins by crude oil trading and crude oil marketing. In the longer term, we will continue to seek new counterparties and suppliers in Asia, Mid dle-East, Africa and South America.

Review of the business

During the year both the price per barrel and the quantity decreased resulting in a reduction in overall revenue. The outlook for 2026 is positive and we expect to expand the crude oil marketing services which could maintain the operating profit.

KPI
2025
2024
$'000
$'000
Revenue
311,766
376,738
Operating loss
(134)
(636)
Profit before tax
555
1,504
Equity shareholders' funds
7,221
6,806
2025
2024
Quantity '000
Quantity '000
Barrels
4,313
4,655
Principal risks and uncertainties

The Company undertakes inherent risks of trading and business operations as with all trading companies. We list below the key risks as the Company enters into the next financial year.

The Board of Directors are responsible for applying risk management principles and policies and ensuring that the Company’s management maintains an effective system of internal controls.

Risk management

Traders are to abide strictly by delegated trading limits which are approved by the Board. Management is responsible for reviewing and approving pricing and quantity of all trades prior to entering into the contract. All counterparties are pre-approved by Credit and Management prior to the first trade.

Credit risk

The Company has established a customer management policy and operates a strict credit risk management policy by which only a few selected counterparties are approved to give open credit and exposures which exceed authorized levels are minimized through the use of letters of credit or standby letters of credit (SBLC). R eceivables may be discounted with financial institutions effectively selling down the risk to the financial institutions. In the financial period under review the Company did not suffer any credit losses.

SENNING (UK) LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Operational and other risks

The Company has established a funds management system according to which, all funds transfer s should be authorized by t hree persons. Also, the Company has drafted a contract management policy which specifies the contract approval process. The Company assesses its operational risk level to prevent or qu ickly detect operational errors and to minimize the impact on the Company.

Legal and compliance risk

Our external and internal legal advisors are involved in every significant transaction. They provide essential advice and guidance to senior management on all business issues and ensure that our business is con d u ct ed in a manner that complies with all legal and statutory requirements.

Liquidity risk management

Liquidity management is in place to ensure that sufficient cash is available to meet all contractual obligations as they fall due and to ensure that sufficient funding lines are in place with banks to meet all financial requirements on a timely basis. This is closely monitored and tracked by the finance team of the Company.

Oil Price Risk

The company undertakes to buy and sell crude oil at spot prices and as such, this will mitigate the risks associated with any price fluctuations when carrying out transactions in a fluctuating crude oil market.

Going Concern Risk

The risk brought on by conflict in Ukraine and the associated economic uncertainty has resulted in increased energy prices and overall market volatility and this is likely to continue into 2026.

There continues to be volatility in the market due to ongoing conflicts underway however the directors are confident that the current supply will not be overly affected meaning that revenues will be maintained.

The directors are confident that the company in the short and medium term will be able to meet t he demand placed upon it whilst the stable crude oil c argoes will help maintain overall operating profit thereby mitigating the going concern risk.

SENNING (UK) LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Section 172 (1) statement

The Directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 (1)(a-f) of the UK Companies Act 2006 and include a duty to promote the success of the Company, which is summarised below:

- Principal decisions taken and Business planning

During the year, the directors have sought to achieve a high degree of customer service whilst seeking to increase the efficiency and sustainability of operations. In light of the role of the board, and their primary tasks and considerations throughout the year, the directors have discharged their duties under section 172(1) in a way that they considered, in good faith, is most likely to promote the success of the company for the benefit of its members as a whole, having regard to the likely consequences of any decision in the long term, as required by the Act.

- Interests of the employees

The directors recognise that the employees are fundamental and core to our business and delivery of our strategic ambitions. The success of our business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment, the directors factor the implications of decisions on employees, where relevant and feasible.

- Business Relationships with suppliers, customers and others

Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers, sister companies in the group and joint-venture partners. The company seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships and this alongside other standards are described in the business principles and regulations.

- Community and Environment

Our duty is to provide a safe and secure supply to our customers and whilst paying consideration to the environment. This includes reviewing the practices of our suppliers to ensure they have overall good procedures to deal with the other aspects of the oil industry including dealing with matters such as oil spills and other environmental matters. The Company’s approach is to use our resources, expertise and work ethics to create positive change for the people and communities with which we interact.

- Business Conduct

The company has policies that includes the prohibitions on engaging in bribery or corruption in any form. The directors have a duty to ensure that the company maintains the highest standards of business conduct. In addition, the board reviewed and considered the company’s Modern Slavery Statement and disclosed its practices in respect of the same on an annual basis.

- Stakeholders

With a clear aim and focus, the company has strived to maintain the viability of its business for its shareholders and other stakeholders.

As a result, the Directors believe that they have demonstrated compliance with their legal duty under s.172 of the Companies Act 2006.

SENNING (UK) LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

On behalf of the board

Mr Hao Wu
Director
25 March 2026
SENNING (UK) LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the Company is the purchase and sale of crude oil. The Company also provides marketing services in connection with oil exploration activities of group companies and their partners.

Directors

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

Mr Hao Wu
Ran Ji
Mrs Guang Zhu
Jun Zheng
Results and dividends
The results for the year are set out on page 11.

No ordinary dividends were paid in 2025.

Financial risk management

Please refer to the strategic report on page 1 for further details in relation to financial risk management.

Auditor

RSM UK Audit LLP have indicated their willingness to continue in office as auditor to the Company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

Energy consumption was below the minimum threshold required, 40,000kWh, for disclosure in the accounts in both 2025 and 2024. The disclosure below is on a voluntary basis.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
23,036
39,681
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 2 - indirect emissions
- Electricity purchased
4.03
8.13
Total gross emissions
4.03
8.13
Intensity ratio
Tonnes CO2e per 100 sqm
1.39
2.80
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

SENNING (UK) LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per 100 sqm, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We have increased video conferencing technology for staff meetings, to reduce the need for travel between sites.

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 C ompany’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 C ompany’s auditor is aware of that information.

On behalf of the board
Mr Hao Wu
Director
25 March 2026
SENNING (UK) LTD.
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -

The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- 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 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.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SENNING (UK) LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SENNING (UK) LTD.
- 8 -
Opinion

We have audited the financial statements of Senning (UK) L TD (the ‘company’) for the year ended 31 December 202 5 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 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 31 December 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 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. 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.

O ur 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 strategic report and the directors' r eport 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.

SENNING (UK) LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SENNING (UK) LTD.
- 9 -
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 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 on page 7, 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.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

SENNING (UK) LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SENNING (UK) LTD.
- 10 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, completing a disclosure checklist and reviewing correspondence with tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to sanctions against countries with which the company may trade. We performed audit procedures to inquire of management whether the company is in compliance with these laws and regulations, conducted searches to ensure that no trades were carried out with countries that have sanctions and confirmed the ships used did not have any sanctions against them.

The audit engagement team identified the risk of management override of controls and revenue recognition as the area s where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. C hallenging judgments and estimates applied within the financial statements and carrying out matching procedures between a sample of revenue and purchases.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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.

Helen Hunt (Senior Statutory Auditor)
for and on behalf of RSM UK Audit LLP , Statutory Auditor
Chartered Accountants
3rd Floor
T Bromley
15-17 London Road
Bromley
Kent
BR1 1DE
27 March 2026
SENNING (UK) LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
$
$
Turnover
3
311,765,939
376,737,591
Cost of sales
(306,015,101)
(371,951,299)
Gross profit
5,750,838
4,786,292
Administrative expenses
(5,884,797)
(5,421,994)
Operating loss
4
(133,959)
(635,702)
Interest receivable and similar income
8
689,122
2,139,798
Profit before taxation
555,163
1,504,096
Tax on profit
9
(140,345)
(393,969)
Profit for the financial year
414,818
1,110,127

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

SENNING (UK) LTD.
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
$
$
$
$
Fixed assets
Tangible assets
11
49,718
57,004
Current assets
Debtors falling due after more than one year
12
329,322
-
0
Debtors falling due within one year
12
24,064,723
28,930,738
Cash at bank and in hand
26,126,833
5,942,152
50,520,878
34,872,890
Creditors: amounts falling due within one year
13
(43,344,194)
(28,116,505)
Net current assets
7,176,684
6,756,385
Total assets less current liabilities
7,226,402
6,813,389
Provisions for liabilities
15
(5,848)
(7,653)
Net assets
7,220,554
6,805,736
Capital and reserves
Called up share capital
17
179,430
179,430
Profit and loss reserves
7,041,124
6,626,306
Total equity
7,220,554
6,805,736
The financial statements on pages 11 to 27 were approved by the Board and authorised for issue on 25 March 2026
Hao Wu
Director
Company Registration No. 05072227
SENNING (UK) LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
$
$
$
Balance at 1 January 2024
179,430
5,666,179
5,845,609
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
1,110,127
1,110,127
Dividends
10
-
(150,000)
(150,000)
Balance at 31 December 2024
179,430
6,626,306
6,805,736
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
414,818
414,818
Balance at 31 December 2025
179,430
7,041,124
7,220,554
SENNING (UK) LTD.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
2025
2024
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from/(absorbed by) operations
21
20,009,436
(782,205)
Income taxes paid
(498,953)
(33,074)
Net cash inflow/(outflow) from operating activities
19,510,483
(815,279)
Investing activities
Purchase of tangible fixed assets
(14,924)
(47,101)
Interest received
689,122
2,139,798
Net cash generated from investing activities
674,198
2,092,697
Financing activities
Dividends paid
-
0
(150,000)
Net cash used in financing activities
-
0
(150,000)
Net increase in cash and cash equivalents
20,184,681
1,127,418
Cash and cash equivalents at beginning of year
5,942,152
4,814,734
Cash and cash equivalents at end of year
26,126,833
5,942,152
SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
1
Accounting policies
Company information

Senning (UK) L TD is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Devonshire House, 1 Mayfair Place, London, W1J 8AJ.

The principal activity is disclosed in the Directors' Report on page 5.

1.1
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.

The financial statements are prepared in US dollars, which is the functional currency of the company.

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

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The risk brought on by conflict in Ukraine and the associated economic uncertainty has resulted in increased energy prices and overall market volatility and this is likely to continue into 2026.

There continues to be volatility in the market due to ongoing conflicts underway, however the directors are confident that the wider supply will not be overly affected meaning that revenues will be maintained.

The directors are confident that the company in the short and medium term will be able to meet t he demand placed upon it whilst the higher oil prices will help maintain overall margins thereby mitigating the going concern risk.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of oil is recognised when the significant risks and rewards of ownership of the oil has been transferred from the company to the buyer (usually on completion of loading, evidenced by the Bill of Lading (B/L)), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of marketing services is recognised either on a straight line basis over the period of the contract or, for some contracts, when the service is rendered (usually on completion of loading, evidenced by the date of the Bill of Lading (B/L)).

SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Equal annual instalments over lease term
Fixtures and fittings
25% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If an impairment loss subsequently reverses, the carry ing amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.7
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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.7
Financial instruments (continued)
Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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. Deferred tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. Deferred tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, deferred tax is charged or credited directly to equity if it relates to items that are credited or charged directly to equity. Otherwise deferred tax is recognised in profit or loss.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as an expense in the period they are incurred.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.The amount outstanding as at the year end is shown in creditors due within one year.
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Taxation

Uncertainties exist with respect to the amounts of current tax expected to be paid or recovered due to the interpretation of tax legislation, changes in tax regulations, and the amount and timing of future taxable income, resulting in the establishment of provisions by the Company depending upon reasonable estimate of the outcome to treatment of certain transactions by the responsible tax authority. The amount of current tax provisions is based on factors, such as experience of previous tax assessments and differing interpretations of tax laws by the Company and the tax authority in the country of operation.

Deferred tax

The Directors exercise judgement in determining the amount of deferred tax assets that can be recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised, based upon the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

3
Turnover and other revenue
2025
2024
$
$
Turnover analysed by class of business
Sale of oil
307,136,486
373,430,572
Provision of marketing services
4,629,453
3,307,019
311,765,939
376,737,591
2025
2024
$
$
Other revenue
Interest income
689,122
2,139,798
SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 20 -
2025
2024
$
$
Turnover analysed by geographical market
Africa
3,858,739
2,511,822
America
770,714
795,197
Asia
307,136,486
373,430,572
311,765,939
376,737,591
4
Operating loss
2025
2024
Operating loss for the year is stated after charging:
$
$
Exchange losses
43,497
86,419
Fees payable to the company's auditor for the audit of the company's financial statements
49,463
42,452
Depreciation of owned tangible fixed assets
22,210
51,156
Operating lease charges
520,564
466,221
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the company
49,463
42,452
6
Employees

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

2025
2024
Number
Number
Management and trading staff
12
11
SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

2025
2024
$
$
Salaries
3,236,618
2,910,604
Employment benefits
625,974
564,795
Social security costs
581,577
488,744
Pension costs
17,261
10,243
4,461,430
3,974,386

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

7
Directors' remuneration
2025
2024
$
$
Remuneration for qualifying services
659,923
607,297
Directors' benefits
545,838
533,467
1,205,761
1,140,764

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024: 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
$
$
Remuneration for qualifying services (including benefits)
791,690
737,821
8
Interest receivable and similar income
2025
2024
$
$
Interest income
Other interest income
689,122
2,139,798
SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
9
Taxation
2025
2024
Notes
$
$
Current tax
UK corporation tax on profits for the current period
142,691
381,525
Adjustments in respect of prior periods
-
0
11,538
Total current tax
142,691
393,063
Deferred tax
Origination and reversal of timing differences
16
(1,805)
906
Foreign exchange differences
(541)
-
0
Total deferred tax
(2,346)
906
Total tax charge
140,345
393,969

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
$
$
Profit before taxation
555,163
1,504,096
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
138,791
376,024
Tax effect of expenses that are not deductible in determining taxable profit
2,638
4,592
Change in unrecognised deferred tax assets
(1,805)
906
Effect of change in corporation tax rate
6,814
13,698
Depreciation on assets not qualifying for tax allowances
(5,552)
(12,789)
Under/(over) provided in prior years
-
0
11,538
Foreign exchange differences
(541)
-
0
Taxation charge for the year
140,345
393,969
10
Dividends
2025
2024
$
$
Final paid
-
0
150,000
SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
11
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Total
$
$
$
Cost
At 1 January 2025
359,254
179,611
538,865
Additions
-
0
14,924
14,924
Disposals
-
0
(7,951)
(7,951)
At 31 December 2025
359,254
186,584
545,838
Depreciation and impairment
At 1 January 2025
353,178
128,683
481,861
Depreciation charged in the year
6,076
16,134
22,210
Eliminated in respect of disposals
-
0
(7,951)
(7,951)
At 31 December 2025
359,254
136,866
496,120
Carrying amount
At 31 December 2025
-
49,718
49,718
At 31 December 2024
6,076
50,928
57,004
12
Debtors
2025
2024
Amounts falling due within one year:
$
$
Trade debtors
23,536,918
28,121,764
Corporation tax recoverable
16,942
-
0
Other debtors
137,756
599,917
Prepayments and accrued income
373,107
209,057
24,064,723
28,930,738
2025
2024
Amounts falling due after more than one year:
$
$
Other debtors
329,322
-
0
Total debtors
24,394,045
28,930,738
SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
13
Creditors: amounts falling due within one year
2025
2024
$
$
Trade creditors
22,578,766
27,154,986
Amounts owed to group undertakings
20,000,000
138,872
Corporation tax
-
0
339,861
Other taxation and social security
481,401
366,380
Other creditors
2,746
1,539
Accruals and deferred income
281,281
114,867
43,344,194
28,116,505
14
Financial instruments
2025
2024
$
$
Carrying amount of financial assets
Debt instruments measured at amortised cost
23,919,537
28,663,785
Carrying amount of financial liabilities
Measured at amortised cost
42,862,793
27,410,264
15
Provisions for liabilities
2025
2024
Notes
$
$
Deferred tax liabilities
16
5,848
7,653
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
$
$
Accelerated capital allowances
1,805
(906)
SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
16
Deferred taxation
(Continued)
- 25 -
2025
Movements in the year:
$
Liability at 1 January 2025
7,653
Credit to profit or loss
(1,805)
Liability at 31 December 2025
5,848

The deferred tax liability set out above is expected to reverse within 48 months and relates to accelerated capital allowances that are expected to mature within the same period.

17
Share capital
2025
2024
$
$
Ordinary share capital
Issued and fully paid
50,000 Ordinary shares of GBP £2 each
179,430
179,430
18
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
$
$
Within one year
548,870
69,619
Between two and five years
915,786
-
0
1,464,656
69,619
19
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
$
$
Aggregate compensation
1,382,229
1,294,984
SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
19
Related party transactions
(Continued)
- 26 -
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Purchases
2025
2024
2025
2024
$
$
$
$
CNPC Companies
307,136,486
297,558,340
306,015,101
296,236,376
Sales of services
2025
2024
$
$
CNPC Companies
4,629,453
3,307,019

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
$
$
CNPC Companies
22,576,080
27,152,477
Senning Company Inc.
20,000,000
138,872

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
$
$
CNPC Companies
23,536,918
28,121,764

Senning Company Inc. - immediate parent company.

Senning Company Inc. is 51% owned by CNPC International Limited and 49% owned by Huaning Energy Company Limited.

China Volant Industry Co. Ltd is the parent company of the Huaning Energy Company Limited.

20
Controlling party

The company is immediately wholly-owned by Senning Company Inc. a company incorporated in British Virgin Islands.

At the year-end Senning Company Inc. was owned 51% by CNPC International Limited, a company incorporated in Cayman Islands and is included within its consolidated financial statements, and 49% owned by Huaning Energy Company Limited, a company incorporated in Hong Kong. These entities are in turn owned by China National Petroleum Corporation and China Aerospace Science & Industry Corporation Limited respectively which are state owned by the People’s Republic of China.

SENNING (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
21
Cash generated from/(absorbed by) operations
2025
2024
$
$
Profit for the year after tax
414,818
1,110,127
Adjustments for:
Taxation charged
140,345
393,969
Investment income
(689,122)
(2,139,798)
Depreciation and impairment of tangible fixed assets
22,210
51,156
Movements in working capital:
Decrease/(increase) in debtors
4,553,635
(5,603,590)
Increase in creditors
15,567,550
5,405,931
Cash generated from/(absorbed by) operations
20,009,436
(782,205)
22
Analysis of changes in net debt
2025
$
Opening net funds
Cash at bank and in hand
5,942,152
Changes in net debt arising from:
Cash flows of the entity
20,184,681
Closing net funds as analysed below
26,126,833
Closing net funds
Cash at bank and in hand
26,126,833
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