IRIS Accounts Production v25.4.12.37 01784532 Board of Directors 1.1.25 31.12.25 31.12.25 true false true true false false false false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary shares 1.44000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 01784532 2024-12-31 01784532 2025-12-31 01784532 2025-01-01 2025-12-31 01784532 2023-12-31 01784532 2024-01-01 2024-12-31 01784532 2024-12-31 01784532 ns15:EnglandWales 2025-01-01 2025-12-31 01784532 ns14:USDollar 2025-01-01 2025-12-31 01784532 ns10:Director1 2025-01-01 2025-12-31 01784532 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 01784532 ns10:FullIFRS 2025-01-01 2025-12-31 01784532 ns10:Audited 2025-01-01 2025-12-31 01784532 ns10:ResidualCompaniesActDisclosuresWithIFRS 2025-01-01 2025-12-31 01784532 ns10:FullAccounts 2025-01-01 2025-12-31 01784532 ns10:OrdinaryShareClass1 2025-01-01 2025-12-31 01784532 ns10:Director2 2025-01-01 2025-12-31 01784532 ns10:Director3 2025-01-01 2025-12-31 01784532 ns10:Director4 2025-01-01 2025-12-31 01784532 ns10:CompanySecretary1 2025-01-01 2025-12-31 01784532 ns10:RegisteredOffice 2025-01-01 2025-12-31 01784532 ns5:Non-currentFinancialInstruments 2025-12-31 01784532 ns5:Non-currentFinancialInstruments 2024-12-31 01784532 ns5:CurrentFinancialInstruments 2025-12-31 01784532 ns5:CurrentFinancialInstruments 2024-12-31 01784532 ns5:ShareCapital 2025-12-31 01784532 ns5:ShareCapital 2024-12-31 01784532 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 01784532 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 01784532 ns5:CurrentFinancialInstruments ns5:InterestBearingFinancialInstruments 2025-12-31 01784532 ns5:CurrentFinancialInstruments ns5:InterestBearingFinancialInstruments 2024-12-31 01784532 ns5:ShareCapital 2023-12-31 01784532 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 01784532 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01784532 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 01784532 ns5:FurnitureFittings 2025-01-01 2025-12-31 01784532 1 2025-01-01 2025-12-31 01784532 ns5:LeasedAssets 2025-01-01 2025-12-31 01784532 ns5:LeasedAssets 2024-01-01 2024-12-31 01784532 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-12-31 01784532 ns5:FurnitureFittings 2024-12-31 01784532 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-01-01 2025-12-31 01784532 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-12-31 01784532 ns5:FurnitureFittings 2025-12-31 01784532 ns5:ShortLeaseholdAssets ns5:LandBuildings 2023-12-31 01784532 ns5:FurnitureFittings 2023-12-31 01784532 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-01-01 2024-12-31 01784532 ns5:FurnitureFittings 2024-01-01 2024-12-31 01784532 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-12-31 01784532 ns5:FurnitureFittings 2024-12-31 01784532 ns10:OrdinaryShareClass1 2025-12-31 01784532 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 01784532 1 2025-01-01 2025-12-31

REGISTERED NUMBER: 01784532 (England and Wales)

APIOIL UK LIMITED

STRATEGIC REPORT, DIRECTORS' REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company information | 1 |

| Strategic report | 2 |

| Directors' report | 5 |

| Directors' responsibilities statement | 7 |

| Independent auditors' report | 8 |

| Statement of comprehensive income | 11 |

| Statement of financial position | 12 |

| Statement of changes in equity | 14 |

| Statement of cash flows | 15 |

| Notes to the statement of cash flows | 16 |

| Notes to the financial statements | 17 |

| APIOIL UK LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | L Caputo

| A C Newman

| F Paretti

| R M Taylor

| SECRETARY: | R Palmer

| REGISTERED OFFICE: | 21 New Row

| 4th Floor

| London

| WC2N 4LE

| REGISTERED NUMBER: | 01784532 (England and Wales)

| AUDITORS: | Venthams

| Chartered Accountants

| Statutory Auditor

| Summit House

| 12 Red Lion Square

| London

| WC1R 4QH

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

FAIR REVIEW OF THE BUSINESS

Apioil UK Ltd is a company engaged in trading crude oils and/or other feedstock and/or refined products in the international markets through relationships with primary producing countries, major oil companies and first-class commodity trading houses.

Apioil UK Ltd also provides transaction optimisation services (shipping/operational support, back office and market monitoring activities) for the benefit of its parent company pursuant to the contract in place.

RESULTS AND PERFORMANCE

The results of the company, as set out on pages 11 and 12, show a profit after tax for the year of $671,952 (2024: $801,629). The shareholders' funds total $13,952,443 (2024: $13,280,491).

Regarding the business activity, Apioil UK Ltd was not engaged in any cargoes in 2025, (down from 128,000 tons in 2024).

The level of business activity still remained challenged by:

- no availability of Libyan cargoes due to internal and geo-political crisis which continued to affect the country during most part of the year;

- no availability of SOMO barrels from Iraq;

- increased tender competition;

- disruption to shipping routes (most notably Suez Canal)

BUSINESS ENVIRONMENT

The business environment was challenging. The on-going internal conflict in Libya continued and resulted in the lack of supplies during 2024 and 2025. Notwithstanding, relationships with our suppliers, most notably from IOC's operating in the MENA region, were maintained and we continued to seek spot cargoes of crude oil.

STRATEGY

The trading strategy of the Company remains unchanged. The aim is to trade on a "back-to-back" basis with 3rd party international major oil companies and well known and established tier one trading companies, whilst benefiting from very limited trading risk. We also continue to seek new opportunities in new markets.

FINANCIAL/OPERATIONAL - KEY PERFORMANCES INDICATORS

Each transaction is monitored for KPI by reference to expected US$ profit per barrel having consideration to the transaction structure, contractual pricing, freight, shipping, inspection and financial costs.

The total value of barrels in 2025 was nil (2024 exceeded $69 million).

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk and uncertainties to the company relate to:

- Daily changes in typical basket of crude oil prices

- Freight market volatility

- Port information & or transit delays (e.g. Suez Canal)

- Significant changes in weather conditions having a direct impact on delays (vessel and or port delays)

- Security situations in Prime Supplier host countries

- Market trends, demands and production, geographical requirements - crude oil types (sweet/sour) or (light or heavy)

- The Ukraine conflict

These can have a potential impact on credit risk, liquidity risk, foreign currency risk, and interest rate risk.

To address these risks:

The Company only selects highly reputable banks for placing its cash on treasury fixed term deposits to mitigate against reputational and other material risks associated with such deposits.

The Company is not exposed to commodity price risk as transactions are made on a back-to-back basis, where sales and purchases are based upon equal terms and conditions.

The majority of the company's activities are carried out in USD which is the company's functional and presentational currency, therefore limiting any foreign exposure risk.

The Company is not exposed to any financial liabilities except those originating in the ordinary course of business.

UKRAINE CONFLICT

The conflict in the Ukraine continues to have major impact on trading operations, in particular shipping costs, especially cross Med Rates in a market where IOC (International Oil Company) suppliers and traders are competing for the same pool of vessels, compounded by the need for European End Users to replace barrels previously of Russia origin. As such the need to monitor daily fixtures and market trends will remain imperative to secure the best possible rates at all times. Also, given the steady escalation and volatility in shipping rates and demurrage charges, this has created further challenges in responding to the flow of tenders, avoiding at all times the potential for breakeven or loss-making scenarios.

However, the amount of cash reserves available to the company allow it to perform business even in such difficult times.

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

CONCLUSION & OUTLOOK

Despite a challenging trading year, the Company negotiated significant demurrage savings in support of the Group, whilst keeping a control on operation costs.

In light of the outbreak of conflict in the Middle East and nearby regions, the Company maintains a cautious outlook in 2026 which will focus on achieving a combination of the following:

(a) increasing trading capacity, thereby achieving a further increase in the number of barrels traded;

(b) maximising earnings ratios when trade opportunities arise;

(c) continue to secure demurrage savings in support of Group activities

(d) consolidating cost savings;

(e) develop existing and new partnerships with equity barrel stakeholders.

ON BEHALF OF THE BOARD:

A C Newman - Director

30 March 2026

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The company has continued to be involved in the international trading of petroleum, its core business, while giving its assistance to the parent company for some services of shipping/operation and back office and market monitoring mainly for the refinery system.

The directors acknowledge the performance in 2025 given the challenging trading environment as referred to in the Strategic Report.

DIVIDENDS

The audited financial statements for the year ended 31 December 2025 are set out on pages 11 to 29.

The directors do not recommend the payment of a dividend for the year.

FUTURE DEVELOPMENTS

Likely future developments in the business are discussed in the Strategic Report.

EVENTS SINCE THE END OF THE YEAR

The owners of the group are in the process of selling their interest, which is expected to complete in 2026. At present, the directors are not aware of any significant operational changes which will be made by the new owners and which would significantly impact the activity of the Company.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

L Caputo

A C Newman

F Paretti

R M Taylor

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The main risks arising from the company's financial instruments are credit risk, liquidity risk, commodity price risk, foreign currency risk and interest rate risk. These risks arise from exposures that occur in the normal course of business.

The policies and objectives in use by the company for the risks considered are detailed in note 21 of the notes to the financial statements.

DISCLOSURE IN THE STRATEGIC REPORT

As permitted by paragraph 1A of schedule 7 to Large and Medium-size Companies and Group (accounts and reports) Regulation 2008, certain matters which are required to be disclosed in the directors report have been omitted as they are included in the strategic report on page 2 to 4. This relates to future developments.

DISCLOSURE OF INFORMATION TO AUDITORS

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

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

AUDITORS

In accordance with the company's Articles, a resolution proposing that Venthams be reappointed as auditors of the company will be put at a General Meeting.

ON BEHALF OF THE BOARD:

L Caputo - Director

30 March 2026

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

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 UK-adopted international accounting standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for preparing the Director's Report and the company's financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare the company's financial statements for each financial year. Under that law the directors have elected to prepare the company's financial statements in accordance with UK adopted international accounting standards.

The financial statements are required by law and UK adopted international accounting standards to present fairly the financial position of the company and the performance for that period; the Companies Act 2006 provides in relation to such financial statements that references in the relevant part of that Act to financial statements giving a true and fair view are references to their achieving a fair presentation.

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

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- state whether they have been prepared in accordance with UK adopted international accounting standards; and

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

The directors are responsible for keeping adequate accounting records that 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 have a general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

APIOIL UK LIMITED

Opinion

We have audited the financial statements of Apioil UK Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity, the Statement of cash flows and Notes to the statement of cash flows, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.

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 IFRSs as adopted by the UK; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic report and the 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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

APIOIL UK LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.

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

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

| o |  | Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation. |

| o |  | UK Government sanctions concerning the countries with which the company can trade. |

| o |  | It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. |

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; enquiries of the company's solicitors and inspection of relevant legal correspondence; review of board minutes and internal manuals and guidance; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

APIOIL UK LIMITED

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

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.

Louise Watts (Senior Statutory Auditor)

for and on behalf of Venthams

Chartered Accountants

Statutory Auditor

Summit House

12 Red Lion Square

London

WC1R 4QH

30 March 2026

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | $ | $ |

CONTINUING OPERATIONS

Revenue | 4 | 708,000 |  | 69,138,773 |  |

Cost of sales | - |  | (68,338,684 | ) |

GROSS PROFIT | 708,000 |  | 800,089 |  |

Administrative expenses | (427,842 | ) | (396,535 | ) |

OPERATING PROFIT | 280,158 |  | 403,554 |  |

Finance costs | 6 | (7,098 | ) | (9,020 | ) |

Finance income | 6 | 627,293 |  | 684,868 |  |

PROFIT BEFORE TAX | 7 | 900,353 |  | 1,079,402 |  |

Tax | 8 | (228,401 | ) | (277,773 | ) |

PROFIT FOR THE YEAR | 671,952 |  | 801,629 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 671,952 |  | 801,629 |  |

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | $ | $ |

ASSETS

NON-CURRENT ASSETS

Owned

| Property, plant and equipment | 9 | - |  | - |  |

Right-of-use

| Property, plant and equipment | 9, 16 | 96,406 |  | 144,609 |  |

Trade and other receivables | 10 | 19,216 |  | 17,884 |  |

115,622 |  | 162,493 |  |

CURRENT ASSETS

Trade and other receivables | 10 | 65,673 |  | 403,172 |  |

Cash and cash equivalents | 11 | 14,080,937 |  | 13,421,220 |  |

14,146,610 |  | 13,824,392 |  |

TOTAL ASSETS | 14,262,232 |  | 13,986,885 |  |

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital | 12 | 14,400 |  | 14,400 |  |

Retained earnings | 13 | 13,938,043 |  | 13,266,091 |  |

TOTAL EQUITY | 13,952,443 |  | 13,280,491 |  |

LIABILITIES

NON-CURRENT LIABILITIES

Trade and other payables | 14 | 35,518 |  | 33,056 |  |

Financial liabilities - borrowings |

| Lease liabilities | 15, 16 | 64,464 |  | 116,393 |  |

99,982 |  | 149,449 |  |

CURRENT LIABILITIES

Trade and other payables | 14 | 48,481 |  | 398,644 |  |

Financial liabilities - borrowings |

| Lease liabilities | 15, 16 | 58,891 |  | 52,874 |  |

Tax payable | 102,435 |  | 105,427 |  |

209,807 |  | 556,945 |  |

TOTAL LIABILITIES | 309,789 |  | 706,394 |  |

TOTAL EQUITY AND LIABILITIES | 14,262,232 |  | 13,986,885 |  |

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

STATEMENT OF FINANCIAL POSITION - continued

31 DECEMBER 2025

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2026 and were signed on its behalf by:

L Caputo - Director

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

$ | $ | $ |

Balance at 1 January 2024 | 14,400 |  | 12,464,462 |  | 12,478,862 |  |

Changes in equity

Total comprehensive income | - |  | 801,629 |  | 801,629 |  |

Balance at 31 December 2024 | 14,400 |  | 13,266,091 |  | 13,280,491 |  |

Changes in equity

Total comprehensive income | - |  | 671,952 |  | 671,952 |  |

Balance at 31 December 2025 | 14,400 |  | 13,938,043 |  | 13,952,443 |  |

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | $ | $ |

Cash flows from operating activities

Cash generated from operations | 1 | 360,115 |  | 447,757 |  |

Interest paid | (564 | ) | - |  |

Tax paid | (231,393 | ) | (168,962 | ) |

Net cash from operating activities | 128,158 |  | 278,795 |  |

Cash flows from investing activities

Interest received | 584,005 |  | 684,868 |  |

Net cash from investing activities | 584,005 |  | 684,868 |  |

Cash flows from financing activities

Payment of lease liabilities | (45,912 | ) | (54,145 | ) |

Interest paid | (6,534 | ) | (9,020 | ) |

Net cash from financing activities | (52,446 | ) | (63,165 | ) |

Increase in cash and cash equivalents | 659,717 |  | 900,498 |  |

Cash and cash equivalents at beginning of year | 2 | 13,421,220 |  | 12,520,722 |  |

Cash and cash equivalents at end of year | 2 | 14,080,937 |  | 13,421,220 |  |

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | RECONCILIATION OF PROFIT BEFORE TAX TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

$ | $ |

| Profit before tax | 900,353 |  | 1,079,402 |  |

| Depreciation charges | 48,203 |  | 48,203 |  |

| Finance costs | 7,098 |  | 9,020 |  |

| Finance income | (627,293 | ) | (684,868 | ) |

328,361 |  | 451,757 |  |

| Decrease/(increase) in trade and other receivables | 336,167 |  | (380,150 | ) |

| (Decrease)/increase in trade and other payables | (304,413 | ) | 376,150 |  |

| Cash generated from operations | 360,115 |  | 447,757 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

| Year ended 31 December 2025

| 31/12/25 |  | 1/1/25

$ | $ |

| Cash and cash equivalents | 14,080,937 |  | 13,421,220 |  |

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

$ | $ |

| Cash and cash equivalents | 13,421,220 |  | 12,520,722 |  |

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Apioil UK Limited was incorporated on 19 January 1984 in England and Wales under registration number 01784532. The registered office and principal place of business of the company is 21 New Row, 4th Floor, London, WC2N 4LE.

| The presentational and functional currency is US Dollars ($). Amounts in these financial statements are rounded to the nearest US Dollar ($).

2. | ACCOUNTING POLICIES

| Accounting convention

| These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

| Going concern

| Taking into account a period exceeding 12 months from the date of approval of these financial statements, the Directors have a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future, and for this reason will continue to adopt the going concern basis in the preparation of its financial statements.

| Revenue recognition

| Petroleum Trading

| Revenue from petroleum trading is recognised when all significant risks and rewards of ownership of the asset sold are transferred to the customers, it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. This occurs on the Bill of Lading date. Turnover is recognised at invoiced amounts with most sales being priced free on board (FOB), or cost and freight (CFR).

| These trades are made on a back-to-back basis, meaning that buying and selling is made at the same terms and conditions regarding quantity, quality as well as delivery, payments and base price terms with the exception that a premium shall apply.

| Performance of Services

| Revenues are recognised on the performance of the service. The income is shown net of VAT and discounts.

| Cash and cash equivalents

| Cash includes current accounts and short-term time deposits with banks. These are carried at cost in the balance sheet and approximate fair value due to their short term nature.

| Property, plant and equipment

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Short leasehold | - | Over the term of the lease

| Fixtures and fittings | - | 33.3% straight line

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Financial assets and liabilities

| Financial assets and liabilities comprise, cash, accounts receivable and accounts payable.

| The carrying amounts of cash, amounts receivable and accounts payable approximate fair values due to their short term nature.

| Apioil UK Limited classifies its financial assets and liabilities as follows and measures them uniformly according to the following categories:-

| - |  | Financial assets or liabilities held for trading; |  |

| - |  | Loans and receivables; |  |

| - |  | Financial assets available for sale and; |  |

| - |  | Other financial liabilities |  |

| Financial assets and liabilities held for trading are acquired principally for the purpose of generating a profit from short-term fluctuations in price. There are no such financial assets and liabilities existing at the balance sheet date.

| Loans and receivables are financial assets created by providing money, goods or services directly to third or related parties.

| All other investments are classified as financial assets available for sale. There are none existing at the balance sheet date.

| All financial assets and liabilities are initially recognised at fair value, including transaction costs expect for instruments held for trading. the purchase or sale of financial assets is recognised on the settlement date.

| After initial recognition, financial assets and liabilities held for trading are measured at fair value with changes in the value reported in the profit or loss for the year.

| Taxation

| UK corporation tax payable is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantially enacted by the balance sheet date. The company is also subject to taxation in Italy, which is provided for on the same basis.

| Deferred taxation

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date except otherwise required by IAS 12. Deferred tax is not discounted.

| Foreign currency translation

| Monetary assets and liabilities denominated in foreign currencies are translated into US Dollars at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the exchange rate as at the transaction date. Realised and unrealised gains and losses are recognised in the statement of comprehensive income.

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Leases

| The company has adopted IFRS16 in relation to it's operating leases. The company recognises a right-of-use asset and a lease liability on the balance sheet.

| The right-of-use asset is measured at cost, which is based on the initial measurement of the lease liability and additional costs.

| The lease liability is measured at the present value of the lease payments, discounted using the interest rate considered to be the company's incremental borrowing rate. The right-of-use asset is depreciated over the lease term on a straight-line basis. The lease liability is reduced by the rental payments made.

| The company uses the exemption available for short-term (less than twelve months) leases, and low-value assets, and recognises these as an expense in the profit or loss on a straight-line basis over the lease term.

| The right of use asset is included in non-current assets on the statement of financial position. The lease liabilities are included in trade and other payables.

| The new Standard was applied using the modified retrospective approach, with no adjustment to equity. Prior periods were not restated.

| Employee benefit costs

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

| Accounts receivables and payables

| Trade receivables are recognised and carried at original invoice amount less an allowance for any uncollectable amounts. Provisions are made when there is objective evidence that the Company will not be able to collect the debts. Bad debts are written off when identified. No provision is required against the trade receivables outstanding at the year end date.

| Trade payables are non-interest bearing, carried at original invoice amount.

| Both positions approximate fair value due to the short term nature of these financial instruments.

| Trade payables are usually paid within 30 days.

| Trade receivables credit terms are 30 days.

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Cost of sales

| Cost of sales represents product cost plus any other costs directly attributed to the acquisition of materials, such as freight costs and demurrage costs.

| Dispatch and demurrage

| Dispatch and demurrage are ancillary income and costs that occur when vessels are prevented from the loading or discharging of cargo within the stipulated laytime.

| Dispatch and demurrage income and expenses are recorded when the amount can be measured reliably, it is probable the economic benefits or costs associated with the transaction will flow and the stage or completion of the transaction at the balance sheet date can be measured reliably.

| In some instances, the company passes on demurrage expenses to the supplier. A credit note is received from the supplier and applied to future shipments. The purchase credit notes are netted off against the purchase of the cargo in the profit and loss account.

3. | CRITICAL ACCOUNTING JUDGEMENTS 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 have exercised their judgement in relation to the discounting factor which applies to the valuation of the right of use asset.

4. | REVENUE

| Revenue analysis by class of business:

|  | 2025 |  |  | 2024 |

|  | $ |  |  | $ |

| Sale of oil |  | - |  |  | 68,252,068 |

| Demurrages |  | - |  |  | 271,705 |

| Performance of service |  | 708,000 |  |  | 615,000 |

|  | 708,000 |  |  | 69,138,773 |

| Sales to UK customers |  | - |  |  | - |

| Sales to non-UK customers |  | 708,000 |  |  | 69,138,773 |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

$ | $ |

| Wages and salaries | 182,868 |  | 176,243 |  |

| Social security costs | 9,620 |  | 12,965 |  |

| Other pension costs | 2,567 |  | 3,146 |  |

195,055 |  | 192,354 |  |

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Administrative and management | 3 |  | 3 |  |

| Non payroll Directors | 3 |  | 3 |  |

6 |  | 6 |  |

| 2025 |  | 2024

$ | $ |

| Directors' remuneration | 105,248 |  | 102,234 |  |

| Directors' pension contributions to money purchase schemes | 1,738 |  | 1,688 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

| The directors' emoluments are paid in sterling. The year on year comparison will be affected by movement in the US dollar to sterling exchange rate.

| The directors are the key management personnel and therefore no additional disclosure of emoluments is required.

6. | NET FINANCE INCOME

| 2025 |  | 2024

$ | $ |

| Finance income:

| Deposit account interest | 627,293 |  | 684,413 |  |

| Other interest received | - |  | 455 |  |

627,293 |  | 684,868 |  |

| Finance costs:

| Interest expense for leasing

| arrangements | 6,534 |  | 9,020 |  |

| Interest on overdue tax | 564 |  | - |  |

7,098 |  | 9,020 |  |

| Net finance income | 620,195 |  | 675,848 |  |

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

7. | PROFIT BEFORE TAX

| The profit before tax is stated after charging:

| 2025 |  | 2024

$ | $ |

| Depreciation - assets on hire purchase contracts or finance leases | 48,203 |  | 48,203 |  |

| Auditors' remuneration | 19,997 |  | 24,792 |  |

| Foreign exchange differences | 1,441 |  | 2,051 |  |

| Employees benefits | 195,055 |  | 192,354 |  |

8. | TAX

| Analysis of tax expense

| 2025 |  | 2024

$ | $ |

| Current tax:

| Tax | 228,401 |  | 270,635 |  |

| Foreign tax on income | - |  | 36,922 |  |

| Double tax relief | - |  | (29,784 | ) |

| Total tax expense in statement of comprehensive income | 228,401 |  | 277,773 |  |

| Factors affecting the tax expense

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

| 2025 |  | 2024

$ | $ |

| Profit before income tax | 900,353 |  | 1,079,402 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 225,088 |  | 269,851 |  |

| Effects of:

| Expenses not deductible for tax purposes | 3,313 |  | 784 |  |

| Foreign tax on income | - |  | 36,921 |  |

| Double tax relief | - |  | (29,783 | ) |

| Tax expense | 228,401 |  | 277,773 |  |

| In the directors' opinion, the company will not be impacted by the introduction of "Pillar Two" tax rules.

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

9. | PROPERTY, PLANT AND EQUIPMENT

| Fixtures |

| Short |  | and |

| leasehold |  | fittings |  | Totals

$ | $ | $ |

| COST

| At 1 January 2025

| and 31 December 2025 | 245,032 |  | 1,194 |  | 246,226 |  |

| DEPRECIATION

| At 1 January 2025 | 100,423 |  | 1,194 |  | 101,617 |  |

| Charge for year | 48,203 |  | - |  | 48,203 |  |

| At 31 December 2025 | 148,626 |  | 1,194 |  | 149,820 |  |

| NET BOOK VALUE

| At 31 December 2025 | 96,406 |  | - |  | 96,406 |  |

| Fixtures |

| Short |  | and |

| leasehold |  | fittings |  | Totals

$ | $ | $ |

| COST

| At 1 January 2024

| and 31 December 2024 | 245,032 |  | 1,194 |  | 246,226 |  |

| DEPRECIATION

| At 1 January 2024 | 52,220 |  | 1,194 |  | 53,414 |  |

| Charge for year | 48,203 |  | - |  | 48,203 |  |

| At 31 December 2024 | 100,423 |  | 1,194 |  | 101,617 |  |

| NET BOOK VALUE

| At 31 December 2024 | 144,609 |  | - |  | 144,609 |  |

10. | TRADE AND OTHER RECEIVABLES

2025 | 2024 |

$ | $ |

| Current:

| Trade debtors | - |  | 271,705 |  |

| Other debtors | 13,944 |  | 8,412 |  |

| Italian regional tax | 3,192 |  | 6,712 |  |

| VAT | 5,249 |  | 12,736 |  |

| Prepayments and accrued income | 43,288 |  | 103,607 |  |

65,673 |  | 403,172 |  |

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

10. | TRADE AND OTHER RECEIVABLES - continued

2025 | 2024 |

$ | $ |

| Non-current:

| Other debtors | 19,216 |  | 17,884 |  |

| Aggregate amounts | 84,889 |  | 421,056 |  |

11. | CASH AND CASH EQUIVALENTS

2025 | 2024 |

$ | $ |

| Bank accounts | 14,080,937 |  | 13,421,220 |  |

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | $ | $ |

| 10,000 | Ordinary shares | $1.44 | 14,400 |  | 14,400 |  |

| The Ordinary shares of £1 each were converted to US $1.44

| The Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption. Each share carries one vote.

13. | RESERVES

| Retained

| earnings

$ |

| At 1 January 2025 | 13,266,091 |  |

| Profit for the year | 671,952 |  |

| At 31 December 2025 | 13,938,043 |  |

| Retained earnings - includes all current retained profits and losses.

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

14. | TRADE AND OTHER PAYABLES

2025 | 2024 |

$ | $ |

| Current:

| Trade creditors | 7,931 |  | 276,907 |  |

| Social security and other taxes | 10,071 |  | 600 |  |

| Other creditors | 1,516 |  | 1,516 |  |

| Pensions payable | - |  | 460 |  |

| Accruals and deferred income | 28,963 |  | 119,161 |  |

48,481 |  | 398,644 |  |

| Non-current:

| Amounts owed to parent | 35,518 |  | 33,056 |  |

| Aggregate amounts | 83,999 |  | 431,700 |  |

15. | FINANCIAL LIABILITIES - BORROWINGS |

2025 | 2024 |

$ | $ |

| Current:

| Leases (see note 16) | 58,891 |  | 52,874 |  |

| Non-current:

| Leases (see note 16) | 64,464 |  | 116,393 |  |

| Terms and debt repayment schedule

| 1 year or |

| less |  | 1-2 years |  | 2-5 years |  | Totals

$ | $ | $ | $ |

| Leases | 58,891 |  | 61,891 |  | 2,573 |  | 123,355 |  |

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

16. | LEASING

| Right-of-use assets

| Property, plant and equipment

2025 | 2024 |

$ | $ |

| COST OR VALUATION

| At 1 January 2025 | 245,032 |  | 245,032 |  |

| DEPRECIATION

| At 1 January 2025 | 100,423 |  | 52,220 |  |

| Charge for year | 48,203 |  | 48,203 |  |

148,626 |  | 100,423 |  |

| NET BOOK VALUE | 96,406 |  | 144,609 |  |

| Lease liabilities

| Minimum lease payments fall due as follows:

2025 | 2024 |

$ | $ |

| Gross obligations repayable:

| Within one year | 63,176 |  | 59,611 |  |

| Between one and five years | 65,755 |  | 121,655 |  |

128,931 |  | 181,266 |  |

| Finance charges repayable:

| Within one year | 4,285 |  | 6,737 |  |

| Between one and five years | 1,291 |  | 5,262 |  |

5,576 |  | 11,999 |  |

| Net obligations repayable:

| Within one year | 58,891 |  | 52,874 |  |

| Between one and five years | 64,464 |  | 116,393 |  |

123,355 |  | 169,267 |  |

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

17. | CONTINGENT LIABILITIES

| At the balance sheet date there are no letters of credit (2024: $NIL) lodged with the company’s bankers, awaiting acceptances.

18. | RELATED PARTY DISCLOSURES

| During the year the company provided services of $336,000 (2024: $336,000) to the parent company, Italiana Petroli SpA, of which $NIL (2024: $Nil) was owed to Apioil UK Limited at the balance sheet date.

| During the year the company also provided services of $372,000 (2024: $279,000) to a group company, ESE SRL. Of which $NIL (2024: $NIL) was owed to Apioil UK limited at the balance sheet date.

| During the year no oil sales were made to group companies.

| An amount of $35,518 (2024: $33,056) is owed to Italiana Petroli SpA at the year end date.

19. | EVENTS AFTER THE REPORTING PERIOD

| The owners of the group are in the process of selling their interest, which is expected to complete in 2026. At present, the directors are not aware of any significant operational changes which will be made by the new owners and which would significantly impact the activity of the Company.

20. | ULTIMATE CONTROLLING PARTY

| The immediate controlling party for the current year is the parent company, Italiana Petroli SpA, which is incorporated in the Republic of Italy.

| Copies of the group accounts can be obtained from the parent company registered office address Via Salaria 1322, 00138 Roma.

| The ultimate controlling party is considered to be M Peretti by virtue of her shareholding in the group.

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

21. | FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

| The company's financial instruments comprise cash and short-term deposits, accounts receivable and accounts payables, which arise directly from its operations. The company does not hold derivatives, neither for hedging nor for trading or speculative purposes.

| a) Credit risk

| Credit risk on cash and time deposits is limited as the company only selects highly reputable banks for placing its cash and time deposits.

| Only sales to major oil or state companies are made against open account. For the other third-party sales, the receivables are secured by a letter of credit issued by an international bank.

| Trade accounts receivables are considered of high credit quality and are therefore not impaired as at 31 December 2025 and 2024. No collateral is held in respect of assets that are past due but not impaired - no such assets existed at the balance sheet date.

| Trade accounts receivable are non-interest bearing and no bad debt allowance is recorded by the company, since the company considers these receivables to be recoverable. Where the company had trade payables outstanding in regard to these receivables they will be disputed where the corresponding receivables cannot be collected.

| b) Liquidity risk

| Management considers the company's liquidity risk to be limited as it is not exposed to any financial liability except those originating during ordinary business transactions.

| The company monitors its risk of a shortage of funds by considering the maturity of both its financial assets (i.e. cash, time deposits and accounts receivable), its financial liabilities (i.e. trade accounts payables) and projected cash flows from operations. As at 31 December 2025 and 2024 there were no other financial liabilities than trade accounts payables, and taxation.

| Trade accounts payables are non-interest bearing.

| c) Commodity price risk

| The company conducts the transactions on a back-to-back basis where both purchase and sales are based on equal terms and conditions. As the margin resulting from third party sales is known before the related contracts are signed, the commodity price risk is minimal.

| In line with Company policy to transact on a back-to-back basis, the price settlement formula in both the sales and purchase contract is exactly the same, save only the agreed premium per barrel resulting in the gross margin to the Company. As such there is no impact of commodity price movements on the balances of financial assets and liabilities as at 31 December 2025 and 31 December 2024.

| d) Foreign currency risk

| Most of the transactions are made in USD which is the functional and presentational currency and hence the foreign currency risk is limited.

| Given this, with all other variables held constant, a reasonable variation in the US$ exchange rate would not have a significant impact on the company's equity and net income in 2025 and 2024.

| APIOIL UK LIMITED (REGISTERED NUMBER: 01784532) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES - continued

| e) Interest rate risk

| The company's exposure to the risk of changes in market interest rates relates primarily to the company's cash resources as it does not have any current or non-current interest bearing liabilities.

| An increase in interest rates in response to the geo-political economic climate has benefited the company and resulted in increased income from the cash deposits held at banks. Therefore, the interest rate risk is considered to be limited.

| No gains or losses from revaluations of financial assets and liabilities occurred in 2025 or 2024.

22. | CREDIT LINES

| The company has access to the global facilities, at some of the banks available to the parent company.

| In order to minimise the commercial and financial risk, the company has the option to operate under a specific share scheme, whereby it is using its existing framework agreement with oil companies in order to facilitate commercial transactions with other counter-parties. In this framework the counter-parties provide bank letter of credit facilities to the benefit of the oil companies; those facilities are assisted by pledge agreements for receivables whereby all trade account receivables financed directly or indirectly by these banks are assigned/pledged as collateral for the granted facilities. In 2025 the company did not use this option, and consequently, as of the balance sheet date, the company had no outstanding liabilities under such agreements.

23. | RECENTLY RELEASED STANDARDS/INTERPRETATIONS

| The following standards became effective in 2025. None had an impact upon the company.

| Recently released Standards/Interpretations |  | Effective Date |  |

| IAS 21, IFRS 1 Lack of exchangeability |  | Effective 1 January 2025 |  |

| Apioil UK Limited has resolved not to early adopt new or revised standards and interpretations issued by the UK EB with an effective date after the date of these financial statements. The company intends to adopt these standards as soon as they become effective.

| Effective 2025 or later Recently released Standards/Interpretations |  | Effective Date |  |

| IFRS 7 and 9 Classification and Measurement of Financial Instruments |  | Effective 1 January 2026 |  |

| IFRS 7 and 9 Contracts referencing Nature-dependent Electricity |  | Effective 1 January 2026 |  |

| IFRS Account Standards - Volume 11 Annual improvements |  | Effective 1 January 2026 |  |

| IFRS 18 Presentation and Disclosures in Financial Statements |  | Effective 1 January 2027 |  |

| IFRS 19 Subsidiaries without Public Accountability: Disclosures |  | Effective 1 January 2027 |  |

| The directors do not anticipate that the adoption of these new or revised standards and interpretations will have a material impact on the company's financial statements in the period of initial application.