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REGISTERED NUMBER: 08377621 (England and Wales)

| Audited Financial Statements |

| for the Year Ended 31 December 2025 |

| for |

| Ocean Marine Systems Limited |

| Ocean Marine Systems Limited (Registered number: 08377621) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Ocean Marine Systems Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | M Madsen

| S V Petersen

| SECRETARY: | D L Wilson

| REGISTERED OFFICE: | Russell House

| Oxford Road

| Bournemouth

| Dorset

| BH8 8EX

| REGISTERED NUMBER: | 08377621 (England and Wales)

| AUDITORS: | SKS Audit LLP

| 3 Sheen Road

| Richmond

| TW9 1AD

| Ocean Marine Systems Limited (Registered number: 08377621) |

Balance Sheet

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Fixed assets

Intangible assets | 5 | - |  | 11,250 |  |

Tangible assets | 6 | 235,225 |  | 82,024 |  |

235,225 |  | 93,274 |  |

Current assets

Stocks | 7 | 628,906 |  | 1,135,882 |  |

Debtors | 8 | 707,842 |  | 380,951 |  |

Prepayments and accrued income | 76,809 |  | 70,676 |  |

Cash at bank | 731,188 |  | 175,478 |  |

2,144,745 |  | 1,762,987 |  |

Creditors

Amounts falling due within one year | 9 | (2,382,373 | ) | (2,355,994 | ) |

Net current liabilities | (237,628 | ) | (593,007 | ) |

Total assets less current liabilities | (2,403 | ) | (499,733 | ) |

Creditors

Amounts falling due after more than one year | 10 | (44,399 | ) | - |  |

Provisions for liabilities | 12 | (44,693 | ) | (15,161 | ) |

Net liabilities | (91,495 | ) | (514,894 | ) |

Capital and reserves

Called up share capital | 13 | 2 |  | 2 |  |

Retained earnings | (91,497 | ) | (514,896 | ) |

Shareholders' funds | (91,495 | ) | (514,894 | ) |

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2026 and were signed on its behalf by:

M Madsen - Director

| Ocean Marine Systems Limited (Registered number: 08377621) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| The company is a private company limited by share capital, incorporated in England and Wales.

| The address of its registered office is:

| Russell House

| Oxford Road

| Bournemouth

| Dorset

| BH8 8EX

| The principal place of business is:

| Ocean House

| Aviation Park West

| Bournemouth International Airport

| Christchurch

| Dorset

| BH23 6NW

| The presentation and functional currency of the financial statements is the Pound Sterling (£).

| The significant accounting policies applied in the preparation of the financial statements are set below. These policies have been consistently applied to all years unless stated otherwise.

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| BASIS OF PREPARING THE FINANCIAL STATEMENTS

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| TURNOVER

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| GOODWILL

| Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised / impaired evenly over its estimated useful life of 2 years.

| TANGIBLE FIXED ASSETS

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery | - | 10% on reducing balance

| Fixtures and fittings | - | 10% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33% on reducing balance

| Ocean Marine Systems Limited (Registered number: 08377621) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| STOCKS

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| TAXATION

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| DEFERRED TAX

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| FOREIGN CURRENCY TRANSACTION & BALANCES

| Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

| Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

| Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

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

| Ocean Marine Systems Limited (Registered number: 08377621) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| LEASES

| Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

| TRADE DEBTORS

| Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

| Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

| TRADE CREDITORS

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. lf there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

| Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

| GOING CONCERN

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future together with the support from the ultimate parent company BSI A/S (a company incorporated in Denmark). Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. At 31 December 2025 the company has net liabilities of £91,495 (2024: £514,894) and a net profit of £423,399 (2024 (loss) : (£306,466)).

| The company is able to meets its day to day working capital requirements with the support from the ultimate parent company BSI A/S, who has provided short term loan and funding to the company.

| Given the above, the directors consider it appropriate to adopt a going concern basis in preparing the financial statements.

| Ocean Marine Systems Limited (Registered number: 08377621) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| PROVISION FOR LIABILITIES

| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

| Provisions are charged as an expense to the Statement of income and retained earnings in the year that the company becomes aware of the obligation, and are measured at the best estimates at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

| When payments are eventually made, they are charged to the provision carried in the Balance sheet.

| CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the company's accounting policies, which are described in note 3, 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 of accruals, amortisation and depreciation, prepayments, work in progress and deferred tax provisions as included in the financial statements 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.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 21 (2024 - 22 ) .

5. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2025 | 11,250 |  |

| Impairments | (11,250 | ) |

| At 31 December 2025 | - |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | 11,250 |  |

| Ocean Marine Systems Limited (Registered number: 08377621) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |  | Computer |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | 110,742 |  | 11,155 |  | 6,539 |  | 2,802 |  | 131,238 |  |

| Additions | 173,618 |  | - |  | - |  | 600 |  | 174,218 |  |

| Disposals | (10,674 | ) | - |  | - |  | - |  | (10,674 | ) |

| At 31 December 2025 | 273,686 |  | 11,155 |  | 6,539 |  | 3,402 |  | 294,782 |  |

| DEPRECIATION

| At 1 January 2025 | 39,997 |  | 4,029 |  | 4,618 |  | 570 |  | 49,214 |  |

| Charge for year | 12,577 |  | 712 |  | 480 |  | 827 |  | 14,596 |  |

| Eliminated on disposal | (4,253 | ) | - |  | - |  | - |  | (4,253 | ) |

| At 31 December 2025 | 48,321 |  | 4,741 |  | 5,098 |  | 1,397 |  | 59,557 |  |

| NET BOOK VALUE

| At 31 December 2025 | 225,365 |  | 6,414 |  | 1,441 |  | 2,005 |  | 235,225 |  |

| At 31 December 2024 | 70,745 |  | 7,126 |  | 1,921 |  | 2,232 |  | 82,024 |  |

7. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 229,857 |  | 237,985 |  |

| Work in progress | 399,049 |  | 897,897 |  |

628,906 |  | 1,135,882 |  |

8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 669,299 |  | 363,250 |  |

| Other debtors | 38,543 |  | 17,701 |  |

707,842 |  | 380,951 |  |

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 11) | 5,796 |  | - |  |

| Payments on account | 1,245,472 |  | 1,413,035 |  |

| Trade creditors | 389,075 |  | 363,853 |  |

| Amounts owed to group undertakings | 652,880 |  | 522,161 |  |

| Taxation and social security | 22,982 |  | 22,114 |  |

| Other creditors | 66,168 |  | 34,831 |  |

2,382,373 |  | 2,355,994 |  |

| Ocean Marine Systems Limited (Registered number: 08377621) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 11) | 44,399 |  | - |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Hire purchase | 6,518 |  | - |  |

11. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 5,796 |  | - |  |

| Between one and five years | 37,881 |  | - |  |

| In more than five years | 6,518 |  | - |  |

50,195 |  | - |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 116,000 |  | 116,000 |  |

| Between one and five years | 464,000 |  | 464,000 |  |

| In more than five years | 406,000 |  | 522,000 |  |

986,000 |  | 1,102,000 |  |

12. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 44,693 |  | 15,161 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 15,161 |  |

| Provided during year | 29,532 |  |

| Balance at 31 December 2025 | 44,693 |  |

| Ocean Marine Systems Limited (Registered number: 08377621) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 2 | Ordinary Shares | £1 | 2 |  | 2 |  |

14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Moganarden Chelvanaigum FCCA (Senior Statutory Auditor)

| for and on behalf of SKS Audit LLP

15. | RELATED PARTY DISCLOSURES

| During the year, the company had the following related party transactions;

| Ocean Marine Systems Holding Limited

| At the year end, the immediate parent company, Ocean Marine Systems Holding Limited, was owed £52,790 (2024: £57,200).

| Hundested Propeller A/S

| During the year, the company made sales of £71,870 (2024: 198,393) and purchases of £146,087 (2024 : £137,290) with Hundested Propeller A/S, the intermediate parent company.

| BSI A/S

| During the year, the company made sales of £21,522 (2024: £69,190) and purchases of £Nil (2024 :£10,384) with BSI A/S, the ultimate parent company. At the year end, the company owed £6,000 (2024: £6,000 ) to BSI A/S.

| At the year end, the company owed a loan balance of £593,876 (2024 : £450,000) to BSI A/S.

| Ocean Yacht Systems Limited

| At the year end, the company owed to Ocean Yacht Systems Limited, a fellow subsidiary £6,214 (2024: £14,961).

| S B Petersen

| During the year, consultancy fees amounting to £48,690 (2024: £68,456) were charged from S B Petersen, a group company director. At the year end, the company owed Nil (2024 :£810) to S B Petersen.

16. | CONTROL

| The company is controlled by it's immediate UK parent entity, Ocean Marine Systems Holdings Limited (100% controlled by Hundested Propeller A/S) and it's ultimate parent company, BSI A/S, an entity incorporated in Denmark.