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REGISTERED NUMBER: 03133504 (England and Wales)

| Williams Tanker Services Limited |

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 December 2025 |

Williams Tanker Services Limited (Registered number: 03133504)

Contents of the Financial Statements

for the year ended 31 December 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Income Statement | 10 |

Other Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 14 |

Notes to the Financial Statements | 15 |

Williams Tanker Services Limited

Company Information

for the year ended 31 December 2025

| DIRECTORS: | Mr M A Crossland

| Mr P L Beadle

| SECRETARY: | Oakwood Corporate Secretary Limited

| REGISTERED OFFICE: | 3rd Floor

| 1 Ashley Road

| Altrincham

| Cheshire

| WA14 2DT

| REGISTERED NUMBER: | 03133504 (England and Wales)

| AUDITORS: | SMH Jolliffe Cork Audit Ltd

| Accountants & Statutory Auditors

| 33 George Street

| Wakefield

| West Yorkshire

| WF1 1LX

Williams Tanker Services Limited (Registered number: 03133504)

Strategic Report

for the year ended 31 December 2025

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

REVIEW OF BUSINESS

During 2025, the Company continued to sell new and second hand assets and repair & test road tankers.

The TIP Group strategy is to expand the business in both selling tankers and maintenance and repair services.

The result for the Company shows a pre-tax profit of £0.83 million (2024: profit £2.11 million) for the year and turnover of £27.70 million (2024: £32.98 million).

The Company has net assets of £3.64 million (2024: £3.02 million).

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Company are considered to relate to competition from UK and overseas manufacturers and asset sales companies, the current economic uncertainty leading to delays in investment decisions from customers. A comprehensive product offering, highest levels of service, a broad network of support services, and a wide range of products and industry-leading IT are the key elements enabling us to differentiate ourselves. The financial gearing ratio (dividing total debt by total equity plus total debt) is 79%. Credit risk impacts are mitigated using a number of resources to evaluate customers, including local credit rating agencies.

The Company is exposed to market risk, credit risk, and liquidity risk. Market risk consists of interest rate risk and foreign currency risk. Foreign currency has low impact as this is managed through borrowing in local currency and interest rate risk is managed with interest rate swaps, in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed notional principal amount.

We have concluded that risks arising from conflict areas such as Ukraine and the Middle East do not have a material impact on our business, as we have no operational presence in Ukraine, Russia or the Middle East.

Following the US Presidential elections in November 2024, we are carefully analysing the impact of changing policies on global trade, including tariffs, which might increase certain risks. TIP's Executive Management Team (EMT) is ready to take appropriate measures to mitigate those risks.

We are also closely monitoring developments related to market conditions, including the global material shortage, inflationary pressures and logistics development. Robust financial modelling allows us to maintain visibility and take the necessary actions to continue navigating through this situation.

A general slowdown in consumer spending and industrial production in 2025 resulted in lower freight volumes, with the reduced demand for trucks and trailers partially limiting our performance. Nevertheless we treat the remaining months of 2026 cautiously and are ready to flex both our capex and acquisition investments depending upon market developments. We stay confident in our industry, its structural growth drivers and the strength of our position in the industry with a growing, profitable business model, while becoming more sustainable and innovative than ever before.

Williams Tanker Services Limited (Registered number: 03133504)

Strategic Report

for the year ended 31 December 2025

KEY PERFORMANCE INDICATORS

According to the higher utilisation rate and gross margins as compared to the prior year, we continue to see good demand for tanker sales in the uncertain economic environment. We finish 2025 cautiously positive but ready to flex both our capex and acquisition investments to any sudden economic and market shifts in the remaining months of 2026. Overall, we anticipate that investment in road freight equipment will remain solid, benefiting our repair and sales business.

Our key performance indicators during the year are set out in the table below:

Indicator |  | 2025 |  | 2024 |  | Change |

Turnover |  | £27.70m |  | £32.98m |  | £(5.28m | )

Gross margin |  | 9.34% |  | 7.88% |  | 1.46% |

RESEARCH AND DEVELOPMENT

The Company continues to cooperate with the TIP Group which works on modern fleet rental units. The directors of TIP Group regard the investment in research and development as integral to the continuing success of the business including the Company.

There are no research and development costs in the Company.

FUTURE OUTLOOK

The external commercial environment is expected to remain challenging in 2026. However, with our additional innovative product offerings and high-quality service levels, we are confident that we will be in a strong position to improve performance.

ON BEHALF OF THE BOARD:

Mr M A Crossland - Director

12 May 2026

Williams Tanker Services Limited (Registered number: 03133504)

Report of the Directors

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 principal activity of the company in the year under review was that of selling new and used road tankers and also repairing and testing of road trailers.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

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

The directors shown below were in office at 31 December 2025 but did not hold any interest in the Ordinary shares of £1 each at 1 January 2025 or 31 December 2025.

Mr M A Crossland

Mr P L Beadle

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies 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.

STATEMENT AS TO 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.

Williams Tanker Services Limited (Registered number: 03133504)

Report of the Directors

for the year ended 31 December 2025

AUDITORS

The auditors, SMH Jolliffe Cork Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M A Crossland - Director

12 May 2026

Report of the Independent Auditors to the Members of

Williams Tanker Services Limited

Opinion

We have audited the financial statements of Williams Tanker Services Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 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 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 and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Williams Tanker Services 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 Report of the Directors.

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 Statement of Directors' Responsibilities set out on page four, 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.

Report of the Independent Auditors to the Members of

Williams Tanker Services Limited

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 a Report of the Auditors 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:

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- |  | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |

- |  | we identified the laws and regulations applicable to the company through discussions with the Directors and other informed management which we considered may have a direct material effect on the financial statements or the operations of the company and thereafter, the audit team remained alert to instances of non-compliance throughout the audit. |

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- |  | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and; |

- |  | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; |

- |  | in assessing the effectiveness of the control environment, we also reviewed significant correspondence between the company and UK regulatory bodies, reviewed minutes of meetings and gained an understanding of the company's approach to governance. |

To address the risk of fraud through management bias and override of controls, we:

- |  | performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | tested journal entries to identify unusual transactions; |

- |  | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. |

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- |  | agreeing financial statement disclosures to underlying supporting documentation; |

- |  | enquiring of management as to actual and potential litigation and claims and reviewing correspondence with HMRC. |

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of

Williams Tanker Services Limited

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 a Report of the Auditors 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.

Claire Lawton FCA DChA (Senior Statutory Auditor)

for and on behalf of SMH Jolliffe Cork Audit Ltd

Accountants & Statutory Auditors

33 George Street

Wakefield

West Yorkshire

WF1 1LX

12 May 2026

Williams Tanker Services Limited (Registered number: 03133504)

Income Statement

for the year ended 31 December 2025

2025 | 2024 |

| Notes | £ | £

TURNOVER | 3 | 27,704,652 |  | 32,977,329 |  |

Cost of sales | 25,117,598 |  | 30,378,960 |  |

GROSS PROFIT | 2,587,054 |  | 2,598,369 |  |

Administrative expenses | 1,298,377 |  | 312,885 |  |

1,288,677 |  | 2,285,484 |  |

Other operating income | - |  | (12,726 | ) |

OPERATING PROFIT | 5 | 1,288,677 |  | 2,272,758 |  |

Interest receivable and similar income | 4,640 |  | - |  |

1,293,317 |  | 2,272,758 |  |

Interest payable and similar expenses | 6 | 462,634 |  | 164,906 |  |

PROFIT BEFORE TAXATION | 830,683 |  | 2,107,852 |  |

Tax on profit | 7 | 215,541 |  | 534,934 |  |

PROFIT FOR THE FINANCIAL YEAR | 615,142 |  | 1,572,918 |  |

Williams Tanker Services Limited (Registered number: 03133504)

Other Comprehensive Income

for the year ended 31 December 2025

2025 | 2024 |

| Notes | £ | £

PROFIT FOR THE YEAR | 615,142 |  | 1,572,918 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 615,142 |  | 1,572,918 |  |

Williams Tanker Services Limited (Registered number: 03133504)

Balance Sheet

31 December 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Tangible assets | 9 | 1,286,443 |  | 1,299,002 |  |

CURRENT ASSETS

Stocks | 10 | 14,740,008 |  | 9,552,663 |  |

Debtors | 11 | 1,506,719 |  | 1,291,850 |  |

Cash at bank | 464,889 |  | - |  |

16,711,616 |  | 10,844,513 |  |

CREDITORS

Amounts falling due within one year | 12 | 14,307,978 |  | 9,070,953 |  |

NET CURRENT ASSETS | 2,403,638 |  | 1,773,560 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,690,081 |  | 3,072,562 |  |

PROVISIONS FOR LIABILITIES | 14 | 52,766 |  | 50,389 |  |

NET ASSETS | 3,637,315 |  | 3,022,173 |  |

Williams Tanker Services Limited (Registered number: 03133504)

Balance Sheet - continued

31 December 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

CAPITAL AND RESERVES

Called up share capital | 15 | 1,000 |  | 1,000 |  |

Retained earnings | 16 | 3,636,315 |  | 3,021,173 |  |

SHAREHOLDERS' FUNDS | 3,637,315 |  | 3,022,173 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2026 and were signed on its behalf by:

Mr M A Crossland - Director

Williams Tanker Services Limited (Registered number: 03133504)

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 | 1,000 |  | 5,948,255 |  | 5,949,255 |  |

Changes in equity

Dividends | - |  | (4,500,000 | ) | (4,500,000 | ) |

Total comprehensive income | - |  | 1,572,918 |  | 1,572,918 |  |

Balance at 31 December 2024 | 1,000 |  | 3,021,173 |  | 3,022,173 |  |

Changes in equity

Total comprehensive income | - |  | 615,142 |  | 615,142 |  |

Balance at 31 December 2025 | 1,000 |  | 3,636,315 |  | 3,637,315 |  |

Williams Tanker Services Limited (Registered number: 03133504)

Notes to the Financial Statements

for the year ended 31 December 2025

1. | STATUTORY INFORMATION

| Williams Tanker Services Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's principal place of business is Howley Park Road East, Morley, Leeds, West Yorkshire, LS27 0SW.

| The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2. | 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| - |  | the requirements of Section 7 Statement of Cash Flows; |  |

| - |  | the requirements of Section 33 Related Party Disclosures paragraph 33.7. |  |

| Significant judgements and estimates

| Preparation of the financial statements requires management to make significant judgements and estimates. 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 items in the financial statements where these judgements and estimates have been made include:

| (i) Useful economic lives of tangible assets

| The annual amortisation and depreciation charges for intangible and tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

| (ii) Stock provisions

| When calculating the stock provisions, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability.

| Turnover

| Turnover represents net invoiced sale of goods and services, excluding value added tax. Maintenance work is invoiced and recognised as a sale when all works are completed. Tanker sales are invoiced and recognised as a sale when two of the following criteria are met; the tanker has been delivered to/collected by the customer or paid for in full by the customer.

Williams Tanker Services Limited (Registered number: 03133504)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Freehold property | - | 2% on cost

| Plant and machinery | - | 15% on reducing balance

| Fixtures and fittings | - | 25% on cost and 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Fixed assets are initially recorded at cost.

| Freehold property includes land which is not depreciated.

| 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.

| Financial instruments

| The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

| Financial assets

| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

| The company has no 'Other financial assets'.

| Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| Financial liabilities

| Basic financial liabilities, including trade and other creditors and hire purchase contracts, 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 receipts discounted at a market rate of interest.

| The company has no 'Other financial liabilities'.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Williams Tanker Services Limited (Registered number: 03133504)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| 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 currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date or matching forward contract rate where relevant. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged to the Income Statement represents the contributions payable to the scheme in respect of the accounting period.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

2025 | 2024 |

| £ | £

| Sale of tankers | 24,150,264 |  | 29,668,259 |  |

| Service income | 3,554,388 |  | 3,309,070 |  |

27,704,652 |  | 32,977,329 |  |

| An analysis of turnover by geographical market is given below:

2025 | 2024 |

| £ | £

| United Kingdom | 27,323,502 |  | 32,548,572 |  |

| Europe | 381,150 |  | 428,757 |  |

27,704,652 |  | 32,977,329 |  |

Williams Tanker Services Limited (Registered number: 03133504)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

4. | EMPLOYEES AND DIRECTORS

2025 | 2024 |

| £ | £

| Wages and salaries | 1,381,643 |  | 1,334,099 |  |

| Social security costs | 170,308 |  | 140,359 |  |

| Other pension costs | 47,229 |  | 46,118 |  |

1,599,180 |  | 1,520,576 |  |

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

2025 | 2024 |

| Production staff | 25 |  | 26 |  |

| Administrative staff | 4 |  | 4 |  |

29 |  | 30 |  |

2025 | 2024 |

| £ | £

| Directors' remuneration | - |  | - |  |

| The directors are remunerated by other TIP group companies for services provided to the Company and other group undertakings.

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

2025 | 2024 |

| £ | £

| Hire of plant and machinery | 10,425 |  | 11,335 |  |

| Depreciation - owned assets | 87,438 |  | 86,204 |  |

| (Profit)/loss on disposal of fixed assets | (2,379 | ) | 18,072 |  |

| Auditors' remuneration | 18,950 |  | 14,950 |  |

| Foreign exchange differences | 556,790 |  | (327,291 | ) |

| In addition to remuneration for the audit, the auditors have also levied the following fees:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Services relating to taxation |  | 2,200 |  | 2,000 |  |

|  | 2,000 |  | 1,900 |  |

Williams Tanker Services Limited (Registered number: 03133504)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

2025 | 2024 |

| £ | £

| Bank interest | 7,681 |  | 16,603 |  |

| Intercompany interest | 454,938 |  | 147,696 |  |

| Interest payable to corporation tax | - |  | 607 |  |

| Interest payable on VAT | 15 |  | - |  |

462,634 |  | 164,906 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

2025 | 2024 |

| £ | £

| Current tax:

| UK corporation tax | 213,767 |  | 523,071 |  |

| Over/under provision in

| prior year | (603 | ) | - |  |

| Total current tax | 213,164 |  | 523,071 |  |

| Deferred tax | 2,377 |  | 11,863 |  |

| Tax on profit | 215,541 |  | 534,934 |  |

| Reconciliation of total tax charge included in profit and loss

| 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 tax | 830,683 |  | 2,107,852 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 207,671 |  | 526,963 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,308 |  | 714 |  |

| Depreciation in excess of capital allowances | 7,165 |  | 6,967 |  |

| Adjustments to tax charge in respect of previous periods | (603 | ) | - |  |

| Deferred tax adjustment - prior period | - |  | 290 |  |

| Total tax charge | 215,541 |  | 534,934 |  |

Williams Tanker Services Limited (Registered number: 03133504)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

8. | DIVIDENDS

2025 | 2024 |

| £ | £

| Interim | - |  | 4,500,000 |  |

9. | TANGIBLE FIXED ASSETS

Fixtures |  |

Freehold | Plant and | and | Motor |  |

property | machinery | fittings | vehicles | Totals |

| £ | £ | £ | £ | £

| COST

| At 1 January 2025 | 1,575,068 |  | 495,895 |  | 127,388 |  | 143,575 |  | 2,341,926 |  |

| Additions | - |  | 7,500 |  | - |  | 68,500 |  | 76,000 |  |

| Disposals | - |  | - |  | - |  | (4,250 | ) | (4,250 | ) |

| At 31 December 2025 | 1,575,068 |  | 503,395 |  | 127,388 |  | 207,825 |  | 2,413,676 |  |

| DEPRECIATION

| At 1 January 2025 | 608,431 |  | 256,136 |  | 80,850 |  | 97,507 |  | 1,042,924 |  |

| Charge for year | 26,972 |  | 37,375 |  | 8,197 |  | 14,894 |  | 87,438 |  |

| Eliminated on disposal | - |  | - |  | - |  | (3,129 | ) | (3,129 | ) |

| At 31 December 2025 | 635,403 |  | 293,511 |  | 89,047 |  | 109,272 |  | 1,127,233 |  |

| NET BOOK VALUE

| At 31 December 2025 | 939,665 |  | 209,884 |  | 38,341 |  | 98,553 |  | 1,286,443 |  |

| At 31 December 2024 | 966,637 |  | 239,759 |  | 46,538 |  | 46,068 |  | 1,299,002 |  |

10. | STOCKS

2025 | 2024 |

| £ | £

| Work-in-progress | 626,835 |  | 478,203 |  |

| Parts | 1,056,392 |  | 992,500 |  |

| Tanker stock | 13,056,781 |  | 8,081,960 |  |

14,740,008 |  | 9,552,663 |  |

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

2025 | 2024 |

| £ | £

| Trade debtors | 1,421,460 |  | 1,208,208 |  |

| Tax | 40,851 |  | 56,326 |  |

| Prepayments and accrued income | 44,408 |  | 27,316 |  |

1,506,719 |  | 1,291,850 |  |

Williams Tanker Services Limited (Registered number: 03133504)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

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

2025 | 2024 |

| £ | £

| Bank loans and overdrafts (see note 13) | - |  | 47,437 |  |

| Trade creditors | 3,870,396 |  | 457,939 |  |

| Amounts owed to group undertakings | 9,240,099 |  | 7,472,953 |  |

| VAT | 927,221 |  | 616,352 |  |

| Accruals and deferred income | 270,262 |  | 476,272 |  |

14,307,978 |  | 9,070,953 |  |

| The Company is party to the Global TIP Holdings Two B.V. Group revolving credit facility. Under this arrangement all assets of the Company are secured by a cross guarantee to the lenders against amounts drawn down under this facility.

| The total amount outstanding under the facility at the year-end amounted to EUR €1,111.20 million (2024: EUR €1,083.70 million).

13. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

| £ | £

| Amounts falling due within one year or on demand:

| Bank overdrafts | - |  | 47,437 |  |

14. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

| £ | £

| Deferred tax | 52,766 |  | 50,389 |  |

Deferred tax |

| £

| Balance at 1 January 2025 | 50,389 |  |

| Charge to Income Statement during year | 2,377 |  |

| Balance at 31 December 2025 | 52,766 |  |

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

value: |  | £ | £

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

| Called up share capital represents the nominal value of the shares that have been issued.

Williams Tanker Services Limited (Registered number: 03133504)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

16. | RESERVES

Retained |

earnings |

| £

| At 1 January 2025 | 3,021,173 |  |

| Profit for the year | 615,142 |  |

| At 31 December 2025 | 3,636,315 |  |

17. | ULTIMATE PARENT COMPANY & CONTROLLING PARTIES

| The company's immediate parent is TIP Trailer Service UK Limited, a company incorporated in United Kingdom.

| The ultimate parent of the Company is ISQ Holdings, LLC, which is a limited liability company incorporated in the Cayman Islands with registration number 2464 with its registered address c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. ISQ Global Fund II GP, LLC ("Fund II GP") is the general partner which indirectly exercises the management, control, and operations of Cube Transportation Europe Coöperatief U.A., which is the highest ranking holding company in TIP. Fund II GP is a limited liability company incorporated in Delaware on April 5, 2017 and registered in Delaware under file number 6370470 with its registered address c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle County, Delaware 19808, USA.

| There is no natural person who ultimately is entitled to or controls (in each case whether directly or indirectly) more than a 25% share of the capital, profits, or voting rights of Fund II GP, ISQ Global Infrastructure Fund II, and TIP other than Mr. Sadek Wahb and Mr. Gautam Bhandari, who indirectly control more than 25% of TIP via their indirect interest of more than 25%, respectively, in ISQ Holdings, LLC. As of the date of these financial statements, there were no investors holding 10% or more of the economic interest in the entire ISQ Global Infrastructure Fund II structure, of which ISQ Global Fund II GP, LLC is the general partner.

| Cube Transportation Europe Coöperatief U.A is the largest entity in which financial statement data of the Company are consolidated into and Global TIP Holdings Two B.V. is the smallest one. The consolidated financial statements of Global TIP Holdings Two B.V are publicly available on TIP Groups official website which is tip-group.com, in the financial data section.

18. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.