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Registered Number: SC447222 CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED) FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
COMPANY INFORMATION
Directors | R S Deans
| J C Mitchell
| R W Ferrari
| C W Chern
| K L Lee
Company secretary | MacKinnons Solicitors LLP
Registered number | SC447222
Registered office | The Exchange 1 Eighth Floor
| 62 Market Street
| Aberdeen
| AB11 5PJ
Independent auditors | AAB Audit & Accountancy Limited
| Kingshill View
| Prime Four Business Park
| Kingswells
| Aberdeen
| AB15 8PU
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
CONTENTS
| Page
Directors' Responsibilities Statement | 1
Balance Sheet | 2 - 3
Notes to the Financial Statements | 4 - 13
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 to 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. Page 1
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED) REGISTERED NUMBER:SC447222
BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 79,261 |  | 75,817
|  |  | 79,261 |  | 75,817
Current assets |  |  |  |  |
Stocks |  | 466,066 |  | 424,453 |
Debtors: amounts falling due within one year | 6 | 10,365,733 |  | 8,472,086 |
Cash at bank and in hand |  | 2,798,511 |  | 3,720,251 |
|  | 13,630,310 |  | 12,616,790 |
Creditors: amounts falling due within one year | 7 | (13,423,504) |  | (12,633,928) |
Net current assets/(liabilities) |  |  | 206,806 |  | (17,138)
Total assets less current liabilities |  |  | 286,067 |  | 58,679
Creditors: amounts falling due after more than one year | 8 |  | (190,667) |  | -
Net assets |  |  | 95,400 |  | 58,679
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 50,000 |  | 50,000
Profit and loss account |  |  | 45,400 |  | 8,679
|  |  | 95,400 |  | 58,679
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. Page 2
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED) REGISTERED NUMBER:SC447222
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R S Deans
Director
Date: 15 May 2026
The notes on pages 4 to 13 form part of these financial statements. Page 3
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Cyan Sentinel Limited is a private limited liability company incorporated in Scotland. The registered office is: The Exchange 1 Eighth Floor, 62 Market Street, Aberdeen, AB11 5PJ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The wider Group has operated successfully meeting all financial obligations in the current period to date and this has continued in Q1 2026. The Group has prepared long term forecasts and these continue to show significant cash generation and meeting of bank covenants, in the years ending 31 December 2026 and beyond. At the end of 2021 the directors secured the refinancing of its existing loan facilities to provide continued investment to fund the delivery of new fleet vessels in the year together with additional working capital for the Group, providing ongoing commitment from the bank to continue to support the Group until 2026. During the year these facilities have been extended till the end of 2027. Therefore, at the time of approving the financial statements the directors have a reasonable expectation that the company and wider Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
| 2.3 | Revenue
Turnover represents vessel management services and is recognised as these services are provided.
| 2.4 | Exemptions for qualifying entities under FRS102
FRS102 allows a qualifying entity certain disclosure exemptions. The company has taken advantage of the exemption, under FRS102 paragraph 1.12(b), from preparing a statement of cash flows on the basis that it is a qualifying entity and its parent company, Sentinel Offshore Holdings Limited, includes the company's cash flows disclosure in its own consolidated financial statements (see note 13).
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 4
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures & fittings | - | 2 - 5 years
|  |  |  | Computer equipment | - | 2 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 5
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Page 6
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 7
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.13 | Pensions
Defined contribution pension plan The Company contributes a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.14 | Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
| 2.15 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Page 8
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: Recoverability of group receivables The company makes an assessment of the recoverable value of amounts due from fellow group undertakings. When assessing the recoverability of these amounts owed, management considers factors such as the ongoing trading performance of group undertakings.
4. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 5 | 6
|  | Employees | 15 | 14
|  |  | 20 | 20
Page 9
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Tangible fixed assets
|  | Fixtures & fittings | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 108,880 | 148,858 | 257,738
| Additions | - | 31,217 | 31,217
| At 31 December 2025 | 108,880 | 180,075 | 288,955
| Depreciation |  |  |
| At 1 January 2025 | 105,067 | 76,854 | 181,921
| Charge for the year on owned assets | 1,221 | 26,552 | 27,773
| At 31 December 2025 | 106,288 | 103,406 | 209,694
| Net book value |  |  |
| At 31 December 2025 | 2,592 | 76,669 | 79,261
| At 31 December 2024 | 3,813 | 72,004 | 75,817
Page 10
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,402,842 | 439,366
| Amounts owed by group undertakings | 5,609,911 | 4,935,516
| Other debtors | 49,456 | 24,032
| Prepayments and accrued income | 3,303,524 | 3,073,172
|  | 10,365,733 | 8,472,086
| Amounts due from group undertakings are unsecured, interest free and repayable on demand.
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 853,794 | 2,096,293
| Amounts owed to group undertakings | 10,843,514 | 8,667,634
| Corporation tax | 996 | 752
| Other taxation and social security | 87,637 | 70,599
| Other creditors | 14,972 | 8,000
| Accruals and deferred income | 1,622,591 | 1,790,650
|  | 13,423,504 | 12,633,928
| Amounts due to group undertakings are unsecured, interest free and repayable on demand.
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accruals and deferred income | 190,667 | -
|  | 190,667 | -
9. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 50,000 (2024 - 50,000) Ordinary shares of £1.00 each | 50,000 | 50,000
Page 11
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Pension commitments
The company contributes to a defined contribution pension plan for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The charge to the profit and loss in respect of defined contribution schemes during the year was £122,740 (2024 - £108,940). There were outstanding contributions of £nil (2024 - £nil) at the year end.
11. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 109,407 | 101,080
| Later than 1 year and not later than 5 years | 189,253 | 216,254
|  | 298,660 | 317,334
12.Financial commitments, guarantees and contingent liabilities The group bank funding is secured by a floating charge over all the assets of the company and there is a cross corporate guarantee between the following group companies: Sentinel Crewing Limited, Cyan Sentinel Limited, Sentinel Offshore Vessels Limited, Sentinel Offshore Vessels 54 Limited, Sentinel Offshore Holdings Limited and Sentinel Offshore Vessels Pte Limited. The cross company guarantee is in respect of total bank indebtedness which at the year end amounted to the value of the bank term loan of £44,567,337 (2024 - £50,654,500).
13. | Related party transactions
| Transactions with related parties The company has taken advantage of the exemption available in accordance with section 33 of FRS 102 ‘Related Party Disclosures’ not to disclose related party transactions with any wholly owned members of the group. During the year the company made purchases of £14,459,665 (2024 - £13,877,391) from companies with a common director. At the year end £56,713 (2024 - £129,247) was still outstanding.
Page 12
CYAN SENTINEL LIMITED (FORMERLY SENTINEL MARINE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Controlling party
The company considers Sentinel Offshore Holdings Limited as its parent company, a company registered in Scotland. Copies of the group financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. The company considers its ultimate beneficial owner to be Seraya Management Pte. Ltd. Throughout the year, the company was controlled by the directors.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 15 May 2026 by Derek Mair (Senior Statutory Auditor) on behalf of AAB Audit & Accountancy Limited.
Page 13