Company Registration No. 02977551 (England and Wales)
UNITY WELL INTEGRITY EUROPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
UNITY WELL INTEGRITY EUROPE LIMITED
COMPANY INFORMATION
Directors
G Smart
C Bain
Company number
02977551
Registered office
Bessemer Way
Great Yarmouth
Norfolk
NR31 0LX
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
UNITY WELL INTEGRITY EUROPE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
UNITY WELL INTEGRITY EUROPE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Principal activities

The principal activity of Unity Well Integrity Europe Limited ("the company") is a leading provider of well integrity technology and services for the global upstream oil and gas industry.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid (2024: £nil). The directors do not recommend payment of a final dividend (2024: £nil).

Directors

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

C Morrice
(Resigned 27 October 2025)
G Smart
C Bain
(Appointed 10 November 2025)
Qualifying third party indemnity provisions

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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; and

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

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

UNITY WELL INTEGRITY EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

The d irectors have assessed the company’s ongoing financial viability and its ability to meet its liabilities as the fall due for the foreseeable future. The company as part of the wider group has prepared a detailed consolidated forecast for the remainder of 2026 and the financial year 2027 including profit and loss account, cashflow and balance sheet projections to satisfy its going concern position. The company and its parents will continue to reforecast regularly throughout 2026 and beyond.

The forecasts give confidence to the b oard that the company will be able to meet its liabilities as they fall due from its existing facilities. As a result the company’s financial statements have been prepared on a going concern basis.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
G Smart
Director
29 June 2026
UNITY WELL INTEGRITY EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UNITY WELL INTEGRITY EUROPE LIMITED
- 3 -
Opinion

We have audited the financial statements of Unity Well Integrity Europe Limited ('the company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including F inancial R eporting S tandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report and financial statements other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report and financial statements. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

UNITY WELL INTEGRITY EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNITY WELL INTEGRITY EUROPE LIMITED
- 4 -
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 identifie d material misstatements in the directors' r eport.

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

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

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

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

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime, and take advantage of the small companies' exemption s in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities as set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

UNITY WELL INTEGRITY EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNITY WELL INTEGRITY EUROPE LIMITED
- 5 -

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)
We obtained an understanding of the legal and regulatory frameworks that are applicable to company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

- Companies Act 2006;

- UK Tax legislation; and

- UK Generally Accepted Accounting Practice

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

- Management override of controls

- Revenue recognition

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;

- Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;

- Performing audit work procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by management in their calculation of accounting estimates for potential management bias;

- Performing audit work procedures over the risk of revenue recognition, including testing a sample of sales from the recording in the sales ledger through to the point of initiation, ensuring the sales were appropriately recorded and are valid. We also undertook sales cut-off testing at the company's year end to ensure sales have been recorded in the correct financial period;

- Completion of appropriate checklists and use of our experience to assess the company’s compliance with the Companies Act 2006; and

- Agreement of the financial statement disclosures to supporting documentation.

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

UNITY WELL INTEGRITY EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNITY WELL INTEGRITY EUROPE LIMITED
- 6 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Lisa Thomson (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
29 June 2026
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
UNITY WELL INTEGRITY EUROPE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
4,273,515
5,011,985
Cost of sales
(2,991,327)
(3,426,609)
Gross profit
1,282,188
1,585,376
Administrative expenses
(1,009,709)
(983,680)
Operating profit
272,479
601,696
Interest receivable and similar income
1,030
-
0
Profit before taxation
273,509
601,696
Tax on profit
4
(14,175)
(1,576)
Profit for the financial year
259,334
600,120
Other comprehensive income/(expense)
Foreign currency translation
5,729
(65,738)
Total comprehensive income for the year
265,063
534,382

The profit and loss account has been prepared on the basis that all operations are continuing operations.

UNITY WELL INTEGRITY EUROPE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
182,513
184,233
Current assets
Stocks
561,903
609,103
Debtors
6
4,622,295
4,308,723
Cash at bank and in hand
395,863
246,361
5,580,061
5,164,187
Creditors: amounts falling due within one year
7
(618,252)
(469,161)
Net current assets
4,961,809
4,695,026
Net assets
5,144,322
4,879,259
Capital and reserves
Called up share capital
8
3,750,000
3,750,000
Foreign exchange reserve
9
(140,684)
(146,413)
Profit and loss reserves
9
1,535,006
1,275,672
Total equity
5,144,322
4,879,259

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

The financial statements were approved by the board of directors and authorised for issue on 29 June 2026 and are signed on its behalf by:
G Smart
C Bain
Director
Director
Company Registration No. 02977551
UNITY WELL INTEGRITY EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Share capital
Foreign exchange reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
3,750,000
(80,675)
675,552
4,344,877
Year ended 31 December 2024:
Profit for the year
-
-
600,120
600,120
Other comprehensive expense:
Currency translation differences
-
(65,738)
-
(65,738)
Total comprehensive income for the year
-
0
(65,738)
600,120
534,382
Balance at 31 December 2024
3,750,000
(146,413)
1,275,672
4,879,259
Year ended 31 December 2025:
Profit for the year
-
-
259,334
259,334
Other comprehensive income:
Currency translation differences
-
5,729
-
5,729
Total comprehensive income for the year
-
0
5,729
259,334
265,063
Balance at 31 December 2025
3,750,000
(140,684)
1,535,006
5,144,322
UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
1
Accounting policies
Company information

Unity Well Integrity Europe Limited ("the company") is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Bessemer Way, Great Yarmouth, United Kingdom, NR31 0LX. The principal activities of the company and the nature of the operations are set out in the Directors' Report on page 1.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Pound Sterling (£), which is the functional currency of the company, as this is the currency of the primary economic environment in which the company operates. The functional currency of the Danish branch is Danish Krone (DKK). Monetary a mounts in these financial statements are rounded to the nearest £.

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

The c ompany has taken advantage of the exemptions available under section FRS 102, section 1A, and has not disclosed transactions with companies that are part of Unity Well Integrity Limited group of companies.

1.2
Going concern

The d irectors have assessed the company’s ongoing financial viability and its ability to meet its liabilities as the fall due for the foreseeable future. The company as part of the wider group has prepared a detailed consolidated forecast for the remainder of 2026 and the financial year 2027 including profit and loss account, cashflow and balance sheet projections to satisfy its going concern position. The company and its parents will continue to reforecast regularly throughout 2026 and beyond.

The forecasts give confidence to the b oard that the company will be able to meet its liabilities as they fall due from its existing facilities. As a result the company’s financial statements have been prepared on a going concern basis.

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the c ompany and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

- Revenue relating to offshore operations, rentals, storage and training is recognised when the service has taken place.

- Revenue related to onshore service operations is recognised when the job is complete or at each billing milestone which aligns with the stage of completion.

- Revenue related to sale of goods is recognised when risk and rewards of ownership transfer to buyer.

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.4
Tangible fixed assets

Tangible fixed assets 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.

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:

Freehold property
15% per annum
Short-term leasehold property
15% per annum
Plant and machinery
5% to 33% per annum

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 the s tatement of c omprehensive i ncome.

1.5
Impairment of fixed assets

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

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value. Net realisable value is calculated as 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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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 the s tatement of c omprehensive i ncome.

1.7
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.

1.8
Financial instruments

The c ompany only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the s tatement of c omprehensive i ncome.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the c ompany would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the b alance s heet when there is an 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.

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.10
Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the s tatement of c omprehensive i ncome 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 c ompany operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

1.11
Retirement benefits

The company operates 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.

1.12
Leases

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight-line basis over the lease term.

1.13
Foreign exchange

Transactions in currencies other than P ound S terling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Assets and liabilities of a foreign operation are translated into the company's presentation currency at the rate ruling at the reporting date. Income and expenses of the foreign operation are translated at the average rate for the year as the directors consider this to be a reasonable approximation to the rate at the date of the transaction. Translation differences are recognised in other comprehensive income and accumulated in foreign exchange reserves.

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.14

Finance costs

Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no judgements or estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

3
Employees

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

2025
2024
Number
Number
Total
30
32
4
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
14,175
(8,638)
Foreign current tax on profits for the current period
-
0
10,214
Total current tax
14,175
1,576
Deferred tax
Origination and reversal of timing differences
-
0
(72)
Adjustment in respect of prior periods
-
0
72
Total deferred tax
-
0
-
0
Total tax charge
14,175
1,576

The company has a deferred tax asset of £38,839 (2024: £23,518) relating to tax losses, which is not accounted for in the financial statements due to uncertainty over its immediate recoverability.

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
5
Tangible fixed assets
Freehold property
Short-term leasehold property
Plant and machinery
Total
£
£
£
£
Cost
At 1 January 2025
50,000
32,520
1,709,067
1,791,587
Additions
-
0
68,568
7,516
76,084
Disposals
(50,000)
-
0
-
0
(50,000)
Exchange adjustments
-
0
208
31,019
31,227
At 31 December 2025
-
0
101,296
1,747,602
1,848,898
Depreciation and impairment
At 1 January 2025
50,000
13,496
1,543,858
1,607,354
Depreciation charged in the year
-
0
9,426
67,545
76,971
Eliminated in respect of disposals
(50,000)
-
0
-
0
(50,000)
Exchange adjustments
-
0
3,548
28,512
32,060
At 31 December 2025
-
0
26,470
1,639,915
1,666,385
Carrying amount
At 31 December 2025
-
0
74,826
107,687
182,513
At 31 December 2024
-
0
19,024
165,209
184,233
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,087,078
1,186,373
Amounts owed by group undertakings
3,248,936
2,670,490
Other debtors
21,936
3,905
Prepayments and accrued income
264,345
447,955
4,622,295
4,308,723

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
146,905
92,543
Amounts owed to group undertakings
256,810
8,821
Taxation and social security
28,281
106,031
Other creditors
3,296
4,276
Accruals and deferred income
182,960
257,490
618,252
469,161

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
2,750,000
2,750,000
2,750,000
2,750,000
Preference shares classified as equity
2,750,000
2,750,000
Total equity share capital
3,750,000
3,750,000

The ordinary shares have full voting, dividend and capital distribution rights.

Preference shares have no rights to dividend s or voting. The preference shares rank before ordinary shares on winding-up of the c ompany.

The d irectors have carried out an assessment based on the terms of the preference shares and conclude they are deemed as equity on the basis the shares have no right to fixed dividend and no voting rights attached to them. The shares are also redeemable at par under the discretion of the company.

9
Reserves

Foreign exchange reserve

Comprises translation differences arising from the translation of the financial statements of the company's foreign branch into Pound Sterling.

Profit and loss reserves

The profit and loss account includes all current and prior periods retained profits and losses, net of any dividends paid.

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
10
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
61,826
61,821
Between two and five years
194,664
222,171
In over five years
376,667
416,667
633,157
700,659
11
Ultimate controlling party

The immediate parent company is Unity Well Integrity UK Limited. The smallest group in which the results of the company are consolidated is Unity Well Integrity Limited. Both companies are registered at 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ.

The ultimate parent company and largest group in which the results of the company are consolidated is that headed by FrontRow Energy Technology Group Limited. The registered office of Frontrow Energy Technology Group Limited is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ. Copies of the group financial statements can be obtained from the UK Companies House website.

In the opinion of the directors, there is no ultimate controlling party.

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