IRIS Accounts Production v26.1.10.61 12176634 Board of Directors 1.1.25 31.12.25 31.12.25 26/6/2026 false true false false true false Auditors Opinion iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 12176634 2024-12-31 12176634 2025-12-31 12176634 2025-01-01 2025-12-31 12176634 2023-12-31 12176634 2024-01-01 2024-12-31 12176634 2024-12-31 12176634 ns15:EnglandWales 2025-01-01 2025-12-31 12176634 ns14:PoundSterling 2025-01-01 2025-12-31 12176634 ns10:Director1 2025-01-01 2025-12-31 12176634 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 12176634 ns10:SmallEntities 2025-01-01 2025-12-31 12176634 ns10:Audited 2025-01-01 2025-12-31 12176634 ns10:SmallCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 12176634 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 12176634 ns10:FullAccounts 2025-01-01 2025-12-31 12176634 ns10:Director2 2025-01-01 2025-12-31 12176634 ns10:Director3 2025-01-01 2025-12-31 12176634 ns10:RegisteredOffice 2025-01-01 2025-12-31 12176634 ns5:CurrentFinancialInstruments 2025-12-31 12176634 ns5:CurrentFinancialInstruments 2024-12-31 12176634 ns5:ShareCapital 2025-12-31 12176634 ns5:ShareCapital 2024-12-31 12176634 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 12176634 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 12176634 ns5:PlantMachinery 2025-01-01 2025-12-31 12176634 ns5:PlantMachinery 2024-12-31 12176634 ns5:PlantMachinery 2025-12-31 12176634 ns5:PlantMachinery 2024-12-31 12176634 ns5:CostValuation 2024-12-31 12176634 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 12176634 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 12176634 ns5:CurrentFinancialInstruments 2025-01-01 2025-12-31 12176634 1 2025-01-01 2025-12-31

REGISTERED NUMBER: 12176634 (England and Wales)

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| AURORA MARINE FUELS LIMITED |

AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |

AURORA MARINE FUELS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | Mr C Toepfer

| Mr E Sakellis

| Mr D G Raeburn

| REGISTERED OFFICE: | 3rd Floor

| 55 Brompton Road

| London

| SW3 1DP

| REGISTERED NUMBER: | 12176634 (England and Wales)

| AUDITORS: | Orcom Civvals Audit Limited

| Chartered Accountants and

| Statutory Auditors

| 50 Seymour Street

| London

| W1H 7JG

AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634)

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 5,013 |  | 5,968 |  |

Investments | 5 | 4,893 |  | 4,893 |  |

9,906 |  | 10,861 |  |

CURRENT ASSETS

Debtors | 6 | 8,432,523 |  | 8,416,236 |  |

Cash at bank | 542,392 |  | 1,381,143 |  |

8,974,915 |  | 9,797,379 |  |

CREDITORS

Amounts falling due within one year | 7 | (6,484,785 | ) | (6,627,713 | ) |

NET CURRENT ASSETS | 2,490,130 |  | 3,169,666 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,500,036 |  | 3,180,527 |  |

CAPITAL AND RESERVES

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

Retained earnings | 2,499,036 |  | 3,179,527 |  |

2,500,036 |  | 3,180,527 |  |

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2026 and were signed on its behalf by:

Mr C Toepfer - Director

AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Aurora Marine Fuels 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.

| Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates (the "functional currency").

| The functional currency of the company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The directors have, at the time of issuing the financial statements, an expectation that the company will generate sufficient working capital and have adequate resources to continue in operational existence for the foreseeable future.

| The directors continue to review operational performance on a regular basis, with particular attention to external factors affecting the business. The ongoing Middle East conflict has had a substantial effect on the global maritime sector, resulting in significant disruptions to energy supply chains, shipping routes, and the availability of marine fuels.

| Despite these industry-wide challenges, the company has maintained stable trading performance and has not experienced any material decline in its operations to the date of approval of these financial statements.

| On this basis, the directors consider that it is appropriate to prepare the accounts on a going concern basis.

| Significant judgements and estimates

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Management believes that the estimates used in preparing this financial statements are reasonable. Actual results in the future may differ from those reported and it is therefore reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from management's assumptions and estimates could require an adjustment to the carrying amounts of the reported assets and liabilities in future reporting periods.

AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents revenue from brokerage commissions received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Brokerage fees consist of revenue associated with the arranging of marine luboil and bunkering of vessels as an agent, whereby the company matches such orders from customers with bunker/luboil suppliers. Revenue is recognised when the company satisfies a performance obligation by transferring a promised good or service to the customer by the physical supplier, which is when the customer obtains control of the good or service.

| Tangible fixed assets

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

| Plant and machinery etc | - | 33% straight line

| Investments in subsidiaries

| Investments in subsidiary entities are stated at cost less impairment.

| 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position date. 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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Debtors

| Debtors are initially measured at transaction price (i.e fair value) and subsequently held , at transaction price less provision for impairment of assets.

| Cash and cash equivalents

| Cash balances are reported by the company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits financial institutions repayable without penalty on notice of not more than 24 hours, subject to an insignificant risk of changes in value and held at floating interest rates linked to UK bank rates.

| Creditors

| Short term trade 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 4 (2024 - 4 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 January 2025 | 22,409 |  |

| Additions | 2,860 |  |

| At 31 December 2025 | 25,269 |  |

| DEPRECIATION

| At 1 January 2025 | 16,441 |  |

| Charge for year | 3,815 |  |

| At 31 December 2025 | 20,256 |  |

| NET BOOK VALUE

| At 31 December 2025 | 5,013 |  |

| At 31 December 2024 | 5,968 |  |

AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 4,893 |  |

| NET BOOK VALUE

| At 31 December 2025 | 4,893 |  |

| At 31 December 2024 | 4,893 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 8,337,817 |  | 8,098,980 |  |

| Other debtors | 94,706 |  | 317,256 |  |

8,432,523 |  | 8,416,236 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 1,235,372 |  | - |  |

| Trade creditors | 2,426,382 |  | 5,121,800 |  |

| Amounts owed to group undertakings | 875,941 |  | 480,272 |  |

| Taxation and social security | 14,644 |  | 173,643 |  |

| Other creditors | 1,932,446 |  | 851,998 |  |

6,484,785 |  | 6,627,713 |  |

AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

| The company has a working capital facility with Joh. Berenberg, Gossler & Co KG of US$4,000,000 for the purpose of working capital credit and for general purposes.

| The company's trade receivables in note 7 are assigned under the credit facility and is secured by an assignment of joint and several liability by the company and its parent entity, Borealis Maritime Limited. It has no fixed duration and can be terminated by either party with 6 months' notice; subsequent to this period, the joint and several liability shall, however, not end until the amounts payable, inclusive of any interests, fees and costs has been settled. Interest is charged at a margin of 4.35% plus 1-month SOFR payable monthly in arrears.

| Other creditors include a revolving credit facility of up to US$3,000,000 (2024: US$3,000,000) from a third party. At the year end, an amount of £1,782,266 (2024: £627,225) was owed to them for the financing of mismatched trades for its marine fuel brokerage division; this facility is unsecured and carries interest charged at SOFR plus 5% with a floor rate of 7.5% and payable quarterly in arrears with no fixed repayment terms. A 2% commitment fee also accrues on any undrawn amounts and is payable on similar terms.

| Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

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

| The Report of the Auditors was unqualified.

| Aamir Kazi (Senior Statutory Auditor)

| for and on behalf of Orcom Civvals Audit Limited

9. | RELATED PARTY DISCLOSURES

| During the year, the company entered the following transactions with related parties:

| Entity |  | Relationship |  | Nature of transaction |  | Transactio ns value |  | Amount owed |  |

|  | £ |  | £ |  |

| Borealis Maritime Limited |  | Parent |  | Recharges of expenses payable |  | 507,454 |  | 252,166 |  |

| Aurora Marine Yakit Ticaret |  | Subsidiary |  | Recharges of expenses receivable |  | 211,914 |  | 623,775 |  |

| The parent company, Borealis Maritime Limited, provides from time to time guarantees to the suppliers of the company to secure credit lines in furtherance of its trading.

| During the year, total dividend of £75,000 was paid to one of the directors who is also a shareholder.

10. | POST BALANCE SHEET EVENTS

| There were no material events subsequent to 31 December 2025 and up until the authorisation of the financial statements for issue, that have not been disclosed elsewhere in the financial statements.

AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

11. | ULTIMATE CONTROLLING PARTY

| The company is a 89% owned subsidiary of Borealis Maritime Limited, incorporated in England and Wales. The smallest and largest group in which the results of this company are consolidated is headed by Borealis Maritime Limited and its consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.

| The ultimate controlling parties are C Toepfer and E Sakellis by virtue of their 100% shareholding of Borealis Maritime Limited.