REGISTERED NUMBER: 12176634 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

AURORA MARINE FUELS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

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

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

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.

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.

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

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

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.

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.