ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 00315280

OIKOS STORAGE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


OIKOS STORAGE LIMITED

COMPANY INFORMATION

Directors	D J Helmsley
	R D Sammons
	S Waring
	A M Sriskanda
	M W Jackson


Company secretary	S L Podesta


Registered number	00315280


Registered office	Hole Haven Wharf
	Haven Road
	Canvey Island
	Essex
	SS8 0NR


Independent auditor	Grant Thornton UK LLP
	Chartered Accountants & Statutory Auditor
	101 Cambridge Science Park
	Milton Road
	Cambridge
	CB4 0FY


OIKOS STORAGE LIMITED

CONTENTS

	Page
Strategic Report	1 - 3
Directors' Report	4 - 6
Independent Auditor's Report	7 - 11
Statement of Comprehensive Income	12
Statement of Financial Position	13
Statement of Changes in Equity	14
Notes to the Financial Statements	15 - 31


OIKOS STORAGE LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors present their Strategic Report and the financial statements of Oikos Storage Limited ("the company") for the year ended 31 December 2025.

Principal activities

The principal activity of the company during the year was the storage and distribution of bulk liquids. The strategy of the company is to safely provide flexible storage services to its customers and develop its infrastructure to support the evolving needs of the market.

Business review and future developments

The Oikos business had 5 strategic areas of deliver in 2025;

1.Safety - Main item of note was a RIDDOR reportable incident in Q1'25 with a strong safety performance for the rest of the year.

2.Operational Excellence - Successful completion of a 5 yearly, multi disciplined audit from one of Oikos' customers. Material progress in three projects to develop the organisation focusing on alarm management, operations procedural review and revising of Management of Change processes ahead of implementation in 2026. 2025 was a record year with respect to product throughput.

3.Projects - Delivery of major capital projects. Main project was commencement of gasoline handling which was conducted safely with positive feedback from the customer involved.

4.Organisational Development - Review and implement organizational structure to ensure company
requirements and growth are met.

5.Financial - EBITDA and distributable cash targets were both met.

Broadly a successful year with metrics against the 5 strategic areas being met.

Financial key performance indicators

The company sets annual financial targets in respect of profitability, capital investment, free cash generation and shareholder dividend payments.
The company’s financial targets are approved, set and communicated throughout the business by way of annual budgets in respect of all four financial KPI’s and the undertaking of quarterly re-forecasts throughout the financial year to ensure the achievement of those objectives.
Profitability targets are based on EBITDA (Earnings before interest, taxation, depreciation and amortisation) objectives which exceeded budgeted performance in 2025 by £962,731 and in 2024 by £737,292.
Capital investment targets are set differentiating between investment capital for future revenue stream generation and maintenance capital, total capital re-investment in the company had a value in 2025 of £3.69m and 2024 of £7.34m.
Free cash targets, post trading expenses and capital investment, ensure sufficient funds are available for distribution of dividends, 2025 of £8m and 2024 of £3.75m.

Page 1


OIKOS STORAGE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Principal risks and uncertainties

The company's activities involve the management and control of inherent health, safety and environmental risks. The company's commercial activities are subject to market and counterparty risks, noted further below. The company operates in a sector which is subject to a high degree of government regulation which may drive costs higher.
The company is exposed to the following principal risks and the company has in place risk mitigation measures that seek to identify and mitigate the adverse effects of these risks.
Health, safety, security and environmental risks ("HSSE")
Through its operations, the company manages quantities of hazardous materials in accordance with applicable laws and standards overseen by the relevant authorities. High performance in managing HSSE risks is critical to its success. The company minimises its HSSE risks through high standards of engineering design, plant operations and maintenance. A comprehensive HSSE management system is in place, with dedicated and qualified resources and regular auditing inspections being carried out. The company maintains an open reporting culture to ensure that risks are identified, and observations and solutions are encouraged to continue to raise standards.
Operational risk
The company has designed its facilities and systems to meet its contractual obligations and has in place appropriate risk management protocols and procedures to mitigate operational risks.
Counterparty risk
Customers have entered into long term take-or-pay contracts and therefore the company is exposed to the credit quality of these customers. Under the contracts the customers are required to demonstrate the minimum credit quality or put in place financial guarantees to meet these requirements.
Market risk
The company has in place long term take-or-pay contracts that underpin a substantial proportion of its financial position. A relatively small proportion of the company's revenue is dependent on operational throughput which is determined by market economics. The level of revenues arising from market-based activities remains relatively low ensuring that the company overall, has low revenue volatility.
Liquidity risk
The company is in a cash generative position able to meet its financial obligations. The company regularly prepares forecast cash flow analysis which shows that there will be sufficient funds for its operations for the foreseeable future.

Page 2


OIKOS STORAGE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Principal risks of uncertainties (continued)
Environmental, social and governance
The company aims to ensure that its Environmental Social and Governance ("ESG") policies are appropriate and relevant for a company operating to high standards of corporate governance and recognising the potential for the company's external impact. The company regularly reviews its policies and initiatives to ensure they remain relevant with the aim of continuous improvement and to mitigate its ESG risks. The company did not complete a GRESB assessment in the year but undertook instead a NOVATA scope emissions submission.
The energy transition presents both risks and opportunities for the company. As society and governments seek to reduce carbon intensity from the transport sector the role of oil-based fuels remains uncertain, which may impact the company in the medium to long term. The company is working closely with its customers to support their journey through the energy transition, repurposing its facilities where appropriate to increase flexibility and to adapt to low carbon renewable fuels.

This report was approved by the board and signed on its behalf.

A M Sriskanda

Director

Date: 17 June 2026

Page 3


OIKOS STORAGE LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements of Oikos Storage Limited ("the company") for the year ended 31 December 2025.

Results and dividends

The profit for the year, after taxation, amounted to £2,721,640 (2024: £1,932,602).

The company paid dividends totalling £8,000,000 during 2025.

Directors

The directors who served during the year, and up to the date of signing this report, were:

D J Helmsley

R D Sammons

S Waring

A M Sriskanda

M W Jackson

Directors' Responsibilities Statement

The directors are responsible for preparing the Strategic Report, 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, including FRS 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 and 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;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

Qualifying third party indemnity provisions

The company maintains a Directors & Officers liability insurance to indemnify all directors of the company against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third party insurance cover remains in force as at the date of approving the Directors' Report.

Page 4

OIKOS STORAGE LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Going concern

The company's directors have made an assessment of the company's ability to continue as a going concern and are satisfied that the company has the resources to continue in business for the foreseeable future. In making this assessment the directors have considered the company's business model, including effects arising from macro-economic uncertainties such as the impact of geo-political uncertainties on supply chains, inflation, and market stability. The directors also considered:

∙the level of liquid resources, including cash and cash equivalents. The directors regularly monitor the company's cash position to ensure sufficient cash is held to meet liabilities as they fall due. Overall, free cashflow remained positive and there was no identified liquidity and solvency issue for the company. The company could also restrict repatriation of excess cashflow up the holding structure, subject to its financial obligations, if liquidity was low.

∙the effectiveness of operational resilience processes, noting that operationally the risk is limited given the high level of automation in place at the site. It is considered to be very unlikely that the site would be completely unable to operate for a significant period of time.

Based on a review of the above, the directors are satisfied that the company has, and will maintain, sufficient resources to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the company's financial statements. Accordingly, the company's financial statements have been prepared on a going concern basis.

Matters covered in the Strategic Report

As permitted under s414C(11) of the Companies Act 2006, the directors have included information in the Strategic Report that otherwise would be required under s416(4) to be disclosed in the Director's Report, including information in respect of the principal activity of the company, future developments and the financial risks facing the company.

Subsequent events

The effective blockade of the Straight of Hormuz is affecting product flows from the region, the quantity of global movements impacted are circa 20% of global oil movements, as observed during the Ukraine crises quantities in this order of magnitude disrupt supply chains. This puts pressure on the customers of Oikos to source product from alternative origins, this will only become an issue if alternate supply points cannot bridge the deficit supply originally from that region. Currently customers have been able to maintain historic throughput levels which have not impacted the variable revenue streams of Oikos.
As observed during the Ukraine/Russia conflict periods of sustained high commodity prices drives up inflation which has an impact on operational costs at Oikos, vendor and energy costs.

Disclosure of information to auditor

The directors confirm that:

∙so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and

∙the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Page 5

OIKOS STORAGE LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Auditor

The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

A M Sriskanda

Director

Date: 17 June 2026

Page 6

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OIKOS STORAGE LIMITED

Opinion

We have audited the financial statements of Oikos Storage Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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;

∙the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙the financial statements 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's 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

We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.

In our evaluation of the directors' conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as the impact of geo-political uncertainties on supply chains, inflation, and market stability, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.

Page 7

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OIKOS STORAGE LIMITED (CONTINUED)

Conclusions relating to going concern (continued)
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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Page 8

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OIKOS STORAGE LIMITED (CONTINUED)

Matter on which we are required to report under the Companies Act 2006

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 Directors' Report.

Matters on which we are required to report by exception

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.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.

Page 9

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OIKOS STORAGE LIMITED (CONTINUED)

Auditor's 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

∙We obtained an understanding of the legal and regulatory frameworks that are most applicable to the Company and determined that the most significant are those that relate to the operational environment, the financial reporting framework (FRS102 and Companies Act 2006) and relevant tax compliance regulations. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements, including laws and regulations relating to employment matters, data security and protection and health and safety regulations;

∙We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries of management. We corroborated our inquiries through our review of board minutes;

∙We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud. Management has not communicated to the audit team any matters of non-compliance with laws, regulations, or fraud and no such matters were identified by the audit team. We corroborated this through procedures such as unusual journals testing, assessing controls and assessing the relevant governance procedures;

∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;

∙It is the engagement partner’s assessment that the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. Assessment of the appropriateness of the collective capabilities of the engagement team included the consideration of the engagement team’s understanding and experience of, and practical experience with engagements of similar nature and complexity including appropriate training;

∙We communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit;

Page 10

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OIKOS STORAGE LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements (continued)

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 Auditor's Report.

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.

Paul Brown

Senior Statutory Auditor

for and on behalf of Grant Thornton UK LLP

Statutory Auditor, Chartered Accountants

Cambridge

Date: 17 June 2026

Page 11


OIKOS STORAGE LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	23,396,084	21,615,945
Cost of sales		(18,745,919)	(16,955,228)
Gross profit		4,650,165	4,660,717
Administrative expenses		(3,300,115)	(2,356,119)
Other operating income	5	1,835,807	218,098
Operating profit	6	3,185,857	2,522,696
Interest receivable	10	84,056	156,958
Interest payable and similar expenses	11	(134,362)	(125,174)
Profit on ordinary activities before taxation		3,135,551	2,554,480
Tax charge on ordinary activities	12	(413,911)	(621,878)
Profit for the financial year		2,721,640	1,932,602

There were no recognised gains and losses for 2025 or 2024 other than those included in the Statement of Comprehensive Income.

There was no other comprehensive income for 2025 (2024: £Nil).

The notes on pages 15 to 31 form part of these financial statements.

Page 12


OIKOS STORAGE LIMITED REGISTERED NUMBER:00315280

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		80,344,964		86,684,207
Current assets
Stocks	15	61,478		90,421
Debtors: amounts falling due after more than one year	16	1,497,085		1,910,996
Debtors: amounts falling due within one year	16	4,161,027		3,200,965
Cash at bank and in hand		3,593,430		3,470,319
		9,313,020		8,672,701
Creditors: amounts falling due within one year	17	(3,338,965)		(3,473,555)
Net current assets			5,974,055		5,199,146
Total assets less current liabilities			86,319,019		91,883,353
Provisions for liabilities
Provisions	19		(3,063,169)		(3,349,143)
Net assets			83,255,850		88,534,210

Capital and reserves
Called up share capital	20	65,325,041	65,325,041
Share premium account	21	113,156	113,156
Revaluation reserve	21	1,001,973	1,001,973
Profit and loss account	21	16,815,680	22,094,040
Total equity		83,255,850	88,534,210

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A M Sriskanda

Director

Date: 17 June 2026

The notes on pages 15 to 31 form part of these financial statements.

Page 13


OIKOS STORAGE LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	65,325,041	113,156	1,001,973	23,911,438	90,351,608
Comprehensive income for the year
Profit for the year	-	-	-	1,932,602	1,932,602
Contributions by and distributions to owners
Dividends paid	-	-	-	(3,750,000)	(3,750,000)

At 1 January 2025	65,325,041	113,156	1,001,973	22,094,040	88,534,210
Comprehensive income for the year
Profit for the year	-	-	-	2,721,640	2,721,640
Contributions by and distributions to owners
Dividends paid	-	-	-	(8,000,000)	(8,000,000)
At 31 December 2025	65,325,041	113,156	1,001,973	16,815,680	83,255,850

The notes on pages 15 to 31 form part of these financial statements.

Page 14


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Oikos Storage Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 00315280, and its registered head office is located at Hole Haven Wharf, Haven Road, Canvey Island, Essex, SS8 0NR.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK 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 judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

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 the 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 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Olive Storage Limited as at 31 December 2025 and these financial statements may be obtained from 4th Floor, 3 More London Riverside, London, United Kingdom, SE12AQ.

Page 15


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Going concern

2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentation currency is GBP and all values are rounded to the nearest pound (£) except where otherwise stated.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit or loss within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 16


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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:
The turnover shown in the profit and loss account represents amounts invoiced during the period, on a monthly basis, consistent with operations, for both fixed and variable revenue streams, which are not, in the opinion of the Directors, under dispute, exclusive of Value Added Tax. Fixed revenue streams are recognised in the accounts in equal monthly instalments during the year from their applicable annual contractual values, variable revenue is recognised during the year within the month the activity that drives the revenue value is undertaken.

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

Pensions

Defined contribution pension plan

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 Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.9

Finance costs

Finance costs are charged to profit or loss 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.

Page 17


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

2.11

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.

Depreciation is charged so as to allocate the cost of assets less their residual value on a systematic basis over their expected useful lives.

The estimated useful lives range as follows:

Leasehold land and buildings	-	over remaining term of the current lease
Plant and machinery	-	5 to 20 years
Fixtures, fittings and office furniture	-	3 years

Environmental provision costs are included within leasehold land and buildings and are depreciated over the remaining term of the lease, including any reasonably certain extension.
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.

New assets under development are classed as assets under construction. Upon their completion, they are recognised as fixed assets and are depreciated, in accordance with their expected useful life, commencing from their contributing to revenue streams.

Page 18


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Revaluation of tangible fixed assets

Assets revalued prior to the issue of FRS102 are retained at their book amounts as though they were the historical cost amounts. This deemed cost has not been subsequently revalued and is subject to depreciation policy stated above.

2.13

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.14

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.

2.15

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.16

Environmental provision

In accordance with FRS 102 Section 21 Provisions and Contingencies, the company is required to provide for environmental costs. The present value of estimated environmental costs is shown as a provision. The amount recognised is the present value of the estimated future expenditure. The unwinding of the discount rate is recognised as an expense and is included in interest payable in the Statement of Comprehensive Income.
Refer to the note on the environmental provision within "Judgements in applying accounting policies and key sources of estimation uncertainty" (note 3 and note 19 for more details).

Page 19


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.17

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 Statement of Financial Position 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 within the operating cycle fall into this category of financial instruments.

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 20


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.17

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.

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.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained.
Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
Estimates
Environmental provision (see note 19)
The company has recognised a provision for environmental make good obligations associated with the site. In determining the fair value of the provision, assumptions and estimates are made in relation to the discount rate, the expected cost to make good and the expected timing of those costs. The length of time to settle this obligation is modelled at 67 years. The estimation can, at present, only be based on existing technologies comprised of both mitigation works and final clearance works.
The valuation of the environmental provision is sensitive, amongst other things, to the timing of the expected settlement of future remediation costs and discount rate applied. The company has run sensitivity analysis on the timing of settlement of future remediation costs based on a reduced lease term. If the company only extends the lease term up to 2062, which is earlier than the current assumption then the environmental provision would increase by £2,118,193 from the current position.
In arriving at the value of the provision, management have discounted the future liability by an estimate of the risk-free rate (3.80%). This is based on Oxford Economics’ long term forecast for Thirty Year UK government bond yields. If the estimated discount rate used in the calculation had been 1% higher than management’s estimate, the carrying amount of the provision would have been £1,452,546 lower than the current position.
Taxation (see note 12)
Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 12.
Fixed assets and depreciation (see note 14)
The company's management assess the useful economic life of its assets and in accordance with this determination sets the appropriate depreciation policy to be applied for each class of asset. Management seek to maintain the economic life of certain of assets by regular maintenance and will undertake periodic reviews of the asset life.
Judgements
In the process of preparing the financial statements, no significant judgements were applied.

Page 22


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Turnover

Turnover is attributable to the principal activities of the company and relate entirely to the rendering of services for the storage of bulk liquids and other associated revenue streams.

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

Rent receivable	4,500	4,500
Contribution to project development	253,000	125,000
Handling charges	160,442	88,598
Insurance receipt	1,417,865	-
	1,835,807	218,098

Loss on disposal of fixed assets	14,445	62,301
Depreciation of owned fixed assets	8,869,107	8,411,625
Operating lease costs: - Photocopier lease costs	9,148	5,235
- Land lease costs	3,695	3,695

Fees payable to the company's auditor for the audit of the company's financial statements

91,700

96,923

Page 23


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	2,921,903	2,843,816
Social security costs	393,882	336,511
Cost of defined contribution scheme	245,376	196,944
	3,561,161	3,377,271

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Operations	36	37
Administration	12	10

	48	47

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	302,655	283,967
Company contributions to defined contribution pension schemes	16,638	13,367
	319,293	297,334

	During the year retirement benefits were accruing to 1 directors (2024: 1) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £262,655 (2024: £247,300).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £16,638 (2024: £13,367).

Page 24


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Interest receivable
		2025	2024
		£	£

Bank interest receivable

84,056

156,958

11.	Interest payable and similar expenses
		2025	2024
		£	£

Unwind of the discount rate on provisions	122,244	124,658
Duty charges	-	65
Exchange rate losses	12,107	443
Bank account revaluation	11	8
	134,362	125,174

Deferred tax
Origination and reversal of timing differences	971,623	539,049
Adjustment in respect of previous periods	(557,712)	82,829
Total deferred tax	413,911	621,878


	Total tax charge for the year	413,911	621,878

Page 25


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Taxation (continued)

Factors affecting tax charge for the year The tax assessed for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024:25%). The differences are explained below:
	2025	2024
	£	£

Profit on ordinary activities before tax

3,135,551

2,554,480

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)	783,888	638,620
Effects of:
Fixed asset differences	404,685	-
Expenses not deductible for tax purposes	31,116	300,655
Income not taxable	(63,250)	(31,250)
Effects of group relief	(184,816)	(368,976)
Adjustments in respect of previous periods	(557,712)	82,829
Total tax charge for the year	413,911	621,878

Factors that may affect future tax charges

Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the Statement of Financial Position date.

13.	Dividends
		2025	2024
		£	£

Dividends paid at £0.03 (2024: £0.01) per share

8,000,000

3,750,000

Page 26


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Tangible fixed assets

	Leasehold land and buildings	Plant and machinery	Fixtures, fittings and office equipment	Assets under construction	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	21,733,312	133,611,558	2,577,207	1,212,198	159,134,275
Additions	114,997	1,701,633	326,610	1,547,147	3,690,387
Disposals	(48,239)	(1,171,318)	(10,904)	(611,502)	(1,841,963)
Transfers between classes	(5,737)	1,208,510	48,131	(1,250,904)	-
Environmental revaluation	(408,218)	-	-	-	(408,218)
At 31 December 2025	21,386,115	135,350,383	2,941,044	896,939	160,574,481
Depreciation
At 1 January 2025	9,808,890	60,625,301	2,015,877	-	72,450,068
Charge for the year	1,371,649	7,171,022	326,436	-	8,869,107
Disposals	(38,107)	(1,055,846)	(10,904)	-	(1,104,857)
Environmental provision charge	15,199	-	-	-	15,199
At 31 December 2025	11,157,631	66,740,477	2,331,409	-	80,229,517
Net book value
At 31 December 2025	10,228,484	68,609,906	609,635	896,939	80,344,964
At 31 December 2024	11,924,422	72,986,257	561,330	1,212,198	86,684,207

Certain of the company's leasehold land and buildings were revalued in 1986. If these properties had not been revalued they would have been included in the financial statements at the following values:
	2025	2024
	£	£


Cost	1,363,475	1,363,475
Aggregate depreciation based on cost	(1,363,475)	(1,363,475)
	-	-

Page 27


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Stocks
		2025	2024
		£	£

	Raw materials and consumables	61,478	90,421

16.	Debtors
		2025	2024
		£	£

Due after more than one year
Deferred tax asset (note 18)	1,497,085	1,910,996

					2025	2024
					£	£

Due within one year
Trade debtors	3,232,087	2,958,014
Other debtors	3,093	6,325
Other prepayments	205,795	172,684
Recharges	720,052	63,942
	4,161,027	3,200,965

Recharges include an outstanding insurance claim amounting to £693,798 (2024: £35,485).

17.	Creditors: amounts falling due within one year
		2025	2024
		£	£

Trade creditors	1,204,218	1,658,576
Other taxation and social security	127,380	112,149
Amounts owed to group undertakings	3,754	6,551
VAT	706,230	355,535
Accruals and deferred income	1,297,383	1,340,744
	3,338,965	3,473,555

Amounts due to group undertakings comprise VAT input tax submitted under group VAT accounting returns.
Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.

Page 28


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Deferred taxation

		2025
		£

	At beginning of year	1,910,996
	Charged to profit or loss	(413,911)
	At end of year	1,497,085

The deferred tax asset is made up as follows:
	2025	2024
	£	£

Excess of depreciation over taxation allowances on fixed assets	(3,997,205)	(3,486,837)
Other general provisions	8,843	4,848
Trading losses	5,485,447	5,392,985
	1,497,085	1,910,996

A deferred tax asset has been recognised as of 31 December 2025 in respect of tax losses, other general provisions, and an environmental provision. This is expected to be utilised based on the company's projection of future taxable profits and is considered probable based on business forecasts that such profits will be available.

19.	Provisions

		Environmental provision
		£

	At 1 January 2025	3,349,143
	Unwind of the discount rate	122,244
	Re-assessment in the year	(408,218)
	At 31 December 2025	3,063,169

The provision is expected to be utilised over the extended lease period.
Please refer to accounting policy 2.16 for more information on this provision.

Page 29


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

261,300,164 (2024: 261,300,164) Ordinary shares of £0.25 each	65,325,041	65,325,041

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

21.

Reserves

The company's capital and reserves are as follows:

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

Revaluation reserve

This reserve represents the surplus or deficit arising on the revaluation of an asset of the company.

Profit and loss account

The profit and loss account represents cumulative profits, losses and total other comprehensive income made by the company, including distributions to, and contributions from, the parent company.

22.	Contingent liabilities

The directors have confirmed that there were no contingent liabilities which should be disclosed at 31 December 2025 (2024: £Nil).

23.	Capital commitments

Amounts contracted for but not provided for in the financial statements amounted to £454,020 (2024: £737,959).

24.	Pension commitments

The pension cost charge represents contributions payable to the defined contribution pension schemes and amounted to £245,376 (2024: £196,944). Employers pension contributions, awaiting payment to pension providers at 31 December 2025 amounted to £23,976 (2024: £19,391).

Page 30


OIKOS STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Land
Within one year	3,695	67,021
After one year but no more than five years	1,028,000	1,028,000
More than 5 years	501,564	758,564
	1,533,259	1,853,585

The company has a lease contract for land used in its operations. The lease is for a period until 2032 with tenancy rights to extend beyond this date, the company continues to be in negotiation with the Port of London Authority on the matter of the lease extension. The commitment above assumes this extension is agreed.

26.	Related party transactions
	The company is a member of a qualifying entity, being a wholly owned member of a group, and as such can therefore take advantage of exemption from declaring transactions with wholly owned group companies as set out in paragraph 33.1A of FRS 102.

27.	Subsequent events

28.	Controlling party

The immediate holding company is Olive Storage Limited, a company incorporated in the United Kingdom.
The ultimate parent company and controlling party is considered to be SL Capital Infrastructure I LP, a Limited Partnership established in Scotland, United Kingdom. The largest and smallest group for which consolidated financial statements are drawn up are for Olive Storage Midco Limited and Olive Storage Limited respectively.
The financial statements of Olive Storage Midco Limited and Olive Storage Limited are publicly available from both companies at 4th Floor, 3 More London Riverside, London, United Kingdom, SE1 2AQ.

Page 31