REGISTERED NUMBER: 02059684 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

FOR

ROBERTSON GEOLOGGING LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

S F Garantini

S N Parry

N Shigemoto

Y Furuya

SECRETARY:

S N Parry

REGISTERED OFFICE:

Tre Morfa Enterprise Park

Conwy

LL32 8FB

REGISTERED NUMBER:

02059684 (England and Wales)

AUDITORS:

M. D. Coxey and Co. Limited

Chartered Accountants

and Statutory Auditors

25 Grosvenor Road

Wrexham

LL11 1BT

BANKERS:

HSBC Bank Plc

60 Mostyn Street

Llandudno

LL302SF

The directors present their strategic report of the company and the group for the year ended 31st December 2025.

REVIEW OF BUSINESS

The group's turnover has increased this year by 1.4%. Direct costs have also increased, but at a higher level than sales of 10.4%. This has resulted in the gross profit margin decreasing from 39.5% last year to 34.1% this year.

Profit before tax margin has also decreased this year down to 2.1%, compared to 8.2% in the previous year.

Robertson Geologging continues to enjoy success in its markets. Sales increased slightly over 2024, despite a challenging economic environment. 2025 saw the parent company relocate to new premises and consolidate its manufacturing and operations under one roof. This has led to a temporary decrease in our gross profit however it has allowed the business to make internal efficiency gains which will be vital to support future growth strategies and expected market demand.

Tariffs had minimal effect on business activity. However, the US Government attempts to stop offshore wind developments affected the global offshore wind market as uncertainty slowed project FID and delayed projects already in their early stages. 2026 should see this market begin to normalise and a refocus on wind projects in Europe. The services division continues to grow its presence in Europe, winning several large projects requiring specialized services, a result of its reputation as a premium services provider.

Product sales were healthy and are expected to continue to grow in 2026. A strategy of focusing on growing high value existing markets while seeking new underserviced areas is proving successful. The group continues to invest in its marketing activities and seeking new partners for technical collaboration.

PRINCIPAL RISKS AND UNCERTAINTIES

The group continues to monitor geopolitical developments that may affect its operations and supply chains. It is therefore exposed to changes in trade policy and regulatory frameworks in certain overseas markets. Recent developments indicate the potential for the introduction or expansion of trade measures that could adversely affect trading conditions. The group continues to keep the external environment under close review and to consider appropriate mitigating actions where necessary.

The group's operations expose it to a variety of financial risks including price risk, credit risk, currency risk, and liquidity risk:

Price risk

The group is exposed to price risk arising from competitive pressures within the markets in which it operates. Downward pressure on pricing, particularly where customers utilise in-house equipment and software solutions, may impact margins. The group seeks to mitigate this risk through product differentiation, ongoing innovation and maintaining strong customer relationships.

Credit risk

The group's exposure to credit risk is primarily attributable to its trade debtors. The group manages this risk by undertaking credit checks where appropriate, setting and monitoring credit limits given to customers, and reviewing outstanding receivable balances on an ongoing basis, recognising provisions based on expected recoverability where necessary.

Currency risk

The group is exposed to foreign currency risk on transactions and balances denominated in currencies other than that of its functional currency, Pounds Sterling. The group holds bank and deposit accounts in Sterling, Euro and US Dollar and has foreign currency trade debtors and creditors, principally in USD and Euro. Fluctuations in exchange rates may therefore impact reported earnings and net assets. The group monitors its exposures and seeks to mitigate risk by matching foreign foreign currency receipts and payments and managing the timing of settlements.

Liquidity risk

Liquidity risk represents the risk that the group will not be able to meet its financial obligations as they fall due. The group manages this risk by maintaining appropriate levels of cash and cash equivalents, monitoring forecast cash flows, and ensuring access to sufficient funding to meet operational requirements. Cash flow forecasts are prepared and reviewed regularly to identify funding requirements and ensure adequate headroom is maintained.

The board will continue to identify, monitor and manage potential risks and uncertainties to the group as they arise.

KEY PERFORMANCE INDICATORS

2025

2024

£

£

Turnover

8,071,818

7,957,642

Gross profit percentage

34.1%

39.5%

Net profit before tax

167,007

684,668

Net assets

5,325,703

5,042,583

ON BEHALF OF THE BOARD:

S F Garantini - Director

27th February 2026

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of the manufacture of high technology wireline logging equipment and the provision of borehole logging services.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2025 to the date of this report.

S F Garantini

S N Parry

N Shigemoto

Other changes in directors holding office are as follows:

F Oguri - resigned 1st April 2025

Y Furuya - appointed 1st April 2025

POLITICAL DONATIONS AND EXPENDITURE

During the year the company donated £2,428 to charity.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S F Garantini - Director

27th February 2026

Opinion

We have audited the financial statements of Robertson Geologging Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31st December 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

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

-	the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence,

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other

management;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of

potential bias; and

- investigated the rationale behind significant or unusual transactions;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Anthony Lewis (Senior Statutory Auditor)

for and on behalf of M. D. Coxey and Co. Limited

Chartered Accountants

and Statutory Auditors

25 Grosvenor Road

Wrexham

LL11 1BT

27th February 2026

TURNOVER

3

8,301,303

8,164,248

Cost of sales

5,316,270

4,817,311

GROSS PROFIT

2,985,033

3,346,937

Administrative expenses

2,981,782

2,751,309

3,251

595,628

Other operating income

4

324,613

181,450

OPERATING PROFIT

6

327,864

777,078

Interest receivable and similar income

805

572

328,669

777,650

Interest payable and similar expenses

8

161,662

92,982

PROFIT BEFORE TAXATION

167,007

684,668

Tax on profit

9

(116,113

)

132,390

PROFIT FOR THE FINANCIAL YEAR

283,120

552,278

Profit attributable to:

Owners of the parent

283,120

552,278

PROFIT FOR THE YEAR

283,120

552,278

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

283,120

552,278

Total comprehensive income attributable to:

Owners of the parent

283,120

552,278

FIXED ASSETS

Intangible assets

11

42,682

78,986

Tangible assets

12

4,302,991

2,966,161

Investments

13

789

789

4,346,462

3,045,936

CURRENT ASSETS

Stocks

14

3,628,631

3,279,495

Debtors

15

3,919,833

1,519,492

Cash at bank

384,308

1,062,759

7,932,772

5,861,746

CREDITORS

Amounts falling due within one year

16

4,676,792

1,461,657

NET CURRENT ASSETS

3,255,980

4,400,089

TOTAL ASSETS LESS CURRENT LIABILITIES

7,602,442

7,446,025

CREDITORS

Amounts falling due after more than one year

17

(2,156,018

)

(2,275,000

)

PROVISIONS FOR LIABILITIES

20

(120,721

)

(128,442

)

NET ASSETS

5,325,703

5,042,583

CAPITAL AND RESERVES

Called up share capital

21

1,097,079

1,097,079

Share premium

22

716,366

716,366

Retained earnings

22

3,512,258

3,229,138

SHAREHOLDERS' FUNDS

5,325,703

5,042,583

The financial statements were approved by the Board of Directors and authorised for issue on 27th February 2026 and were signed on its behalf by:

S F Garantini - Director

FIXED ASSETS

Intangible assets

11

42,682

78,986

Tangible assets

12

4,277,217

2,931,528

Investments

13

789

789

4,320,688

3,011,303

CURRENT ASSETS

Stocks

14

3,600,914

3,236,124

Debtors

15

2,281,329

1,735,214

Cash at bank

326,934

808,860

6,209,177

5,780,198

CREDITORS

Amounts falling due within one year

16

2,873,289

1,375,355

NET CURRENT ASSETS

3,335,888

4,404,843

TOTAL ASSETS LESS CURRENT LIABILITIES

7,656,576

7,416,146

CREDITORS

Amounts falling due after more than one year

17

(2,156,018

)

(2,275,000

)

PROVISIONS FOR LIABILITIES

20

(120,721

)

(128,442

)

NET ASSETS

5,379,837

5,012,704

CAPITAL AND RESERVES

Called up share capital

21

1,097,079

1,097,079

Share premium

22

716,366

716,366

Retained earnings

22

3,566,392

3,199,259

SHAREHOLDERS' FUNDS

5,379,837

5,012,704

Company's profit for the financial year

367,133

492,034

The financial statements were approved by the Board of Directors and authorised for issue on 27th February 2026 and were signed on its behalf by:

S F Garantini - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st January 2024

1,097,079

2,676,860

716,366

4,490,305

Changes in equity

Total comprehensive income

-

552,278

-

552,278

Balance at 31st December 2024

1,097,079

3,229,138

716,366

5,042,583

Changes in equity

Total comprehensive income

-

283,120

-

283,120

Balance at 31st December 2025

1,097,079

3,512,258

716,366

5,325,703

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st January 2024

1,097,079

2,707,225

716,366

4,520,670

Changes in equity

Total comprehensive income

-

492,034

-

492,034

Balance at 31st December 2024

1,097,079

3,199,259

716,366

5,012,704

Changes in equity

Total comprehensive income

-

367,133

-

367,133

Balance at 31st December 2025

1,097,079

3,566,392

716,366

5,379,837

Cash flows from operating activities

Cash generated from operations

1

1,158,458

3,036,435

Interest paid

(161,662

)

(92,982

)

Tax paid

(59,388

)

(225,840

)

Net cash from operating activities

937,408

2,717,613

Cash flows from investing activities

Purchase of intangible fixed assets

(996

)

(16,938

)

Purchase of tangible fixed assets

(1,675,576

)

(2,369,067

)

Sale of tangible fixed assets

8,592

-

Interest received

805

572

Net cash from investing activities

(1,667,175

)

(2,385,433

)

Cash flows from financing activities

New hire purchase agreements

63,828

-

Capital repayments in year

(12,512

)

(5,818

)

Net cash from financing activities

51,316

(5,818

)

(Decrease)/increase in cash and cash equivalents

(678,451

)

326,362

Cash and cash equivalents at beginning of year

2

1,062,759

736,397

Cash and cash equivalents at end of year

2

384,308

1,062,759

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

Profit before taxation

167,007

684,668

Depreciation charges

367,871

295,074

(Profit)/loss on disposal of fixed assets

(416

)

40

(Increase)/Decrease in group debtors

(1,768,660

)

54,347

Increase in group creditors

2,984,998

2,510,555

Finance costs

161,662

92,982

Finance income

(805

)

(572

)

1,911,657

3,637,094

Increase in stocks

(349,136

)

(149,744

)

Increase in trade and other debtors

(463,901

)

(711,547

)

Increase in trade and other creditors

59,838

260,632

Cash generated from operations

1,158,458

3,036,435

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

384,308

1,062,759

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,062,759

736,397

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

1,062,759

(678,451

)

384,308

1,062,759

(678,451

)

384,308

Debt

Finance leases

-

(51,316

)

(51,316

)

-

(51,316

)

(51,316

)

Total

1,062,759

(729,767

)

332,992

1.	STATUTORY INFORMATION

Robertson Geologging 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirement of paragraph 3.17(d).

As such, a statement of cash flows has not been prepared for the parent company.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the parent company and its subsidiary, Robertson Geologging (USA) Inc. The other subsidiary, Robertson Geologging (Asia) Limited, has been excluded as the directors consider its inclusion in the consolidation to not be material for the purpose of giving a true and fair view of the financial statements, as per section 405(2) of the Companies Act 2006.

The parent company has applied the exemption granted in section 408 of the Companies Act 2006 and has not included its individual statement of income and retained earnings.

The results and financial position of the group entities that have a functional currency different to the group's presentation currency of Pound Sterling are translated in the consolidated financial statements at rates prevailing at the balance sheet date.

Turnover

Turnover, which excludes value added tax and trade discounts, represents the invoiced value of goods and services supplied. Turnover is recognised upon despatch of goods, or when the risks and rewards transfer to the customer in accordance with agreed trading terms if stock is physically held on site.

Logging services income is recognised over the period of time that the service is provided.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Straight line over 40 years

Plant and machinery

-

Straight line over 3 - 6 years

Fixtures and fittings

-

Straight line over 7 years

Motor vehicles

-

Straight line over 4 years