Bulk Fiber Networks UK Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Bulk Fiber Networks UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12256133 . The registered office is 1 Chapel Street, Warwick, CV34 4HL.

The principal activity of the company is renting and leasing of machinery, equipment and tangible goods.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The company reported a profit for the year. These financial statements have been prepared on the going concern basis, which assumes that the company will be able to meet its financial obligations as they fall due for payment for the foreseeable future. The company is reliant upon the continued support of its parent undertaking, Optibulk Havfrue AS, to be able to do this. Optibulk Havfrue AS has indicated to the directors, that support will be provided as it is required.

2.3. Significant judgements and estimations

The preparation of the financial statements requires management to make judgements, estimates, and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

2.4. Turnover

Revenue is recognised under a transfer pricing agreement with the parent company and recognised in the period in which the expense is incurred. Turnover is shown net of sales/ value added tax, returns, rebates and discounts and after eliminating sales within the company.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

10 - 20 years

Included in Plant & Machinery are various items that the company has differing depreciation policies for, these are being depreciated using the straight-line method over 10, 15 or 20 years to better reflect the pattern in which the assets' economic benefits are consumed.

2.6. Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Bulk Fiber Networks UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. Debtors

Basic financial assets, including other debtors, are intially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

2.9. Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2.10. Share Capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3. Average Number of Employees

Average number of employees, excluding directors, during the year was as follows: NIL (2024: NIL)

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 January 2025	251,776

As at 31 December 2025	251,776

Depreciation
As at 1 January 2025	8,596
Provided during the period	23,271

As at 31 December 2025	31,867

Net Book Value
As at 31 December 2025	219,909

As at 1 January 2025	243,180

5. Debtors

	2025	2024 as restated
	£	£
Due within one year
VAT	11,792	7,278
Amounts owed by group undertakings	80,225	41

	92,017	7,319

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Bulk Fiber Networks UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Trade creditors	-	1,304
Accruals	5,913	5,037
Amounts owed to related parties	381,171	323,136

	387,084	329,477

7. Share Capital

	2025	2024 as restated
	£	£
Allotted, Called up and fully paid	100	100

8. Dividends

No dividends were proposed or paid during the current or prior year.

9. Related Party Transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” not to disclose transactions with entities that are wholly owned members of the group.

10. Ultimate Parent Undertaking and Controlling Party

The parent of the smallest group in which these financial statements are consolidated is Bulk Fiber Networks AS . Bulk Fiber Networks AS was incorporated in Norway. Copies of the group accounts may be obtained from the secretary, Frognerstranda 2, Oslo, Norway, N-0250 .

11. Restatement Of Comparative

The prior period’s profit and loss figure has been adjusted, due to a reclassification of other direct costs. Originally this was included in other office costs under administrative expenses, where it is now shown under other direct costs under cost of sales.

12. Audit Information

The auditor's report on the accounts of Bulk Fiber Networks UK Limited for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by David Wheeler (Senior Statutory Auditor) for and on behalf of Bourner Bullock , Statutory Auditor.

Bourner Bullock

Chartered Accountants

114 St Martin’s Lane

Covent Garden

London

WC2N 4BE

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		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		219,909		243,180

			219,909		243,180
CURRENT ASSETS
Debtors	5	92,017		7,319

		92,017		7,319
Creditors: Amounts Falling Due Within One Year	6	(387,084 )		(329,477 )

NET CURRENT ASSETS (LIABILITIES)			(295,067 )		(322,158 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(75,158 )		(78,978 )

NET LIABILITIES			(75,158 )		(78,978 )

CAPITAL AND RESERVES
Called up share capital	7		100		100
Profit and Loss Account			(75,258 )		(79,078 )

SHAREHOLDERS' FUNDS			(75,158)		(78,978)