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REGISTERED NUMBER: 04100501 (England and Wales)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31st December 2025

for

S.C.A - Shipping Consultants Associated

Limited

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Contents of the Consolidated Financial Statements

for the Year Ended 31st December 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 7 |

| Consolidated Income Statement | 11 |

| Consolidated Other Comprehensive Income | 12 |

| Consolidated Balance Sheet | 13 |

| Company Balance Sheet | 14 |

| Consolidated Statement of Changes in Equity | 15 |

| Company Statement of Changes in Equity | 16 |

| Consolidated Cash Flow Statement | 17 |

| Notes to the Consolidated Cash Flow Statement | 18 |

| Notes to the Consolidated Financial Statements | 19 |

| S.C.A - Shipping Consultants Associated |

| Limited |

Company Information

for the Year Ended 31st December 2025

| DIRECTORS: | M J Harrison

| J Landi

| REGISTERED OFFICE: | 25 Military Road

| Chatham

| Kent

| ME4 4JG

| REGISTERED NUMBER: | 04100501 (England and Wales)

| AUDITORS: | Beak Kemmenoe

| Chartered Accountants

| & Statutory Auditors

| 1-3 Manor Road

| Chatham

| Kent

| ME4 6AE

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Group Strategic Report

for the Year Ended 31st December 2025

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

REVIEW OF BUSINESS

During the year the company's principal activity was that of a global contractor for the provision of maritime and inland logistics services and supplies, including but not limited to catering and food supply, fuel supply, transportation and logistics, aviation support and ground handling services, humanitarian and expeditionary support.

PRINCIPAL RISKS AND UNCERTAINTIES

The nature of the group's business involves risks and uncertainties through interactions within and with multi-national organisations. The group has a diverse management structure without national priorities which allows it to compete on fair terms in an international market. Competitive tendering of larger contracts provides benefits but also uncertainties around financial planning. The Directors have built up a strong financial base which mitigates against this risk. The contractual obligations inherent in the tenders sought are carefully monitored to give a fair balance between risk and reward. The concentration by the Directors on the provision of a quality service provides a strong mitigation against the contractual risk and allows the group to compete fairly, and with confidence in their ability to service contracts.

Geographic Risk: The principal risks and uncertainties for the Group are predicated on reliance on the use of agents and local suppl iers in countries worldwide. This risk is mitigated by having a robust initial assessment and as a result a well-establishe d network of agents and suppliers in addition to a customer feedback process that forms part of the contract and gi ves a detailed assessment of the services received by the customers and allows the company to impose its reputation for quality service on its agents. This risk is further mitigated by increasing the number of area-specific operational man agers.

Attract and retain personnel: The Group believes that it is an attractive choice for new personnel. It continues to be vitally important to retain s taff to facilitate the delivery of the highest standard of service whilst allowing the business to grow. We also aim to employ e xperienced staff, provide continuous training in-house as well as externally, offering competitive reward packages a nd a flexible workplace where all staff contributions are valued.

Foreign Currency Risk: Customers are invoiced and suppliers invoice in different currencies, depending on the location of the servi ce. The risk of relying on one strong currency is therefore not applicable.

Liquidity/Cashflow Risk: The Group needs to meet its cash flow requirements in order to support the operations (as no advance payments are rec eived from customers) as well as supporting the ability to invest for the future. The Company mitigates this exposure by reviewing cash requirements on a continuous basis and retains tight control over debtor balances, thereby managi ng this risk. With the growth of the business comes the necessity for additional working capital and the directors have a ddressed this by utilising the group's resources.

Information and cybersecurity systems: The Group has strict rules with regard to the backups, data protection, access and security of its hardware and soft ware systems. The Group is continually adjusting to new cyber threats with investment in systems to detect and r eact to cyber-attacks. Employees are constantly made aware of best practice in cyber security, and the Company imple ments policies to ensure information held is secure.

Changes in regulations: The regulatory environment in which S.C.A. - Shipping Consultants Associated Limited operates is constantly evolving and becoming more extensive and complicated. Non-compliance with local and international regulati ons could lead to risk of reputational damage, loss of contracts, and financial penalties. Through its operational and suppor t departments, the Company monitors changes to existing regulation and aims to anticipate emerging regulation so that it can identify and plan for any potential impact on the business.

Risks are formally and regularly reviewed by the directors and appropriate processes are put in place to mitigate them.

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Group Strategic Report

for the Year Ended 31st December 2025

KEY PERFORMANCE INDICATORS

The Directors consider the key performance indicators as turnover, the number of operations undertaken both in natural and diversity of the customer base. Gross margin is also important for the availability of working capital to fund key contracts. Turnover for the year was £178,684,817 (2024: £217,087,990). The aim was to maintain existing activities combined with the award of new and expanded contracts worldwide. The business has entered into several large tenders worldwide which will increase the diversity of the comer base. The geographic reach of operations has expanded. The business has also entered into several large tenders with existing and potential customers and expects, as a result, that its performance will be at an enhanced level in the following years whilst maintaining its customers satisfaction with the services provided.

MAIN TRENDS AND FACTORS AFFECTING THE ENTITY

The Group is required to provide an efficient, time sensitive and cost-effective service and relies on the whole of its workforce to maintain and improve this. The trend in all tenders is to ensure that local suppliers are able to deliver on targets both in service and commercial terms. This is a positive trend for the group as its strength lies in this area. The increased use of our own assets and equipment enhances the group and allows it to be more flexible and at the same time more successful in an always more competitive market. The Directors continue to strengthen the company's financial base which will also be a factor in its growth plans.

FUTURE DEVELOPMENTS

The Group is building up a worldwide reputation for the quality of its service in its expanding field of expertise and is now being asked to tender at diverse locations all around the world. The directors continue to be optimistic about the synergies available in linked services to these customers and in particular its expansion into Base Operation Support projects, aviation logistics, and large-scale catering, fuel and food supply programmes for current and new customers.

ON BEHALF OF THE BOARD:

M J Harrison - Director

7th August 2026

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Report of the Directors

for the Year Ended 31st December 2025

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

PRINCIPAL ACTIVITY

During the year the Group's (SCA) principal activity was that of a global contractor for the provision of maritime and inland logistics services and supplies, including catering and food supply.

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.

M J Harrison

J Landi

DISABLED PERSONS

The following statements of policy are practiced by the Group:

Full and fair consideration is given to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities;

Continued employment and training of staff is offered to those who become disabled whilst they are employees of the Group;

The Group continues to offer general training, career development and promotion of disabled persons employed by them.

EQUALITY, DIVERSITY AND INCLUSION

The Group does not discriminate against age, gender, being in a marriage or in a civil partnership, being pregnant or on maternity leave, disability, race including colour, nationality, ethnic or national origin, religion or belief, sex and sexual orientation.

To prevent discrimination the Group has formulated and implemented the following policies:

- Having an equality, diversity and inclusion policy.

- Providing regular anti-discrimination training.

- Clear guidance if discrimination happens.

THE MODERN SLAVERY ACT 2015

Respect for human rights is fundamental to the culture of integrity we want for SCA. It is integral to our approach to sustainable development, and governs how we behave towards our employees, contractors, suppliers, and the community in which we work.

In 2025 we updated our human rights policies to make our commitment to oppose the use of forced or compulsory labour, human trafficking and all forms of modern slavery (both within our own operations and in our supply chain) even more explicit and to publicly report on what we are doing to prevent it on an annual basis.

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Report of the Directors

for the Year Ended 31st December 2025

COMMUNITY AND ENVIRONMENT

Whilst the S.C.A. - Shipping Consultants Associated Limited Group has, by design, minimum direct impact on the local community given the nature of its trade, SCA, as a group, actively engages with local educational establishments and charities make a positive contribution in terms of creating economic and social value through employment, procurement, taxation and sustainable development initiatives and through strong risk management and respect for human rights. To achieve this, we aim to take a partnership approach, listening to the concerns of stakeholders at site, country and segment levels, to give them the confidence that SCA will address the impacts it has on them and their environment in a positive way.

BUSINESS ETHICS

SCA promotes a culture of integrity backed by a Code of Business Conduct and policies on human rights, anti-corruption, and fair trading. All employees receive role and mandatory health & safety training, with additional resources for mental health, cybersecurity, and anti-bribery. SCA upholds high conduct standards and holds TRACE certification and is a member of RoSPA. SCA holds multiple ISO certifications including ISO 9001 Quality Management System, ISO 14001 Environmental Management System, ISO 45001 Occupational Health and Safety Management System, ISO 22000 Food Safety Management System and ISO 27001 Information Security Management System.

EMPLOYEE INVOLVEMENTS

The Group is aware of its responsibilities to its employees and the key part that they play in the group's progress. The benefits of low staff turnover in the provision of continuity and quality of services to customers cannot be overestimated and all employees are encouraged to undertake further training, both in house and via external providers, to allow them to achieve their professional and personal aspirations.

The Group has regular consultation and participation meetings with its employees at all levels to provide them with information on areas that concern them as employees, and to ensure that there is a common awareness throughout the group of the financial and wider economic factors that affect the performance of the group.

The group consults with its employees or their representatives so that their views can be taken into account when making decisions that are expected to affect their interests, and makes efforts to encourage involvement in these forums in order that they are aware of, and can positively gain, from that involvement.

SECTION 172(1) STATEMENT

The directors recognise that the future of the business depends on the trust and confidence of its stakeholders to operate sustainably in the long term. The directors seek to put its customers’ best interests first, invests in its employees, supports the communities in which it operates and strives to generate sustainable profits.

The directors have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the group, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

STREAMLINED ENERGY AND CARBON REPORTING

S.C.A. - Shipping Consultants Associated Limited is now classified as a large company. The Company consumed less than 40,000 kWh of energy in the reporting period, therefore disclosure is not required.

DISCLOSURE IN THE STRATEGIC REPORT

The directors have disclosed their review of the business, the key performance indicators, principal risks and uncertainties along with future developments in the Strategic Report.

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Report of the Directors

for the Year Ended 31st December 2025

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;

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | 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, Beak Kemmenoe, are deemed to be reappointed.

ON BEHALF OF THE BOARD:

M J Harrison - Director

7th August 2026

Report of the Independent Auditors to the Members of

S.C.A - Shipping Consultants Associated

Limited

Opinion

We have audited the financial statements of S.C.A - Shipping Consultants Associated 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.

Report of the Independent Auditors to the Members of

S.C.A - Shipping Consultants Associated

Limited

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 six, 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.

Report of the Independent Auditors to the Members of

S.C.A - Shipping Consultants Associated

Limited

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, and from our commercial knowledge and experience of the logistic services and supplies businesses;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management 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;

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.

Report of the Independent Auditors to the Members of

S.C.A - Shipping Consultants Associated

Limited

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.

Ronald Price FCA (Senior Statutory Auditor)

for and on behalf of Beak Kemmenoe

Chartered Accountants

& Statutory Auditors

1-3 Manor Road

Chatham

Kent

ME4 6AE

7th August 2026

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Consolidated

Income Statement

for the Year Ended 31st December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 178,583,643 |  | 217,087,990 |  |

Cost of sales | 163,406,766 |  | 194,644,975 |  |

GROSS PROFIT | 15,176,877 |  | 22,443,015 |  |

Administrative expenses | 13,493,597 |  | 15,564,046 |  |

OPERATING PROFIT | 5 | 1,683,280 |  | 6,878,969 |  |

Interest receivable and similar income | 167,064 |  | 297,146 |  |

1,850,344 |  | 7,176,115 |  |

Interest payable and similar expenses | 6 | 11,046 |  | 4,317 |  |

PROFIT BEFORE TAXATION | 1,839,298 |  | 7,171,798 |  |

Tax on profit | 7 | 308,171 |  | 777,558 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,531,127 |  | 6,394,240 |  |

Profit attributable to:

Owners of the parent | 1,364,762 |  | 5,794,077 |  |

Non-controlling interests | 166,365 |  | 600,163 |  |

1,531,127 |  | 6,394,240 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Consolidated

Other Comprehensive Income

for the Year Ended 31st December 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,531,127 |  | 6,394,240 |  |

OTHER COMPREHENSIVE INCOME |

Foreign exchange | 1,353,220 |  | (1,225,912 | ) |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 1,353,220 |  | (1,225,912 | ) |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,884,347 |  | 5,168,328 |  |

Total comprehensive income attributable to:

Owners of the parent | 2,625,326 |  | 4,701,175 |  |

Non-controlling interests | 259,021 |  | 467,153 |  |

2,884,347 |  | 5,168,328 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Consolidated Balance Sheet

31st December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 3,422,911 |  | 2,571,520 |  |

Investments | 10 | - |  | - |  |

3,422,911 |  | 2,571,520 |  |

CURRENT ASSETS

Debtors | 11 | 43,273,875 |  | 57,595,802 |  |

Investments | 12 | 497,520 |  | 497,520 |  |

Cash at bank | 22,526,780 |  | 26,348,068 |  |

66,298,175 |  | 84,441,390 |  |

CREDITORS

Amounts falling due within one year | 13 | 27,999,240 |  | 48,436,724 |  |

NET CURRENT ASSETS | 38,298,935 |  | 36,004,666 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 41,721,846 |  | 38,576,186 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (48,592 | ) | (80,924 | ) |

PROVISIONS FOR LIABILITIES | 16 | (641,225 | ) | (440,235 | ) |

NET ASSETS | 41,032,029 |  | 38,055,027 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 100 |  | 100 |  |

Translation reserve | 18 | 377,570 |  | (975,649 | ) |

Retained earnings | 18 | 36,082,229 |  | 34,717,467 |  |

SHAREHOLDERS' FUNDS | 36,459,899 |  | 33,741,918 |  |

NON-CONTROLLING INTERESTS | 4,572,130 |  | 4,313,109 |  |

TOTAL EQUITY | 41,032,029 |  | 38,055,027 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 7th August 2026 and were signed on its behalf by:

M J Harrison - Director

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Company Balance Sheet

31st December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 2,589,729 |  | 1,792,882 |  |

Investments | 10 | 691,069 |  | 655,923 |  |

3,280,798 |  | 2,448,805 |  |

CURRENT ASSETS

Debtors | 11 | 37,995,106 |  | 47,307,037 |  |

Investments | 12 | 497,520 |  | 497,520 |  |

Cash at bank | 9,511,448 |  | 19,325,453 |  |

48,004,074 |  | 67,130,010 |  |

CREDITORS

Amounts falling due within one year | 13 | 40,011,666 |  | 59,723,987 |  |

NET CURRENT ASSETS | 7,992,408 |  | 7,406,023 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,273,206 |  | 9,854,828 |  |

PROVISIONS FOR LIABILITIES | 16 | 639,128 |  | 438,094 |  |

NET ASSETS | 10,634,078 |  | 9,416,734 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 100 |  | 100 |  |

Translation reserve | 18 | 94,627 |  | (258,927 | ) |

Retained earnings | 18 | 10,539,351 |  | 9,675,561 |  |

SHAREHOLDERS' FUNDS | 10,634,078 |  | 9,416,734 |  |

Company's profit for the financial year | 863,790 |  | 2,292,106 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 7th August 2026 and were signed on its behalf by:

M J Harrison - Director

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Consolidated Statement of Changes in Equity

for the Year Ended 31st December 2025

| Called up |

| share |  | Retained |  | Translation

| capital |  | earnings |  | reserve

£ | £ | £ |

Balance at 1st January 2024 | 100 |  | 28,923,390 |  | 250,262 |  |

Changes in equity

Total comprehensive income | - |  | 5,794,077 |  | (1,225,911 | ) |

Balance at 31st December 2024 | 100 |  | 34,717,467 |  | (975,649 | ) |

Changes in equity

Total comprehensive income | - |  | 1,364,762 |  | 1,353,220 |  |

Balance at 31st December 2025 | 100 |  | 36,082,229 |  | 377,571 |  |

| Non-controlling |  | Total

| Total |  | interests |  | equity

£ | £ | £ |

Balance at 1st January 2024 | 29,173,752 |  | 3,845,956 |  | 33,019,708 |  |

Changes in equity

Total comprehensive income | 4,568,166 |  | 467,153 |  | 5,035,319 |  |

Balance at 31st December 2024 | 33,741,918 |  | 4,313,109 |  | 38,055,027 |  |

Changes in equity

Total comprehensive income | 2,717,982 |  | 259,021 |  | 2,977,003 |  |

Balance at 31st December 2025 | 36,459,900 |  | 4,572,130 |  | 41,032,030 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Company Statement of Changes in Equity

for the Year Ended 31st December 2025

| Called up |

| share |  | Retained |  | Translation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1st January 2024 | 100 |  | 7,383,455 |  | 60,531 |  | 7,444,086 |  |

Changes in equity

Total comprehensive income | - |  | 2,292,106 |  | (319,458 | ) | 1,972,648 |  |

Balance at 31st December 2024 | 100 |  | 9,675,561 |  | (258,927 | ) | 9,416,734 |  |

Changes in equity

Total comprehensive income | - |  | 863,790 |  | 353,554 |  | 1,217,344 |  |

Balance at 31st December 2025 | 100 |  | 10,539,351 |  | 94,627 |  | 10,634,078 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Consolidated Cash Flow Statement

for the Year Ended 31st December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (3,246,995 | ) | 3,605,477 |  |

Interest paid | (11,046 | ) | (4,317 | ) |

Tax paid | (668,052 | ) | (465,225 | ) |

Net cash from operating activities | (3,926,093 | ) | 3,135,935 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,575,589 | ) | (857,868 | ) |

Purchase of current assets investment | - |  | (376,688 | ) |

Sale of tangible fixed assets | 47,032 |  | 19,781 |  |

Sale of fixed asset investments | 20,422 |  | - |  |

Non-controlling interest adjustment | 92,656 |  | (133,010 | ) |

Interest received | 167,064 |  | 297,146 |  |

Net cash from investing activities | (1,248,415 | ) | (1,050,639 | ) |

(Decrease)/increase in cash and cash equivalents | (5,174,508 | ) | 2,085,296 |  |

Cash and cash equivalents at beginning of year | 2 | 26,348,068 |  | 25,488,684 |  |

Effect of foreign exchange rate changes | 1,353,220 |  | (1,225,912 | ) |

Cash and cash equivalents at end of year | 2 | 22,526,780 |  | 26,348,068 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31st December 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,839,298 |  | 7,171,798 |  |

| Depreciation charges | 687,660 |  | 522,325 |  |

| (Profit)/loss on disposal of fixed assets | (30,918 | ) | 13,902 |  |

| Finance costs | 11,046 |  | 4,317 |  |

| Finance income | (167,064 | ) | (297,146 | ) |

2,340,022 |  | 7,415,196 |  |

| Decrease/(increase) in trade and other debtors | 14,323,742 |  | (5,783,180 | ) |

| (Decrease)/increase in trade and other creditors | (19,910,759 | ) | 1,973,461 |  |

| Cash generated from operations | (3,246,995 | ) | 3,605,477 |  |

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 | 22,526,780 |  | 26,348,068 |  |

| Year ended 31st December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 26,348,068 |  | 25,488,684 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank | 26,348,068 |  | (3,821,288 | ) | 22,526,780 |  |

26,348,068 |  | (3,821,288 | ) | 22,526,780 |  |

| Liquid resources |

| Current asset investments | 497,520 |  | - |  | 497,520 |  |

497,520 |  | - |  | 497,520 |  |

| Total | 26,845,588 |  | (3,821,288 | ) | 23,024,300 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Notes to the Consolidated Financial Statements

for the Year Ended 31st December 2025

1. | STATUTORY INFORMATION

| S.C.A - Shipping Consultants Associated 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.

| Basis of consolidation

| The consolidated financial statements incorporate those of S.C.A. - Shipping Consultants Associated Limited and all of its subsidiaries.

| Where the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present; power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.

| The consolidated financial statements present the results of the company and its subsidiaries as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| In preparing the financial statements the directors have made the following judgements:

| Determining the useful lives and depreciation policies for the company's various classes of tangible fixed assets. The directors base these estimates on technological advancement, future investments, economic utilisation and physical condition of the assets to ensure that the depreciation policy used is sufficient so that the carrying value does not exceed its net realisable value.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31st December 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Plant and machinery | - | 20% on reducing balance

| Fixtures and fittings | - | 20% on reducing balance

| Motor vehicles | - | 20% on reducing balance

| Tangible fixed assets are stated in the balance sheet at cost less accumulated depreciation. The cost of tangible fixed assets includes directly attributable costs incurred in their acquisition and installation.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| The financial statements are presented in Sterling, this is being the presentation currency. The functional currency is the Euro, this being the currency of the primary economic environment of the Group.

| The results of operation in the functional currency are translated to reporting currency using the average rates of exchange for the year. Monetary assets and liabilities are translated into sterling at the rates of exchange ruling at the balance sheet date. Foreign exchange gains and losses resulting from monetary items are recognised in the income statement.

| Exchange differences result from translating the opening net assets at a closing rate that differs from the previous closing rate are presented in other comprehensive income and accumulated in the translation reserve.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Operating lease agreement

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged on a straight line basis over the period of the lease.

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31st December 2025

2. | ACCOUNTING POLICIES - continued

| Trade receivables

| Trade receivables are measured at their transaction price. Receivables are held to collect the contractual cash flows which are solely payments of principal. Trade and other receivables are non-interest bearing and generally on terms payable within 30 to 90 days.

| Trade and other creditors

| Trade and other creditors are recognised at fair value.

| Cash and cash equivalents

| Cash and cash equivalents included in the Balance Sheet comprise cash in hand and short-term deposits with an original maturity of three months or less.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by class of business is given below:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Fees receivable |  | 178,684,817 |  | 217,087,990 |  |

| The group operates globally. No geographical market information is disclosed as in the opinion of the directors, the disclosure of any of this information would be seriously prejudicial to the interests of the group.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 5,813,938 |  | 11,006,571 |  |

| Social security costs | 515,919 |  | 389,723 |  |

| Other pension costs | 16,410 |  | 7,235 |  |

6,346,267 |  | 11,403,529 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Management and administration | 105 |  | 87 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 9,984 |  | 8,784 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31st December 2025

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 687,662 |  | 522,325 |  |

| (Profit)/loss on disposal of fixed assets | (30,918 | ) | 13,902 |  |

| Auditors' remuneration | 94,388 |  | 76,756 |  |

| Auditors' remuneration for non audit work | 78,462 |  | 43,084 |  |

| Foreign exchange differences | 765,442 |  | (406,573 | ) |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Loan interest | 11,046 |  | 4,317 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 107,180 |  | 759,163 |  |

| Deferred tax | 200,991 |  | 18,395 |  |

| Tax on profit | 308,171 |  | 777,558 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Foreign exchange | 1,353,220 |  | - |  | 1,353,220 |  |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Foreign exchange | (1,225,912 | ) | - |  | (1,225,912 | ) |

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31st December 2025

9. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1st January 2025 | 3,949,557 |  | - |  | 60,246 |  | 4,009,803 |  |

| Additions | 1,500,855 |  | 74,734 |  | - |  | 1,575,589 |  |

| Disposals | (51,328 | ) | - |  | - |  | (51,328 | ) |

| At 31st December 2025 | 5,399,084 |  | 74,734 |  | 60,246 |  | 5,534,064 |  |

| DEPRECIATION

| At 1st January 2025 | 1,421,983 |  | - |  | 16,300 |  | 1,438,283 |  |

| Charge for year | 668,739 |  | 10,134 |  | 8,789 |  | 687,662 |  |

| Eliminated on disposal | (14,792 | ) | - |  | - |  | (14,792 | ) |

| At 31st December 2025 | 2,075,930 |  | 10,134 |  | 25,089 |  | 2,111,153 |  |

| NET BOOK VALUE

| At 31st December 2025 | 3,323,154 |  | 64,600 |  | 35,157 |  | 3,422,911 |  |

| At 31st December 2024 | 2,527,574 |  | - |  | 43,946 |  | 2,571,520 |  |

| Company

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1st January 2025 | 2,722,436 |  | - |  | 60,246 |  | 2,782,682 |  |

| Additions | 1,193,852 |  | 74,734 |  | - |  | 1,268,586 |  |

| Disposals | (13,521 | ) | - |  | - |  | (13,521 | ) |

| At 31st December 2025 | 3,902,767 |  | 74,734 |  | 60,246 |  | 4,037,747 |  |

| DEPRECIATION

| At 1st January 2025 | 973,500 |  | - |  | 16,300 |  | 989,800 |  |

| Charge for year | 446,791 |  | 10,134 |  | 8,789 |  | 465,714 |  |

| Eliminated on disposal | (7,496 | ) | - |  | - |  | (7,496 | ) |

| At 31st December 2025 | 1,412,795 |  | 10,134 |  | 25,089 |  | 1,448,018 |  |

| NET BOOK VALUE

| At 31st December 2025 | 2,489,972 |  | 64,600 |  | 35,157 |  | 2,589,729 |  |

| At 31st December 2024 | 1,748,936 |  | - |  | 43,946 |  | 1,792,882 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31st December 2025

10. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1st January 2025 | 655,923 |  |

| Additions | 35,146 |  |

| At 31st December 2025 | 691,069 |  |

| NET BOOK VALUE

| At 31st December 2025 | 691,069 |  |

| At 31st December 2024 | 655,923 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| SCA Logistics Ltd

| Registered office: 25 Military Road, Chatham, ME4 4JG, Kent, England

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 100 |  | 100 |  |

| S.A.R.L. Shipping Consultants Associated

| Registered office: 01, Rue des Genetes, Monaco

| Nature of business: Consultancy for port and maritime related.

| %

| Class of shares: | holding |

| Ordinary | 90.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 26,037,985 |  | 24,609,355 |  |

| Profit for the year | 278,383 |  | 3,466,416 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31st December 2025

10. | FIXED ASSET INVESTMENTS - continued

| Shipping Consultants Associated (Australia) Pty Ltd

| Registered office: 225 Fullarton Road, Eastwood, SA 5063

| Nature of business: Shipping, maritime and logistics consultancy

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 17,845 |  | 1,971 |  |

| Profit for the year | 15,872 |  | 1,915 |  |

| SCA Shipping Consultants Associated FZCO

| Registered office: Mazaya Business Avenue AA-1, JLT, Dubai, United Arab Emirates

| Nature of business: Agency for supply of ships chandlery services.

| %

| Class of shares: | holding |

| Ordinary | 60.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 3,118,096 |  | 2,970,462 |  |

| Profit for the year | 168,080 |  | 377,689 |  |

| SCA - Shipping Consultants Associated Singapore Pte. Ltd

| Registered office: 21B Bukit Pasoh, Singapore

| Nature of business: Shipping, maritime and logistics consultancy.

| %

| Class of shares: | holding |

| Ordinary | 60.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 401,502 |  | 321,943 |  |

| Profit for the year | 83,801 |  | 4,898 |  |

| S.C.A. Bahrain W.L.L

| Registered office: 21 Bldg 1315A, Road 114, Block 101, Hidd, Bahrain

| Nature of business: Logistics consultancy for port and maritime related

| %

| Class of shares: | holding |

| Ordinary | 60.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1,225,496 |  | 1,257,567 |  |

| Profit for the year | 3,008 |  | 151,734 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31st December 2025

10. | FIXED ASSET INVESTMENTS - continued

| S.C.A. BH d.o.o

| Registered office: Vrazova 3, Centar, Sarajevo, Bosnia and Herzegovina

| Nature of business: Consultancy for port and maritime related.

| %

| Class of shares: | holding |

| Ordinary | 60.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 164,217 |  | 110,326 |  |

| Profit for the year | 53,386 |  | 99,483 |  |

| S.C.A. Germany GMBH

| Registered office: Blitzstart Services GMBH, Maximilians Platz 17, 80333 Munchen, Germany

| Nature of business: Consultancy for port and maritime related.

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 12,283 |  | 21,206 |  |

| Loss for the year | (8,923 | ) | - |  |

| S.C.A. Japan KK

| Registered office: Mast Building 9F E3, 17-1 Daimachi, Kanagawa-ku, Yokohama, Kanagawa, 221-0834, Japan

| Nature of business: Shipping, maritime and logistics consultancy

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 |  |

£ |  |

| Aggregate capital and reserves | 48,754 |  |

| Profit for the year | 18,169 |  |

| S.C.A. Panama Corp.

| Registered office: PH BICSA, Avenida Balboa, Marbella , Panama City, Panama

| Nature of business: Shipping, maritime and logistics consultancy

| %

| Class of shares: | holding |

| Ordinary | 60.00 |

2025 |  |

£ |  |

| Aggregate capital and reserves | 63,161 |  |

| Profit for the year | 55,559 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31st December 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 41,320,577 |  | 56,446,374 |  | 37,072,228 |  | 46,486,446 |  |

| Other debtors | 1,643,647 |  | 947,514 |  | 781,228 |  | 700,991 |  |

| Corporation tax | 1,815 |  | - |  | 17,809 |  | - |  |

| Prepayments and accrued income | 307,836 |  | 201,914 |  | 123,841 |  | 119,600 |  |

43,273,875 |  | 57,595,802 |  | 37,995,106 |  | 47,307,037 |  |

12. | CURRENT ASSET INVESTMENTS

| Market value of listed investments at 31st December 2025 £497,520 (2024: £497,520)

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade creditors | 22,717,925 |  | 37,651,548 |  | 28,642,249 |  | 48,178,123 |  |

| Corporation tax | - |  | 559,057 |  | - |  | 545,641 |  |

| Social security and other taxes | 16,338 |  | - |  | 16,338 |  | - |  |

| Other creditors and accruals | 5,264,977 |  | 10,226,119 |  | 11,353,079 |  | 11,000,223 |  |

27,999,240 |  | 48,436,724 |  | 40,011,666 |  | 59,723,987 |  |

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Other creditors | 48,592 |  | 80,924 |  |

15. | CHARGES

| The Company has granted Barclays Bank Plc a fixed charge over specified bank accounts and a floating charge over other assets, although there is currently no liability due to the bank.

16. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | 641,225 |  | 440,235 |  | 639,128 |  | 438,094 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31st December 2025

16. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1st January 2025 | 440,235 |  |

| Charge to Income Statement during year | 200,990 |  |

| Balance at 31st December 2025 | 641,225 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1st January 2025 | 438,094 |  |

| Charge to Income Statement during year | 201,034 |  |

| Balance at 31st December 2025 | 639,128 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

18. | RESERVES

| Group

| Retained |  | Translation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1st January 2025 | 34,717,467 |  | (975,650 | ) | 33,741,817 |  |

| Profit for the year | 1,364,762 |  | 1,364,762 |  |

| Foreign exchange | - |  | 1,353,220 |  | 1,353,220 |  |

| At 31st December 2025 | 36,082,229 |  | 377,570 |  | 36,459,799 |  |

| Company

| Retained |  | Translation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1st January 2025 | 9,675,561 |  | (258,927 | ) | 9,416,634 |  |

| Profit for the year | 863,790 |  | 863,790 |  |

| Foreign exchange | - |  | 353,554 |  | 353,554 |  |

| At 31st December 2025 | 10,539,351 |  | 94,627 |  | 10,633,978 |  |

| S.C.A - Shipping Consultants Associated |

| Limited (Registered number: 04100501) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31st December 2025

18. | RESERVES - continued

19. | RELATED PARTY DISCLOSURES

| The following related parties with material transactions existed during the period. The nature of the relationship for each of them was that of shared directors and shareholders.

| Related Party |  | Transaction details |  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| S.A.R.L. Shipping Consultants Associated |  | Purchases |  | 4,221,551 |  | 7,295,498 |  |

|  | Trade creditors |  | 4,606,750 |  | 8,530,412 |  |

|  | Other creditors |  | 10,440,262 |  | 10,670,028 |  |

| SCA Shipping Consultants Associate FZCO |  | Purchases |  | 1,346,135 |  | 1,641,498 |  |

|  | Trade creditors |  | 961,446 |  | 1,603,043 |  |

| SCA - Shipping Consultants Associated Singapore Pte Ltd |  | Purchases |  | 898,168 |  | 613,328 |  |

|  | Trade creditors |  | 146,999 |  | 75,294 |  |

| S.C.A .Bahrain W.L.L |  | Purchases |  | 988,578 |  | 472,133 |  |

|  | Trade creditors |  | 602,865 |  | 349,627 |  |

| Shipping Consultants Associated (Australia) Pty Ltd |  | Purchases |  | 1,441,087 |  | 46,365 |  |

|  | Other debtors |  | 1,030,602 |  | 28,860 |  |

| S.C.A. Japan KK |  | Purchases |  | 509,799 |  | - |  |

|  | Trade creditors |  | 3,701 |  | - |  |

|  | Other debtors |  | 83,581 |  | - |  |

| S.C.A. Panama Corp. |  | Purchases |  | 345,286 |  | - |  |

|  | Other debtors |  | 4,684 |  | - |  |

| S.C.A. Germany GMBH |  | Other debtors |  | 14,187 |  | - |  |

| S.C.A. BH D.O.O. |  | Purchases |  | 346,771 |  | - |  |

|  | Other debtors |  | 143,737 |  |

| -

20. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is J Landi by virtue of his shareholding.