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REGISTERED NUMBER: 02501732 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 January 2026

for

LONDON MARINE CONSULTANTS LIMITED

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Contents of the Financial Statements

for the year ended 31 January 2026

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Statement of Income and Retained Earnings | 10 |

Statement of Financial Position | 11 |

Notes to the Financial Statements | 12 |

LONDON MARINE CONSULTANTS LIMITED

Company Information

for the year ended 31 January 2026

| DIRECTORS: | J M Dunstan

| L G Vogt

| L H Shepherd

| REGISTERED OFFICE: | Runway East

| 20 St Thomas Street

| London

| SE1 9RS

| REGISTERED NUMBER: | 02501732 (England and Wales)

| AUDITORS: | Thorne Lancaster Parker

| Chartered Accountants &

| Statutory Auditors

| 5th Floor

| Palladium House

| 1-4 Argyll Street

| London

| W1F 7TA

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Strategic Report

for the year ended 31 January 2026

The directors present their strategic report for the year ended 31 January 2026.

REVIEW OF BUSINESS

London Marine Consultants (LMC) specialise in the engineering design and provision of mooring systems for offshore installations. These include renewable energy devices, FPSOs, FSRUs and FSOs. The company's designs include External Turrets, Internal Turrets, Disconnectable Turrets and Spread Mooring Systems.

The company also specialises in designing and providing the fluid swivels that are used to convey oil, gas or water through these turret systems. Other work includes Consultancy, Owners Engineering Services and Third Party Reviews.

The results for the year and financial position of the company are as shown in the annexed financial statements.

The key financial highlights are as follows:

| 31.01.2026 |  | 31.01.2025 |  | 31.01.2024 |  |

| £ |  | £ |  | £ |  |

Turnover |  | 9,788,338 |  | 5,653,937 |  | 8,183,226 |  |

Profit/(Loss) before tax |  | 710,563 |  | 1,135,294 |  | (106,833 | ) |

For FYE 2026, LMC business has been dominated by two large Engineer, Procure and Construct (EPC) projects, namely Block B and KPS. This impact will continue throughout FYE 2027. We have also continued with specialist engineering work that attracts lower margins but these projects are lower in value and resource utilisation. We currently stand with the company’s largest backlog of projects, by value, for over ten years.

The Oil and Gas industry and in particular projects requiring LMC services have seen an upturn in the year and we see this continuing into 2027. LMC have also continued a steady stream of projects with parent company Yinson.

Global macro trends related to Ukraine and Iran conflicts have had no direct impact on the business but indirectly have stimulated growth in the upstream sector in areas such as South East Asia where LMC perform most of their work.

The year again saw a decline in activity related to planned Floating Wind projects as the sector began to suffer from return expectations challenges due to cost growth, regulatory approval delays and increased supply chain costs. This has resulted in the delay or cancellation of a number of these projects that we expect will last for a number of years. Alongside subdued activity in floating wind projects, natural gas and in particular, Liquefied Natural Gas (LNG) projects have increased and this sector looks set for good short and medium term growth as geopolitics contribute to energy supply instability.

The company’s ability to offer services in upstream Oil and Gas, LNG and renewable sectors allows it to react to these market changes and secure business across each of these sectors.

The directors feel the business is well positioned to take advantage of the current markets and use its flexibility to span the various energy sectors whilst leveraging its parent group global presence and reputation.

Staffing levels and overheads have remained broadly unchanged and are closely monitored and reviewed, additional resources are obtained via freelance and consultants.

Principal risks and uncertainties in the business centre on the competitive market and the ability of some competitors in SE Asia being able to offer lower prices for similar services. Additionally, the company needs to be able to adapt to peaks and troughs in the renewables and fossil fuel markets whilst still maintaining a strong position in each. Thus far, it has managed to do so but requires careful oversight going forward.

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Strategic Report

for the year ended 31 January 2026

GOING CONCERN

The Directors have reviewed the Financial Reporting Council's Guidance on the going concern basis of accounting and reporting on solvency and liquidity risks that was issued in April 2016 and current guidance.

When assessing the company's ability to continue trading as a going concern the directors have reviewed the cash flows of the company to 31 January 2028. The review has encapsulated cash flows and working capital requirements as known at the date of this report.

The Directors have also taken into account the great financial stability that is provided by the company's owner Yinson Production Offshore Pte Ltd..

The Directors thus consider that the Company have adequate resources to continue their operational existence for the foreseeable future. Accordingly, they continue to adopt a going concern basis of accounting in preparing the Annual Report and Accounts.

FUTURE DEVELOPMENTS

The Directors believe the changing market shares between Renewable, Upstream Oil and Gas and LNG will continue for the near future. LMC have business presence across all sectors and can be flexible so feel confident we can secure work in these areas.

We are also starting to perform early study work into Carbon Capture and Storage (CCS) another area of growth at government and business level that is a key initiative for net-zero plans globally

ON BEHALF OF THE BOARD:

J M Dunstan - Director

4 August 2026

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Report of the Directors

for the year ended 31 January 2026

The directors present their report with the financial statements of the company for the year ended 31 January 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of advising and consulting upon all matters affecting the supervision, development, construction, execution and planning of marine, geological and navigational matters, projects and operations of every description in any part of the world.

DIVIDENDS

No dividends will be distributed for the year ended 31 January 2026.

DIRECTORS

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

J M Dunstan

L G Vogt

Other changes in directors holding office are as follows:

D C Brunt - resigned 31 December 2025

L H Shepherd - appointed 31 December 2025

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk.

In respect of bank balances the liquidity risk is managed by maintaining sufficient funds to meet the day to day requirements of the business.

Trade debtors are managed in respect of credit risk and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | state whether applicable 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.

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Report of the Directors

for the year ended 31 January 2026

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, Thorne Lancaster Parker, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J M Dunstan - Director

4 August 2026

Report of the Independent Auditors to the Members of

London Marine Consultants Limited

Opinion

We have audited the financial statements of London Marine Consultants Limited (the 'company') for the year ended 31 January 2026 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 January 2026 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the 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 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 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

London Marine Consultants Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

London Marine Consultants 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and compliance with the relevant direct and indirect tax regulation in the United Kingdom. In addition, the Company has to comply with laws and regulations relating to its operations, including UK employment laws, health and safety, and GDPR.

- We understood how London Marine Consultants Limited is complying with those frameworks by making enquires with management and those charged with governance to understand how the Company maintains and communicates policies and procedures in these areas. We understood any controls put in place by management to reduce the opportunities of fraudulent transactions.

- We assessed the susceptibility of the company's financial statements to material misstatements including how fraud might occur through internal team conversations and inquiry of management and those charged with governance. Through these procedures we determined there to be a risk of management override associated with revenue and a fraud risk around transactions at the year end. We have performed tests of detail, including understanding of the nature of the transactions, verifying that the margin is appropriate, and verifying the clerical accuracy of the revenue recognised. In relation to management override, we selected a sample from the entire population of journals, including manual journals, identifying specific transactions which did not meet our expectations, in order to investigate, understand and agree to source documentation. We selected a sample of revenue transactions recorded before the year end and obtained documentation to verify that revenue adjustments had been recorded in the appropriate period.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved verifying that material transactions are recorded in compliance with FRS 102 and where appropriate Companies Act 2006. Compliance with other operational laws and regulations were covered through our inquiry with no indication of non-compliance identified.

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

London Marine Consultants 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.

Neil Usher (Senior Statutory Auditor)

for and on behalf of Thorne Lancaster Parker

Chartered Accountants &

Statutory Auditors

5th Floor

Palladium House

1-4 Argyll Street

London

W1F 7TA

5 August 2026

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Statement of Income and Retained Earnings

for the year ended 31 January 2026

| 2026 |  | 2025

| Notes | £ | £ |

REVENUE | 4 | 9,788,338 |  | 5,653,937 |  |

Cost of sales | (8,226,865 | ) | (3,787,108 | ) |

GROSS PROFIT | 1,561,473 |  | 1,866,829 |  |

Administrative expenses | (876,006 | ) | (731,837 | ) |

OPERATING PROFIT | 6 | 685,467 |  | 1,134,992 |  |

Interest receivable and similar income | 26,548 |  | 302 |  |

712,015 |  | 1,135,294 |  |

Interest payable and similar expenses | 7 | (1,452 | ) | - |  |

PROFIT BEFORE TAXATION | 710,563 |  | 1,135,294 |  |

Tax on profit | 8 | (215,500 | ) | 1,004,214 |  |

PROFIT FOR THE FINANCIAL YEAR | 495,063 |  | 2,139,508 |  |

Retained earnings at beginning of year | 1,492,488 |  | (647,020 | ) |

RETAINED EARNINGS AT END OF YEAR | 1,987,551 |  | 1,492,488 |  |

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Statement of Financial Position

31 January 2026

| 2026 |  | 2025

| Notes | £ | £ |

FIXED ASSETS

Property, plant and equipment | 9 | 99,610 |  | 10,670 |  |

CURRENT ASSETS

Inventories | 10 | 191,558 |  | 144,710 |  |

Debtors | 11 | 5,885,248 |  | 1,745,204 |  |

Cash at bank | 2,581,023 |  | 1,937,655 |  |

8,657,829 |  | 3,827,569 |  |

CREDITORS

Amounts falling due within one year | 12 | (6,768,888 | ) | (2,344,751 | ) |

NET CURRENT ASSETS | 1,888,941 |  | 1,482,818 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,988,551 |  | 1,493,488 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 1,000 |  | 1,000 |  |

Retained earnings | 14 | 1,987,551 |  | 1,492,488 |  |

SHAREHOLDERS' FUNDS | 1,988,551 |  | 1,493,488 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2026 and were signed on its behalf by:

J M Dunstan - Director

L G Vogt - Director

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Notes to the Financial Statements

for the year ended 31 January 2026

1. | GENERAL INFORMATION

| London Marine Consultants Limited is a private company listed by shares and is incorporated in England and Wales. The address of the company's principal place of business is Runway East, 20 St Thomas Street, London, SE1 9RS.

2. | STATUTORY INFORMATION

| London Marine Consultants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The 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. They have been prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

| The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying company accounting policies.

| Going Concern

| When assessing the group's and the company's ability to continue trading as a going concern the directors have reviewed the cash flows of the company to 31 January 2028.

| If the Company were unable to continue in operational existence, adjustments would have to be made to reduce the values of assets in the statement of financial position to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify non-current assets as current assets.

| Financial Reporting Standard 102 - reduced disclosure exemptions

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

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 33.7.

| Turnover

| The turnover is the total amount, excluding value added tax, receivable by the company in the ordinary course of business for the services provided as a principal.

| Tangible fixed assets

| Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

| Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows;

| Fixtures and fittings |  | 20% on cost |  |

| Office equipment |  | 33% on cost and over the lease term of leased assets |  |

| The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Notes to the Financial Statements - continued

for the year ended 31 January 2026

3. | ACCOUNTING POLICIES - continued

| Work in progress

| Work in progress is stated at the lower of cost and net realisable value.

| Taxation

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

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

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

| Deferred taxation

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

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

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

| Foreign currencies

| The company's functional and presentation currency is the pound sterling.

| Transactions in foreign currencies are initially recorded in the entity's functional currency by applying the spot exchange rate ruling at the dare of the transaction.

| Non-monetary assets and liabilities are measured at historical costs and are translated using the exchange rate at the date of the transaction.

| Monetary assets and liabilities denominated in foreign currencies are retranslated using the exchange rate of exchange ruling at the balance sheet date.

| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rated of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Notes to the Financial Statements - continued

for the year ended 31 January 2026

3. | ACCOUNTING POLICIES - continued

| Employee benefits

| The company provides a range of benefits to employees, including annual bonus arrangement, paid holiday arrangements and defined contribution pensions schemes.

| i) Short term benefits

| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

| ii) Defined contribution pension plan

| the company operates a defined contribution pension plan in which it pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligations and these are recognised as an expense when they are due. Any amounts unpaid are shown within accruals on the balance sheet and the assets of the plan are held separately in independently administered funds.

| Long-term contracts

| Long-term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses.

| Financial instruments

| Hedging

| Any changes in the fair value of a hedge is recognised within equity with any ineffectiveness in the hedge relationship recognised directly in the income statement. The gain or loss recognised on the end of a hedge relationship is recognised within the income statement and hedge accounting is discontinued when the hedging instrument expires.

4. | REVENUE

| The revenue and profit before taxation are attributable to the one principal activity of the company.

| An analysis of revenue by geographical market is given below:

| 2026 |  | 2025

£ | £ |

| United Kingdom | 71,798 |  | 598,947 |  |

| Europe | 306,914 |  | 2,517,996 |  |

| Asia | 9,264,800 |  | 1,738,143 |  |

| Middle East | 90,954 |  | 668,464 |  |

| Other | 53,872 |  | 130,387 |  |

9,788,338 |  | 5,653,937 |  |

5. | EMPLOYEES AND DIRECTORS

| 2026 |  | 2025

£ | £ |

| Wages and salaries | 2,190,770 |  | 2,539,225 |  |

| Social security costs | 42,240 |  | 38,094 |  |

| Other pension costs | 216,742 |  | 153,415 |  |

2,449,752 |  | 2,730,734 |  |

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Notes to the Financial Statements - continued

for the year ended 31 January 2026

5. | EMPLOYEES AND DIRECTORS - continued

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

| 2026 |  | 2025

| Directors | 3 |  | 4 |  |

| Technical | 26 |  | 25 |  |

| Administration | 1 |  | 1 |  |

30 |  | 30 |  |

| 2026 |  | 2025

£ | £ |

| Directors' remuneration | 182,912 |  | 239,233 |  |

6. | OPERATING PROFIT

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

| 2026 |  | 2025

£ | £ |

| Other operating leases | 90,993 |  | 91,436 |  |

| Depreciation - owned assets | 16,392 |  | 11,102 |  |

| Loss on disposal of fixed assets | 92 |  | - |  |

| Auditors' remuneration | - |  | 12,000 |  |

| Foreign exchange differences | 125,396 |  | (8,981 | ) |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2026 |  | 2025

£ | £ |

| Interest payable | 1,452 |  | - |  |

8. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

| 2026 |  | 2025

£ | £ |

| Current tax:

| Pillar Two tax | 41,654 |  | - |  |

| Deferred tax | 173,846 |  | (1,004,214 | ) |

| Tax on profit | 215,500 |  | (1,004,214 | ) |

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Notes to the Financial Statements - continued

for the year ended 31 January 2026

8. | TAXATION - continued

| Reconciliation of total tax charge/(credit) included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2026 |  | 2025

£ | £ |

| Profit before tax | 710,563 |  | 1,135,294 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%) | 177,641 |  | 283,824 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,958 |  | - |  |

| Income not taxable for tax purposes | (7,477 | ) | - |  |

| Capital allowances in excess of depreciation | (23,338 | ) | (209 | ) |

| Utilisation of tax losses | (148,784 | ) | (283,615 | ) |

| Pillar Two tax | 41,654 |  | - |  |

| Deferred tax movement | 173,846 |  | (1,004,214 | ) |

| Total tax charge/(credit) | 215,500 |  | (1,004,214 | ) |

| At the balance sheet date the company has trading losses to carry forward against future trading profits of £3,321,472. A deferred tax asset of £830,368 has been recognised in the financial statements.

9. | PROPERTY, PLANT AND EQUIPMENT

| Fixtures |

| and |  | Office |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 February 2025 | 935 |  | 151,023 |  | 151,958 |  |

| Additions | 361 |  | 105,063 |  | 105,424 |  |

| Disposals | (135 | ) | - |  | (135 | ) |

| At 31 January 2026 | 1,161 |  | 256,086 |  | 257,247 |  |

| DEPRECIATION

| At 1 February 2025 | 208 |  | 141,080 |  | 141,288 |  |

| Charge for year | 252 |  | 16,140 |  | 16,392 |  |

| Eliminated on disposal | (43 | ) | - |  | (43 | ) |

| At 31 January 2026 | 417 |  | 157,220 |  | 157,637 |  |

| NET BOOK VALUE

| At 31 January 2026 | 744 |  | 98,866 |  | 99,610 |  |

| At 31 January 2025 | 727 |  | 9,943 |  | 10,670 |  |

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Notes to the Financial Statements - continued

for the year ended 31 January 2026

10. | INVENTORIES

2026 | 2025 |

£ | £ |

| Work-in-progress | 191,558 |  | 144,710 |  |

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

2026 | 2025 |

£ | £ |

| Trade debtors | 3,613,129 |  | 473,243 |  |

| Other debtors | 133,757 |  | 35,433 |  |

| Deferred tax asset | 830,368 |  | 1,004,214 |  |

| Prepayments and accrued income | 1,307,994 |  | 232,314 |  |

5,885,248 |  | 1,745,204 |  |

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

2026 | 2025 |

£ | £ |

| Trade creditors | 476,463 |  | 182,766 |  |

| Amounts owed to group undertakings | 1,867,187 |  | 1,766,980 |  |

| Corporation tax | 41,654 |  | - |  |

| Social security and other taxes | 56,979 |  | 56,507 |  |

| Other creditors | 75,490 |  | - |  |

| Accruals and deferred income | 4,251,115 |  | 338,498 |  |

6,768,888 |  | 2,344,751 |  |

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2026 | 2025 |

| value: | £ | £ |

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

14. | RESERVES

| Retained

| earnings

£ |

| At 1 February 2025 | 1,492,488 |  |

| Profit for the year | 495,063 |  |

| At 31 January 2026 | 1,987,551 |  |

15. | ULTIMATE PARENT COMPANY

| During the year the ultimate parent company was Yinson Production Offshore Pte Ltd, a company incorporated in Singapore.

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

Notes to the Financial Statements - continued

for the year ended 31 January 2026

16. | RELATED PARTY DISCLOSURES

| At the balance sheet date, shown within trade debtors, is an amount of £nil (2025 - £50,662) owed to the company by the ultimate controlling party Yinson Production Offshore Pte Ltd.

| At the balance sheet date, shown within trade debtors, is an amount of £2,435,570 (2025 - £Nil) owed to the company by PTSC South East Asia Pte Ltd, a company owned 49% by Yinson Holdings Berhad.

| At the balance sheet date, shown within trade creditors, is an amount of £5,908 (2025 - £nil) owed to the ultimate controlling party Yinson Production Offshore Pte Ltd.

| At the balance sheet date the company owed £1,867,187 (2025 - £1,766,980) to London Marine Group Limited.

| The company has taken advantage of the exemption not to disclose intra group transactions which fall within the definition of related party transactions.

17. | DIRECTORS INTEREST

| No directors had any interest in the shares of the company at the balance sheet date.