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Registered number: 02620572 SEA BUNKERING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
SEA BUNKERING LIMITED COMPANY INFORMATION
Director | B J Newton
Registered number | 02620572
Registered office | Chiltern House
| 45 Station Road
| Henley-on-Thames
| Oxfordshire
| RG9 1AT
Independent auditor | James Cowper Kreston Audit
| Chartered Accountants and Statutory Auditor
| Apex
| Forbury Road
| Reading
| Berkshire
| RG1 8LS
Bankers | HSBC UK Bank plc
| Stratus House
| Emperor Way
| Exeter Business Park
| Exeter
| Devon
| EX1 3QS
SEA BUNKERING LIMITED CONTENTS
| Page
Strategic Report | 1 - 4
Director's Report | 5 - 6
Independent Auditor's Report | 7 - 10
Statement of Comprehensive Income | 11
Balance Sheet | 12
Statement of Changes in Equity | 13 - 14
Notes to the Financial Statements | 15 - 32
SEA BUNKERING LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Principal activity
Sea Bunkering Ltd (SBL) specializes in the secure storage, efficient transportation, and reliable distribution of marine gas oil, primarily within the UK.
Business review
SBL is one of the UK’s largest independent marine fuel suppliers. The company specialises in the marketing, sale, and distribution of marine fuel products, sourcing from dedicated storage locations, trusted supply partners, and reputable oil refineries—providing significant competitive advantages. To ensure a consistent and high-quality fuel supply, SBL directly manages transportation from UK-based refineries, maintaining full control over logistics and guaranteeing reliability. SBL operates its own fleet of dedicated vessels and road tankers and continues to provide direct bunkering services and third-party shipping solutions. Generally, oil prices fell during 2025 compared with 2024 - therefore both buying and selling prices both dropped, which is reflected in lower total turnover figures. This is linked to a global oversupply in oil and the gradual build of stocks internationally during 2025. International events such as those in Ukraine, Iran and Venezuela continue to have short term impact, but the general trend for 2025 is down on the underlying benchmark prices. We continue to minimise risk by holding stock at our locations and controlling our supply chain from refinery to customer with long term partners. The efficiency of our fleet allows us to offer valued shipping services to our partners. Our effective use of our fleet means that we are benefitting from increased income and better utilisation of the fleet overall. Page 1
SEA BUNKERING LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial and non-financial key performance indicators
Turnover for 2025 was £237m (2024 £279m ), a reduction due to a fall in oil prices and tonnage. Operating profit before interest and tax for 2025 was £3.1m (2024 £2.1m). While overall volume reduced, profitablilty per unit sold increased over the same period. Interest costs have significantly reduced to £0.8m in 2025 (2024 £1.17m), due to lower interest rates, strong credit control and cash management. Outlook and Strategic Prospects We continue to prioritise long term partnerships, securing renewed contracts with partners and customers alike. Our fleet is in demand around the UK, and we have established a strong and credible reputation for working with customers. We have renewed contracts and we are entering in to new relationships that will see our ships operational for the coming years. We are developing a long term, strategic approach to our supply chain and we are investing in new facilities that will allow us to open new areas of business. Working with existing and new partners, focused on efficiency and value, we expect to continue to streamline our overall portfolio, while concentrating on profitability. New approaches to transport, shipping and terminals means that we continue to improve our offering in a changing marketplace. While we operate in a period of continued macroeconomic and sector volatility, SBL remains well positioned to manage these dynamics through its long-term contracts, diversified customer base and disciplined commercial approach. Key Performance Indicators (KPIs) SBL measures success through key performance indicators (KPIs), including: ∙Volume Growth and Operating Profit – Indicators of market expansion and profitability. °While overall volume reduced this year, profitablilty per unit sold increased over the same period. ∙Effective Risk Management – Addressing oil price volatility, logistics costs, and currency fluctuations. °Constant review of our hedging strategies helps to mitigate oil price volatility and manage backwardation in the futures market. °Internal expertise and fleet efficiencies help to manage our shipping costs per metric ton, offering value to our partners.
Principal risks and uncertainties
The primary risk to the business is marine distillate price volatility, managed through physical trades and derivatives. Logistical costs associated with fuel transportation also impact profitability. SBL employs various financial instruments, including trade finance, fuel price hedging and cash management to raise finance and mitigate financial risks. Page 2
SEA BUNKERING LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial risk management objectives and policies
SBL faces several financial risks, including: Market risk Exposure to oil price fluctuations managed through hedging contracts and monitoring of geopolitical and demand shifts affecting MGO prices. Currency risk Exchange rate risk mitigated through forward exchange contracts and trading in sterling where possible. Liquidity risk Ensuring sufficient liquidity for operations managed by cash flow monitoring, managing inventory and tight credit control processes. Interest rate risk The company is exposed to interest rate risk though its trade loan which it uses to finance its operations. The company does not hedge its exposure to interest rate risk. Credit risk The risk of bad debt is managed through customer due diligence checks, regular credit limit reviews, and ongoing monitoring of counterparties' performance, acting when there is a significant risk of contractual non-performance.
Director's statement of compliance with duty to promote the success of the Company
In accordance with Section 172 of the UK Companies Act 2006, the Directors of Sea Bunkering Ltd (SBL) are committed to acting in a manner that promotes the long-term success of the company for the benefit of its stakeholders. The Board adheres to the following key principles: ∙Risk Management: Operating in a highly regulated industry, SBL adopts a proactive approach to identifying, assessing, and mitigating risks. The company continuously enhances its risk management framework to safeguard operational resilience and financial stability. ∙Our People: SBL is committed to fostering a high-performance work environment by investing in talent, upholding strong ethical standards, and promoting a culture of integrity, collaboration, and professional development. ∙Business Relationships: The company prioritizes sustainable growth by maintaining long-term, mutually beneficial relationships with customers and suppliers. These partnerships are integral to ensuring supply reliability, operational efficiency, and service excellence. ∙Community and Environment: SBL actively contributes to the communities in which it operates and is committed to minimizing its environmental impact. The company leverages its industry expertise to support local initiatives and explore sustainable practices within its operations. By adhering to these principles, SBL remains focused on sustainable growth, operational excellence, and delivering long-term value to its stakeholders. Page 3
SEA BUNKERING LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
B J Newton Director
Date: 21 July 2026
Page 4
SEA BUNKERING LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The director presents his report and the financial statements for the year ended 31 December 2025.
Director's responsibilities statement
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Going concern
The financial position of the group, its liquidity position and principal risks and uncertainties are described in the Strategic report. The group has remained committed to growth, developing new business opportunities, strengthening its balance sheet and above all, focusing on providing value to its customers beyond best price. This value includes leveraging off the company’s market knowledge and its unique expertise, which enables the group to limit customers’ exposure to price volatility, supply issues and quality. As a result, the director believes that the group has adequate resources to continue operations for the foreseeable future being a period of not less that twelve months from the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
Results and dividends
The profit for the year, after taxation, amounted to £1,743,851 (2024 - £896,114). Page 5
SEA BUNKERING LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Director
The director who served during the year was:
B J Newton
Disclosure of information to auditor
The director at the time when this Director's Report is approved has confirmed that: ∙so far as is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
B J Newton Director
Date: 21 July 2026
Page 6
SEA BUNKERING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEA BUNKERING LIMITED
Opinion
We have audited the financial statements of Sea Bunkering Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended; ∙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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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. Page 7
SEA BUNKERING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEA BUNKERING LIMITED (CONTINUED)
Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's 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 Director's Responsibilities Statement set out on page 5, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Page 8
SEA BUNKERING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEA BUNKERING LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Mistatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatements in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from events and transactions reflected in the financial statements, as we will be less likely to become aware of instance of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows: ∙Enquiry of management, those charged with governance around actual and potential litigation and claims; ∙Enquiry with management and those charged with governance to identify and material instances of non-compliance with laws and regulations; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with appliacable laws and regulations; ∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Page 9
SEA BUNKERING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEA BUNKERING LIMITED (CONTINUED) Alan Poole BA (Hons) FCA (Senior Statutory Auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor Apex Forbury Road Reading Berkshire RG1 8LS 21 July 2026 Page 10
SEA BUNKERING LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 236,941,672 | 278,870,912
Cost of sales |  | (231,199,098) | (274,535,155)
Gross profit |  | 5,742,574 | 4,335,757
Administrative expenses |  | (2,623,438) | (2,260,610)
Operating profit | 5 | 3,119,136 | 2,075,147
Interest receivable and similar income | 9 | 18,480 | -
Interest payable and similar expenses | 10 | (810,089) | (1,171,101)
Profit before tax |  | 2,327,527 | 904,046
Tax on profit | 11 | (583,676) | (7,932)
Profit for the financial year |  | 1,743,851 | 896,114
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 1,743,851 | 896,114
The notes on pages 15 to 32 form part of these financial statements.
Page 11
SEA BUNKERING LIMITED REGISTERED NUMBER: 02620572 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 2,752,363 |  | 2,615,915
|  |  | 2,752,363 |  | 2,615,915
Current assets |  |  |  |  |
Stocks | 14 | 10,094,909 |  | 13,477,152 |
Debtors: amounts falling due within one year | 15 | 16,859,680 |  | 20,872,907 |
Cash at bank and in hand | 16 | 387,077 |  | 620,530 |
|  | 27,341,666 |  | 34,970,589 |
Creditors: amounts falling due within one year | 17 | (21,425,813) |  | (24,664,246) |
Net current assets |  |  | 5,915,853 |  | 10,306,343
Total assets less current liabilities |  |  | 8,668,216 |  | 12,922,258
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (669,823) |  | (633,554) |
|  |  | (669,823) |  | (633,554)
Net assets |  |  | 7,998,393 |  | 12,288,704
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 10,000 |  | 10,000
Profit and loss account |  |  | 7,988,393 |  | 12,278,704
|  |  | 7,998,393 |  | 12,288,704
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
B J Newton
Director
Date: 21 July 2026
Page 12

|  | SEA BUNKERING LIMITED |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
|  | Called up share capital | Profit and loss account | Total equity
|  | £ | £ | £
| At 1 January 2025 | 10,000 | 12,278,704 | 12,288,704
| Comprehensive income for the year |  |  |
| Profit for the year | - | 1,743,851 | 1,743,851
| Total comprehensive income for the year | - | 1,743,851 | 1,743,851
| Contributions by and distributions to owners |  |  |
| Dividends: Equity capital | - | (6,034,162) | (6,034,162)
| Total transactions with owners | - | (6,034,162) | (6,034,162)
| At 31 December 2025 | 10,000 | 7,988,393 | 7,998,393
| The notes on pages 15 to 32 form part of these financial statements.
Page 13

|  | SEA BUNKERING LIMITED |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
|  | Called up share capital | Profit and loss account | Total equity
|  | £ | £ | £
| At 1 January 2024 | 10,000 | 11,765,927 | 11,775,927
| Profit for the year | - | 896,114 | 896,114
| Total comprehensive income for the year | - | 896,114 | 896,114
| Contributions by and distributions to owners |  |  |
| Dividends: Equity capital | - | (383,337) | (383,337)
| Total transactions with owners | - | (383,337) | (383,337)
| At 31 December 2024 | 10,000 | 12,278,704 | 12,288,704
| The notes on pages 15 to 32 form part of these financial statements.
Page 14

SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Sea Bunkering Limited is a private company limited by shares and incorporated in England and Wales. Its registered head office and principal place of business is Chiltern House, 45 Station Road, Henley-on-Thames, Oxfordshire, RG9 1AT. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of Geos Group Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
The financial position of the group, its liquidity position and principal risks and uncertainties are described in the Strategic report. The company has remained committed to growth, developing new business opportunities, strengthening its balance sheet and above all, focusing on providing value to its customers beyond best price. This value includes leveraging off the company’s market knowledge and its unique expertise, which enables the group to limit customers’ exposure to price volatility, supply issues and quality. As a result, the director believes that the company has adequate resources to continue operations for the foreseeable future being a period of not less that twelve months from the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the financial statements. Page 15
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised in respect of the sale of marine fuel at the date of delivery and acceptance of bunkers. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25 years
|  |  |  | Motor vehicles | - | 4 years
|  |  |  | Fixtures and fittings | - | 15 years
|  |  |  | Computer equipment | - | 5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.7 | Stocks
Stocks are stated at the lower of cost and net realisable value. Page 16
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Financial instruments
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Page 17
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Derivatives, including oil price hedges and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. Page 18
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.12 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.13 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.14 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 19
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.17 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period and which employees are entitled to carry forward and use within the next 12 months. The provision is measured as the salary costs payable for the period of absence.
| 2.19 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 20
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.20 | Impairment of non-financial assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the Statement of Comprehensive Income. IIf an impairment loss subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset is prior years. A reversal of an impairment loss is recognised immediately in the Statement of Comprehensive Income. Page 21
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the Statement of Comprehensive Income, when, and if, better information is obtained. Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustment within the next financial year are included below. Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relates to the following: Provisions In recognising provisions, the company evaluates the extent to which it is probable that it has incurred a legal or constructive obligation in respect of past events and the probability that there will be an outflow of benefits as a result. The judgements used to recognise provisions are based on currently known factors which may vary over time, resulting in changes in the measurement of recorded amounts as compared to initial estimates. Stocks Management applies judgement at each balance sheet date position to estimate the net realisable values of stock, taking into account the most reliable evidence at each reporting date. Fixed assets Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to obsolescence and "wear and tear" that may change the utility of certain plant and machinery. Where there are indicators of impairment of individual assets, management perform impairment tests based on the fair value less costs to sell at a value in use calculation. The value in use calculation is based on a discounted cash flow model, cash flows being based on budgets and estimated discount rates. In undertaking this impairment assessment, the director has taken into consideration the benefits that the Blyth terminal brings to the performance of the company's other terminals. Page 22
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Marine fuel sales | 236,941,672 | 278,870,912
|  | 236,941,672 | 278,870,912
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 169,990,675 | 213,601,248
| Rest of Europe | 43,957,996 | 41,476,584
| Rest of the world | 22,993,001 | 23,793,080
|  | 236,941,672 | 278,870,912
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (36,399) | 39,238
| Other operating lease rentals | 119,505 | 119,570
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor and its associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements | 45,185 | 41,150
| Fees payable to the Company's auditor and its associates in respect of: |  |
| Taxation compliance services | 7,245 | 6,200
| All taxation advisory services not included above | 3,570 | 3,400
Page 23
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Employees
| Staff costs, including director's remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,005,753 | 995,428
| Social security costs | 105,604 | 111,713
| Cost of defined contribution scheme | 168,421 | 107,356
|  | 1,279,778 | 1,214,497
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Director | 1 | 1
|  | Administration | 18 | 18
|  |  | 19 | 19
8. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 48,698 | 48,676
| Company contributions to defined contribution pension schemes | 33,000 | 33,000
|  | 81,698 | 81,676
| During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest on tax refunds | 18,480 | -
|  | 18,480 | -
Page 24
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 810,089 | 1,171,101
|  | 810,089 | 1,171,101
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 547,407 | 51,548
|  | 547,407 | 51,548
| Total current tax | 547,407 | 51,548
| Deferred tax |  |
| Origination and reversal of timing differences | 36,269 | (43,616)
| Total deferred tax | 36,269 | (43,616)
|  | 583,676 | 7,932
Page 25
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,327,527 | 904,046
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 581,882 | 226,012
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 1,794 | 1,239
| Adjustments to tax charge in respect of prior periods | - | (219,319)
| Total tax charge for the year | 583,676 | 7,932
| Factors that may affect future tax charges
There were no factors that may affect future tax changes.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interim dividend paid on equity capital | 367,003 | 383,337
| Dividend in specie | 5,667,159 | -
|  | 6,034,162 | 383,337
Page 26
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 4,020,627 | 16,000 | 149,310 | 72,155 | 4,258,092
| Additions | 300,819 | - | 12,005 | 2,533 | 315,357
| At 31 December 2025 | 4,321,446 | 16,000 | 161,315 | 74,688 | 4,573,449
| Depreciation |  |  |  |  |
| At 1 January 2025 | 1,542,400 | 4,667 | 27,781 | 67,329 | 1,642,177
| Charge for the year on owned assets | 160,698 | 4,000 | 10,211 | 4,000 | 178,909
| At 31 December 2025 | 1,703,098 | 8,667 | 37,992 | 71,329 | 1,821,086
| Net book value |  |  |  |  |
| At 31 December 2025 | 2,618,348 | 7,333 | 123,323 | 3,359 | 2,752,363
| At 31 December 2024 | 2,478,227 | 11,333 | 121,529 | 4,826 | 2,615,915
Page 27
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fuel stocks | 10,094,909 | 13,477,152
|  | 10,094,909 | 13,477,152
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 12,820,946 | 12,337,498
| Amounts owed by group undertakings | 270,000 | 5,628,520
| Other debtors | 1,592,220 | 1,862,129
| Prepayments and accrued income | 1,098,555 | 1,044,760
| Financial instruments | 1,077,959 | -
|  | 16,859,680 | 20,872,907
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 387,077 | 620,530
|  | 387,077 | 620,530
Page 28
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 8,935,220 | 10,697,628
| Trade creditors | 9,683,292 | 7,515,443
| Amounts owed to group undertakings | - | 400,000
| Corporation tax | 557,258 | -
| Other taxation and social security | 372,730 | 514,172
| Other creditors | 1,410,567 | 4,578,950
| Accruals and deferred income | 466,746 | 378,468
| Financial instruments | - | 579,585
|  | 21,425,813 | 24,664,246
| The company has a trade finance facility of £27,000,000 (2024: £27,000,000) and a loan facility of £Nil (2024: £Nill). The trade financing facility is secured by a debenture including fixed and floating charge over all assets and a guarantee from Geos Group Limited. It carried interest at LIBOR plus margin of 2.25%. The derivative financial instruments above relate to Gasoil futures stated at the quoted market value.
Page 29
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Derivative financial instruments held at fair value | 1,077,959 | -
| Financial assets that are debt instruments measured at amortised cost | 14,683,166 | 19,153,619
| Cash and cash equivalents | 387,077 | 620,530
|  | 16,148,202 | 19,774,149
| Financial liabilities |  |
| Derivative financial instruments held at fair value | - | (579,585)
| Financial liabilities measured at amortised cost | (20,495,825) | (22,990,904)
|  | (20,495,825) | (23,570,489)
| Financial assets measured at amortised cost comprise of trade debtors, other debtors, accrued income and amounts owed by group undertakings.
| Derivative financial instruments measured at fair value through profit or loss held comprise the future contracts on fuel purchasing.
| Financial liabilities measured at amortised cost comprise of bank loans, trade creditors, amounts owed to group undertakings, other creditors, trade invoice and finance and accruals.
Page 30
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (633,554)
| Charged to profit or loss | (36,269)
| At end of year | (669,823)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (669,823) | (633,554)
|  | (669,823) | (633,554)
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 10,000 (2024 - 10,000) Ordinary shares of £1 each | 10,000 | 10,000
21. | Contingent liabilities
As at 31 December 2025 and at 31 December 2024 there were no contingent liabilities.
22. | Capital commitments
The company had no capital commitments at the end of the financial year 31 December 2025 (2024: £NIL). Page 31
SEA BUNKERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 88,134 | 56,390
| Later than 1 year and not later than 5 years | 233,513 | 225,560
| Later than 5 years | 437,023 | 493,413
|  | 758,670 | 775,363
24. | Transactions with directors
At the year end amounts owed by the director totalled £1,156,622 (2024: £1,155,465) The maximum amount owed during the year was £1,155,464 (2024: £1,164,933).
25. | Related party transactions
| As a wholly owned subsidiary, the company has taken advantage of the exemption in Financial Reporting Standard 102 paragraph 33 not to disclose transactions with other group companies, where 100% of the voting rights are controlled by the group. The director considers key management personnel to comprise the members of the senior management team. The total employment benefits, including employer pension contributions for the senior management team were £435,853 (2024: £385,938).
26. | Controlling party
As at 31 December 2025 and at 31 December 2024 the immediate parent undertaking is Sea Bunkering Holding Limited, a company registered in England & Wales, by virtue of its 100% shareholding in the company. The ultimate parent undertaking is Geos Group Limited, a company registered in England & Wales, by virtue of its 100% shareholding in the immediate parent undertaking. Copies of the group financial statement of Geos Group Limited are available from Chiltern House, 45 Station Road, Henley-on-Thames, Oxfordshire, RG9 1AT. The ultimate controlling party is Barry J Newton, by virtue of his controlling shareholding in the ultimate parent undertaking.
Page 32