REGISTERED NUMBER: 04527156 (England and Wales)

Boluda Towage SMS Ltd

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

A M Bordils

P Dulson

G H Vandecappelle

J M Rosety Molins

REGISTERED OFFICE:

Ocean House

Livingstone Road

Hessle

East Riding of Yorks

HU13 0EG

REGISTERED NUMBER:

04527156 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

2025 was a busy year for the company with a number of large contracts obtained and continued. Our Tug fleet remained consistent and coverage of all ports continued.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's activities are exposed to economical, legal, fiscal and political risks. None of them had a material impact in 2025.

Operational risks mainly relate to variable weather or working conditions, technical suitability and availability of the equipment, wear and tear on equipment and damage to third-party equipment and property.

The company identifies the following main financial risks:

- Credit risk

- Fuel price risk

The maximum credit risk amounts to the carrying value of the receivables on the balance sheet. The company only has short-term receivables, on a variety of clients. There are credit control procedures in place to ensure timely collection of outstanding amounts. In contract negotiations, we strive to work with standard Towage Conditions, which provide for proper allocation of risks to the parties involved. The track record for doubtful debts over the past years is good and internal policies are aimed at continuing this positive track record. Income and profit is only recognized if there is reasonable assurance about the realization.

To cover the fuel prices risk, bunker adjustment factors are negotiated in most of the customer contracts. Additionally, towage contracts are often carried out through (annual) contracts with fees which are reviewed annually. This allows for local wage costs developments, fuel price developments and the available capacity of the equipment to be taken into account.

Key Perfomance Indicators

FY25

FY24

Sales Growth

46%

-18%

Profit before taxation

683%

73%

Employees

During the period under review the company employed an average of 164 employees (2024: 163).

Environment and sustainability

The company continues to work on it sustainability strategy. We have started to make our fleet more environmentally friendly will continue to do so by modifying our existing fleet, taking environmental requirements into account when purchasing new tugs and testing new engine type and other technical improvements.

Customers

Our fleet of tugs provide tailored towage services to meet our customer's needs. We focus on our customers' needs through operational efficiency, flexibility and understand their expectations.

Health and safety

As Boluda Towage SMS Limited delivers a sustainable safe towing service it was required to embed the safety, quality and environmental standards into our management system, manuals, and day-to-day practices. By having this embedded into our culture we can deliver a high-level quality service. Our Integrated Management system systematically describes, controls, and assures with the aim to work in accordance with the procedures and to meet the contract agreements, safe and durable working methods, in order to prevent accidents, anticipate and reduce risk, to meet law and regulations and to continuously improve our HSE-Q performance.

RISK MANAGEMENT

Risk Appetite

Primarily, Boluda commits itself to achieve quality in the performance of tug services so that customers feel their contractual expectations are met. On top of that, Boluda voluntarily assumes its responsibility to minimize the negative impact that its activities may have on society and the environment and maintains a proactive attitude for the benefit of its stakeholders. This social responsibility is a commitment that the members of the company have, either as individuals or as members of the Boluda Europe group, both for themselves and for society as a whole.

The different quality, safety and environmental policies of the harbours and companies within the Group state the commitment to promote pollution prevention, permanent compliance with legal and regulatory standards, as well as other requirements to which the organization subscribes. According to these company policies, the risk appetite of the company is generally low.

Market risk

Continuously shipping companies all over the world are bundling their forces in alliances, pools or joint ventures. This gives them a strong position in negotiations and puts high pressure on prices for towage activities. We are still convinced that the bundling of the harbour activities in Northwest Europe together with the harbour activities of Boluda Towage Group in the rest of the world is a good response to the developments in the shipping market. With our widespread presence in the United Kingdom and strong positions in some of the main markets, we are an important player in the markets we operate.

Despite the positive long-term growth prospects for our markets they can be in the short and medium term- negatively impacted by factors outside our control. When an external crisis occurs which has a possible impact on our business, such as the war in Ukraine, The energy crisis that appeared due to the war in Ukraine, had minor impact on our result.

Boluda has a highly diversified portfolio of ports and a well-balanced cargo exposure; Our revenues are not correlated to cargo volumes fluctuations as revenues are primarily based on ship movements and weather conditions; Towage services are critical to maintain the port operations; Boluda Europe's ability to reduce operating costs and better align it to any significant impact on revenues; The flexibility we have to defer capital expenditure for long periods of time in order to preserve a minimal required cash position.

Overall, we strive to respond as effective as possible to both positive and negative developments in individual harbours through optimizing our fleet in the various ports.

Climate change risks

Climate change and the public response to climate change could adversely affect our business and performance. To comply with global, EU and local emission reduction targets is considered to be very challenging for our industry.

Together with a team of specialists, management monitors the conversion (by retrofitting and/or replacing tugs) of our fleet in order to meet the emission reduction requirements in time. Boluda Europe also studies (new) technical solutions on and around the fleet.

Other risks

The company's activities are exposed to economical, legal, fiscal and political risks in the countries where the company operates.

Operational risks mainly relate to variable weather or working conditions, technical suitability and availability of the equipment, wear and tear on equipment and damage to third-party equipment and property.

The company identifies the following main financial risks:

-Currency risk

-Interest rate risk

External funding is provided by group companies within the Boluda Corporación Marítima, S.L. Group. The (effective) interest rate is based on the market rate at the moment of closure and fixed for the duration of the contract. market rate, and lease contracts, based on internal fixed rates. Therefore, the interest rate risk for Boluda Europe is regarded as limited.

Risk control

The internal risk management and control systems of Boluda Europe are based on the principles of effective management control at various levels in the organization and are tailored to the day-to-day working environment in which the company operates. There is a planning and control cycle in place with budgeting and forecasting. Furthermore, the progress and development of the operating results and the financial position of individual areas and the company as a whole, as well as the operational and financial risks, are monitored by means of structured periodical reporting and the analysis of the financial results.

The compliance of the risk management of the group includes the above-mentioned measures to control the market, operational and financial risks. The internal control framework is set up to cope with risks such as fraud and corruption, taking into account the environment where we operate.

ON BEHALF OF THE BOARD:

P Dulson - Director

12 August 2026

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

DIVIDENDS

During the year the total distribution of dividends was £1,000,000 (2024 - £Nil). The directors recommend that no further final dividend be paid.

DIRECTORS

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

A M Bordils

P Dulson

G H Vandecappelle

J M Rosety Molins

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). 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;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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 each director ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Dulson - Director

12 August 2026

Opinion

We have audited the financial statements of Boluda Towage SMS Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 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 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.

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 page 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.

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:

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.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including United Kingdom Accounting Standards (FRS102), the Companies Act 2006 and taxation legislation. We also considered those laws and regulations that may have an indirect material effect on the financial statements including data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

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

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

12 August 2026

TURNOVER

25,988,322

17,769,887

Cost of sales

13,790,903

10,133,087

GROSS PROFIT

12,197,419

7,636,800

Administrative expenses

9,720,105

6,415,155

OPERATING PROFIT

4

2,477,314

1,221,645

Interest receivable and similar income

51,061

-

2,528,375

1,221,645

Interest payable and similar expenses

5

1,494,887

1,398,899

PROFIT/(LOSS) BEFORE TAXATION

1,033,488

(177,254

)

Tax on profit/(loss)

6

273,248

418,444

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

760,240

(595,698

)

PROFIT/(LOSS) FOR THE YEAR

760,240

(595,698

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

760,240

(595,698

)

FIXED ASSETS

Tangible assets

9

21,501,060

24,062,847

Investments

10

940,394

940,394

22,441,454

25,003,241

CURRENT ASSETS

Stocks

11

932,862

1,056,357

Debtors

12

8,634,139

5,826,206

Cash at bank

682,859

2,798,372

10,249,860

9,680,935

CREDITORS

Amounts falling due within one year

13

6,124,526

5,027,628

NET CURRENT ASSETS

4,125,334

4,653,307

TOTAL ASSETS LESS CURRENT LIABILITIES

26,566,788

29,656,548

CREDITORS

Amounts falling due after more than one year

14

16,449,500

19,299,500

NET ASSETS

10,117,288

10,357,048

CAPITAL AND RESERVES

Called up share capital

17

500,000

500,000

Retained earnings

18

9,617,288

9,857,048

10,117,288

10,357,048

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2026 and were signed on its behalf by:

P Dulson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

-

10,452,746

10,452,746

Changes in equity

Issue of share capital

500,000

-

500,000

Total comprehensive income

-

(595,698

)

(595,698

)

Balance at 31 December 2024

500,000

9,857,048

10,357,048

Changes in equity

Dividends

-

(1,000,000

)

(1,000,000

)

Total comprehensive income

-

760,240

760,240

Balance at 31 December 2025

500,000

9,617,288

10,117,288

1.	STATUTORY INFORMATION

Boluda Towage SMS Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The 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 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

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

Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key assumptions concerning the future and other key sources of estimation include uncertainties at the reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial periods, are discussed below.

Customer Volume Rebates:

The volume rebate is based on Boluda Europe turnover to a number of key customers. The directors estimate the percentage based on experience. As the customers period end does not always align with that of Boluda UK, the rebate due to the customer is accrued for on the assumption they will hit their sales target at the end of the period. The volume of business has been consistent over a number of years.

Useful lives and residual values of property, plant and equipment:

Management determines the estimated useful lives and resulting depreciation charges for property, plant and equipment. For vessels, this useful economic life estimate is based on the forecast life cycle and residual values are estimated at 8% of the original cost. The useful economic life of improvements made to vessels during a dry-docking period is estimated to be five years.

Turnover

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

Tangible fixed assets

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

Tangible fixed assets are stated at cost less accumulated depreciation.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation is charged to the profit and loss account on a straight line basis over the estimated useful lives of each part of an item of tangible fixed assets. The estimated useful lives are as follows:

- Vessels

- 10% Straight line

- Plant and machinery

- 15% Reducing balance

- Leasehold property improvements

- Over the lease term

- Motor Vehicles

- 25% Reducing balance

Depreciation methods, useful lives and residual values are reviewed, if there is an indication, of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

Deferred tax

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

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

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

Foreign currencies

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

Period

1.4.24

Year ended

to

31.12.25

31.12.24

as restated

£

£

Wages and salaries

7,989,370

5,776,494

Social security costs

971,243

634,034

Other pension costs

380,802

296,712

9,341,415

6,707,240

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

Period

1.4.24

Year ended

to

31.12.25

31.12.24

as restated

Administration

32

32

Crew

132

131

164

163

Period

1.4.24

Year ended

to

31.12.25

31.12.24

as restated

£

£

Directors' remuneration

-

113,132

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.4.24

Year ended

to

31.12.25

31.12.24

as restated

£

£

Depreciation - owned assets

4,899,525

3,626,760

Loss on disposal of fixed assets

3,156

8,559

Auditors' remuneration

29,200

12,000

Foreign exchange differences

-

6,612

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.4.24

Year ended

to

31.12.25

31.12.24

as restated

£

£

Bank loan interest

1,494,887

1,398,899

6.

TAXATION

Analysis of the tax charge

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

Period

1.4.24

Year ended

to

31.12.25

31.12.24

as restated

£

£

Current tax:

UK corporation tax

1,001,938

418,444

Deferred tax

(728,690

)

-

Tax on profit/(loss)

273,248

418,444

Reconciliation of total tax charge 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:

Period

1.4.24

Year ended

to

31.12.25

31.12.24

as restated

£

£

Profit/(loss) before tax

1,033,488

(177,254

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

258,372

(44,314

)

Effects of:

Expenses not deductible for tax purposes

11,192

(103,279

)

Depreciation for period in excess of capital allowances

3,684

566,037

Total tax charge

273,248

418,444

7.

DIVIDENDS

2025

2024

£

£

Interim

1,000,000

-

8.	PRIOR YEAR ADJUSTMENT

During the year ended 31 December 2025, it was identified that inventory with a carrying value of £707,264 had been incorrectly classified as tangible fixed assets in the financial statements for the year ended 31 December 2024.

In accordance with Section 10 of FRS 102 Accounting Policies, Estimates and Errors, this has been treated as the correction of a prior period error. Comparative figures have therefore been restated to reclassify the amount of £707,264 from tangible fixed assets to stocks.

This adjustment has no impact on the company's net assets, profit for the year, or retained earnings at 31 December 2024, as it relates solely to the presentation and classification of assets within the balance sheet.

The company has an investment in a joint venture as described in note 11. The investments is a combination of ordinary shares and preference shares which are redeemable at the discretion of the joint venture company. The preference shares have a coupon rate of nil. The preference shares were incorrectly accounted for as a debtor balance in prior periods. This has been reclassified to investments in fixed assets. There is no impact on the reported profit, net assets or reserves.

9.	TANGIBLE FIXED ASSETS

Vessels,

Freehold

Drydocking

Plant and

Motor

property

& Spares

machinery

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2025

-

58,383,899

484,206

348,586

59,216,691

Additions

803,840

1,569,140

10,769

-

2,383,749

Disposals

-

-

-

(108,659

)

(108,659

)

At 31 December 2025

803,840

59,953,039

494,975

239,927

61,491,781

DEPRECIATION

At 1 January 2025

-

34,706,164

277,005

170,675

35,153,844

Charge for year

14,737

4,815,520

31,813

37,455

4,899,525

Eliminated on disposal

-

-

-

(62,648

)

(62,648

)

At 31 December 2025

14,737

39,521,684

308,818

145,482

39,990,721

NET BOOK VALUE

At 31 December 2025

789,103

20,431,355

186,157

94,445

21,501,060

At 31 December 2024

-

23,677,735

207,201

177,911

24,062,847

10.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

At 1 January 2025

and 31 December 2025

940,394

NET BOOK VALUE

At 31 December 2025

940,394

At 31 December 2024

940,394

11.

STOCKS

2025

2024

as restated

£

£

Stocks

885,982

1,056,357

Work-in-progress

46,880

-

932,862

1,056,357

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

3,090,986

2,925,846

Amounts owed by group undertakings

3,413,967

2,768,772

Other debtors

2,288

-

VAT

266,114

-

Deferred tax asset

728,690

-

Prepayments and accrued income

1,132,094

131,588

8,634,139

5,826,206