These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

World Tankers (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 243 Knightsbridge, London, United Kingdom, SW7 1DN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company incurred a loss for the year of £234,959 and reported net assets of £119,022 at the balance sheet date. The director has prepared budgets and forecasts covering at least twelve months from the date of approval of these financial statements, based on assumptions regarding future freight rates, vessel utilisation, operating costs, and available liquidity. Adverse departures from these assumptions, including a downturn in spot market freight rates, increased operating costs, or prolonged operational disruption arising from the current geo‑political climate, could result in the company being unable to meet its financial obligations as they fall due. These conditions indicate the existence of a material uncertainty related to going concern.

The parent company has asserted that it will not demand repayment of the intercompany loan of £150,000 for a period of at least twelve months from the date of approval of these financial statements, to the extent that such repayment would adversely affect the company’s working capital position.

Notwithstanding the material uncertainty, the director considers it appropriate to prepare the financial statements on a going concern basis, having regard to the company’s forecasts and existing pipeline of activity.

Turnover represents commissions and fees receivable, excluding value added tax, arising on broking services rendered during the period and on commercial contracts which had completed by the year end and where the final payment for such contracts had been agreed with the customer.

Other operating income represents time spent to support group companies with advice on legal matters and rental income based on the sub-lease agreement.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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 deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the director is 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 average monthly number of persons (including directors) employed by the company during the year was:

The company received an interest-free loan of £150,000 from the parent company, repayable at the discretion of the directors, in an event not earlier than 2030.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

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 loss 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.

At the reporting end date the company had annual outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The parent of the smallest group for which consolidated accounts are prepared is World Tankers Management Pte Ltd with its registered addressed being 7500A Beach Road, #10-313 The Plaza, Singapore 199591. The ultimate controlling party of the group is the Haji-Ioannou family.

During the year ended 31 December 2025, the Company became subject to a claim for unfair dismissal brought by a former employee, arising from a redundancy process undertaken during the period.

At the reporting date, the outcome of the claim is uncertain. While the claim has been estimated at approximately £34,500, the directors do not consider it probable that an outflow of economic benefits will be required to settle the obligation.

Accordingly, no provision has been recognised, as the criteria for recognition set out in Section 21 of FRS 102 have not been met. The matter has therefore been disclosed as a contingent liability.