The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of the design, assembly and testing of pumps and associated equipment.

Business review

The company turnover for the year was in line with predictions at the end of 2024 and increased significantly by 30%. As planned, profitability reduced slightly in the year due to a high value contract for 40 off API 685 magnetically driven pumps being won on a tight margin & leadtime. We continue to operate in established markets, whilst also investing in developing overseas territories which saw us dispatch two large orders for Chemical Injection Skids in Africa for Shell, adding further options to our product range. We continue to expand our install base across the world to help support future spares & service revenue streams.

In line with our long term strategy, Research and Development has been focused on products being developed for mid-term Renewable markets concentrating on Carbon capture & LNG with the Hydrogen processing market currently seen as a longer-term opportunity. An INNOVATE UK Grant to further develop our Cryogenic capabilities was awarded in May, with the goal of designing & building a Multistage prototype pump in 2026.

We are working closely with the Nuclear industry, and developing our installation base across various EDF sites, where we have seen growing demand replacing other manufacturers obsolete pumps with our own dimensionally interchangeable pumps. We also foresee significant order opportunities, specifically around Sizwell C which is now through planning along with approval of the Financial Investment Decision. In addition, we have been actively approached by EDF to represent the approved supply chain as part of their Consortium group. We continue to actively consult with license holders (such as Rolls Royce) for Small Modular Reactors which have now been given government approval and now form part of the mid term energy solution in the UK.

The orderbook closed 5% higher at year end, resulting in a strong opening position for 2026 with “booked orders” equating to 57% of our budgeted Turnover for 2026. The balance sheet remains very strong with significant growth in net asset value in the year. Production for the large magnetically driven pump order was heavily weighted towards last quarter of the year, hence our Debtors and Creditors were much higher than normal. This will flush through to increase our cash balance in 2026.

We have no orders for Russian customers. We also have no direct business in the Ukraine.

We continue to recruit & train new staff and maintain a healthy succession plan across all departments to improve operating efficiencies, margins and customer experience. Staff retention is good. An independent biennial staff survey, measuring employee engagement, culture, development and wellbeing has resulted in a second “Best employer” award in the Best Employer Eastern Region awards for Manufacturing.

We expect Turnover to increase relatively modestly in 2026. Orders won in the first quarter of 2026 were 167% of our budget, due to winning a second large order for a further 30 off API 685 magnetically driven pumps for our long standing Customer and End User ADNOC, validating our decision to take the first large order at a reduced margin the previous year. We continue to develop opportunities for additional niche product related revenue streams in the longer term, leveraging our innovative, customer focused, approach to supporting projects from an early phase.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Amarinth Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bentwaters Parks, Rendlesham, Woodbridge, IP12 2TW.

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.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover compromises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Turnover is generated from the design and subsequent supply of pumps and associated equipment. Invoices are raised on dispatch of goods. The accruals basis is applied in the financial statements to ensure revenue is recognised in the period to which it relates.

Interest income is recognised in the statement of comprehensive income using the effective interest method.

Long-term contracts are assessed on a contract by contract basis and are reflected in the statement of comprehensive income by recording turnover and related costs as contract activity progresses. Where the outcome of each long-term contract can be assessed with reasonably certainty before its conclusion, the attributable profit is recognised in the statement of comprehensive income as the difference between the reported turnover and related costs for that contract. The final stage of revenue recognition is at the earlier of goods being dispatched or approval by the customer, which is the point that the risks and rewards of the contract transfer to the customer.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of useful life cannot be made, the useful life shall not exceed ten years.

Where software is expected to produce future revenues in excess of the costs of development, expenditure on the development of the software is capitalised and treated as an intangible fixed asset. Expenditure incurred on maintaining software is written off as incurred.

Amortisation is provided on the following bases:

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses, with the exception of Patterns which are stated at historical cost plus revaluation 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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

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 the statement of comprehensive income.

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.

All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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.

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

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.

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 income statement 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.

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the statement of financial position.

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 the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the statement of comprehensive income over the remaining vesting period.

Where equity instruments are granted to persons other than employees, the statement of comprehensive income is charged with fair value of goods and services received.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

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 the statement of comprehensive income within 'other operating income'.

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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Determine the estimated total costs and anticipated margin for each long term contract. Estimated

total costs and anticipated margin are determined with reference to directors experience of contracts

of a similar nature and anticipated costs of completion.

The average monthly number of persons (including directors) employed by the company during the year was 52 (2024: 46).

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The exercise price of options outstanding at the end of the year were £3.80 and their weighted average expected life was 3 years.

Of the total number of options outstanding at the year end, all options had vested and none were exercisable at the end of the year.

The following information is relevant in the determination of the fair value of options granted during 2020 under the equity-settled share based remuneration schemes by Amarinth Limited.

The company's capital and reserves are as follows:

Share capital

Called up share capital represents the nominal value of the shares issued.

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

Revaluation reserve

The aggregate surplus or deficit arising on revaluation is transferred to the revaluation reserve except here a deficit is deemed to represent a permanent diminution in value, in which case it is charged to the statement of comprehensive income.

Capital redemption reserve

The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.

Share option reserve

The share option reserve represents the cumulative share-based payment expense incurred.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

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

The directors received dividends during the year of £76,940 (2024 - £100,100). Dividends to directors totalling £30,736 (2024 - £101,850) were declared but not paid at year end and have been included within other creditors and accruals.

The total remuneration paid to directors for services to the company was £404,016 (2024 - £326,507).

Included within other loans and other creditors is £321,689 (2024 - £318,672) owed to directors and shareholders.

Included within other debtors is £nil (2024 - £1,030,874) owed from directors and shareholders.

The company plans to submit an R&D tax claim which will relate to qualifying R&D expenditure incurred during the financial year and, if successful, will result in a tax credit or cash refund.

At the reporting date, the company considers the R&D tax claim to be a contingent asset, as the approval process is ongoing and the final outcome remains uncertain. In accordance with FRS 102, contingent assets are not recognised in the financial statements but are disclosed where an inflow of economic benefits is probable.