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REGISTERED NUMBER: 03723754 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| QUBA SAILS LIMITED |

QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Balance Sheet | 1 |

Notes to the Financial Statements | 3 |

QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

BALANCE SHEET

31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | 760 |  |

Tangible assets | 5 | 125,514 |  | 138,205 |  |

125,514 |  | 138,965 |  |

CURRENT ASSETS

Stocks | 935,757 |  | 995,276 |  |

Debtors | 6 | 3,778,926 |  | 2,477,385 |  |

Cash at bank and in hand | 895,448 |  | 1,282,769 |  |

5,610,131 |  | 4,755,430 |  |

CREDITORS

Amounts falling due within one year | 7 | (1,377,648 | ) | (1,180,091 | ) |

NET CURRENT ASSETS | 4,232,483 |  | 3,575,339 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,357,997 |  | 3,714,304 |  |

PROVISIONS FOR LIABILITIES | (12,089 | ) | (7,292 | ) |

NET ASSETS | 4,345,908 |  | 3,707,012 |  |

CAPITAL AND RESERVES

Called up share capital | 125 |  | 125 |  |

Share premium | 124,975 |  | 124,975 |  |

Retained earnings | 4,220,808 |  | 3,581,912 |  |

4,345,908 |  | 3,707,012 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

BALANCE SHEET - continued

31 MARCH 2025

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 October 2025 and were signed by:

C Leigh - Director

QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Quba Sails Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

| Registered number: | 03723754

| Registered office: | Unit 470 Broadstone Mill

| Broadstone Road

| Stockport

| SK5 7DL

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

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

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Patents and licences are being amortised evenly over their estimated useful life of five years.

| Development costs are being amortised evenly over their estimated useful life of five years.

| Tangible fixed assets

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

| Fixtures and fittings | - | 20% on cost

| Motor vehicles | - | 20% on cost

| Leasehold improvements depreciation has been provided in order to write off each asset over the life of the rental term which can range from 5 to 20 years.

| Stocks

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

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Hire purchase and leasing commitments

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

| 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

| The average number of employees during the year was 82 (2024 - 87 ) .

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 45,834 |  |

| AMORTISATION

| At 1 April 2024 | 45,074 |  |

| Charge for year | 760 |  |

| At 31 March 2025 | 45,834 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | 760 |  |

QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | TANGIBLE FIXED ASSETS

| Fixtures |

| Short |  | Plant and |  | and |  | Motor |

| leasehold |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 176,100 |  | 25,449 |  | 297,937 |  | 41,187 |  | 540,673 |  |

| Additions | - |  | - |  | 31,562 |  | - |  | 31,562 |  |

| Disposals | - |  | - |  | (4,888 | ) | - |  | (4,888 | ) |

| At 31 March 2025 | 176,100 |  | 25,449 |  | 324,611 |  | 41,187 |  | 567,347 |  |

| DEPRECIATION

| At 1 April 2024 | 124,068 |  | 25,449 |  | 228,237 |  | 24,714 |  | 402,468 |  |

| Charge for year | 13,505 |  | - |  | 24,890 |  | 4,339 |  | 42,734 |  |

| Eliminated on disposal | - |  | - |  | (3,369 | ) | - |  | (3,369 | ) |

| At 31 March 2025 | 137,573 |  | 25,449 |  | 249,758 |  | 29,053 |  | 441,833 |  |

| NET BOOK VALUE

| At 31 March 2025 | 38,527 |  | - |  | 74,853 |  | 12,134 |  | 125,514 |  |

| At 31 March 2024 | 52,032 |  | - |  | 69,700 |  | 16,473 |  | 138,205 |  |

6. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Other debtors | 640,738 |  | 529,209 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 2,449,408 |  | 1,259,396 |  |

| Other debtors | 688,780 |  | 688,780 |  |

3,138,188 |  | 1,948,176 |  |

| Aggregate amounts | 3,778,926 |  | 2,477,385 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 585,842 |  | 421,178 |  |

| Taxation and social security | 337,320 |  | 342,606 |  |

| Other creditors | 454,486 |  | 416,307 |  |

1,377,648 |  | 1,180,091 |  |

QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

8. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 421,486 |  | 579,845 |  |

| Between one and five years | 574,728 |  | 976,222 |  |

| In more than five years | 99,507 |  | 119,496 |  |

1,095,721 |  | 1,675,563 |  |

9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 | 2024 |

£ | £ |

| C Leigh

| Balance outstanding at start of year | 507,755 |  | 507,755 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 507,755 |  | 507,755 |  |

| Interest is charged on the directors loan at HMRC approved rates.

10. | RELATED PARTY DISCLOSURES

| The company along with parent company Silk-Spinnaker Limited has entered into guarantees in the form of fixed and floating charges to secure the borrowings of Silk-Spinnaker Limited. At 31 March 2025 the amount outstanding in respect of these guarantees was £1,317,671 (2024: £2,309,744).

| At the balance sheet date an amount of £2,449,408 (2024: £1,259,396) was owed by Silk-Spinnaker Limited to Quba Sails Limited.

| During the year the company incurred management charges of £nil (2024: £225) from Silk-Spinnaker Limited.