Company No: 04081667 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Philippe Fauveder

REGISTERED OFFICE	C/O Clyde & Co Llp
	St Botolph Building
	138 Houndsditch
	London
	EC3A 7AR
	United Kingdom

COMPANY NUMBER

04081667 (England and Wales)

AUDITOR	Dixon Wilson Audit Services LLP
	Statutory Auditor
	22 Chancery Lane
	London
	WC2A 1LS

	Note	2025		2024
		€		€
Fixed assets
Tangible assets	3	529,107		529,107
		529,107		529,107
Current assets
Stocks		50,000		50,000
Debtors	4	716		0
		50,716		50,000
Creditors: amounts falling due within one year	5	( 976,546)		( 953,704)
Net current liabilities		(925,830)		(903,704)
Total assets less current liabilities		(396,723)		(374,597)
Net liabilities		( 396,723)		( 374,597)
Capital and reserves
Called-up share capital		133,898		133,898
Profit and loss account		( 530,621 )		( 508,495 )
Total shareholder's deficit		( 396,723)		( 374,597)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Hoshi Sailing Limited (registered number: 04081667) were approved and authorised for issue by the Director on 23 December 2025. They were signed on its behalf by:

Philippe Fauveder Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hoshi Sailing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The St Botolph Building 138, Houndsditch, London, EC3A 7AR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in euros which is the functional currency of the Company and rounded to the nearest €.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The financial statements have been prepared on a going concern basis. The director notes that the business has net liabilities of €396,723. The Company is supported through loans from the Parent Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company.

On 4 November 2025, the Registrar of Companies gave notice that the company will be struck off the register and dissolved not less than 2 months from 4 November 2025 unless cause is shown to the contrary. The director is in the process of ensuring that all filings that are due are brought up to date in order to avoid having the company struck off and dissolved. If filings are not brought up to date and the company is struck off and dissolved, the company will not be able to continue as a going concern. Until this matter is resolved, this represents a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern.

The financial statements do not include the adjustments that would be necessary if the going concern basis was not appropriate.

Tangible fixed assets

Tangible fixed assets are stated at cost , less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is charged as to write off the cost of assets over their estimated useful lives, as follows:

Plant and machinery etc.

not depreciated

Depreciation has been suspended during restoration.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangements, as financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	1		1

3. Tangible assets

	Plant and machinery etc.		Total
	€		€
Cost
At 01 November 2024	630,210		630,210
At 31 October 2025	630,210		630,210
Accumulated depreciation
At 01 November 2024	101,103		101,103
At 31 October 2025	101,103		101,103
Net book value
At 31 October 2025	529,107		529,107
At 31 October 2024	529,107		529,107

4. Debtors

	2025		2024
	€		€
Other debtors	716		0

5. Creditors: amounts falling due within one year

	2025		2024
	€		€
Trade creditors	25,000		25,000
Amounts owed to group undertakings	945,477		918,158
Other creditors	6,069		10,546
	976,546		953,704

6. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 October 2025 was unqualified.

The audit report was signed by Steven Wakefield on 29 December 2025 on behalf of Dixon Wilson Audit Services LLP.

7. Ultimate controlling party

Parent Company:

The company's immediate parent is Odyssée SARL, incorporated in France.

The registered office is Centre d'affairs ICARE, Bâtiment E, 44550 Montoir de Bretagne, France.

The ultimate controlling party is Philippe Fauveder.