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Registration number: 07111732

Prepared for the registrar
Argonautilus Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 December 2025

Argonautilus Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 8

Argonautilus Limited

Company Information

Directors | Mr J Theinert Mrs J Theinert

Registered office | Staverton Court Staverton Cheltenham GL51 0UX

Accountants | Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Argonautilus Limited

(Registration number: 07111732)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 951 | -
Investment property | 5 | 310,000 | 380,000
Other financial assets | 6 | 6,156,817 | -
|  | 6,467,768 | 380,000
Current assets |  |  |
Debtors | 7 | 2,007,550 | 2,089,820
Investments | 8 | 18,346 | -
Cash at bank and in hand |  | 1,461,757 | 7,153,707
|  | 3,487,653 | 9,243,527
Creditors: Amounts falling due within one year | 9 | (17,094) | (64,616)
Net current assets |  | 3,470,559 | 9,178,911
Total assets less current liabilities |  | 9,938,327 | 9,558,911
Deferred tax liabilities | 11 | (156,050) | (27,796)
Net assets |  | 9,782,277 | 9,531,115
Capital and reserves |  |  |
Called up share capital | 12 | 100 | 100
Revaluation reserve |  | 13,993 | 66,493
Retained earnings |  | 9,768,184 | 9,464,522
Shareholders' funds |  | 9,782,277 | 9,531,115

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

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 March 2026 and signed on its behalf by:

Mr J Theinert
Director

Mrs J Theinert
Director

Argonautilus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Staverton Court
Staverton
Cheltenham
GL51 0UX

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Argonautilus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Computer equipment | 33.33% of cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Argonautilus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date..

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Argonautilus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

| 3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

| 2025 No. | 2024 No.
Average number of employees | 2 | 38

| 4 | Tangible assets

| Computer equipment £ | Total £
Cost or valuation
At 1 January 2025 | 2,743 | 2,743
Additions | 1,118 | 1,118
At 31 December 2025 | 3,861 | 3,861
Depreciation
At 1 January 2025 | 2,743 | 2,743
Charge for the year | 167 | 167
At 31 December 2025 | 2,910 | 2,910
Carrying amount
At 31 December 2025 | 951 | 951

Argonautilus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

| 5 | Investment properties

| £
At 1 January 2025 | 380,000
Fair value adjustments | (70,000)
At 31 December 2025 | 310,000

The investment property was last valued by an independent valuer on 8 October 2025. The directors are of the opinion that the value shown reflects the current market value of the investment property based on information available for other comparable properties.

| 6 | Other financial assets (current and non-current)

| Financial assets at fair value through profit and loss £ | Total £
Non-current financial assets
Cost or valuation
Additions | 5,555,260 | 5,555,260
Revaluations | 601,557 | 601,557
At 31 December 2025 | 6,156,817 | 6,156,817
Carrying amount
At 31 December 2025 | 6,156,817 | 6,156,817

| 7 | Debtors

| 2025 £ | 2024 £
Prepayments | 443 | 1,130
Other debtors | 2,007,107 | 2,088,690
| 2,007,550 | 2,089,820

| 8 | Current asset investments

| 2025 £ | 2024 £
Other investments | 18,346 | -

| 9 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 10 | 312 | 312
Trade creditors |  | 1,387 | 317
Taxation and social security |  | - | 24,165
Accruals and deferred income |  | 12,595 | 14,200
Other creditors |  | 2,800 | 25,622
|  | 17,094 | 64,616

Argonautilus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

| 10 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Other borrowings | 312 | 312

| 11 | Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Difference between accumulated depreciation and amortisation and capital allowances | 997
Potential gain on the investment property | 4,664
Potential gain on non current financial assets | 150,389
| 156,050

2024 | Liability £
Difference between accumulated depreciation and amortisation and capital allowances | 5,632
Potential gain on the investment property | 22,164
| 27,796

| 12 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A shares of £1 each | 85 | 85 | 85 | 85
Ordinary B shares of £1 each | 15 | 15 | 15 | 15
| 100 | 100 | 100 | 100

The different classes of share referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.

| 13 | Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company.
As at the balance sheet date, the company owed the directors £312 (2024: £312). These amounts are included in other borrowings. There are no fixed repayment terms and no interest is charged.