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Tethys Equity Limited Registered number: 09439836 Director's report and unaudited financial statements For the year ended 31 December 2024
TETHYS EQUITY LIMITED COMPANY INFORMATION
Director | A Navot
Registered number | 09439836
Registered office | 30 Old Bailey
| London
| United Kingdom
| EC4M 7AU
TETHYS EQUITY LIMITED CONTENTS
| Page
Director's Report | 1 - 2
Accountants' Report | 3
Statement of Comprehensive Income | 4
Statement of Financial Position | 5 - 6
Statement of Changes in Equity | 7
Notes to the Financial Statements | 8 - 14
TETHYS EQUITY LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The director presents his report and the unaudited financial statements for Tethys Equity Limited (the 'Company') for the year ended 31 December 2024.
Principal activity
The principal activity of the Company is to hold family investments in companies incorporated in the UK and other European countries.
Directors
The director who served during the year and to the date of this report was: A Navot
Director's responsibilities statement
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; and ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Going concern
The financial statements are prepared on a going concern basis. The Company remains assured of the financial support provided by the shareholder for at least 12 months from the date of the signing of these financial statements. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis. - 1 -
TETHYS EQUITY LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Economic impact of global events
UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, labour shortages, disrupted supply chains and new ways of working. The director has carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The director has taken account of these potential impacts in his going concern assessment. The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Small companies note
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf by:
A Navot Director
Date: 2 April 2026
- 2 -
TETHYS EQUITY LIMITED CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TETHYS EQUITY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024 In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of the Company for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given to us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance/. Respective responsibilities of director and accountants You have acknowledged on the balance sheet for the year ended 31 December 2024 your duty to ensure that the Company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Company's assets, liabilities, financial position and loss. You consider that the Company is exempt from the statutory requirement for an audit for the year. This report is made solely to the director of Tethys Equity Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of the Company and state those matters that we have agreed to state to the director in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept nor assume responsibility to anyone other than the Company and its director for our work or for this report. We have not been instructed to carry out an audit or review of the financial statements of Tethys Equity Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements. Forvis Mazars LLP Chartered Accountants 2nd Floor 6 Sutton Plaza Sutton Court Road Sutton Surrey SM1 4FS 2 April 2026 - 3 -
TETHYS EQUITY LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
| € | €
Turnover |  | 1,199,973 | -
Gross profit |  | 1,199,973 | -
Administrative expenses |  | (1,725,726) | (1,264,553)
Other operating income |  | 1,872 | -
Interest receivable and similar income |  | 13,865 | 14,262
Loss before tax |  | (510,016) | (1,250,291)
Tax on loss |  | - | -
Loss for the financial year |  | (510,016) | (1,250,291)
Other comprehensive income |  | - | -
Total comprehensive loss for the year |  | (510,016) | (1,250,291)
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
The notes on pages 8 to 14 form part of these financial statements.
- 4 -
TETHYS EQUITY LIMITED REGISTERED NUMBER: 09439836 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | € |  | €
Fixed assets |  |  |  |  |
Investments | 4 |  | 22,492,757 |  | 14,195,159
|  |  | 22,492,757 |  | 14,195,159
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 4,111,877 |  | 2,187,960 |
Cash and cash equivalents |  | 402,752 |  | 647,693 |
|  | 4,514,629 |  | 2,835,653 |
Creditors: amounts falling due within one year | 6 | (30,159,931) |  | (19,673,341) |
Net current liabilities |  |  | (25,645,302) |  | (16,837,688)
Total assets less current liabilities |  |  | (3,152,545) |  | (2,642,529)
Net liabilities |  |  | (3,152,545) |  | (2,642,529)
Capital and reserves |  |  |  |  |
Called up share capital | 7 |  | 1 |  | 1
Profit and loss account |  |  | (3,152,546) |  | (2,642,530)
Total equity |  |  | (3,152,545) |  | (2,642,529)
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
A Navot
Director
Date: 2 April 2026
The notes on pages 8 to 14 form part of these financial statements. - 5 -
TETHYS EQUITY LIMITED REGISTERED NUMBER: 09439836 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 - 6 -
TETHYS EQUITY LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| € | € | €
At 1 January 2023 | 1 | (1,392,239) | (1,392,238)
Comprehensive loss for the year |  |  |
Loss for the year | - | (1,250,291) | (1,250,291)
Other comprehensive income for the year | - | - | -
Total comprehensive loss for the year | - | (1,250,291) | (1,250,291)
Total transactions with owners | - | - | -
At 1 January 2024 | 1 | (2,642,530) | (2,642,529)
Comprehensive loss for the year |  |  |
Loss for the year | - | (510,016) | (510,016)
Other comprehensive income for the year | - | - | -
Total comprehensive loss for the year | - | (510,016) | (510,016)
Total transactions with owners | - | - | -
At 31 December 2024 | 1 | (3,152,546) | (3,152,545)
| The notes on pages 8 to 14 form part of these financial statements.
- 7 -
TETHYS EQUITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Tethys Equity Limited is a private company limited by shares incorporated in England and Wales. The Company's registered number is 09439836. The address of its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU. The principal activity of the Company is to hold family investments in companies incorporated in the UK and other European countries. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The financial statements have been presented in Euros as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest euro. The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group.
| 2.3 | Going concern
The financial statements are prepared on a going concern basis. The Company remains assured of the financial support provided by the shareholder for at least 12 months from the date of the signing of these financial statements. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis. - 8 -
TETHYS EQUITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentation currency is Euros. 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. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.
| 2.5 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable. Turnover represents income receivable from investments.
| 2.6 | Interest receivable and similar income
Interest receivable and similar income is recognised in profit or loss using the effective interest method.
| 2.7 | Impairment of fixed assets
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. - 9 -
TETHYS EQUITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.9 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.10 | Debtors: amounts falling due within one year
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. Convertible loan notes included within other debtors are initially measured at fair value through the profit or loss and any transactions costs are expensed through the profit or loss. Where market value cannot be reliably determined due to the range of reasonable fair value estimates being significant, and the probabilities of the various estimates cannot be reasonably assessed, its fair value at the last date the instrument was reliably measurable is treated as the cost of the instrument and it is measured at cost less impairment. - 10 -
TETHYS EQUITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Cash and cash equivalents
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.
| 2.12 | Creditors: amounts falling due within one year
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. Financial assets 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 identified, an impairment loss is recognised in profit or loss. 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. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial liabilities Basic financial liabilities, including trade and other payables 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 receipts discounted at a rate of interest. Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised costs. 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.
3. | Employees
| The average monthly number of employees, including the director, during the year was 1 (2023: 1).
- 11 -
TETHYS EQUITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Investments
|  | Investments in subsidiary companies | Listed investments | Unlisted investments | Total
|  | € | € | € | €
| Cost or valuation |  |  |  |
| At 1 January 2024 | 10,974,802 | 906 | 3,249,452 | 14,225,160
| Additions | 7,661,367 | - | 696,606 | 8,357,973
| Disposals | (40,000) | - | (20,435) | (60,435)
| Revaluations | - | 60 | - | 60
| At 31 December 2024 | 18,596,169 | 966 | 3,925,623 | 22,522,758
| Impairment |  |  |  |
| At 1 January 2024 | 30,001 | - | - | 30,001
| At 31 December 2024 | 30,001 | - | - | 30,001
| Net book value |  |  |  |
| At 31 December 2024 | 18,566,168 | 966 | 3,925,623 | 22,492,757
| At 31 December 2023 | 10,944,801 | 906 | 3,249,452 | 14,195,159
| Subsidiary undertakings
| The following entities were subsidiary undertakings of the Company during the year:
| Name | Country of incorporation | Class of shares | Holding
| Tethys Single Member PC | Greece | Ordinary | 100%
| Amnisos PC | Greece | Ordinary | 100%
| Project Dione SA | Greece | Ordinary | 100%
| Wochenia Services Limited | Cyprus | Ordinary | 100%
| Oceda SA | Greece | Ordinary | 100%
| Rent21 Private Capital | Greece | Ordinary | 60%
| The Company also has indirect investments in Perivoli Single Member PC, Nine Limited and Blue Orca Ship Chandlery PC, companies incorporated in Greece.
- 12 -
TETHYS EQUITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
| Other debtors | 4,111,877 | 2,187,960
| Included within other debtors is an amount of €2,274,480 (2023: €340,480) which relates to capital injected into investments which have not yet issued share capital. Included within other debtors are convertible loans of €220,793 and €881,619 (2023: €220,793 and €881,619) with an option to convert to equity. Included within other debtors is an amount of €180,267 (2023: €103,254) which relates to funds owed by Tethys Single Member PC.
6. | Creditors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
| Other loans | 489,316 | 489,316
| Trade creditors | 16,636 | -
| Other taxation and social security | 3,559 | -
| Other creditors | 29,411,398 | 18,990,093
| Accruals and deferred income | 239,022 | 193,932
|  | 30,159,931 | 19,673,341
| Included within other creditors in an amount of €29,388,743 (2023: €18,967,438) which is owed to the shareholder of the Company. This amount is unsecured, interest free and repayable on demand. Other loans of €489,316 (2023: €489,316) relate to an amount owed to unrelated companies. This amount is unsecured, interest free and repayable on demand.
7. | Called up share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
|  | Allotted, called up and fully paid |  |
|  | 1 (2023: 1) ordinary share of £1 | 1 | 1
| The ordinary share carries full voting, dividend and distribution rights.
- 13 -
TETHYS EQUITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Related party transactions
| The Company has taken advantage of the exemption from disclosing related party transactions undertaken between wholly owned members of the group that have been concluded under normal market conditions. Included within other creditors is an amount of €22,655 (2023: €22,655) which is owed to the director. This amount is unsecured, interest free and repayable on demand. Included within other creditors is an amount of €29,388,743 (2023: €18,967,438) which is owed to the shareholder of the Company. This amount is unsecured, interest free and repayable on demand.
9. | Post balance sheet events
There have been no significant events affecting the Company since the year end.
10. | Controlling party
The ultimate controlling party is N Vardinogiannis by virtue of his shareholding in Tethys Equity Limited.
- 14 -