Company registration number 03938066 (England and Wales)
RUSTLER YACHTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
RUSTLER YACHTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
RUSTLER YACHTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
502,255
501,710
Tangible assets
4
485,690
503,441
987,945
1,005,151
Current assets
Stocks
5
48,229
45,541
Debtors
6
91,041
309,851
Cash at bank and in hand
373,704
271,283
512,974
626,675
Creditors: amounts falling due within one year
7
(810,617)
(1,309,053)
Net current liabilities
(297,643)
(682,378)
Total assets less current liabilities
690,302
322,773
Creditors: amounts falling due after more than one year
8
(268,999)
(364,973)
Net assets/(liabilities)
421,303
(42,200)
Capital and reserves
Called up share capital
10
951,993
694,178
Retained earnings
(530,690)
(736,378)
Total equity
421,303
(42,200)
RUSTLER YACHTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

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.

T he member has 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 profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 May 2026 and are signed on its behalf by:
N J Offord
Director
Company registration number 03938066 (England and Wales)
RUSTLER YACHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Rustler Yachts Limited is a private company limited by shares incorporated in England and Wales. The registered office is Maritime Buildings, Falmouth Road, Falmouth, Cornwall, United Kingdom, TR10 8AD.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Not withstanding net current liabilities of £297,643 (2024: £682,378) a true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

1.3
Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

In respect of long-term contracts, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts is recognised by reference to the stage of completion.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

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

Development costs that are directly attributable to the design and prototypes of new yacht models ar e recognised as intangible assets when the following criteria are met:

- it is technically feasible to complete the yacht so that it will be available for use;

- management intends to complete the yacht and use or sell it;

- there is an ability to use or sell the yacht;

- it can be demonstrated how the yacht will generate probable future economic benefits;

- adequate technical, financial and other resources to complete the development and to use or sell the yacht are available; and

- the expenditure attributable to the yacht during its development can be reliably measured.

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

RUSTLER YACHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Development costs
20 years straight line/ 20 development units
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
4 years straight line / 20 years straight line / 20 production units
Fixtures, fittings & equipment
25% reducing balance
Office equipment
4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

RUSTLER YACHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Construction contracts

Where the outcome of a long term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a long term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

RUSTLER YACHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
1.11
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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

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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases
As lessee

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 lease s asset are consumed.

RUSTLER YACHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 7 -
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.18

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

2
Employees

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

2025
2024
Number
Number
Total
28
28
3
Intangible fixed assets
Development costs
£
Cost
At 1 January 2025
646,997
Additions
7,044
At 31 December 2025
654,041
Amortisation and impairment
At 1 January 2025
145,287
Amortisation charged for the year
6,499
At 31 December 2025
151,786
Carrying amount
At 31 December 2025
502,255
At 31 December 2024
501,710
RUSTLER YACHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Office equipment
Total
£
£
£
£
Cost
At 1 January 2025
893,543
25,916
12,131
931,590
Additions
8,850
-
0
679
9,529
At 31 December 2025
902,393
25,916
12,810
941,119
Depreciation and impairment
At 1 January 2025
408,365
13,189
6,595
428,149
Depreciation charged in the year
21,570
3,182
2,528
27,280
At 31 December 2025
429,935
16,371
9,123
455,429
Carrying amount
At 31 December 2025
472,458
9,545
3,687
485,690
At 31 December 2024
485,178
12,727
5,536
503,441
5
Stocks
2025
2022
£
£
Raw materials and consumables
48,229
45,541
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
19,655
75,819
Amounts recoverable on contracts
40,772
96,384
Corporation tax recoverable
-
0
78,966
Other debtors
14,310
41,810
Prepayments and accrued income
16,304
16,872
91,041
309,851
RUSTLER YACHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
227,995
292,622
Amounts owed to group undertakings
31,844
38,436
Taxation and social security
52,395
20,872
Other creditors
498,383
957,123
810,617
1,309,053
8
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
9
268,999
364,973
9
Loans and overdrafts
2025
2022
£
£
Preference shares
8,067
5,882
Loans from group undertakings
59,091
159,091
Other loans
201,841
360,000
268,999
524,973
Payable within one year
-
0
160,000
Payable after one year
268,999
364,973

Falmouth Maritime Limited holds a debenture over the assets and undertaking of the company.

Other loans are secured by a fixed charge over certain equipment including a negative pledge.

10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
60
60
60
60
RUSTLER YACHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Called up share capital
(Continued)
- 10 -
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
of £1 each
960,000
700,000
960,000
700,000
Preference shares classified as equity
951,933
694,118
Preference shares classified as liabilities
8,067
5,882
960,000
700,000
Total equity share capital
951,993
694,178

During the prior year the company issued 400,000 fully paid preference shares of £1 each. In the current year the company issued a further £260,000 fully paid preference shares of £1 each. They are non-voting, redeemable at the company's sole discretion, have a fixed non-cumulative coupon rate of 0.1% to be declared annually based on the nominal value of each preference share in issue and capital rights to the par value only on a winding up or sale.

11
Operating lease commitments
Lessee

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

2025
2024
£
£
3,054
6,718
RUSTLER YACHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The company received rental income of £4,000 (202 4: £4,000), recharged other costs of £nil (202 4: £73,919) and was recharged costs of £17,993 (2024: £14,643) from Falmouth Boatyard Limited, an associated company. At the balance sheet date the company was owed £12,144 (2024: £5,337) by Falmouth Boatyard Ltd, as disclosed within Debtors: Amounts falling due within one year.

The company recharged other costs of £251,257 (2024: £435,539) to and was recharged costs of £18,539 (2024: £153,927) from Rustler Motor Yachts Ltd, a company in which N Offord and A Jones are also directors and shareholders. At the balance sheet date the company owed £117,226 (2024: £124,545) to Rustler Motor Yachts Ltd, as disclosed within Other Creditors.

The company released interest of £4,679 (202 4: £4,000 incurred) in respect of a loan from the wife of a director. During the year, £80,000 was converted to preference shares. At the balance sheet date the company owed £121,105 (202 4: £200,000) to the director's wife as included in other c reditors and borrowings. The loan is at call and i nterest is payable at 3% (2024: 4%) on the outstanding loan.

13
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
N J Offord -
-
629
1,423
(629)
1,423
629
1,423
(629)
1,423
14
Controlling party

Falmouth Maritime Ltd is the immediate parent company. The ultimate controlling party is N Offord.

2025-12-31 2025-01-01 false false false 12 May 2026 CCH Software CCH Accounts Production 2026.100 No description of principal activity N J Offord A Jones N J Offord 03938066 2025-01-01 2025-12-31 03938066 2025-12-31 03938066 2024-12-31 03938066 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-12-31 03938066 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 03938066 core:PlantMachinery 2025-12-31 03938066 core:FurnitureFittings 2025-12-31 03938066 core:ComputerEquipment 2025-12-31 03938066 core:PlantMachinery 2024-12-31 03938066 core:FurnitureFittings 2024-12-31 03938066 core:ComputerEquipment 2024-12-31 03938066 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 03938066 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 03938066 core:WithinOneYear 2025-12-31 03938066 core:WithinOneYear 2024-12-31 03938066 core:AfterOneYear 2025-12-31 03938066 core:AfterOneYear 2024-12-31 03938066 core:CurrentFinancialInstruments 2025-12-31 03938066 core:CurrentFinancialInstruments 2024-12-31 03938066 core:ShareCapital 2025-12-31 03938066 core:ShareCapital 2024-12-31 03938066 core:RetainedEarningsAccumulatedLosses 2025-12-31 03938066 core:RetainedEarningsAccumulatedLosses 2024-12-31 03938066 core:ShareCapitalOrdinaryShareClass1 2025-12-31 03938066 core:ShareCapitalOrdinaryShareClass1 2024-12-31 03938066 core:ShareCapitalPreferenceShareClass1 2025-12-31 03938066 core:ShareCapitalPreferenceShareClass1 2024-12-31 03938066 bus:CompanySecretaryDirector1 2025-01-01 2025-12-31 03938066 core:IntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 03938066 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-01-01 2025-12-31 03938066 core:PlantMachinery 2025-01-01 2025-12-31 03938066 core:FurnitureFittings 2025-01-01 2025-12-31 03938066 core:ComputerEquipment 2025-01-01 2025-12-31 03938066 2024-01-01 2024-12-31 03938066 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 03938066 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:ExternallyAcquiredIntangibleAssets 2025-01-01 2025-12-31 03938066 core:PlantMachinery 2024-12-31 03938066 core:FurnitureFittings 2024-12-31 03938066 core:ComputerEquipment 2024-12-31 03938066 2024-12-31 03938066 core:Non-currentFinancialInstruments 2025-12-31 03938066 core:Non-currentFinancialInstruments 2024-12-31 03938066 core:FinancialLiabilitiesHeldForTrading core:FinancialInstrumentsHeldForSale core:WithinOneYear 2025-12-31 03938066 core:Non-currentFinancialInstruments core:AfterOneYear 2025-12-31 03938066 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 03938066 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 03938066 bus:PreferenceShareClass1 2025-01-01 2025-12-31 03938066 bus:OrdinaryShareClass1 2025-12-31 03938066 bus:OrdinaryShareClass1 2024-12-31 03938066 bus:PreferenceShareClass1 2025-12-31 03938066 bus:PreferenceShareClass1 2024-12-31 03938066 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 03938066 bus:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 03938066 bus:FRS102 2025-01-01 2025-12-31 03938066 bus:AuditExemptWithAccountantsReport 2025-01-01 2025-12-31 03938066 bus:Director1 2025-01-01 2025-12-31 03938066 bus:Director2 2025-01-01 2025-12-31 03938066 bus:CompanySecretary1 2025-01-01 2025-12-31 03938066 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP