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Registered number: 11523933 INTERNATIONAL YACHT COMPANY (IYC) LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
INTERNATIONAL YACHT COMPANY (IYC) LTD REGISTERED NUMBER: 11523933 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | - |  | 28,551
Tangible assets | 6 |  | 67,458 |  | 122,011
|  |  | 67,458 |  | 150,562
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 397,259 |  | 234,865 |
Cash at bank and in hand | 8 | 1,516,550 |  | 1,433,263 |
|  | 1,913,809 |  | 1,668,128 |
Creditors: amounts falling due within one year | 9 | (1,955,209) |  | (1,659,543) |
Net current (liabilities)/assets |  |  | (41,400) |  | 8,585
Total assets less current liabilities |  |  | 26,058 |  | 159,147
Creditors: amounts falling due after more than one year | 10 |  | - |  | (66,511)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (2,373) |  | - |
|  |  | (2,373) |  | -
Net assets |  |  | 23,685 |  | 92,636
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 100 |  | 100
Profit and loss account |  |  | 23,585 |  | 92,536
|  |  | 23,685 |  | 92,636
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
G Panagiotou
Director
Date: 5 August 2026
The notes on pages 3 to 12 form part of these financial statements. Page 1
INTERNATIONAL YACHT COMPANY (IYC) LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2025 | 100 | 92,536 | 92,636
Loss for the year | - | (68,951) | (68,951)
At 31 December 2025 | 100 | 23,585 | 23,685
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 2024 | 100 | (73,299) | (73,199)
Profit for the year | - | 165,835 | 165,835
At 31 December 2024 | 100 | 92,536 | 92,636
| The notes on pages 3 to 12 form part of these financial statements.
Page 2
INTERNATIONAL YACHT COMPANY (IYC) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
International Yacht Company (IYC) Ltd is a private company limited by shares and incorporated in England and Wales (registered number 11523933). The address of its registered office is 2 Communications Road, Greenham Business Park, Newbury, Berkshire, United Kingdom, RG19 6AB 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 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 judgment in applying the Company's accounting policies. The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The following material accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows in the case of paragraph 7.20C, that disclosures equivalent to those required by FRS 102 are included in the consolidated financial statements in which the qualifying entity is included; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b), 12.29A and 12.30; ∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Aquavitis Holding Ltd as at 31 December 2025 and these financial statements may be obtained from 21A, 25 Martious, 3rd floor, Egkomi, 2408, Nicosia, Cyprus.
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis. After reviewing the Company forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue operational existence into the foreseeable future. Key to this assumption is the on-going support from the ultimate parent, Aquavitis Holding Ltd and written confirmation that the intercompany loan will not be recalled until they the Company has sufficient resources to do so. The Company therefore continues to adopt the going concern basis in preparing their financial statements. Page 3
INTERNATIONAL YACHT COMPANY (IYC) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Business Contracts | - |  | 36 months straight line
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods noted below. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 5 years straight line
|  |  |  | Computers | - | 5 years straight line
|  |  |  | Right of Use | - | 3 years straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 4
INTERNATIONAL YACHT COMPANY (IYC) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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 balance sheet 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 balance sheet 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 balance sheet date.
| 2.7 | Leases
The Company as a lessee The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an expense in profit or loss on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. The lease liability is included in 'Creditors' on the Balance Sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the Page 5
INTERNATIONAL YACHT COMPANY (IYC) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Leases (continued)
underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are included in the Tangible Fixed Assets line in the Balance Sheet.
| 2.8 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. 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 except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 6
INTERNATIONAL YACHT COMPANY (IYC) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Revenue
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The Company recognises revenue from the following major sources: Provision of services The nature, timing of performance obligations and significant payment terms of the Company's major sources of revenue are as follows: Provision of services Turnover represents commission receivable on contracts of yacht sales, yacht charter and yacht management services exclusive of VAT. The turnover is recognised at stage of contract completion or where applicable according to stage of completion stipulated in the underlying contracts.
| 2.11 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.12 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.13 | Debtors
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.
| 2.14 | 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.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 7
INTERNATIONAL YACHT COMPANY (IYC) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 7 | 4
4. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 93,495
| Adjustments in respect of previous periods | (12,966) | -
|  | (12,966) | 93,495
| Total current tax | (12,966) | 93,495
| Deferred tax |  |
| Origination and reversal of timing differences | (6,285) | -
| Changes to tax rates | 8,658 | -
| Total deferred tax | 2,373 | -
| Tax on (loss)/profit | (10,593) | 93,495
Page 8
INTERNATIONAL YACHT COMPANY (IYC) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 4.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (79,544) | 259,330
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (19,886) | 64,833
| Effects of: |  |
| Expenses not deductible for tax purposes | 635 | 28,662
| Losses carried back | 12,966 | -
| Adjustments to tax charge in respect of prior periods | (12,966) | -
| Adjustments to tax charge in respect of prior periods - deferred tax | 8,658 | -
| Total tax charge for the year | (10,593) | 93,495
5. | Intangible assets
|  | Business contracts
|  | £
| Cost |
| At 1 January 2025 | 342,604
| At 31 December 2025 | 342,604
| Amortisation |
| At 1 January 2025 | 314,053
| Charge for the period | 28,551
| At 31 December 2025 | 342,604
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | 28,551
Page 9
INTERNATIONAL YACHT COMPANY (IYC) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Tangible fixed assets
|  | Plant and machinery | Right of Use Asset | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 21,815 | 173,896 | 195,711
| Additions | 7,044 | - | 7,044
| At 31 December 2025 | 28,859 | 173,896 | 202,755
| Depreciation |  |  |
| At 1 January 2025 | 15,735 | 57,965 | 73,700
| Charge for the period | 3,632 | 57,965 | 61,597
| At 31 December 2025 | 19,367 | 115,930 | 135,297
| Net book value |  |  |
| At 31 December 2025 | 9,492 | 57,966 | 67,458
| At 31 December 2024 | 6,080 | 115,931 | 122,011
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 207,276 | 113,961
| Amounts owed by group undertakings | 6,238 | -
| Other debtors | 165,852 | 103,340
| Prepayments and accrued income | 17,893 | 17,564
|  | 397,259 | 234,865
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,516,550 | 1,433,263
|  | 1,516,550 | 1,433,263
Page 10
INTERNATIONAL YACHT COMPANY (IYC) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 786,011 | 296,131
| Amounts owed to group undertakings | 666,295 | 763,042
| Corporation tax | - | 93,495
| Other taxation and social security | - | 25,025
| Obligations under finance leases | 61,014 | 52,416
| Other creditors | 412,245 | 380,331
| Accruals and deferred income | 29,644 | 49,103
|  | 1,955,209 | 1,659,543
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Obligations under finance leases | - | 66,511
|  | - | 66,511
11. | Leases
12. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary share capital shares of £1.00 each | 100 | 100
13. | Pension commitments
The Company operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,151 (2024: £3,947). Contributions totalling £0 (2024: £0) were due at the reporting date.
14. | Related party transactions
| Exemption from disclosing transactions with other group companies has been claimed in accordance with Section 33 of FRS 102, where subsidiaries are wholly owned. During the year the Company paid sales commission of £1,332,783.61 (2024: £450,469) to a company Gray Hamilton Consultancy Limited which is wholly owned by R K Gray. At the reporting date, amounts due to Gray Hamilton Consultancy, totalled £120,095 (2024: £57,959).
Page 11
INTERNATIONAL YACHT COMPANY (IYC) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Controlling party
The immediate parent undertaking is Aquavitis Holding Ltd. The ultimate parent undertaking is Aquavitis Holding Ltd, a company incorporated in Cyprus. Registered office 21A, 25 Martiou, 3rd floor, Egkomi, 2408, Nicosia, Cyprus. The largest and smallest group to prepare consolidated financial statements is that of Aquavitis Holding Ltd.
16. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 5 August 2026 by Michael Bath BSc FCA DChA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.
Page 12