REGISTERED NUMBER: 11376578 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

LATERAL NAVAL ARCHITECTS LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

J R Bonafoux

J E Roy

D S Wittenberg

P L Blokland

E R Kooistra

G Rossall

L Archer

REGISTERED OFFICE:

Building 13

Shamrock Quay

William Street

Southampton

SO14 5QL

REGISTERED NUMBER:

11376578 (England and Wales)

AUDITORS:

RJP LLP

Chartered Certified Accountants &

Statutory Auditors

Ground Floor

Egerton House

68 Baker Street

Weybridge

Surrey

KT13 8AL

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of naval architecture and engineering services for the superyacht industry.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

J R Bonafoux

J E Roy

D S Wittenberg

P L Blokland

E R Kooistra

G Rossall

Other changes in directors holding office are as follows:

L Archer - appointed 27 April 2025

DIRECTORS' INDEMNITITES

As permitted by the company's Articles of Association, the directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by section 234 of the Companies Act 2006. The indemnity was in force throughout the period and is currently in force. The company also purchased and maintained throughout the period, Directors' and Officers' liability insurance in respect of itself, its directors, and officers.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J E Roy - Director

31 July 2026

FIXED ASSETS

Tangible assets

4

178

77

CURRENT ASSETS

Debtors

5

846

1,228

Cash at bank

3,030

1,328

3,876

2,556

CREDITORS

Amounts falling due within one year

6

1,844

1,207

NET CURRENT ASSETS

2,032

1,349

TOTAL ASSETS LESS CURRENT LIABILITIES

2,210

1,426

PROVISIONS FOR LIABILITIES

8

33

18

NET ASSETS

2,177

1,408

CAPITAL AND RESERVES

Called up share capital

9

1

1

Capital contribution

276

276

Retained earnings

1,900

1,131

2,177

1,408

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

J E Roy - Director

1.	STATUTORY INFORMATION

Lateral Naval Architects Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is also the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest whole £1,000, except where otherwise indicated.

Critical accounting judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Revenue recognition

Significant estimation and judgement are applied when determining the amounts of revenue recognised based upon the estimated cost to complete of a contract. Revenue is recognised to reflect the partial performance of contractual obligations. The amount recognised reflects any uncertainties as to the amount of revenue to be received.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services to external customers in the ordinary nature of the business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is shown net of Value Added Tax.

Turnover is recognised in relation to separately identifiable components of a single transaction when necessary to reflect the substance of the arrangement and in relation to two or more linked transactions when necessary to understand the commercial effect.

Sale of professional services

The company enters into a number of different forms of contracts with clients, the most common being fixed price lump sum contracts and time and materials contracts based on hourly rates.

Revenue is recognised on the majority of the company's contracts on a percentage completion basis when the outcome of a contract or project can be reasonably foreseen. Under the percentage completion method, the percentage of the total forecast revenue reported at any point in time is calculated based upon the proportion of total costs incurred to date as a percentage of total forecast costs or, in some cases, based upon the estimated physical percentage complete of the total work to be performed under the contract. The directors consider that this input method is an appropriate measure of the progress towards complete satisfaction of the performance obligations.

In some cases, a margin provision is then made, depending on how far progressed each project is and the risk profile of the project. In addition, provision is made in full for estimated losses and, where the outcome of a contract cannot be reasonably foreseen, profit is taken on completion.

The company's contract accounting policy is central to how the company values the work carried out in each financial period. The value of contract work in progress comprises the costs incurred on contracts plus an appropriate proportion of overheads and attributable profit.

Fees invoiced on account are deducted from the value of work in progress and the balance is separately disclosed in trade and other receivables as amounts recoverable on contracts unless such fees exceed the value of the work in progress on any contract in which case the excess is separately disclosed in trade and other payables as income in advance.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset to its estimated residual value on a straight-line basis over its expected useful life to the business, as follows:

Plant & machinery

over 3 years

Fixtures, fittings and equipment

over 3, 4 or 6 years

Improvements to property

over 5 years

An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the company estimates the recoverable amount of the asset.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairment losses are recognised in the statement of comprehensive income.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals if impairment losses are recognised in the statement of comprehensive income. On reversal of an impairment loss, the depreciation or amortisation is adjusted to allocate the asset's revised carrying amount (less any residual value) over its remaining useful life.

Financial instruments

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

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basis financial assets

Basic financial assets, which include trade and other receivables, and cash and bank balances, are initially recognised at transaction price including transaction costs and are subsequently carried at amortised cost less impairment losses using the effective interest method, unless the arrangement constitutes a financing arrangement, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basis financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and intercompany loans are 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 market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off against profits in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2024 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£'000

COST

At 1 January 2025

406

Additions

154

At 31 December 2025

560

DEPRECIATION

At 1 January 2025

329

Charge for year

53

At 31 December 2025

382

NET BOOK VALUE

At 31 December 2025

178

At 31 December 2024

77

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£'000

£'000

Trade debtors

257

727

Amounts recoverable on

contracts

325

368

Other debtors

37

-

VAT

46

65

Prepayments and accrued income

181

68

846

1,228

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£'000

£'000

Trade creditors

72

320

Corporation tax payable

224

312

Social security and other taxes

131

70

Other creditors

104

52

Accruals and deferred income

1,313

453

1,844

1,207

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.25

31.12.24

£'000

£'000

Within one year

69

-

Between one and five years

276

-

In more than five years

52

-

397

-

8.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£'000

£'000

Deferred tax

33

18

Deferred

tax

£'000

Balance at 1 January 2025

18

Charge to Statement of Comprehensive Income during year

15

Balance at 31 December 2025

33

9.	CALLED UP SHARE CAPITAL

The company's share capital consists of 750 Ordinary-A shares of £1 each and 250 Ordinary-B shares of £1 each. All shares have been fully paid.

All shares each carry a right to one vote at general meetings of the company. None of the shares carry a right to fixed income.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Simon Paterson (Senior Statutory Auditor)

for and on behalf of RJP LLP

11.	ULTIMATE PARENT UNDERTAKING

Alblasserdam Yachtbuilding Holdings B.V., a company registered in the Netherlands, is the head of the smallest group for which consolidated accounts including Lateral Naval Architects Limited are prepared. Copies of the group accounts are available from www.kvk.nl.

The registered office of Alblasserdam Yachtbuilding Holdings B.V. is Marineweg 1, 2952 BX, Alblasserdam, the Netherlands.

The ultimate parent undertaking is 3 Minute Boots LLC, a company registered in the USA.