REGISTERED NUMBER: 05256818 (England and Wales)

Exail Ltd

Audited Financial Statements for the Year Ended 31st December 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J D E Cunningham

Exail SAS

M E Piccininni

REGISTERED OFFICE:

The Engine House

77 Station Road

Petersfield

Hampshire

GU32 3FQ

REGISTERED NUMBER:

05256818 (England and Wales)

SENIOR STATUTORY AUDITOR:

D A Sanders FCA

AUDITORS:

Sheen Stickland

Chartered Accountants

Statutory Auditors

The Engine House

77 Station Road

Petersfield

Hampshire

GU32 3FQ

FIXED ASSETS

Tangible assets

4

38,036

42,048

CURRENT ASSETS

Stocks

34,087

40,829

Debtors

5

615,711

2,122,167

Cash at bank

284,945

210,352

934,743

2,373,348

CREDITORS

Amounts falling due within one year

6

(829,567

)

(2,012,973

)

NET CURRENT ASSETS

105,176

360,375

TOTAL ASSETS LESS CURRENT LIABILITIES

143,212

402,423

PROVISIONS FOR LIABILITIES

(9,504

)

(10,507

)

NET ASSETS

133,708

391,916

CAPITAL AND RESERVES

Called up share capital

25,000

25,000

Retained earnings

108,708

366,916

SHAREHOLDERS' FUNDS

133,708

391,916

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th August 2026 and were signed on its behalf by:

J D E Cunningham - Director

1.	STATEMENT OF COMPLIANCE

Exail Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is The Engine House, 77 Station Road, Petersfield, Hampshire, GU32 3FQ. The registration number is 05256818.

These financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound.

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 if Section 1A "Small Entities" and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention

Preparation of consolidated financial statements

The financial statements contain information about Exail Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Exail SAS, 34 Rue de la Croix de Fer, 78100 Saint-Germain-en-Laye.

Critical accounting judgements and key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

Useful life of fixed assets

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The useful lives of these assets are estimated based on historic experience and future considerations and these are re-assessed annually.

Turnover

Turnover represents commissions and sales of navigation, maritime robotics and advanced technologies. It is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

over the remaining life of the lease

Plant and machinery etc

-

33% on cost and 15% on cost

Fixtures and fittings are stated at cost less accumulated depreciation and accumulated impairment losses.

Any gain or loss on disposal of an item of fixtures and fittings are determined by comparing the proceeds from disposal with the carrying amount of fixtures and fittings, and is recognised within other income/expenses in profit or loss.

Stocks

Finished goods have been valued at the lower of moving average price and net realisable value. Moving average price is the total cost incurred in bringing each product to its present location and condition divided by the number of units held. Net realisable value is based on the estimated normal selling price, less further costs expected to be incurred to completion and disposal.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents

These comprise cash at bank and other short term liquid investments.

Debtors

Short term debtors are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Operating leases

Operating lease payments are charged to the profit and loss account over a systemic basis in which the benefit is incurred.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

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.

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.

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 9 (2024 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st January 2025

128,415

85,772

214,187

Additions

4,429

5,619

10,048

Disposals

-

(1,481

)

(1,481

)

At 31st December 2025

132,844

89,910

222,754

DEPRECIATION

At 1st January 2025

102,976

69,163

172,139

Charge for year

8,793

5,267

14,060

Eliminated on disposal

-

(1,481

)

(1,481

)

At 31st December 2025

111,769

72,949

184,718

NET BOOK VALUE

At 31st December 2025

21,075

16,961

38,036

At 31st December 2024

25,439

16,609

42,048

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

36,000

46,119

Amounts owed by group undertakings

506,914

2,026,581

Other debtors

72,797

49,467

615,711

2,122,167

During the financial year interest of £8,299 was a paid to Exail Ltd from the parent company Exail SAS regarding the outstanding debtor balance owed to the company.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

20,436

40,847

Amounts owed to group undertakings

672,741

1,796,371

Taxation and social security

53,160

83,910

Other creditors

83,230

91,845

829,567

2,012,973

7.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

70,788

68,432

Between one and five years

96,865

18,905

167,653

87,337

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

The Report of the Auditors was unqualified.

D A Sanders FCA (Senior Statutory Auditor)

for and on behalf of Sheen Stickland

9.	RELATED PARTY DISCLOSURES

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.

10.	ULTIMATE CONTROLLING PARTY

The Company's ultimate parent undertaking is Exail SAS, a company incorporated in France, located at 34 rue de la Croix de Fer; 78100 Saint-Germain-en-Laye (France). It is a publicly traded company on the Euronext Paris Compartment and its annual reports are published.

.