Leomat Marine Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Leomat Marine Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08359439 . The registered office is Birchin Court, 20 Birchin Lane, London, EC3V 9DJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. No depreciation provided on the yacht.

2.3. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.4.

Tangible fixed assets

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

The yacht is not being depreciated.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determinewhether there is any indication that those assets have suffered an impairment loss. If any such indication exists, therecoverable 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 recoverableamount 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, theestimated 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 futurecash flows have not been adjusted.

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Leomat Marine Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.4. - continued

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

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased toapply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generatingunit) isincreased 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 istreated as a revaluation increase.

2.5.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to theextent 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 orsubstantively 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 balancesheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different fromthose 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 thetiming 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 balancesheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date oftransaction. Exchange differences are taken into account in arriving at the operating result.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand.

2.6.

Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies andpreference 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 receiptsdiscounted at a market rate of interest.

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

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course ofbusiness from suppliers. Accounts payable are classified as current liabilities if payment is due within one year orless. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction priceand subsequently measured at amortised cost using the effective interest method.

Going concern

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Leomat Marine Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. - continued

The financial statements have been prepared on a going concern basis. The company has obtained undertakings fromits shareholders that they will continue to support the company for the foreseeable future and meet all third partyliabilities as they fall due. Given this undertaking, the directors consider it appropriate to adopt a going concern basisin preparing the financial statements.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: 1)

4. Creditors: Amounts Falling Due Within One Year

	31 December 2025	31 December 2024
	£	£
Shareholder account	239,727	230,660
Accruals and deferred income	-	3,747

	239,727	234,407

5. Share Capital

	31 December 2025	31 December 2024
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 100.00 each	100	100

6. Ultimate Controlling Party

The company's ultimate controlling party is Mr Marc Kurt Ostheimer by virtue of his ownership of 100% of the issued share capital in the company.

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		31 December 2025		31 December 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets			173,898		173,898

			173,898		173,898
Creditors: Amounts Falling Due Within One Year	4	(239,727 )		(234,407 )

NET CURRENT ASSETS (LIABILITIES)			(239,727 )		(234,407 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(65,829 )		(60,509 )

NET LIABILITIES			(65,829 )		(60,509 )

CAPITAL AND RESERVES
Called up share capital	5		100		100
Profit and Loss Account			(65,929 )		(60,609 )

SHAREHOLDERS' FUNDS			(65,829)		(60,509)