REGISTERED NUMBER: 07113561 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

BQ (LONDON) LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K Photi

Baltic Sea Trading Limited

Baltic Sea Enterprising Limited

SECRETARY:

Aggredior Trustees Ltd

REGISTERED OFFICE:

46 Dorset Street

London

W1U 7NB

REGISTERED NUMBER:

07113561 (England and Wales)

ACCOUNTANTS:

Macalvins Limited

Chartered Accountants

7 St John's Road

Harrow

Middlesex

HA1 2EY

FIXED ASSETS

Tangible assets

4

2,761,857

1,752,119

Investments

5

447,217

515,043

3,209,074

2,267,162

CURRENT ASSETS

Debtors

6

1,808,734

3,836,574

Cash at bank

6,596

64,383

1,815,330

3,900,957

CREDITORS

Amounts falling due within one year

7

6,161,410

6,541,019

NET CURRENT LIABILITIES

(4,346,080

)

(2,640,062

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,137,006

)

(372,900

)

CAPITAL AND RESERVES

Called up share capital

1,113

1,113

Retained earnings

(1,138,119

)

(374,013

)

SHAREHOLDERS' FUNDS

(1,137,006

)

(372,900

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2026 and were signed on its behalf by:

K Photi - Director

1.	STATUTORY INFORMATION

BQ (London) Ltd. 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.

The presentation currency of the financial statements is the Euro (€).

The company was incorporated on 29 December 2009 as Wehr (London) Ltd and on 11 April 2023 the company changed its name to BQ (London) Ltd.

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 as modified by the revaluation of certain assets.

Going Concern

The financial statements have been prepared on a going concern basis notwithstanding the company's net current liabilities position as at the year end. The directors of the company and the group companies have provided with an undertaking that they will continue to support financially for the foreseeable future and that they will not seek repayment of the amounts currently owing to them in the twelve months from the date of signing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue recognition

Revenue is recognised when income from yacht charters and business support services is earned and receivable by the company and is recognised up to the balance sheet date.

Tangible fixed assets

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

Plant and machinery etc

-

10% on cost

Financial instruments

Financial assets and financial liabilities are recognised in the Company’s balance sheet when the Company becomes a party to the contractual provisions of the instrument.

Loans and borrowings

Loans and borrowings are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

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

The financial statements are prepared in Euros, the functional currency of the company.

Monetary assets and liabilities denominated in foreign currencies are translated into euros at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into euros at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the profit and loss account.

Fixed asset investments

Investments in subsidiary undertakings are recognised at cost.

Listed investments are recognised initially at cost and revalued to open market values.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

€

COST

At 1 January 2025

2,061,350

Additions

1,255,156

At 31 December 2025

3,316,506

DEPRECIATION

At 1 January 2025

309,231

Charge for year

245,418

At 31 December 2025

554,649

NET BOOK VALUE

At 31 December 2025

2,761,857

At 31 December 2024

1,752,119

5.	FIXED ASSET INVESTMENTS

Investment

in

Subsidiary

Listed

Compa ny

investments

Totals

€

€

€

COST OR VALUATION

At 1 January 2025

14,200

500,843

515,043

Disposals

(12,000

)

(79,475

)

(91,475

)

Revaluations

-

23,649

23,649

At 31 December 2025

2,200

445,017

447,217

NET BOOK VALUE

At 31 December 2025

2,200

445,017

447,217

At 31 December 2024

14,200

500,843

515,043

Cost or valuation at 31 December 2025 is represented by:

Investment

in

Subsidiary

Listed

Compa ny

investments

Totals

€

€

€

Valuation in 2024

-

65,046

65,046

Valuation in 2023

-

46,728

46,728

Valuation in 2022

-

(96,074

)

(96,074

)

Valuation in 2021

-

74,288

74,288

Valuation in 2020

-

45,400

45,400

Valuation in 2019

-

64,168

64,168

Valuation in 2025

-

(55,826

)

(55,826

)

Cost

2,200

301,287

303,487

2,200

445,017

447,217

If other investments had not been revalued they would have been included at the following historical cost:

2025

2024

€

€

Cost

301,287

301,287

Other investments were valued on an open market basis on 31 December 2025 by reference to market prices .

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Sea Spirit Marine S.L.

Registered office: Spain

Nature of business: Interest earning activities

%

Class of shares:

holding

Ordinary

100.00

2025

2024

€

€

Aggregate capital and reserves

912,220

299,919

Profit/(loss) for the year

458,655

(597,402

)

MAT MOBILE & AVIATION TRADE LTD

Registered office: Cyprus

Nature of business: Purchase and sale of aircrafts.

%

Class of shares:

holding

Ordinary

100.00

2025

2024

€

€

Aggregate capital and reserves

488,235

682,313

Loss for the year

(194,078

)

(48,687

)

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

€

€

Amounts owed by group undertakings

1,765,165

3,781,651

Other debtors

43,569

54,923

1,808,734

3,836,574

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

€

€

Other loans (see note 8)

1,107,233

-

Trade creditors

3,410

2,320

Amounts owed to group undertakings

5,023,278

6,512,639

VAT

15,915

20,160

Accrued expenses

11,574

5,900

6,161,410

6,541,019

8.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

€

€

Amounts falling due within one year or on demand:

Other loans

1,107,233

-

The other loan is unsecured and is due for repayment in full by October 2026. Interest at the rate of 3% per annum is payable on this loan at the time of maturity.

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.

As at 31 December 2025, €1,490,639 (2024: €2,980,000) was due to GEKO Trade GmbH Co. KG, a company incorporated in Germany.

At 31 December 2025, €180,000 (2024: €180,000) was due from GEKO Trade GmbH & Co Ltd, a company incorporated in Germany, the parent company.

The above loans are interest free and repayable on demand.

10.	IMMEDIATE AND ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The immediate and ultimate parent undertaking is GEKO Trade GmbH , a company incorporated in the Germany.

The ultimate controlling party is Mr J Wehr.

11.	GOING CONCERN

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company had net current liabilities of €4,341,114 at 31 December 2025 (2024: €2,640,062).

Within creditors is a loan from the parent company of €1,310,639 (2024: €2,800,000). Whilst the loan is repayable on demand, the parent company has provided a commitment that it will not seek repayment of all or part of the loan within the next twelve months. The parent company has also provided a commitment to provide the company with adequate financial assistance to continue its operations. These commitments, however, may not be legally binding.

The directors are of the opinion that the parent will not seek repayment of all or part of its loan and will continue to provide the company with adequate financial assistance to continue operations. Accordingly, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.