INESSE CORPORATION LTD

UNAUDITED FINANCIAL STATEMENTS

Tavistock House South

Tavistock Square

London

WC1H 9LG

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in euros which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

At the time of approving these financial statements, the company reports net liabilities of €1,609,863 (2024: net assets €867,869). The directors are aware that this represents a material uncertainty which may cast significant doubt upon the company's ability to continue as a going concern.

The company's ability to continue as a going concern is dependent upon its capacity to generate future revenues from its consultancy activities in the yacht construction sector and to maintain the continued financial support of its shareholders. At the date of approval of these financial statements, no formal commitments of financial support have been obtained from shareholders.

Notwithstanding these circumstances, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis. The financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Revenue represents consultancy services provided in respect of the construction of yachts.

Other income represents tax credits that can be utilised by the company's Italian branch against any tax or social security due to the Italian Internal Revenue Service.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Where indicators of impairment exist, tangible assets are tested for impairment. The carrying amount of an asset is reduced to its recoverable amount, being the higher of fair value less costs to sell and value in use.

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The company had no employees at 31 December 2025. All employment relationships were terminated during the year and the staff leaving indemnity (TFR) was fully settled and paid prior to the year end.

No amortisation was charged in the year. The entire reduction in carrying value of intangible assets reflects impairment charges recognised following independent specialist valuations of the patents, trademarks and development costs, carried out by Italian qualified professionals in July and August 2026.

The crypto currency asset (carrying value €73,946 at 31 December 2024) was fully written off in the year following disposal / derecognition.

No depreciation was charged in the year. The entire reduction in carrying value reflects an impairment charge recognised following independent specialist valuations of the vessel prototype, tooling, moulds, fixtures and IT assets, carried out by Italian qualified professionals in July and August 2026.

The shareholders of the company have provided a personal guarantee in terms of the bank loan taken out up to a value of €1,085,945 (2024: €1,165,323).

The staff leaving indemnity provision (TFR) of €21,007 was fully settled and paid to employees during the year ended 31 December 2025, following the termination of all employment relationships. A provision for decommissioning and site restoration costs (€30,000) has been recognised in the year based on the estimated cost of restoring the Italian branch premises to their original condition at the end of the lease.

The increase in called up share capital from €1,211,475 to €4,202,550 reflects the reclassification of the share premium account (€3,076,075) into share capital, aligning the UK statutory presentation with the Italian branch capital account (€4,202,550). This is a presentational reclassification only; no new shares were issued and total equity is unaffected.

There were no changes to the share capital structure or shareholder composition during the year ended 31 December 2025.