REGISTERED NUMBER: 12205283 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

FOR

LIFEBOAT CAPITAL LTD.

Page

Company Information

1

Report of the Director

2

Consolidated Income Statement

3

Consolidated Balance Sheet

4

Company Balance Sheet

6

Notes to the Consolidated Financial Statements

8

DIRECTOR:

Dr T Afshar

REGISTERED OFFICE:

Ahmad Tea Estate

Winchester Road

Southampton

Hampshire

SO53 2PZ

REGISTERED NUMBER:

12205283 (England and Wales)

ACCOUNTANTS:

Underwood Barron LLP

Monks Brook House

13 - 17 Hursley Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2FW

The director presents his report with the financial statements of the company and the group for the year ended 31st December 2025.

INCORPORATION

The group was incorporated on 24th November 2024.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of an investment company and yarn merchanting and stockinette manufacturing.

DIRECTOR

Dr T Afshar held office during the whole of the period from 1st January 2025 to the date of this report.

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:

Dr T Afshar - Director

25th September 2026

TURNOVER

2,230,114

Cost of sales

748,536

GROSS PROFIT

1,481,578

Distribution costs

597,841

Administrative expenses

719,732

1,317,573

164,005

Other operating income

26,862

OPERATING PROFIT

4

190,867

Interest receivable and similar income

14,528

205,395

Interest payable and similar expenses

164,344

PROFIT BEFORE TAXATION

41,051

Tax on profit

66,188

LOSS FOR THE FINANCIAL YEAR

(25,137

)

Loss attributable to:

Owners of the parent

(123,142

)

Non-controlling interests

98,005

(25,137

)

FIXED ASSETS

Intangible assets

6

1,268,446

Tangible assets

7

46,711

Investments

8

202,459

1,517,616

CURRENT ASSETS

Stocks

276,654

Debtors

9

820,533

Investments

10

1,674,693

Cash at bank and in hand

522,516

3,294,396

CREDITORS

Amounts falling due within one year

11

2,149,138

NET CURRENT ASSETS

1,145,258

TOTAL ASSETS LESS CURRENT LIABILITIES

2,662,874

CREDITORS

Amounts falling due after more than one year

12

(1,286,682

)

PROVISIONS FOR LIABILITIES

(239,048

)

NET ASSETS

1,137,144

CAPITAL AND RESERVES

Called up share capital

1,000

Retained earnings

865,075

866,075

NON-CONTROLLING INTERESTS

13

271,069

TOTAL EQUITY

1,137,144

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

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

The director acknowledges his responsibilities for:

(a)	ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

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

The financial statements were approved by the director and authorised for issue on 25th September 2026 and were signed by:

Dr T Afshar - Director

FIXED ASSETS

Intangible assets

6

-

Tangible assets

7

-

Investments

8

203,659

203,659

CURRENT ASSETS

Debtors

9

774,819

Investments

10

1,674,693

Cash at bank

299,254

2,748,766

CREDITORS

Amounts falling due within one year

11

1,762,620

NET CURRENT ASSETS

986,146

TOTAL ASSETS LESS CURRENT LIABILITIES

1,189,805

CREDITORS

Amounts falling due after more than one year

12

(100,000

)

PROVISIONS FOR LIABILITIES

(229,799

)

NET ASSETS

860,006

CAPITAL AND RESERVES

Called up share capital

1,000

Retained earnings

859,006

860,006

Company's loss for the financial year

(129,211

)

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

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

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 25th September 2026 and were signed by:

Dr T Afshar - Director

1.	STATUTORY INFORMATION

Lifeboat Capital 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 General 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2025, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 33.33% on reducing balance, 25% on reducing balance and 20% on reducing balance

Stocks and work-in-progress

Stocks and Work-In-Progress are stated at the lower of cost and net realisable value. In establishing cost, stocks at the end of the year are taken to represent latest purchases. On this basis, cost comprises the invoiced purchase price of the raw materials. When applicable, net realisable value, is based on estimated selling price, after taking into account all further costs, expected to be incurred up to and including disposal.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Research and development

Expenditure on research and development is written off 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.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group'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 2 .

The average number of employees by undertakings that were proportionately consolidated during the year was 17 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

£

Depreciation - owned assets

23,431

Goodwill amortisation

140,939

5.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

6.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

At 1st January 2025

426,379

Additions

1,409,385

At 31st December 2025

1,835,764

AMORTISATION

At 1st January 2025

426,379

Charge for year

140,939

At 31st December 2025

567,318

NET BOOK VALUE

At 31st December 2025

1,268,446

At 31st December 2024

-

7.	TANGIBLE FIXED ASSETS

Group

Plant and

machinery

etc

£

COST

At 1st January 2025

1,292,296

Additions

31,634

At 31st December 2025

1,323,930

DEPRECIATION

At 1st January 2025

1,253,788

Charge for year

23,431

At 31st December 2025

1,277,219

NET BOOK VALUE

At 31st December 2025

46,711

At 31st December 2024

38,508

8.	FIXED ASSET INVESTMENTS

Group

Other

investments

£

COST

At 1st January 2025

188,391

Additions

14,068

At 31st December 2025

202,459

NET BOOK VALUE

At 31st December 2025

202,459

At 31st December 2024

188,391

Company

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1st January 2025

-

188,391

188,391

Additions

1,200

14,068

15,268

At 31st December 2025

1,200

202,459

203,659

NET BOOK VALUE

At 31st December 2025

1,200

202,459

203,659

At 31st December 2024

-

188,391

188,391

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

£

£

Trade debtors

206,450

-

Amounts owed by group undertakings

-

182,319

Amounts owed by associates

552,500

552,500

Other debtors

61,583

40,000

820,533

774,819

10.	CURRENT ASSET INVESTMENTS

Group

Company

£

£

Listed investments

679,730

679,730

Unlisted investments

994,963

994,963

1,674,693

1,674,693

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

£

£

Bank loans and overdrafts

414,543

414,543

Trade creditors

52,130

-

Taxation and social security

156,167

21,854

Other creditors

1,526,298

1,326,223

2,149,138

1,762,620

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group

Company

£

£

Bank loans

809,682

-

Other creditors

477,000

100,000

1,286,682

100,000

Amounts falling due in more than five years:

Group

Company

£

£

Repayable otherwise than by instalments

Other loans more than 5 years

100,000

100,000

13.	NON-CONTROLLING INTERESTS

Subsidiary name and location: Appletex (International) Holdings Limited registered in England and Wales

Ownership/Votng % held by NCI: 40%

Profit allocated to NCI: £98,005

Summarised financial information at 31 December 2025:

Fixed Assets: £1,714,492

Current Assets: £727,949

Creditors < 1 year: £386,518

Creditors > 1 year: £1,378,250

Turnover: £1,983,280

Operating Profit: £501,058

Pre Tax Profit: £320,970

Post Tax Profit: £245,013

14.	RELATED PARTY DISCLOSURES

At 31 December 2025 the group was owed £128,505 by Formara Holding Limited (formerly Lifeboat Management Limited), a company owned and controlled by Dr T Afshar. There was no movement in this balance during the year and it is included in Debtors in the accounts.

During the year the group made loans to, and payments on behalf of, Lifeboat Associates Limited, a non-consolidated subsidiary company, totalling £423,995. This balance was owing to the company at 31 December 2025 and is included in Debtors in the accounts.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Dr T Afshar.