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REGISTERED NUMBER: SC504741 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

Iron Ocean Limited

Iron Ocean Limited (Registered number: SC504741)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Iron Ocean Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: S E Lamont
R Dow
Professor D Bucknall





REGISTERED OFFICE: Unit 1 District 10
25 Greenmarket
Dundee
DD1 4QB





REGISTERED NUMBER: SC504741 (Scotland)





ACCOUNTANTS: HMR Consulting Limited
Kirk Farm Cottage
Lundie
Dundee
Angus
DD2 5NW

Iron Ocean Limited (Registered number: SC504741)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 608 2,439
Tangible assets 5 6,522 2,107
7,130 4,546

CURRENT ASSETS
Debtors 6 9,664 9,561
Cash at bank - 8,244
9,664 17,805
CREDITORS
Amounts falling due within one year 7 72,213 36,601
NET CURRENT LIABILITIES (62,549 ) (18,796 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(55,419

)

(14,250

)

CAPITAL AND RESERVES
Called up share capital 28,050 27,535
Share premium 741,108 644,122
Retained earnings (824,577 ) (685,907 )
(55,419 ) (14,250 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

Iron Ocean Limited (Registered number: SC504741)

Balance Sheet - continued
31 December 2022


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 28 September 2023 and were signed on its behalf by:





S E Lamont - Director


Iron Ocean Limited (Registered number: SC504741)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Iron Ocean Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company 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.

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.

Digital marketing & branding is being amortised evenly over its estimated useful life of three years.

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 - 33% on cost

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 3 (2021 - 3 ) .

Iron Ocean Limited (Registered number: SC504741)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2022
and 31 December 2022 13,801
AMORTISATION
At 1 January 2022 11,362
Charge for year 1,831
At 31 December 2022 13,193
NET BOOK VALUE
At 31 December 2022 608
At 31 December 2021 2,439

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 11,151
Additions 8,989
At 31 December 2022 20,140
DEPRECIATION
At 1 January 2022 9,044
Charge for year 4,574
At 31 December 2022 13,618
NET BOOK VALUE
At 31 December 2022 6,522
At 31 December 2021 2,107

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Other debtors 9,664 9,561

Iron Ocean Limited (Registered number: SC504741)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 128 -
Trade creditors 42,410 31,564
Taxation and social security 15,191 2,794
Other creditors 14,484 2,243
72,213 36,601