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REGISTERED NUMBER: 04283382 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Ocean Flow Energy Ltd

Ocean Flow Energy Ltd (Registered number: 04283382)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Report of the Accountants 2

Balance Sheet 3

Notes to the Financial Statements 5


Ocean Flow Energy Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: A D Hewitt
G C Mackie





REGISTERED OFFICE: 15 Millview Drive
North Shields
Tyne and Wear
NE30 2PR





REGISTERED NUMBER: 04283382 (England and Wales)





ACCOUNTANTS: Peter Weldon & Co. Ltd
87 Station Road
Ashington
Northumberland
NE63 8RS

Ocean Flow Energy Ltd

Report of the Accountants to the Directors of
Ocean Flow Energy Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on pages two to three and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Peter Weldon & Co. Ltd
87 Station Road
Ashington
Northumberland
NE63 8RS


20 September 2023

Ocean Flow Energy Ltd (Registered number: 04283382)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 5 448 496
Cash at bank and in hand 2,381 6,619
2,829 7,115
CREDITORS
Amounts falling due within one year 6 86,719 74,919
NET CURRENT LIABILITIES (83,890 ) (67,804 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(83,890

)

(67,804

)

CAPITAL AND RESERVES
Called up share capital 245 245
Share premium 1,309,769 1,309,769
Retained earnings (1,393,904 ) (1,377,818 )
SHAREHOLDERS' FUNDS (83,890 ) (67,804 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Ocean Flow Energy Ltd (Registered number: 04283382)

Balance Sheet - continued
31 March 2023


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 20 September 2023 and were signed on its behalf by:





G C Mackie - Director


Ocean Flow Energy Ltd (Registered number: 04283382)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Ocean Flow Energy 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 Pound Sterling (£).


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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance per annum

Going concern
These accounts have been prepared on the going concern basis, and on the basis that the directors are confident that they can continue to attract funding to support the company during the forthcoming financial period.

Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently amortised cost, net of impairment.

Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised costs using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Ocean Flow Energy Ltd (Registered number: 04283382)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 6,959
DEPRECIATION
At 1 April 2022
and 31 March 2023 6,959
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
VAT 448 496

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Directors' current accounts 70,399 65,399
Accrued expenses 16,320 9,520
86,719 74,919