Silverfin false 31/01/2023 01/02/2022 31/01/2023 Dr A T Mustard 27/01/2004 20 October 2023 The Principal activity of the company during the financial year was underwater photojournalism. 05026808 2023-01-31 05026808 bus:Director1 2023-01-31 05026808 2022-01-31 05026808 core:CurrentFinancialInstruments 2023-01-31 05026808 core:CurrentFinancialInstruments 2022-01-31 05026808 core:ShareCapital 2023-01-31 05026808 core:ShareCapital 2022-01-31 05026808 core:RetainedEarningsAccumulatedLosses 2023-01-31 05026808 core:RetainedEarningsAccumulatedLosses 2022-01-31 05026808 core:ComputerEquipment 2022-01-31 05026808 core:ComputerEquipment 2023-01-31 05026808 bus:OrdinaryShareClass1 2023-01-31 05026808 2022-02-01 2023-01-31 05026808 bus:FullAccounts 2022-02-01 2023-01-31 05026808 bus:SmallEntities 2022-02-01 2023-01-31 05026808 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 05026808 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 05026808 bus:Director1 2022-02-01 2023-01-31 05026808 core:ComputerEquipment core:TopRangeValue 2022-02-01 2023-01-31 05026808 2021-02-01 2022-01-31 05026808 core:ComputerEquipment 2022-02-01 2023-01-31 05026808 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 05026808 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05026808 (England and Wales)

OCEAN INSIGHT LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

OCEAN INSIGHT LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

OCEAN INSIGHT LIMITED

BALANCE SHEET

As at 31 January 2023
OCEAN INSIGHT LIMITED

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 4,530 545
4,530 545
Current assets
Cash at bank and in hand 202,088 167,370
202,088 167,370
Creditors: amounts falling due within one year 4 ( 54,958) ( 43,496)
Net current assets 147,130 123,874
Total assets less current liabilities 151,660 124,419
Provision for liabilities ( 861) ( 103)
Net assets 150,799 124,316
Capital and reserves
Called-up share capital 5 100 100
Profit and loss account 150,699 124,216
Total shareholder's funds 150,799 124,316

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Ocean Insight Limited (registered number: 05026808) were approved and authorised for issue by the Director on 20 October 2023. They were signed on its behalf by:

Dr A T Mustard
Director
OCEAN INSIGHT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
OCEAN INSIGHT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ocean Insight Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 15 Hawksbill Way Hawksbill Way, Peterborough, PE2 8NS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 February 2022 62,870 62,870
Additions 5,362 5,362
Disposals ( 500) ( 500)
At 31 January 2023 67,732 67,732
Accumulated depreciation
At 01 February 2022 62,325 62,325
Charge for the financial year 1,377 1,377
Disposals ( 500) ( 500)
At 31 January 2023 63,202 63,202
Net book value
At 31 January 2023 4,530 4,530
At 31 January 2022 545 545

4. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 15,786 5,496
Other creditors 39,172 38,000
54,958 43,496

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Nominal ordinary shares of £ 1.00 each 100 100