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REGISTERED NUMBER: 08961638 (England and Wales)










Financial Statements

For The Year Ended 31 March 2023

for

Ocean Ecology Limited

Ocean Ecology Limited (Registered number: 08961638)






Contents of the Financial Statements
For The Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ocean Ecology Limited

Company Information
For The Year Ended 31 March 2023







DIRECTORS: R A Griffin
G J Robinson
R M Sorensen
A Stromme



REGISTERED OFFICE: Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN



REGISTERED NUMBER: 08961638 (England and Wales)



AUDITORS: Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN



BANKERS: National Westminster Bank Plc
21 Eastgate Street
Gloucester
GL1 1NH

Ocean Ecology Limited (Registered number: 08961638)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 914,205 636,549
Investments 5 568,281 572,675
1,482,486 1,209,224

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 6 1,549,792 1,090,170
Cash at bank and in hand 118,440 225,720
1,673,232 1,320,890
CREDITORS
Amounts falling due within one year 7 1,237,939 1,041,608
NET CURRENT ASSETS 435,293 279,282
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,917,779

1,488,506

CREDITORS
Amounts falling due after more than one
year

8

10,275

69,097
NET ASSETS 1,907,504 1,419,409

CAPITAL AND RESERVES
Called up share capital 11 125 125
Retained earnings 1,907,379 1,419,284
SHAREHOLDERS' FUNDS 1,907,504 1,419,409

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 4 November 2023 and were signed on its behalf by:





R A Griffin - Director


Ocean Ecology Limited (Registered number: 08961638)

Notes to the Financial Statements
For The Year Ended 31 March 2023

1. STATUTORY INFORMATION

Ocean Ecology Limited 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Ocean Ecology Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Akerbla Group AS, Blatt Kompetansesenter, Nordfroyveien 413, 7260 Sistranda, Norway.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Income from contracts for the provision of marine environmental surveys, laboratory analysis and advice is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, as follows:

Plant and machinery10% or 20% on cost
Motor vehicles25% on cost
Computer equipment33% on cost

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Ocean Ecology Limited (Registered number: 08961638)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
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. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Ocean Ecology Limited (Registered number: 08961638)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 41 (2022 - 30 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 670,084 35,282 125,526 183,115 1,014,007
Additions 332,302 3,482 71,284 45,260 452,328
Disposals - - (7,500 ) (940 ) (8,440 )
At 31 March 2023 1,002,386 38,764 189,310 227,435 1,457,895
DEPRECIATION
At 1 April 2022 187,280 30,448 55,704 104,026 377,458
Charge for year 102,093 3,641 28,144 40,794 174,672
Eliminated on disposal - - (7,500 ) (940 ) (8,440 )
At 31 March 2023 289,373 34,089 76,348 143,880 543,690
NET BOOK VALUE
At 31 March 2023 713,013 4,675 112,962 83,555 914,205
At 31 March 2022 482,804 4,834 69,822 79,089 636,549

Within tangible fixed assets are assets on hire purchase at a net book value of £43,192 (2022: £69,822). The depreciation charge on these assets this financial year is £26,630 (2022: £21,993).

Ocean Ecology Limited (Registered number: 08961638)

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

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022 572,675
Disposals (4,394 )
At 31 March 2023 568,281
NET BOOK VALUE
At 31 March 2023 568,281
At 31 March 2022 572,675

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,145,355 540,827
Amounts owed by group undertakings - 233,524
Other debtors 297,096 297,096
Prepayments and accrued income 107,341 18,723
1,549,792 1,090,170

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 17,667 9,648
Hire purchase contracts (see note 9) 26,400 31,174
Trade creditors 143,826 131,296
Amounts owed to group undertakings 366,544 234,533
Taxation and social security 111,008 71,889
Other creditors 572,494 563,068
1,237,939 1,041,608

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 32,422
Hire purchase contracts (see note 9) 10,275 36,675
10,275 69,097

Ocean Ecology Limited (Registered number: 08961638)

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

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.23 31.3.22
£    £   
Net obligations repayable:
Within one year 26,400 31,174
Between one and five years 10,275 36,675
36,675 67,849

Non-cancellable operating leases
31.3.23 31.3.22
£    £   
Within one year 53,501 48,498
Between one and five years 30,007 70,502
83,508 119,000

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 17,667 42,070
Hire purchase contracts 36,675 67,849
54,342 109,919

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
6,375 Ordinary A 1p 1p 64 64
6,125 Ordinary B 1p 1p 61 61
125 125

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Morgan FCA (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited

13. CAPITAL COMMITMENTS
31.3.23 31.3.22
£    £   
Contracted but not provided for in the
financial statements 83,787 -