2022-03-312023-03-302023-03-30falseSC391985OCEANWORX 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OCEANWORX LTD

Registered Number
SC391985
(Scotland)

Unaudited Financial Statements for the Year ended
30 March 2023

OCEANWORX LTD
Company Information
for the year from 31 March 2022 to 30 March 2023

Director

KIT HO, Kevin

Registered Address

122 Bloomfield Court
Aberdeen
AB10 6DT

Registered Number

SC391985 (Scotland)
OCEANWORX LTD
Balance Sheet as at
30 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets5310620
310620
Current assets
Debtors61,6804,290
Cash at bank and on hand16,33228,513
18,01232,803
Creditors amounts falling due within one year7(5,755)(6,417)
Net current assets (liabilities)12,25726,386
Total assets less current liabilities12,56727,006
Creditors amounts falling due after one year8(5,400)(7,800)
Net assets7,16719,206
Capital and reserves
Called up share capital1010
Profit and loss account7,15719,196
Shareholders' funds7,16719,206
The financial statements were approved and authorised for issue by the Director on 15 November 2023, and are signed on its behalf by:
KIT HO, Kevin
Director
Registered Company No. SC391985
OCEANWORX LTD
Notes to the Financial Statements
for the year ended 30 March 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year11
5.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 31 March 22931931
At 30 March 23931931
Depreciation and impairment
At 31 March 22311311
Charge for year310310
At 30 March 23621621
Net book value
At 30 March 23310310
At 30 March 22620620
6.Debtors

2023

2022

££
Trade debtors / trade receivables1,6804,104
Other debtors-186
Total1,6804,290
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7.Creditors within one year

2023

2022

££
Bank borrowings and overdrafts2,4002,400
Amounts owed to related parties24450
Taxation and social security3,1113,967
Total5,7556,417
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts5,4007,800
Total5,4007,800