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REGISTERED NUMBER: 08377621 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Ocean Marine Systems Limited

Ocean Marine Systems Limited (Registered number: 08377621)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ocean Marine Systems Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M Madsen
S V Petersen





SECRETARY: D L Wilson





REGISTERED OFFICE: Russell House
Oxford Road
Bournemouth
Dorset
BH8 8EX





REGISTERED NUMBER: 08377621 (England and Wales)





ACCOUNTANTS: Thompson Jones Business Solutions Limited
2 Heap Bridge
Bury
Lancashire
BL9 7HR

Ocean Marine Systems Limited (Registered number: 08377621)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 5 22,500 22,500
Tangible assets 6 96,693 108,137
119,193 130,637

CURRENT ASSETS
Stocks 7 505,521 520,789
Debtors 8 198,621 578,434
Prepayments and accrued income 81,001 44,778
Cash at bank 186,216 43,567
971,359 1,187,568
CREDITORS
Amounts falling due within one year 9 (1,097,938 ) (1,318,170 )
NET CURRENT LIABILITIES (126,579 ) (130,602 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,386

)

35

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings (7,388 ) 33
SHAREHOLDERS' FUNDS (7,386 ) 35

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 Marine Systems Limited (Registered number: 08377621)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2023 and were signed on its behalf by:





M Madsen - Director


Ocean Marine Systems Limited (Registered number: 08377621)

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

1. STATUTORY INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Russell House
Oxford Road
Bournemouth
Dorset
BH8 8EX

The principal place of business is:
Ocean House
Aviation Park West
Bournemouth International Airport
Christchurch
Dorset
BH23 6NW

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

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

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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 - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


Ocean Marine Systems Limited (Registered number: 08377621)

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

3. ACCOUNTING POLICIES - continued
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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 27 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 22,500
NET BOOK VALUE
At 31 March 2023 22,500
At 31 March 2022 22,500

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022
and 31 March 2023 110,742 11,155 6,539 128,436
DEPRECIATION
At 1 April 2022 16,320 1,644 2,335 20,299
Charge for year 9,442 951 1,051 11,444
At 31 March 2023 25,762 2,595 3,386 31,743
NET BOOK VALUE
At 31 March 2023 84,980 8,560 3,153 96,693
At 31 March 2022 94,422 9,511 4,204 108,137

Ocean Marine Systems Limited (Registered number: 08377621)

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

7. STOCKS
2023 2022
£    £   
Stocks 252,315 189,347
Work in progress 253,206 331,442
505,521 520,789

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 166,949 534,761
Other debtors 31,672 43,673
198,621 578,434

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account 700,609 891,469
Trade creditors 309,639 305,307
Amounts owed to group undertakings 58,520 67,320
Taxation and social security 18,140 42,774
Other creditors 11,030 11,300
1,097,938 1,318,170

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary Shares £1 2 2