BLUE OCEAN DATA SOLUTION LTD Filleted Accounts Cover |
Company No. 13196874 | |||||||||
BLUE OCEAN DATA SOLUTION LTD Directors Report Registrar |
The Directors present their report and the accounts for the year ended 28 February 2023. | |||||||||
Principal activities | |||||||||
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
Y. Ariav | |||||||||
M. Avgustevich | |||||||||
E. Goldberg | |||||||||
I. Weinstein | |||||||||
Signed on behalf of the board | |||||||||
E. Goldberg | |||||||||
Director | |||||||||
27 November 2023 |
BLUE OCEAN DATA SOLUTION LTD Balance Sheet Registrar |
at | ||||||||||
Company No. | Notes | 2023 | 2022 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 4 | |||||||||
Current assets | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 6 | ( | ( | |||||||
Net current liabilities | ( | ( | ||||||||
Total assets less current liabilities | ( | |||||||||
Net assets/(liabilities) | ( | |||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Other reserve | 7 | |||||||||
Profit and loss account | 8 | ( | ( | |||||||
Total equity | ( | |||||||||
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account. | ||||||||||
Approved by the board on 27 November 2023 | ||||||||||
And signed on its behalf by: | ||||||||||
E. Goldberg | ||||||||||
Director | ||||||||||
27 November 2023 |
BLUE OCEAN DATA SOLUTION LTD Notes to the Accounts Registrar |
for the year ended 28 February 2023 | ||||||||||||||
1 | General information | |||||||||||||
Its registered number is: 13196874 | ||||||||||||||
Its registered office is: | ||||||||||||||
2 | Accounting policies |
Going concern | ||||||||||||||
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. | ||||||||||||||
Judgements and key sources of estimation uncertainty | ||||||||||||||
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. | ||||||||||||||
Turnover | ||||||||||||||
Revenue from the sale of services is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the services; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the services sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of services is recognised when services are delivered. | ||||||||||||||
Share based payments | ||||||||||||||
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Profit and Loss Account over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a marketing vesting condition. | ||||||||||||||
The fair value of the award also takes into account non-vesting conditions. There are either factors beyond the control of either party (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme). | ||||||||||||||
Where the terms and conditions of options are modified before they vest, the increase in the fair value of options, measured immediately before and after the modification, is also charged to the Profit and Loss Account over the remaining vesting period. | ||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. | ||||||||||||||
Furniture, fittings and equipment | ||||||||||||||
Taxation | ||||||||||||||
Income tax expense represents the sum of the tax currently payable and deferred tax. | ||||||||||||||
Trade and other debtors | ||||||||||||||
Foreign currencies | ||||||||||||||
Defined contribution pensions | ||||||||||||||
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. | ||||||||||||||
3 | Employees | |||||||||||||
2023 | 2022 | |||||||||||||
Number | Number | |||||||||||||
The average monthly number of employees (including directors) during the year was: | ||||||||||||||
4 | Tangible fixed assets | |||||||||||||
Fixtures, fittings and equipment | Total | |||||||||||||
£ | £ | |||||||||||||
Cost or revaluation | ||||||||||||||
At 1 March 2022 | ||||||||||||||
Additions | ||||||||||||||
At 28 February 2023 | ||||||||||||||
Depreciation | ||||||||||||||
At 1 March 2022 | ||||||||||||||
Charge for the year | ||||||||||||||
At 28 February 2023 | ||||||||||||||
Net book values | ||||||||||||||
At 28 February 2023 | ||||||||||||||
At 28 February 2022 | ||||||||||||||
5 | Debtors | |||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Other debtors | ||||||||||||||
6 | Creditors: | |||||||||||||
amounts falling due within one year | ||||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Trade creditors | ||||||||||||||
Other taxes and social security | ||||||||||||||
Other creditors | ||||||||||||||
Accruals and deferred income | ||||||||||||||
7 | Share based payments | |||||||||||||
The company operates an employee share option plan, 1,337 options have been granted in 2023 (2022: £NIL) | ||||||||||||||
Details of the share options outstanding during the year are as follows: | ||||||||||||||
Weighted average exercise price 2023 | Number 2023 | Weighted average exercise price 2022 | Number 2022 | |||||||||||
Outstanding as at beginning of year | - | - | - | - | ||||||||||
Granted during the year | 0.91 | 1,337 | - | - | ||||||||||
Cancelled during the year | - | - | - | - | ||||||||||
Outstanding as the end of the year | 0.91 | 1,337 | - | - | ||||||||||
2023 | 2022 | |||||||||||||
$ | $ | |||||||||||||
Option pricing model used | Black and Scholes | Black and Scholes | ||||||||||||
Share price | 1.11 | - | ||||||||||||
Excercise price | 0.01 | - | ||||||||||||
Contractual life (years) | 3 - 4 | - | ||||||||||||
Expected volatility | 70.00% | - | ||||||||||||
Risk-free interest rate | 0.20% | - | ||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Equity-settled schemes | - | |||||||||||||
8 | Reserves | |||||||||||||
Other reserve | Total other reserves | |||||||||||||
£ | £ | |||||||||||||
Movement in other reserve | ||||||||||||||
At 28 February 2023 | ||||||||||||||
9 | Related party disclosures | |||||||||||||
The company has taken advantage of the exemption available according to Section 33 of FRS 102 "Related party disclosure" not to disclose the transactions entered between two or more members of a group that are wholly owned. | ||||||||||||||