IRIS Accounts Production v23.3.1.45 SC461469 Board of Directors 1.11.22 31.10.23 31.10.23 true false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4614692022-10-31SC4614692023-10-31SC4614692022-11-012023-10-31SC4614692021-10-31SC4614692021-11-012022-10-31SC4614692022-10-31SC461469ns10:Originalns15:Scotland2022-11-012023-10-31SC461469ns14:PoundSterlingns10:Original2022-11-012023-10-31SC461469ns10:Originalns10:Director12022-11-012023-10-31SC461469ns10:Original2022-11-012023-10-31SC461469ns10:Original2023-10-31SC461469ns10:Originalns10:PrivateLimitedCompanyLtd2022-11-012023-10-31SC461469ns10:Originalns10:SmallEntities2022-11-012023-10-31SC461469ns10:Originalns10:AuditExempt-NoAccountantsReport2022-11-012023-10-31SC461469ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-31SC461469ns10:SmallCompaniesRegimeForAccountsns10:Original2022-11-012023-10-31SC461469ns10:Originalns10:FullAccounts2022-11-012023-10-31SC461469ns10:Originalns10:Director32022-11-012023-10-31SC461469ns10:Originalns10:Director42022-11-012023-10-31SC461469ns10:Originalns10:Director52022-11-012023-10-31SC461469ns10:Originalns10:Director62022-11-012023-10-31SC461469ns10:CompanySecretary1ns10:Original2022-11-012023-10-31SC461469ns10:Originalns10:RegisteredOffice2022-11-012023-10-31SC461469ns10:Original2022-10-31SC461469ns10:Originalns5:CurrentFinancialInstruments2023-10-31SC461469ns10:Originalns5:CurrentFinancialInstruments2022-10-31SC461469ns10:Originalns5:Non-currentFinancialInstruments2023-10-31SC461469ns10:Originalns5:Non-currentFinancialInstruments2022-10-31SC461469ns5:ShareCapitalns10:Original2023-10-31SC461469ns5:ShareCapitalns10:Original2022-10-31SC461469ns10:Originalns5:SharePremium2023-10-31SC461469ns10:Originalns5:SharePremium2022-10-31SC461469ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-10-31SC461469ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-10-31SC461469ns10:Originalns5:PlantMachinery2022-11-012023-10-31SC461469ns10:Original2021-11-012022-10-31SC461469ns10:Originalns5:PlantMachinery2022-10-31SC461469ns10:Originalns5:PlantMachinery2023-10-31SC461469ns10:Originalns5:PlantMachinery2022-10-31SC461469ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-31SC461469ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-11-012023-10-31SC461469ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-10-31SC461469ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-31SC461469ns10:Originalns5:CostValuation2022-10-31SC461469ns5:ForeignExchangeDifferencesIncreaseDecreaseInInvestmentsns10:Original2023-10-31SC461469ns10:Originalns5:CostValuation2023-10-31SC461469ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-31SC461469ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31SC461469ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-31SC461469ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31SC461469ns10:Originalns5:WithinOneYear2023-10-31SC461469ns10:Originalns5:WithinOneYear2022-10-31SC461469ns10:Original12022-11-012023-10-31
REGISTERED NUMBER: SC461469 (Scotland)




















Mocean Energy Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2023






Mocean Energy Ltd (Registered number: SC461469)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mocean Energy Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Dr J C McNatt
Dr C H Retzler
Mr I Sinclair
Ms L Ross
Mr T Skillingstad



SECRETARY: MBM Secretarial Services Limited



REGISTERED OFFICE: Suite 2
Ground Floor Orchard Brae House
30 Queensferry Road
Edinburgh
EH4 2HS



REGISTERED NUMBER: SC461469 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland plc
2 Bernard Street
Leith
Edinburgh
EH6 6PU

Mocean Energy Ltd (Registered number: SC461469)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,881 33,396
Investments 5 824 778
21,705 34,174

CURRENT ASSETS
Debtors 6 574,774 807,287
Cash at bank 514,143 522,526
1,088,917 1,329,813
CREDITORS
Amounts falling due within one year 7 357,395 427,385
NET CURRENT ASSETS 731,522 902,428
TOTAL ASSETS LESS CURRENT
LIABILITIES

753,227

936,602

CREDITORS
Amounts falling due after more than
one year

8

183,336

40,100
NET ASSETS 569,891 896,502

Mocean Energy Ltd (Registered number: SC461469)

Balance Sheet - continued
31 October 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 3 3
Share premium 2,458,582 1,518,373
Retained earnings (1,888,694 ) (621,874 )
SHAREHOLDERS' FUNDS 569,891 896,502

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 8 February 2024 and were signed on its behalf by:





Dr J C McNatt - Director


Mocean Energy Ltd (Registered number: SC461469)

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

1. STATUTORY INFORMATION

Mocean Energy Ltd is a private company, limited by shares , registered in Scotland. 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 Mocean Energy Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Contract revenue is recognised based on stage of completion of a contract by using the completion of a physical proportion of the contract work or the completion of a proportion of the service contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


Mocean Energy Ltd (Registered number: SC461469)

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

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research is written off against profits in the year in which it incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 20 (2022 - 15 ) .

Mocean Energy Ltd (Registered number: SC461469)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 120,563
Additions 12,675
Disposals (164 )
At 31 October 2023 133,074
DEPRECIATION
At 1 November 2022 87,167
Charge for year 25,122
Eliminated on disposal (96 )
At 31 October 2023 112,193
NET BOOK VALUE
At 31 October 2023 20,881
At 31 October 2022 33,396

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 November 2022 21,000
Additions 9,908
Transfer to ownership (21,000 )
At 31 October 2023 9,908
DEPRECIATION
At 1 November 2022 15,750
Charge for year 6,892
Transfer to ownership (21,000 )
At 31 October 2023 1,642
NET BOOK VALUE
At 31 October 2023 8,266
At 31 October 2022 5,250

Mocean Energy Ltd (Registered number: SC461469)

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

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022 778
Exchange differences 46
At 31 October 2023 824
NET BOOK VALUE
At 31 October 2023 824
At 31 October 2022 778

The company holds 1,000 Common Shares with a par value of $1.00 per share.

The annual accounts of Mocean Energy Corp. have been prepared in USD.The above values have been converted at an exchange rate of 1.0000 GBP = 1.21331 USD (2022: 1.20582 USD).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 20,493 11,105
Amounts owed by group undertakings 6,084 3,581
Other debtors 548,197 792,601
574,774 807,287

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,098 9,849
Hire purchase contracts (see note 9) 8,557 5,778
Trade creditors 138,150 295,319
Taxation and social security 43,046 29,120
Other creditors 157,544 87,319
357,395 427,385

Mocean Energy Ltd (Registered number: SC461469)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 16,453 26,399
Other creditors 166,883 13,701
183,336 40,100

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 8,557 5,778

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 23,342

10. SECURED DEBTS

On 7 March 2023, in relation to a loan with the Scottish Growth Scheme, there was a floating charge created for all sums due or to become due to the Scottish Growth Scheme - Business Loans Scotland Debt Finance L.P. on all property and undertaking of the company. The charge contains a negative pledge. The charge was delivered on 13 March 2023.

11. RELATED PARTY DISCLOSURES

During the year, there were sales of £19,912 (2022: £18,349) to subsidiary company, Mocean Energy Corp. and expenses paid on behalf of the company totalling £2,503 (2022: £952). There was balance of £6,084 (2022: £3,581) due from Mocean Energy Corp. on 31 October 2023.

12. POST BALANCE SHEET EVENTS

The company created a fixed charge on 2 November 2023 over a deposit of EUR €224,965 and all amounts in the future credited to the same APG account with the bank, securing all sums due or to become due in favour of the Royal Bank of Scotland Plc. The charge contains a negative pledge. The charge was delivered on 9 November 2023.

On 13 November 2023, the company allotted 37,171 ordinary shares at £0.00001 each with total paid of £1,173,117.

Mocean Energy Ltd (Registered number: SC461469)

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

13. GOING CONCERN

The Directors have approved the accounts prepared by management on a going concern basis having prepared a cash-flow forecast which shows it can continue trading for the foreseeable future. This is dependent on the successful outcome of an equity fundraising that is expected to conclude within the next 12 months.