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REGISTERED NUMBER: 06698026 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Ocean Engineering Solutions Limited

Ocean Engineering Solutions Limited (Registered number: 06698026)






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


Ocean Engineering Solutions Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: D O'Malley
D McLennan





REGISTERED OFFICE: Unit 6
Whitebirk Enterprise Park
Lower Philips Road
Blackburn
Lancashire
BB1 5UD





REGISTERED NUMBER: 06698026 (England and Wales)





ACCOUNTANTS: Egan Roberts Limited
Accountants
Citygate
Longridge Road
Preston
Lancashire
PR2 5BQ

Ocean Engineering Solutions Limited (Registered number: 06698026)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 38,735 50,000

CURRENT ASSETS
Stocks 81,660 78,440
Debtors 5 225,936 164,441
Cash at bank 88,540 111,921
396,136 354,802
CREDITORS
Amounts falling due within one year 6 142,312 101,090
NET CURRENT ASSETS 253,824 253,712
TOTAL ASSETS LESS CURRENT
LIABILITIES

292,559

303,712

PROVISIONS FOR LIABILITIES 8,723 2,337
NET ASSETS 283,836 301,375

CAPITAL AND RESERVES
Called up share capital 7 4 4
Retained earnings 283,832 301,371
SHAREHOLDERS' FUNDS 283,836 301,375

Ocean Engineering Solutions Limited (Registered number: 06698026)

Balance Sheet - continued
31 October 2023


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 4 April 2024 and were signed on its behalf by:





D O'Malley - Director


Ocean Engineering Solutions Limited (Registered number: 06698026)

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

1. STATUTORY INFORMATION

Ocean Engineering Solutions 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.

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

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 - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 30% on reducing balance

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

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 Engineering Solutions Limited (Registered number: 06698026)

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

2. ACCOUNTING POLICIES - continued

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
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.

Government grant
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 14,035 3,106 58,477 6,980 82,598
Additions 2,850 338 - - 3,188
At 31 October 2023 16,885 3,444 58,477 6,980 85,786
DEPRECIATION
At 1 November 2022 1,772 2,926 21,601 6,299 32,598
Charge for year 2,047 98 11,843 465 14,453
At 31 October 2023 3,819 3,024 33,444 6,764 47,051
NET BOOK VALUE
At 31 October 2023 13,066 420 25,033 216 38,735
At 31 October 2022 12,263 180 36,876 681 50,000

Ocean Engineering Solutions Limited (Registered number: 06698026)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 176,719 153,894
Other debtors 30,000 -
Directors' current accounts 16,646 8,139
Prepayments and accrued income 2,571 2,408
225,936 164,441

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 60,911 54,793
Tax 42,431 23,852
Social security and other taxes 470 339
VAT 28,444 14,386
Other creditors 6,466 4,375
Accrued expenses 3,590 3,345
142,312 101,090

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4 Ordinary £1 4 4

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
D O'Malley
Balance outstanding at start of year 4,075 -
Amounts advanced 8,641 6,573
Amounts repaid (4,074 ) (2,498 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,641 4,075

Ocean Engineering Solutions Limited (Registered number: 06698026)

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

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

D McLennan
Balance outstanding at start of year 4,064 -
Amounts advanced 8,003 4,962
Amounts repaid (4,063 ) (898 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,003 4,064

9. RELATED PARTY DISCLOSURES

A £30000 (2022: nil) was loaned to Trollies and Dollies Limited, a company which is 100% owned and controlled by Duncan McLennan (50%) and Daniel O'Malley (50%), during the year to help improving the working capital of business. The balance of £30000 outstanding at the year end (2022: nil) has been included within other debtors.