Open Ocean Enterprises Limited 07627494 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is quality assurance provider. Digita Accounts Production Advanced 6.30.9574.0 true true 07627494 2022-06-01 2023-05-31 07627494 2023-05-31 07627494 core:CurrentFinancialInstruments 2023-05-31 07627494 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 07627494 core:FurnitureFittingsToolsEquipment 2023-05-31 07627494 core:OtherPropertyPlantEquipment 2023-05-31 07627494 bus:SmallEntities 2022-06-01 2023-05-31 07627494 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 07627494 bus:FullAccounts 2022-06-01 2023-05-31 07627494 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 07627494 bus:RegisteredOffice 2022-06-01 2023-05-31 07627494 bus:Director1 2022-06-01 2023-05-31 07627494 bus:Director2 2022-06-01 2023-05-31 07627494 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 07627494 bus:Agent1 2022-06-01 2023-05-31 07627494 core:FurnitureFittings 2022-06-01 2023-05-31 07627494 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 07627494 core:OfficeEquipment 2022-06-01 2023-05-31 07627494 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 07627494 countries:England 2022-06-01 2023-05-31 07627494 2022-05-31 07627494 core:FurnitureFittingsToolsEquipment 2022-05-31 07627494 core:OtherPropertyPlantEquipment 2022-05-31 07627494 2021-06-01 2022-05-31 07627494 2022-05-31 07627494 core:CurrentFinancialInstruments 2022-05-31 07627494 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 07627494 core:FurnitureFittingsToolsEquipment 2022-05-31 07627494 core:OtherPropertyPlantEquipment 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 07627494

Open Ocean Enterprises Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Open Ocean Enterprises Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 7

 

Open Ocean Enterprises Limited

Company Information

Directors

Mr J Kiltie

Mrs V Kiltie

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Open Ocean Enterprises Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Open Ocean Enterprises Limited for the year ended 31 May 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Open Ocean Enterprises Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Open Ocean Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of Open Ocean Enterprises Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Open Ocean Enterprises Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Open Ocean Enterprises Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Open Ocean Enterprises Limited. You consider that Open Ocean Enterprises Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Open Ocean Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

12 February 2024

 

Open Ocean Enterprises Limited

(Registration number: 07627494)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,697

5,856

Current assets

 

Debtors

6

-

20,185

Cash at bank and in hand

 

69

613

 

69

20,798

Creditors: Amounts falling due within one year

7

(9,759)

(10,272)

Net current (liabilities)/assets

 

(9,690)

10,526

Net (liabilities)/assets

 

(4,993)

16,382

Capital and reserves

 

Called up share capital

200

200

Retained earnings

(5,193)

16,182

Shareholders' (deficit)/funds

 

(4,993)

16,382

 

Open Ocean Enterprises Limited

(Registration number: 07627494)
Balance Sheet as at 31 May 2023

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 February 2024 and signed on its behalf by:
 

.........................................

Mr J Kiltie

Director

 

Open Ocean Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
48 Gifford Terrace Road
Plymouth
Devon
PL3 4JE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance
These financial statements have been prepared using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A- The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
 

Going concern

The accounts have been prepared on a going concern basis, despite the company having negative assets at the year end. The directors expect that in the forthcoming financial year the profitability of the business will improve.

Revenue recognition

Turnover comprises the fair value of the consideration received for the provision of off-shore diving services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Open Ocean Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

20% reducing balance

Fixtures and Fittings

15% reducing balance

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,159

1,444

5

Tangible assets

Furniture, fittings and equipment
 £

Office equipment
£

Total
£

Cost or valuation

At 1 June 2022

980

32,164

33,144

At 31 May 2023

980

32,164

33,144

Depreciation

At 1 June 2022

707

26,581

27,288

Charge for the year

42

1,117

1,159

At 31 May 2023

749

27,698

28,447

Carrying amount

At 31 May 2023

231

4,466

4,697

At 31 May 2022

273

5,583

5,856

 

Open Ocean Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Debtors

2023
£

2022
£

Other debtors

-

20,185

-

20,185

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

13

Other creditors

9,759

10,259

9,759

10,272

8

Related party transactions

During the year the company made advances to the director totalling £12,174. There was a balance at the start of the year owed by the director to the company of £20,177. This and the advance was repaid in full during the year, and at the end of the year no amount was owed by the director.

During the period that the loan was outsanding, interest was charged at the HMRC standard rate on the outstanding balance, and the loan was repayable on demand.