REGISTERED NUMBER: |
Mocean Energy Ltd |
Unaudited Financial Statements |
for the Year Ended 31 October 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
9 Ainslie Place |
Edinburgh |
Midlothian |
EH3 6AT |
BANKERS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
Mocean Energy Ltd (Registered number: SC461469) |
Balance Sheet - continued |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
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 |
Additions |
Disposals | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
Additions |
Transfer to ownership | (21,000 | ) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Transfer to ownership | (21,000 | ) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
Exchange differences |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
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. |