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Registration number: 09593363

Dark Ocean Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Dark Ocean Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Dark Ocean Ltd

Company Information

Directors

Mr JA Ramsay

Mr TCJ Blades

Registered office

2 Heather Cottages
Meavy
Yelverton
Devon
PL20 6PL

 

Dark Ocean Ltd

(Registration number: 09593363)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

15,479

5,416

Tangible assets

5

17,937

11,921

 

33,416

17,337

Current assets

 

Debtors

6

446,337

446,795

Cash at bank and in hand

 

248,302

39,089

 

694,639

485,884

Creditors: Amounts falling due within one year

7

(129,076)

(123,036)

Net current assets

 

565,563

362,848

Total assets less current liabilities

 

598,979

380,185

Provisions for liabilities

(609)

-

Net assets

 

598,370

380,185

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

598,270

380,085

Shareholders' funds

 

598,370

380,185

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 February 2024 and signed on its behalf by:
 

 

Dark Ocean Ltd

(Registration number: 09593363)
Balance Sheet as at 31 May 2023

.........................................
Mr TCJ Blades
Director

 

Dark Ocean Ltd

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:
2 Heather Cottages
Meavy
Yelverton
Devon
PL20 6PL
England

These financial statements were authorised for issue by the Board on 16 February 2024.

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 in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Dark Ocean Ltd

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

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant & Machinery

25% Straight line

Office Equipment

25% Straight line

Furniture and fittings

25% Straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Dark Ocean Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Dark Ocean Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Dark Ocean Ltd

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

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 June 2022

6,770

6,770

Additions internally developed

11,100

11,100

At 31 May 2023

17,870

17,870

Amortisation

At 1 June 2022

1,354

1,354

Amortisation charge

1,037

1,037

At 31 May 2023

2,391

2,391

Carrying amount

At 31 May 2023

15,479

15,479

At 31 May 2022

5,416

5,416

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

23,893

-

1,913

25,806

Additions

4,071

8,333

-

12,404

Disposals

(1,885)

-

-

(1,885)

At 31 May 2023

26,079

8,333

1,913

36,325

Depreciation

At 1 June 2022

12,889

-

996

13,885

Charge for the year

5,737

139

478

6,354

Eliminated on disposal

(1,851)

-

-

(1,851)

At 31 May 2023

16,775

139

1,474

18,388

Carrying amount

At 31 May 2023

9,304

8,194

439

17,937

At 31 May 2022

11,004

-

917

11,921

 

Dark Ocean Ltd

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

90,971

46,239

Prepayments

-

9,001

Other debtors

355,366

391,555

 

446,337

446,795

 

Dark Ocean Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

30,244

13,002

Trade creditors

 

7,609

44,533

Taxation and social security

 

91,223

64,520

Other creditors

 

-

981

 

129,076

123,036

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

40

40

40

40

Ordinary B of £1 each

40

40

40

40

Ordinary C of £1 each

10

10

10

10

Ordinary D of £1 each

10

10

10

10

 

100

100

100

100

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

30,244

13,002

10

Related party transactions

At 31-05-2023 there are debtors of £355,365 [ £355,365 - 2022] due to the Company by Dark Ocean Property Ltd a company wholly owned by the majority Shareholders. These monies are interest free and repayable on demand.

 

Dark Ocean Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,302

24,167

Contributions paid to money purchase schemes

40

1,973

25,342

26,140