OCEAN VERTICAL CIC

Company limited by guarantee

Company Registration Number:
SC601340 (Scotland)

Unaudited statutory accounts for the year ended 30 June 2023

Period of accounts

Start date: 1 July 2022

End date: 30 June 2023

OCEAN VERTICAL CIC

Contents of the Financial Statements

for the Period Ended 30 June 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

OCEAN VERTICAL CIC

Directors' report period ended 30 June 2023

The directors present their report with the financial statements of the company for the period ended 30 June 2023

Principal activities of the company

The company's principal activity during the year was that of outdoor activies.



Directors

The directors shown below have held office during the whole of the period from
1 July 2022 to 30 June 2023

Mollie Hughes
Stephen Boyle
Adrian Boot


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
29 February 2024

And signed on behalf of the board by:
Name: Mollie Hughes
Status: Director

OCEAN VERTICAL CIC

Profit And Loss Account

for the Period Ended 30 June 2023

2023 2022


£

£
Cost of sales: ( 97 ) ( 71 )
Gross profit(or loss): (97) (71)
Administrative expenses: ( 2,268 ) ( 4,959 )
Other operating income: 10,320 0
Operating profit(or loss): 7,955 (5,030)
Profit(or loss) before tax: 7,955 (5,030)
Profit(or loss) for the financial year: 7,955 (5,030)

OCEAN VERTICAL CIC

Balance sheet

As at 30 June 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 971 1,295
Total fixed assets: 971 1,295
Current assets
Debtors: 4 4,684
Cash at bank and in hand: 425 1,854
Total current assets: 5,109 1,854
Creditors: amounts falling due within one year: 5 ( 2,040 ) ( 7,064 )
Net current assets (liabilities): 3,069 (5,210)
Total assets less current liabilities: 4,040 ( 3,915)
Total net assets (liabilities): 4,040 (3,915)
Members' funds
Profit and loss account: 4,040 ( 3,915)
Total members' funds: 4,040 (3,915)

The notes form part of these financial statements

OCEAN VERTICAL CIC

Balance sheet statements

For the year ending 30 June 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 29 February 2024
and signed on behalf of the board by:

Name: Mollie Hughes
Status: Director

The notes form part of these financial statements

OCEAN VERTICAL CIC

Notes to the Financial Statements

for the Period Ended 30 June 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net ofdiscounts and value added taxes. Turnover includes revenue earned from the sale of goods andfrom the rendering of services. Turnover from the sale of goods is recognised when thesignificant risks and rewards of ownership of the goods have transferred to the buyer. Turnoverfrom the rendering of services is recognised by reference to the stage of completion of thecontract. The stage of completion of a contract is measured by comparing the costs incurred forwork performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulativeimpairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land,at rates calculated to write off the cost, less estimated residual value, of each asset evenly overits expected useful life, as follows:Fixtures, fittings, tools and equipment over 4 years

OCEAN VERTICAL CIC

Notes to the Financial Statements

for the Period Ended 30 June 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

OCEAN VERTICAL CIC

Notes to the Financial Statements

for the Period Ended 30 June 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2022 4,623 4,623
Additions
Disposals
Revaluations
Transfers
At 30 June 2023 4,623 4,623
Depreciation
At 1 July 2022 3,328 3,328
Charge for year 324 324
On disposals
Other adjustments
At 30 June 2023 3,652 3,652
Net book value
At 30 June 2023 971 971
At 30 June 2022 1,295 1,295

OCEAN VERTICAL CIC

Notes to the Financial Statements

for the Period Ended 30 June 2023

4. Debtors

2023 2022
£ £
Other debtors 4,684
Total 4,684

OCEAN VERTICAL CIC

Notes to the Financial Statements

for the Period Ended 30 June 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 900 5,924
Other creditors 1,140 1,140
Total 2,040 7,064

COMMUNITY INTEREST ANNUAL REPORT

OCEAN VERTICAL CIC

Company Number: SC601340 (Scotland)

Year Ending: 30 June 2023

Company activities and impact

The organisation specialises in paddle boarding, coasteering, surfing, SUP yoga, climbingand mountaineering across Scotland. Our members in the community have benefitedphysically, psychologically, socially and emotionally by either taking part directly or beinginvolved as families and/or groups.

Consultation with stakeholders

Our members are consulted through face to face to ensure we are meeting their needs suchas adapting adventures to make them more accessible.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
29 February 2024

And signed on behalf of the board by:
Name: Mollie Hughes
Status: Director