OCEAN TECH SOLUTIONS LTD
Director: A. Daniel
Registered office: 5.2 Central House
1 Ballards Lane
N3 1LQ
Registered no: 10472209
Independent Auditors: Levy Cohen & Co.
Registered Auditors
5.2 Central House
1 Ballards Lane
N3 1LQ
Financial statements for the year ended
31 December 2023
(US DOLLARS)
page
Statement of financial position 1
Notes to the financial statements 2-4
OCEAN TECH SOLUTIONS LTD
Statement of Financial Position as at 31 December 2023
31.12.2023 31.12.2022
Notes US$ US$ US$
Current assets
Cash at Bank and in hand 6,146 14,064
Debtors 5 2,659,000 459,482
2,665,146 473,546
Creditors: amounts falling due
within one year 6 (2,988,578) (446,332)
Net current (liabilities)/assets (323,432) 27,214
Capital and deficit
31.12.2023 31.12.2022
US$ US$ US$
Called up share capital 7 1 1
Profit and loss account (323,433) 27,213
Shareholders' fund (323,432) 27,214
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
__________________________
A. Daniel
Director
Company number: 10472209 21 July 2024
OCEAN TECH SOLUTIONS LTD
Notes to the financial statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
Ocean Tech Solutions Ltd is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 5.2 Central House, 1 Ballards Lane, N3 1LQ.
The company is a wholly owned subsidiary of Windward Ltd, a company registered in Israel.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention.
The financial statements are presented in US Dollars as the company is an extension of the parent company, and its turnover and its assets and liabilities are in currencies other than Sterling, therefore the company uses its parent company functional currency.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Going concern
The company suffered a loss as a result of foreign witholding tax deducted abroad.
The company will continue to be profitable in the future as according to the group TP policy, the company is entitled to a fixed margin on the services provided to the parent company. The company and the Windward group are both operationally and financially inextricably linked. Having considered the post year trading and financial results of the group and the group's cash reserves, and after making enquiries of the directors of the parent undertaking, the directors have reasonable expectations that the company and the group have adequate resources to continue an operational existence and meet their liabilities for a period of at least 12 months from the date these financial statements were approved.
On the basis of the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.
2.3 Turnover and Revenue Recognition
Turnover represents net value of sales of software products excluding VAT.
Revenues from sales of software are recognised on a straight line basis over the life of the related agreement which is typically one year, therefore revenues that relates to a period after year end are deferred and included as accrued income.
OCEAN TECH SOLUTIONS LTD
Notes to the financial statements - 31 December 2023
2. Accounting Policies (continued)
2.4 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.5 Creditors
Basic financial liabilities including trade and other payable are measured at transaction price.
2.6 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
2.7 Foreign currencies
Assets and liabilities in foreign currencies are translated into US Dollar at the rate of exchange ruling at the Balance Sheet date. Transaction in Foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of the transaction.
3. No of employees and director's remuneration
2023 2022
No of employees during the year 0 0
No remuneration was paid to the director during the year.
4. Debtors
31.12.2023 31.12.2022
US$ US$
Restricted bank deposit 300,000 300,000
Trade debtors 1,436,000 0
Parent company 0 159,482
Accrued income 923,000 -
2,659,000 459,482
The restricted bank deposit will mature in a period of more than 12 months.
OCEAN TECH SOLUTIONS LTD
Notes to the financial statements - 31 December 2023
5. Creditors: amounts falling due
within one year
31.12.2023 31.12.2022
US$ US$
Trade creditors 0 243
Corporation Tax 0 1,067
Parent company 758,911 0
Deferred income and accruals 2,229,667 445,022
2,988,578 446,332
6. Share capital
2023 2022
US$ US$
Allotted, called up and fully paid:
1 ordinary share at $1 1 1
7. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr Josef Cohen
The auditor was Levy Cohen & Co
Date auditor signed accounts: 21 July 2024
Name of director signing accounts: A. Daniel
Date director signed accounts: 21 July 2024
8. Related Party Transactions
Control
The company is a wholly owned subsidiary of Windward Ltd, a foreign company registered in Israel whose address is: 2 Hashlosha St., Tel Aviv 6706054, Israel
Windward Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
Transactions
The company is exempt from disclosing transactions with related parties that are wholly owned
within the same group in accordance with FRS 102 Section 33(1)A.
9. Commitment
As at 31.12.2023 the company does not have any commitment.
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