OCEAN TECH SOLUTIONS LTD |
Notes to the financial statements - 31 December 2023 |
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COMPANY INFORMATION |
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1. |
Company Information |
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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. |
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The company is a wholly owned subsidiary of Windward Ltd, a company registered in Israel. |
2. |
Accounting Policies |
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2.1 |
Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention. |
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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. |
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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. |
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2.2 |
Going concern |
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The company suffered a loss as a result of foreign witholding tax deducted abroad. |
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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. |
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On the basis of the above, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
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2.3 |
Turnover and Revenue Recognition |
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Turnover represents net value of sales of software products excluding VAT. |
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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. |
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OCEAN TECH SOLUTIONS LTD |
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Notes to the financial statements - 31 December 2023 |
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2. |
Accounting Policies (continued) |
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2.4 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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2.5 |
Creditors |
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Basic financial liabilities including trade and other payable are measured at transaction price. |
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2.6 |
Current & deferred taxation |
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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. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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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. |
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2.7 |
Foreign currencies |
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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. |
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3. |
No of employees and director's remuneration |
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2023 |
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2022 |
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No of employees during the year |
0 |
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0 |
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No remuneration was paid to the director during the year. |
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4. |
Debtors |
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31.12.2023 |
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31.12.2022 |
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US$ |
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US$ |
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Restricted bank deposit |
300,000 |
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300,000 |
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Trade debtors |
1,436,000 |
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0 |
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Parent company |
0 |
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159,482 |
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Accrued income |
923,000 |
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- |
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2,659,000 |
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459,482 |
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The restricted bank deposit will mature in a period of more than 12 months. |
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OCEAN TECH SOLUTIONS LTD |
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Notes to the financial statements - 31 December 2023 |
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5. |
Creditors: amounts falling due |
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within one year |
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31.12.2023 |
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31.12.2022 |
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US$ |
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US$ |
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Trade creditors |
0 |
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243 |
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Corporation Tax |
0 |
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1,067 |
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Parent company |
758,911 |
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0 |
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Deferred income and accruals |
2,229,667 |
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445,022 |
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2,988,578 |
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446,332 |
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6. |
Share capital |
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2023 |
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2022 |
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US$ |
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US$ |
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Allotted, called up and fully paid: |
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1 ordinary share at $1 |
1 |
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1 |
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7. |
Audit report information |
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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. |
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The senior statutory auditor was Mr Josef Cohen |
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The auditor was Levy Cohen & Co |
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Date auditor signed accounts: 21 July 2024 |
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Name of director signing accounts: A. Daniel |
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Date director signed accounts: 21 July 2024 |
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8. |
Related Party Transactions |
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Control |
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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 |
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Windward Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office. |
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Transactions |
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The company is exempt from disclosing transactions with related parties that are wholly owned |
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within the same group in accordance with FRS 102 Section 33(1)A. |
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9. |
Commitment |
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As at 31.12.2023 the company does not have any commitment. |