Company registration number 06000315 (England and Wales)
OCEAN PARTNERS INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
OCEAN PARTNERS INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
OCEAN PARTNERS INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
$
$
$
$
Non-current assets
Investments
3
61,586
146,326
Current assets
Cash and cash equivalents
3,744
3,624
Net current assets
3,744
3,624
Total assets less current liabilities
65,330
149,950
Non-current liabilities
4
(3,732,132)
(3,442,817)
Net liabilities
(3,666,802)
(3,292,867)
Equity
Called up share capital
5
2
2
Retained earnings
(3,666,804)
(3,292,869)
Total equity
(3,666,802)
(3,292,867)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
Siva Pillay
Director
Company registration number 06000315 (England and Wales)
OCEAN PARTNERS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Ocean Partners Investments Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is The Pearce Building, West Street, Maidenhead, SL6 1RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared on the historical cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Thetrue loan facility with the company’s major creditor does not become due for repayment until 2030. Furthermore the directors have assessed the remaining facility availability against their expected cash requirements in the twelve months from the date of approval of these financial statements. As a result of this assessment, the directors are confident that the company will be able to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Non-current investments

Interests in subsidiaries and other equity investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

 

At each balance sheet date, the investments have been valued based on publicly published share prices where available. Where no such public price is available the investments have been valued by the directors, as they have significant experience and expertise in the industries in which the investments operate.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash at bank and in hand includes cash in hand and deposits held at call with banks.

OCEAN PARTNERS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, including cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

 

Such assets are subsequently carried at amortised cost using the effective interest method.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, comprising other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.7
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately.

1.8
Foreign exchange

Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing at the date of the transaction. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

2
Employees

The company had no employees in current or comparative year.

OCEAN PARTNERS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Fixed asset investments
2023
2022
$
$
Other investments other than loans
61,586
146,326
Movements in non-current investments
Shares in group undertakings
Other investments
Total
$
$
$
Cost or valuation
At 1 January 2023 & 31 December 2023
2,043,064
617,552
2,660,616
Impairment
At 1 January 2023
2,043,064
471,226
2,514,290
Impairment losses
-
84,740
84,740
At 31 December 2023
2,043,064
555,966
2,599,030
Carrying amount
At 31 December 2023
-
61,586
61,586
At 31 December 2022
-
146,326
146,326
4
Non-current liabilities
2023
2022
$
$
Other payables
3,732,132
3,442,817
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary of £1 each
2
2
2
2
6
Financial commitments, guarantees and contingent liabilities

The company is the guarantor of its subsidiary's financing facility, which totalled $6,500,545 (2022: $8,509,116) at the year end.

7
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

OCEAN PARTNERS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Related party transactions
(Continued)
- 5 -

As at 31 December 2023 the company owed Ocean Partners UK Limited, a company with common directors, $3,732,132 (2022: $3,442,817). The loan is secured against the assets of the company and its subsidiaries, and is due for repayment in 2030. During the year interest of $255,314 (2022: $176,133) was payable to Ocean Partners UK Limited.

 

As at 31 December 2023, the company was owed $314,545 (2022: $280,723) by its parent company, against which a provision of $314,545 (2022: $280,723) has been recognized. This loan is interest free and repayable on demand.

8
Parent company

The ultimate parent company is Resource Investment Co. Limited, a company registered in the Cayman Islands.

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