BLUE OCEAN DATA SOLUTION LTD Filleted Accounts Cover
BLUE OCEAN DATA SOLUTION LTD
Company No. 13196874
Information for Filing with The Registrar
31 December 2023
BLUE OCEAN DATA SOLUTION LTD Directors Report Registrar
The Directors present their report and the accounts for the period ended 31 December 2023.
Principal activities
The principal activity of the company during the period under review was underwrite and distribution of cargo insurance.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Statement of directors' responsibilities
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with united Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgments and estimates that are reasonable and prudent;
• state whether applicable United Kingdom Accounting Standards, comprising FRS 102 Section 1A, have been
followed, subject to any material departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business.
The directors are responsible for keeping adequate accounting records that show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Directors
The Directors who served at any time during the period were as follows:
Y. Ariav
M. Avgustevich
E. Goldberg
I. Weinstein
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
E. Goldberg
Director
02 September 2024
BLUE OCEAN DATA SOLUTION LTD Balance Sheet Registrar
at
31 December 2023
December
February
Company No.
13196874
Notes
2023
2023
£
£
Fixed assets
Tangible assets
5
3,0612,980
3,0612,980
Current assets
Debtors
6
1,925,0641,144,113
Cash at bank and in hand
183,665204,491
2,108,7291,348,604
Creditors: Amount falling due within one year
7
(1,243,146)
(1,350,698)
Net current assets/(liabilities)
865,583
(2,094)
Total assets less current liabilities
868,644886
Net assets
868,644886
Capital and reserves
Called up share capital
100100
Share premium account
9
872,890-
Other reserve
8
104,1181,217
Profit and loss account
9
(108,464)
(431)
Total equity
868,644886
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the period 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 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 02 September 2024
And signed on its behalf by:
E. Goldberg
Director
02 September 2024
BLUE OCEAN DATA SOLUTION LTD Notes to the Accounts Registrar
for the period ended 31 December 2023
1
General information
Its registered number is: 13196874
Its registered office is:
201 Haverstock Hill
Second Floor
c/o FKGB
London
NW3 4QG
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
2
Accounting policies
Going concern
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Share based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Profit and Loss Account over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a marketing vesting condition.
The fair value of the award also takes into account non-vesting conditions. There are either factors beyond the control of either party (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of options, measured immediately before and after the modification, is also charged to the Profit and Loss Account over the remaining vesting period.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
25% Straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3
Change in length of the reporting period
During the financial year, the company shortened its accounting period to align the year-end with other companies within the group. Consequently, the financial statements have been prepared for a 10-month period from 1 March 2023 to 31 December 2023, compared to the previous 12-month period. As a result, the comparative figures are not directly comparable.
4
Employees
December
February
2023
2023
Number
Number
The average monthly number of employees (including directors) during the period:
64
5
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 March 2023
3,6293,629
Additions
1,0921,092
At 31 December 2023
4,7214,721
Depreciation
At 1 March 2023
649649
Charge for the year
1,0111,011
At 31 December 2023
1,6601,660
Net book values
At 31 December 2023
3,0613,061
At 28 February 2023
2,9802,980
6
Debtors
December
February
2023
2023
£
£
VAT recoverable
62,187-
Other debtors
1,862,8771,144,113
1,925,0641,144,113
7
Creditors:
amounts falling due within one year
December
February
2023
2023
£
£
Trade creditors
44,74336,256
Other taxes and social security
29,28517,559
Other creditors
1,167,1181,296,383
Accruals and deferred income
2,000500
1,243,1461,350,698
8
Share based payments
The company operates an employee share option plan, 17,984 options have been granted in 2023 (2023: 3,226)
Details of the share options outstanding during the year are as follows:
Weighted average exercise price 2023
Number December 2023
Weighted average exercise price 2023
Number February 2023
Outstanding as at beginning of year
3,226
-
Granted during the year
1
17,984
1
3,226
Cancelled during the year
-
-
Outstanding as the end of the year
21,210
3,226
December
February
2023
2023
$
$
Option pricing model used
Black and Scholes
Black and Scholes
Share price
1.11
1.11
Exercise price
18.78
0.01
Contractual life (years)
3 - 4
3 - 4
Expected volatility
70.00%
70.00%
Risk-free interest rate
0.20%
0.20%
December
February
2023
2023
£
£
Equity-settled schemes
102,901
1,217
9
Reserves
Other reserve
Total other reserves
£
£
Movement on other reserve
1,217
1,217
At 28 February 2023 and 1 March 2023
1,217
1,217
Movement in other reserve
102,901
102,901
At 31 December 2023
104,118104,118
Other reserve - movement in equity-settled schemes.
Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account - includes all current and prior period retained profits and losses.
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