BLUE OCEAN DATA SOLUTION LTD Filleted Accounts Cover |
Company No. 13196874 | |||||||||
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 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 | |||||||||
Signed on behalf of the board | |||||||||
E. Goldberg | |||||||||
Director | |||||||||
02 September 2024 |
BLUE OCEAN DATA SOLUTION LTD Balance Sheet Registrar |
at | December | February | ||||||||
Company No. | Notes | 2023 | 2023 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 5 | |||||||||
Current assets | ||||||||||
Debtors | 6 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 7 | ( | ( | |||||||
Net current assets/(liabilities) | ( | |||||||||
Total assets less current liabilities | ||||||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Share premium account | 9 | |||||||||
Other reserve | 8 | |||||||||
Profit and loss account | 9 | ( | ( | |||||||
Total equity | ||||||||||
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: | ||||||||||||||
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 | ||||||||||||||
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 | ||||||||||||||
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. | ||||||||||||||
Furniture, fittings and equipment | ||||||||||||||
Taxation | ||||||||||||||
Income tax expense represents the sum of the tax currently payable and deferred tax. | ||||||||||||||
Trade and other debtors | ||||||||||||||
Trade and other creditors | ||||||||||||||
Foreign currencies | ||||||||||||||
Defined contribution pensions | ||||||||||||||
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: | ||||||||||||||
5 | Tangible fixed assets | |||||||||||||
Fixtures, fittings and equipment | Total | |||||||||||||
£ | £ | |||||||||||||
Cost or revaluation | ||||||||||||||
At 1 March 2023 | ||||||||||||||
Additions | ||||||||||||||
At 31 December 2023 | ||||||||||||||
Depreciation | ||||||||||||||
At 1 March 2023 | ||||||||||||||
Charge for the year | ||||||||||||||
At 31 December 2023 | ||||||||||||||
Net book values | ||||||||||||||
At 31 December 2023 | ||||||||||||||
At 28 February 2023 | ||||||||||||||
6 | Debtors | December | February | |||||||||||
2023 | 2023 | |||||||||||||
£ | £ | |||||||||||||
VAT recoverable | ||||||||||||||
Other debtors | ||||||||||||||
7 | Creditors: | |||||||||||||
amounts falling due within one year | December | February | ||||||||||||
2023 | 2023 | |||||||||||||
£ | £ | |||||||||||||
Trade creditors | ||||||||||||||
Other taxes and social security | ||||||||||||||
Other creditors | ||||||||||||||
Accruals and deferred income | ||||||||||||||
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 | ||||||||||||||
At 28 February 2023 and 1 March 2023 | ||||||||||||||
Movement in other reserve | ||||||||||||||
At 31 December 2023 | ||||||||||||||