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REGISTERED NUMBER: 04283382 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Ocean Flow Energy Ltd

Ocean Flow Energy Ltd (Registered number: 04283382)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Ocean Flow Energy Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A D Hewitt
G C Mackie





REGISTERED OFFICE: 15 Millview Drive
North Shields
Tyne and Wear
NE30 2PR





REGISTERED NUMBER: 04283382 (England and Wales)





ACCOUNTANTS: Peter Weldon & Co. Ltd
87 Station Road
Ashington
Northumberland
NE63 8RS

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Ocean Flow Energy Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ocean Flow Energy Ltd for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ocean Flow Energy Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ocean Flow Energy Ltd and state those matters that we have agreed to state to the Board of Directors of Ocean Flow Energy Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ocean Flow Energy Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ocean Flow Energy Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ocean Flow Energy Ltd. You consider that Ocean Flow Energy Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ocean Flow Energy Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Peter Weldon & Co. Ltd
87 Station Road
Ashington
Northumberland
NE63 8RS


7 August 2024

Ocean Flow Energy Ltd (Registered number: 04283382)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 5 450 448
Cash at bank and in hand 3,733 2,381
4,183 2,829
CREDITORS
Amounts falling due within one year 6 101,819 86,719
NET CURRENT LIABILITIES (97,636 ) (83,890 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(97,636

)

(83,890

)

CAPITAL AND RESERVES
Called up share capital 245 245
Share premium 1,309,769 1,309,769
Retained earnings (1,407,650 ) (1,393,904 )
SHAREHOLDERS' FUNDS (97,636 ) (83,890 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ocean Flow Energy Ltd (Registered number: 04283382)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by:





G C Mackie - Director


Ocean Flow Energy Ltd (Registered number: 04283382)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Ocean Flow Energy Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance per annum

Going concern
These accounts have been prepared on the going concern basis, and on the basis that the directors are confident that they can continue to attract funding to support the company during the forthcoming financial period.

Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently amortised cost, net of impairment.

Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised costs using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Ocean Flow Energy Ltd (Registered number: 04283382)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 6,959
DEPRECIATION
At 1 April 2023
and 31 March 2024 6,959
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
VAT 450 448

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Directors' current accounts 81,399 70,399
Accrued expenses 20,420 16,320
101,819 86,719