Registered number
03101582
Warrior (Aero-Marine) Limited
Filleted Accounts
31 December 2023
Warrior (Aero-Marine) Limited
Registered number: 03101582
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 7 3,102,252 3,102,484
Current assets
Debtors 8 592 450
Creditors: amounts falling due within one year 9 (106,379) (107,339)
Net current liabilities (105,787) (106,889)
Total assets less current liabilities 2,996,465 2,995,595
Creditors: amounts falling due after more than one year 10 (5,586) (5,100)
Net assets 2,990,879 2,990,495
Capital and reserves
Called up share capital 1,493,251 1,416,364
Share premium 1,086,683 1,086,683
Revaluation reserve 11 1,500,000 1,500,000
Shareholder loans 3,971,897 4,022,746
Profit and loss account (5,060,952) (5,035,298)
Shareholders' funds 2,990,879 2,990,495
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Labouchere
Director
Approved by the board on 24 September 2024
Warrior (Aero-Marine) Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Development costs see note below
Computer equipment 20% straight line
Fixtures, fittings, tools and equipment 15% reducing balance
2 Development expenditure
It is company policy to capitalise the seaplane and UAV development costs. However, a provision for depreciation has been made against these costs as the funding of the full project is not at this time guarenteed. The directors have reinstated development costs in the balance sheet at a carrying value of £3,000,000.
3 Ocean 2 Seaplane Prototype
This is currently only 40% complete and will require approximately £1,000,000 to complete the build. Once complete it is not certain at this stage whether the prototype will be used extensively in the testing and certification processes and therefore have no expected long-term life. Alternatively it may be built for longer term use as a demonstrator that may be useful for several years. Once completed the depreciation will be calculated.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
4 Sweat Equity Shares
Sweat equity shares consist of the equity issued by the company in return for value adding contributions that were not settled by way of cash consideration. Each contribution has been treated individually and calculated using the following methods:

(i) Estimated openly sourced/replacement cost of goods and services estimated by Warrior.
(ii) Warrior's estimate of the cash consideration it would have been prepared to pay for those goods and services had project funding been in place at the time.
(iii)The logged hours against an hourly or day rate which has been agreed between Warrior and the service provider.
(iv) Invoiced services which were settled by deferred shares as opposed to cash consideration.

The associated number of deferred shares have been calculated from these values using share prices agreed with contributors, the prices being held consistent among contributors at any time by Warrior (Aero-Marine) Ltd.

The fully diluted ownership of shares is made up of issued shares and deferred shares. Deferred shares reflect convertible cash loans and sweat equity shares for a specific value in exchange for shareholdings. Throughout the history of the Company, goods and services of accountable value have been offered to the Company but without requirement for payment in cash. Payment has been agreed with the goods and service providers, or the Company has otherwise undertaken to pay for these goods and services, with promises of deferred shares. These shares would be issued if certain milestones are met by the company, particularly in any opportunity to trade shares or otherwise exchange shares for cash on the open market. The purpose of these arrangements has been purely to enable the Company to endure and progress regardless of the availability of cash.
5 Sweat Equity Shares Value Value/ Contributions Shares due
£ £
Total deferred shares for non-cash contributions 2,078,001 85,091,150
2,078,001 85,091,150
6 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
7 Tangible fixed assets
Development costs Fixtures, fittings & equipment Ocean 2 Prototype Total
£ £ £ £
Cost
At 1 January 2023 4,245,150 24,211 101,540 4,370,901
At 31 December 2023 4,245,150 24,211 101,540 4,370,901
Depreciation
At 1 January 2023 1,245,150 23,267 - 1,268,417
Charge for the year - 232 - 232
At 31 December 2023 1,245,150 23,499 - 1,268,649
Net book value
At 31 December 2023 3,000,000 712 101,540 3,102,252
At 31 December 2022 3,000,000 944 101,540 3,102,484
8 Debtors 2023 2022
£ £
Other debtors 592 450
9 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 21,880 23,423
Obligations under finance lease and hire purchase contracts 472 1,038
Trade creditors 1,479 720
Accruals & deferred income 925 535
Customer deposits 56,669 56,669
Convertible loans 24,954 24,954
106,379 107,339
10 Creditors: amounts falling due after one year 2023 2022
£ £
Directors loan account 5,586 5,100
11 Revaluation reserve 2023 2022
£ £
At 1 January 2023 1,500,000 1,500,000
At 31 December 2023 1,500,000 1,500,000
12 Shareholder Loans 2023 2022
£ £
At 1 January 2023 4,022,746 4,022,746
Movement in the year (50,849) -
At 31 December 2023 3,971,897 4,022,746
13 Related party transactions
A related party transaction is a transfer of resources, services or obligations between the entity and a related party. A related party is a person related to the reporting entity that has control or joint control of, or significant influence over the reporting entity.

For the purpose of this note, the related parties are as follows:

Mr James Labouchere
Mr Anthony Wood
Mr Anthony Parker

The nature of their relationship is that they are all directors of the company, therefore having joint control and significant influence.

Compensation of key management personnel in the form of sweat equity shares:

James Labouchere: No. of shares 44,484,821 Indicative value £1,096,607
A Wood: No. of shares 813,700 Indicative value £17,045
A Parker: No. of shares 3,335,399 Indicative value £80,411

These amounts have been issued in respect of work or services carried out that have not been settled in the form of cash consideration or otherwise. Please see note 2 for further details on the issue of sweat equity shares.
14 Other information
Warrior (Aero-Marine) Limited is a private company limited by shares and incorporated in England. Its registered office is:
43 Fisherton Street
Salisbury
Wiltshire
SP2 7SU
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