Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 7 | ||||||
Current assets | |||||||
Debtors | 8 | ||||||
Creditors: amounts falling due within one year | 9 | ( |
( |
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Net current liabilities | ( |
( |
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Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 10 | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Share premium | |||||||
Revaluation reserve | 11 | ||||||
Shareholder loans | 3,971,897 | 4,022,746 | |||||
Profit and loss account | ( |
( |
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Shareholders' funds | |||||||
J Labouchere | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Tangible fixed assets | ||||||||
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 | ||||||||
Debtors | ||||||||
Creditors | ||||||||
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. |
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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 | ||||||||
7 | Tangible fixed assets | |||||||
Development costs | Fixtures, fittings & equipment | Ocean 2 Prototype | Total | |||||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 1 January 2023 | ||||||||
At 31 December 2023 | ||||||||
Depreciation | ||||||||
At 1 January 2023 | - | |||||||
Charge for the year | - | - | ||||||
At 31 December 2023 | - | |||||||
Net book value | ||||||||
At 31 December 2023 | ||||||||
At 31 December 2022 | ||||||||
8 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Other debtors | ||||||||
9 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
Obligations under finance lease and hire purchase contracts | ||||||||
Trade creditors | ||||||||
Accruals & deferred income | 925 | 535 | ||||||
Customer deposits | 56,669 | 56,669 | ||||||
Convertible loans | 24,954 | 24,954 | ||||||
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 | ||||||||
At 31 December 2023 | ||||||||
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 | |||||||
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. |
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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 |