Company Registration No. SC279560 (Scotland)
OCEAN WORK SYSTEMS LIMITED
Unaudited accounts
for the year ended 29 February 2024
OCEAN WORK SYSTEMS LIMITED
Unaudited accounts
Contents
OCEAN WORK SYSTEMS LIMITED
Company Information
for the year ended 29 February 2024
Directors
Angus George Kerr
Gayle Kerr
Company Number
SC279560 (Scotland)
Registered Office
TERRYVALE HOUSE
DUNECHT
WESTHILL
AB32 7BS
Accountants
Aberdeen Accountants
3 Scotsmill Gardens
Blackburn
Aberdeenshire
AB21 0GA
OCEAN WORK SYSTEMS LIMITED
Statement of financial position
as at 29 February 2024
Tangible assets
25,747
45,744
Investments
1,007,800
1,007,800
Debtors
1,823,820
1,232,593
Cash at bank and in hand
1,278,765
946,095
Creditors: amounts falling due within one year
(1,359,154)
(672,910)
Net current assets
1,797,796
1,517,515
Total assets less current liabilities
2,831,343
2,571,059
Provisions for liabilities
Deferred tax
(4,892)
(8,691)
Net assets
2,826,451
2,562,368
Called up share capital
2
2
Profit and loss account
2,826,449
2,562,366
Shareholders' funds
2,826,451
2,562,368
For the year ending 29 February 2024 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by
Gayle Kerr
Director
Company Registration No. SC279560
OCEAN WORK SYSTEMS LIMITED
Notes to the Accounts
for the year ended 29 February 2024
OCEAN WORK SYSTEMS LIMITED is a private company, limited by shares, registered in Scotland, registration number SC279560. The registered office is TERRYVALE HOUSE, DUNECHT, WESTHILL, AB32 7BS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less ccumulative 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:
Plant & machinery
33% straight line
Motor vehicles
25% straight line
Computer equipment
33% straight line
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
OCEAN WORK SYSTEMS LIMITED
Notes to the Accounts
for the year ended 29 February 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 March 2023
44,076
127,947
38,491
17,643
228,157
Additions
-
2,300
-
988
3,288
Disposals
-
(75,729)
-
-
(75,729)
At 29 February 2024
44,076
54,518
38,491
18,631
155,716
At 1 March 2023
44,076
112,722
10,692
14,923
182,413
Charge for the year
-
9,275
12,830
1,180
23,285
On disposals
-
(75,729)
-
-
(75,729)
At 29 February 2024
44,076
46,268
23,522
16,103
129,969
At 29 February 2024
-
8,250
14,969
2,528
25,747
At 28 February 2023
-
15,225
27,799
2,720
45,744
5
Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 March 2023
7,800
1,000,000
1,007,800
Valuation at 29 February 2024
7,800
1,000,000
1,007,800
Amounts falling due within one year
Trade debtors
826,973
985,850
Accrued income and prepayments
21,150
21,150
Other debtors
244,041
225,000
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
45,013
31,787
Taxes and social security
92,050
48,154
Other creditors
492,027
591,289
8
Average number of employees
During the year the average number of employees was 6 (2023: 6).