1 March 2023 false No description of principal activity Taxfiler 2024.6 SC279560business:PrivateLimitedCompanyLtd2023-03-012024-02-29 SC2795602023-02-28 SC2795602023-03-012024-02-29 SC279560business:AuditExempt-NoAccountantsReport2023-03-012024-02-29 SC279560business:FilletedAccounts2023-03-012024-02-29 SC2795602024-02-29 SC279560business:Director12023-03-012024-02-29 SC279560business:Director22023-03-012024-02-29 SC279560business:CompanySecretary12023-03-012024-02-29 SC279560business:RegisteredOffice2023-03-012024-02-29 SC2795602023-02-28 SC279560core:WithinOneYear2024-02-29 SC279560core:WithinOneYear2023-02-28 SC279560core:ShareCapitalcore:PreviouslyStatedAmount2024-02-29 SC279560core:ShareCapitalcore:PreviouslyStatedAmount2023-02-28 SC279560core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-02-29 SC279560core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-02-28 SC279560core:PreviouslyStatedAmount2024-02-29 SC279560core:PreviouslyStatedAmount2023-02-28 SC279560business:SmallEntities2023-03-012024-02-29 SC279560countries:Scotland2023-03-012024-02-29 SC279560core:PlantMachinery2023-03-012024-02-29 SC279560core:MotorVehicles2023-03-012024-02-29 SC279560core:ComputerEquipment2023-03-012024-02-29 SC279560core:LandBuildings2023-02-28 SC279560core:PlantMachinery2023-02-28 SC279560core:MotorVehicles2023-02-28 SC279560core:ComputerEquipment2023-02-28 SC279560core:LandBuildings2023-03-012024-02-29 SC279560core:LandBuildings2024-02-29 SC279560core:PlantMachinery2024-02-29 SC279560core:MotorVehicles2024-02-29 SC279560core:ComputerEquipment2024-02-29 SC2795602022-03-012023-02-28 iso4217:GBP xbrli:pure
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
Page
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OCEAN WORK SYSTEMS LIMITED Company Information for the year ended 29 February 2024
Directors
Angus George Kerr Gayle Kerr
Secretary
Gayle Kerr
Company Number
SC279560 (Scotland)
Registered Office
TERRYVALE HOUSE DUNECHT WESTHILL AB32 7BS
Accountants
Aberdeen Accountants 3 Scotsmill Gardens Blackburn Aberdeenshire AB21 0GA
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OCEAN WORK SYSTEMS LIMITED Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
25,747 
45,744 
Investments
1,007,800 
1,007,800 
1,033,547 
1,053,544 
Current assets
Inventories
54,365 
11,737 
Debtors
1,823,820 
1,232,593 
Cash at bank and in hand
1,278,765 
946,095 
3,156,950 
2,190,425 
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 
Capital and reserves
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
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OCEAN WORK SYSTEMS LIMITED Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
Foreign exchange
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 taxation
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.
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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 
Depreciation
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 
Net book value
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 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
731,656 
593 
Trade debtors
826,973 
985,850 
Accrued income and prepayments
21,150 
21,150 
Other debtors
244,041 
225,000 
1,823,820 
1,232,593 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
728,384 
- 
Trade creditors
45,013 
31,787 
Taxes and social security
92,050 
48,154 
Other creditors
492,027 
591,289 
Accruals
1,680 
1,680 
1,359,154 
672,910 
8
Average number of employees
During the year the average number of employees was 6 (2023: 6).
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