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Registration number: 11725792

Ocean & Mountain Explorers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

Ocean & Mountain Explorers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Ocean & Mountain Explorers Limited

Company Information

Director

J P Rogers

Registered office

1st Floor
25 King Street
Bristol
BS1 4PB

Registered number

11725792

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Ocean & Mountain Explorers Limited

(Registration number: 11725792)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)
2022
£

Fixed assets

 

Tangible assets

5

98,769

120,289

Current assets

 

Debtors

6

90,269

59,220

Cash at bank and in hand

 

3,852

37,663

 

94,121

96,883

Creditors: Amounts falling due within one year

7

(552,248)

(497,336)

Net current liabilities

 

(458,127)

(400,453)

Total assets less current liabilities

 

(359,358)

(280,164)

Creditors: Amounts falling due after more than one year

7

(298,133)

(270,614)

Net liabilities

 

(657,491)

(550,778)

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

(657,591)

(550,878)

Total equity

 

(657,491)

(550,778)

 

Ocean & Mountain Explorers Limited

(Registration number: 11725792)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the director on 31 January 2025
 

.........................................

J P Rogers
Director

 

Ocean & Mountain Explorers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB
United Kingdom

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

In accordance with his responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements.

The company was loss making during the year to 31 December 2023 and had net current liabilities as at that date of £458,127 (2022 - £400,453). Included within liabilities due within one year is £537,461 (2022 - £481,023) owed to the director.

The director is considering the future plans for the trade of the company given the losses which the company is incurring. Meanwhile, the director confirms their ongoing support and will continue to provide working capital funds as needed. Accordingly, the director considers it appropriate to prepare these financial statements on a going concern basis.

 

Ocean & Mountain Explorers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of trade discounts.

The company recognises revenue as the services are delivered.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Leasehold improvements

10 years straight line

Tools and equipment

3 years straight line

Other property, plant and equipment

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ocean & Mountain Explorers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Prior year adjustment

The results for the year ended 31 December 2022 have been restated from previously reported. The adjustment is made to derecognise an incorrectly capitalised intangible asset which related to costs paid by Ocean & Mountain Explorers Limited on behalf of Outlive Limited, a related party.

The overall impact on the financial statements for the year ended 31 December 2022 is as follows:
• Decrease administrative expenses by £946;
• Decrease fixed assets by £9,153;
• Increase debtors by £10,099;
• Increase reserves carried forward by £946.

 

Ocean & Mountain Explorers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible fixed assets

Leasehold improvements
£

Tools and equipment
 £

Other property, plant and equipment
£

Total
£

Cost

At 1 January 2023

26,966

16,742

181,171

224,879

Disposals

-

(1,169)

-

(1,169)

At 31 December 2023

26,966

15,573

181,171

223,710

Depreciation

At 1 January 2023

19,552

15,589

69,449

104,590

Charge for the year

2,697

706

18,117

21,520

Eliminated on disposal

-

(1,169)

-

(1,169)

At 31 December 2023

22,249

15,126

87,566

124,941

Carrying amount

At 31 December 2023

4,717

447

93,605

98,769

At 31 December 2022

7,414

1,153

111,722

120,289

 

Ocean & Mountain Explorers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors: amounts falling due within one year

Note

2023
£

(As restated)
2022
£

Amounts owed by group undertakings

10

47,075

10,099

Prepayments and accrued income

 

30,360

36,775

Other debtors

 

12,834

12,346

 

90,269

59,220

7

Creditors

Note

2023
£

2022
£

Amounts falling due within one year

 

Trade creditors

 

9,292

-

Accruals

 

2,500

6,890

Bank loans

 

2,995

9,423

Amounts owed to director

10

537,461

481,023

 

552,248

497,336

Note

2023
£

2022
£

Due after one year

 

Other creditors

10

265,683

238,922

Bank loans

 

32,450

31,692

 

298,133

270,614

Bank loans included £8,446 (2022 - £14,446) which is due after more than five years.

Bank loans with a carrying value of £35,445 (2022 - £41,115) are guaranteed by Government under the Bounce Back Loan Scheme.

 

Ocean & Mountain Explorers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Called-up share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

30,360

31,253

10

Related party transactions

Transactions with the entity's director
At the year end the Company owed the director £537,461 (2022 - £481,023). The loan is interest free and repayable on demand.


Other related party transactions
Within other creditors due in more than one year is an unsecured loan from a related company amounting to £265,683 (2022 - £238,922). The company is related by virtue of common directorship and significant shareholding. The loan is repayable by instalments from 2027. Interest is being accrued annually at a rate of 5% above the Bank of England's prevailing base rate. Interest accrued for the year ended 31 December 2023 is £18,452 (2022 - £27,240).

Included in debtors due within one year is £47,075 (2022 - £10,099) due from entities under joint control where Ocean & Mountain Explorers Limited paid expenses on behalf of the entities under joint control. The amount is repayable on demand, unsecured and interest-free.