Registration number:
Ocean & Mountain Explorers Limited
for the Year Ended 31 December 2023
Pages for filing with Registrar
Ocean & Mountain Explorers Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ocean & Mountain Explorers Limited
Company Information
Director |
J P Rogers |
Registered office |
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Registered number |
11725792 |
Accountant |
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Ocean & Mountain Explorers Limited
(Registration number: 11725792)
Balance Sheet as at 31 December 2023
Note |
2023 |
(As restated) |
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Fixed assets |
|||
Tangible assets |
|
120,289 |
|
Current assets |
|||
Debtors |
|
59,220 |
|
Cash at bank and in hand |
|
37,663 |
|
94,121 |
96,883 |
||
Creditors: Amounts falling due within one year |
(552,248) |
(497,336) |
|
Net current liabilities |
( |
(400,453) |
|
Total assets less current liabilities |
( |
(280,164) |
|
Creditors: Amounts falling due after more than one year |
(298,133) |
(270,614) |
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Net liabilities |
(657,491) |
(550,778) |
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Capital and reserves |
|||
Called up share capital |
|
100 |
|
Profit and loss account |
( |
(550,878) |
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Total equity |
( |
(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:
• |
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• |
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
Ocean & Mountain Explorers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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
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 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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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
Tangible fixed assets |
Leasehold improvements |
Tools and equipment |
Other property, plant and equipment |
Total |
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Cost |
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At 1 January 2023 |
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|
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Disposals |
- |
( |
- |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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|
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Ocean & Mountain Explorers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Debtors: amounts falling due within one year |
Note |
2023 |
(As restated) |
|
Amounts owed by group undertakings |
|
10,099 |
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Prepayments and accrued income |
30,360 |
36,775 |
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Other debtors |
|
12,346 |
|
|
59,220 |
Creditors |
Note |
2023 |
2022 |
|
Amounts falling due within one year |
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Trade creditors |
|
- |
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Accruals |
2,500 |
6,890 |
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Bank loans |
2,995 |
9,423 |
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Amounts owed to director |
537,461 |
481,023 |
|
552,248 |
497,336 |
Note |
2023 |
2022 |
|
Due after one year |
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Other creditors |
|
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
Called-up share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
|
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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.