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REGISTERED NUMBER: 08927130 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

OCEAN LED MARINE LIMITED

OCEAN LED MARINE LIMITED (REGISTERED NUMBER: 08927130)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OCEAN LED MARINE LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: J Bhundia
M Blythe
R A Crozier
D Todaro
A S Wood





SECRETARY: J Bhundia





REGISTERED OFFICE: Unit 1 Dodwells Bridge Industrial Estate
Jacknell Road
Hinckley
Leicestershire
LE10 3BS





REGISTERED NUMBER: 08927130 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

OCEAN LED MARINE LIMITED (REGISTERED NUMBER: 08927130)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 7,997 -
Tangible assets 5 819 2,590
Investments 6 1 1
8,817 2,591

CURRENT ASSETS
Stocks 1,572,610 1,333,048
Debtors 7 1,543,505 1,781,655
Cash at bank 746,164 701,123
3,862,279 3,815,826
CREDITORS
Amounts falling due within one year 8 (1,121,932 ) (1,028,848 )
NET CURRENT ASSETS 2,740,347 2,786,978
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,749,164

2,789,569

CREDITORS
Amounts falling due after more than one
year

9

(173,333

)

(277,333

)

PROVISIONS FOR LIABILITIES 12 (200,000 ) (200,000 )
NET ASSETS 2,375,831 2,312,236

CAPITAL AND RESERVES
Called up share capital 9,801 9,801
Share premium 1,324,058 1,324,058
Capital redemption reserve 159 159
Retained earnings 1,041,813 978,218
SHAREHOLDERS' FUNDS 2,375,831 2,312,236

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2025 and were signed on its behalf by:





D Todaro - Director


OCEAN LED MARINE LIMITED (REGISTERED NUMBER: 08927130)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Ocean LED Marine Limited is a private company, limited by shares registered in England and Wales. The company's registered number is 08927130 and its registered office is Unit 1 Dodwells Bridge Industrial Estate, Jacknell Road, Hinckley, Leicestershire, LE10 3BS.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling (£), which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Preparation of consolidated financial statements
The financial statements contain information about Ocean LED Marine Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

The policy used to determine the contract revenue recognised in the period is the percentage of completion method.

Contracts in progress
Short-term contract work in progress is stated at cost.

Attributable profit is taken when the outcome of long-term contracts can be assessed with reasonable certainty and is included within amounts recoverable on contracts. Profit is then attributed on the basis of the percentage of work completed. Provisions are made in full for any foreseeable losses on contracts. Advance payments received from customers are shown as payments received on account and are included in creditors until there is a right to set off against the value of work undertaken.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisaton and any accumulated impairment losses.

Certification costs are being amortised evenly over their estimated useful life of three years.

OCEAN LED MARINE LIMITED (REGISTERED NUMBER: 08927130)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a straight line basis, as indicated below.

Plant and machinery-33% straight line method
Fixtures and fittings-33% straight line method
Display equipment-33% straight line method
Computer equipment-33% straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

Investments in subsidiaries
Investment in the subsidiary company is held at cost less accumulated impairment losses.

Stocks
Stocks are stated at estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Profit and Loss Account.

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

OCEAN LED MARINE LIMITED (REGISTERED NUMBER: 08927130)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the period it is incurred.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Provisions
Provisions are made where an event has taken place that gives the company a legal and constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charges as an expense to the profit and loss account in the year that the company becomes aware of the obligation and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account the relevant risks and uncertainties.

Payments made are charged to the provision in the balance sheet.

Invoice discounting
The gross amount of invoice discounted debts are included in trade debtors and a corresponding liability in respect of proceeds received from factors are shown within current liabilities. Charges and interest are recognised in the profit and loss account as they accrue.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 36 ) .

OCEAN LED MARINE LIMITED (REGISTERED NUMBER: 08927130)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023 1 25,851 25,852
Additions - 12,762 12,762
At 31 December 2023 1 38,613 38,614
AMORTISATION
At 1 January 2023 1 25,851 25,852
Charge for year - 4,765 4,765
At 31 December 2023 1 30,616 30,617
NET BOOK VALUE
At 31 December 2023 - 7,997 7,997
At 31 December 2022 - - -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 109,746 15,200 11,281 136,227
DEPRECIATION
At 1 January 2023 109,261 15,200 9,176 133,637
Charge for year 485 - 1,286 1,771
At 31 December 2023 109,746 15,200 10,462 135,408
NET BOOK VALUE
At 31 December 2023 - - 819 819
At 31 December 2022 485 - 2,105 2,590

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

OCEAN LED MARINE LIMITED (REGISTERED NUMBER: 08927130)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 401,168 619,455
Amounts owed by group undertakings 892,432 999,822
Other debtors 23,581 22,774
Tax - 7,378
VAT 86,214 90,171
Deferred tax asset 15,703 5,466
Prepayments 124,407 36,589
1,543,505 1,781,655

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 104,000 104,000
Trade creditors 460,402 145,508
Tax 30,970 6,474
Social security and other taxes 36,512 29,584
Other creditors 359,686 475,442
Accruals and deferred income 130,362 267,840
1,121,932 1,028,848

Other creditors include £6,139 (2022: £5,518) of unpaid pension contributions.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 104,000 104,000
Bank loans - 2-5 years 69,333 173,333
173,333 277,333

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 4,411 12,183
Between one and five years 50 605
4,461 12,788

11. SECURED DEBTS

The invoice discounting facility is secured by a debenture over the assets of the company. The debenture contains both fixed and floating charges.

During 2020 a Coronavirus Business Interruption Loan was taken out by the company. This loan is fully guaranteed by the UK Government.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Other provisions 200,000 200,000

OCEAN LED MARINE LIMITED (REGISTERED NUMBER: 08927130)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


12. PROVISIONS FOR LIABILITIES - continued

Deferred Other
tax provisions
£    £   
Balance at 1 January 2023 (5,466 ) 200,000
Credit to Profit and Loss Account during year (10,237 ) -
Balance at 31 December 2023 (15,703 ) 200,000

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ryan Parkin (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the year end, £252,607 (2022: £336,128) remained outstanding to a shareholder. The loan is repayable on demand and interest of £38,280 (2022: £29,915) was charged to the company.