REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Ocean Marine Systems Holdings Limited |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Ocean Marine Systems Holdings Limited |
Ocean Marine Systems Holdings Limited (Registered number: 08377558) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Ocean Marine Systems Holdings Limited |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
3 Sheen Road |
Richmond Upon Thames |
TW9 1AD |
Ocean Marine Systems Holdings Limited (Registered number: 08377558) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Ocean Marine Systems Holdings Limited (Registered number: 08377558) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
The company is a private company limited by share capital, incorporated in England & Wales within the United Kingdom. |
The address of its registered office is: |
Russell House |
Oxford Road |
Bournemouth |
Dorset |
BH8 8EX |
The presentation and functional currency of the financial statements is the Pound Sterling (£). |
The significant accounting policies applied in the preparation of the financial statements are set below. These policies have been consistently applied to all years unless stated otherwise. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared under the historical cost convention. |
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about Ocean Marine Systems Holdings 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. |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost less accumulated impairment losses.The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
TAXATION |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Ocean Marine Systems Holdings Limited (Registered number: 08377558) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
FOREIGN CURRENCY TRANSACTION & 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 etranslated 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. |
DIVIDEND INCOME |
Dividend are recognised once the dividend has been declared and notification has been received of the dividends due. This is normally upon notification by our investment advisor of the dividend of the portfolio. |
CASH AND CASH EQUIVALENTS |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
TRADE DEBTORS |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
TRADE CREDITORS |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
Ocean Marine Systems Holdings Limited (Registered number: 08377558) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates of accrual, as included in the financial statements and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | FIXED ASSET INVESTMENTS |
Investment |
in |
subsidiaries |
COST |
At 1 January 2024 |
and 31 December 2024 | 2 |
NET BOOK VALUE |
At 31 December 2024 | 2 |
At 31 December 2023 | 2 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Ocean Marine Systems Ltd |
Registered office: Russell House,Oxford Road,Bournemouth,Dorset,BH8 8EX |
Nature of business: Supply of services to marine industry |
% |
Class of shares: | holding |
Ordinary Shares | 100.00 |
31.12.2024 | 31.12.2023 |
£ | £ |
Aggregate capital and reserves | (514,894 | ) | (208,428 | ) |
Profit/(Loss) for the year | (306,466 | ) | (201,042 | ) |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Ocean Marine Systems Holdings Limited (Registered number: 08377558) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accruals |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary Shares | £1 | 100 | 100 |
Ordinary Class B | £1 | 4 | 4 |
104 | 104 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
During the year, the company had the following related party transactions; |
Ocean Marine Systems Limited |
At the year end, the subsidiary company, Ocean Marine Systems Limited owed £57,200 (2023: £58,000). |
11. | CONTROL |
The company is controlled by it's immediate parent entity, Hundested Propeller A/S and it's ultimate parent company, BSI A/S, both incorporated in Denmark. |