REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Ocean Marine Systems Limited |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Ocean Marine Systems Limited |
Ocean Marine Systems Limited (Registered number: 08377621) |
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 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 Limited (Registered number: 08377621) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Ocean Marine Systems Limited (Registered number: 08377621) |
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 and Wales. |
The address of its registered office is: |
Russell House |
Oxford Road |
Bournemouth |
Dorset |
BH8 8EX |
The principal place of business is: |
Ocean House |
Aviation Park West |
Bournemouth International Airport |
Christchurch |
Dorset |
BH23 6NW |
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 |
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. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
GOODWILL |
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised / impaired evenly over its estimated useful life of 2 years. |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Ocean Marine Systems Limited (Registered number: 08377621) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
STOCKS |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
TAXATION |
Taxation for the year 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. |
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 year 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 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. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Ocean Marine Systems Limited (Registered number: 08377621) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
LEASES |
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. |
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. lf 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. |
GOING CONCERN |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future together with the support from the ultimate parent company BSI A/S (a company incorporated in Denmark). Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. At 31 December 2024 the company has net liabilities of £514,894 (2023: £208,428) and a net loss of £306,466 (2023: £201,042 ). |
The company is able to meets its day to day working capital requirements with the support from the ultimate parent company BSI A/S, who has provided short term loan and funding to the company. |
Given the above, the directors consider it appropriate to adopt a going concern basis in preparing the financial statements. |
Ocean Marine Systems Limited (Registered number: 08377621) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
PROVISION FOR LIABILITIES |
Provisions are made where an event has taken place that gives the Company a legal or 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 charged as an expense to the Statement of income and retained earnings in the year that the company becomes aware of the obligation, and are measured at the best estimates at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance sheet. |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, which are described in note 3, 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 accruals, amortisation and depreciation, prepayments, work in progress and deferred tax provisions 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. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2024 |
Impairments | (11,250 | ) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Ocean Marine Systems Limited (Registered number: 08377621) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
7. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Work in progress | 897,897 | 502,643 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Payments on account |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Ocean Marine Systems Limited (Registered number: 08377621) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 15,161 | 16,926 |
Deferred |
tax |
£ |
Balance at 1 January 2024 |
Provided during year | ( |
) |
Balance at 31 December 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary Shares | £1 | 2 | 2 |
Ocean Marine Systems Limited (Registered number: 08377621) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for Qualified Opinion |
The company's records related to Work in progress (WIP) are incomplete and we were unable to obtain sufficient appropriate audit evidence regarding the valuation of WIP amounting to £897,897 as at 31 December 2024, by using other audit procedures. |
We have also not been able to obtain reassurance that WIP movement (offset against sales) during the year amounting to £395,253 (2023: £249,437) is fairly reflected in the financial statements due to limitation of scope in record keeping, as mentioned above. |
Consequently we were unable to determine whether any adjustment to this amount was necessary. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
for and on behalf of |
14. | RELATED PARTY DISCLOSURES |
During the year, the company had the following related party transactions; |
Ocean Marine Systems Holding Limited |
At the year end, the immediate parent company, Ocean Marine Systems Holding Limited, was owed £57,200 (2023: £58,000). |
Hundested Propeller A/S |
During the year, the company made sales of £198,393 (2023: Nil) and purchases of £137,290 (2023 : Nil) with Hundested Propeller A/S, the intermediate parent company. |
BSI A/S |
During the year, the company made sales of £69,190 (2023: £71,418) and purchases of £10,384 (2023 : Nil) with BSI A/S, the ultimate parent company. At the year end, the company owed £6,000 (2023: £2,879 debit) to BSI A/S. |
At the year end, the company owed a loan balance of £450,000 (2023 : Nil) to BSI A/S. |
Ocean Yacht Systems Limited |
At the year end, the company owed to Ocean Yacht Systems Limited, a fellow subsidiary £14,961 (2023: £8,699). |
S B Petersen |
During the year, consultancy fees amounting to £68,456 (2023: £32,961) were charged from S B Petersen, a group company director. At the year end, the company owed £810 (2023 : Nil) to S B Petersen. |
Ocean Marine Systems Limited (Registered number: 08377621) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
15. | CONTROL |
The company is controlled by it's immediate UK parent entity, Ocean Marine Systems Holdings Limited (100% controlled by Hundested Propeller A/S) and it's ultimate parent company, BSI A/S, an entity incorporated in Denmark. |