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REGISTERED NUMBER: 05267259 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Oceantec Marine Limited

Oceantec Marine Limited (Registered number: 05267259)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Oceantec Marine Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: D McKenna
A D McKenna





SECRETARY: R Mansfield





REGISTERED OFFICE: Grindon Way
Heighington Lane Business Park
Newton Aycliffe
Co Durham
DL5 6SH





REGISTERED NUMBER: 05267259 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

Oceantec Marine Limited (Registered number: 05267259)

Balance Sheet
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 850 1,530
Tangible assets 5 93,956 139,718
Investments 6 - 45
94,806 141,293

CURRENT ASSETS
Stocks 1,000 12,439
Debtors 7 392,161 400,478
Cash at bank and in hand 367,864 325,438
761,025 738,355
CREDITORS
Amounts falling due within one year 8 (181,102 ) (207,719 )
NET CURRENT ASSETS 579,923 530,636
TOTAL ASSETS LESS CURRENT
LIABILITIES

674,729

671,929

CREDITORS
Amounts falling due after more than one
year

9

-

(1,580

)

PROVISIONS FOR LIABILITIES 10 (21,253 ) (32,921 )
NET ASSETS 653,476 637,428

CAPITAL AND RESERVES
Called up share capital 11 1,200 1,200
Retained earnings 652,276 636,228
653,476 637,428

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Oceantec Marine Limited (Registered number: 05267259)

Balance Sheet - continued
31 October 2024


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 6 February 2025 and were signed on its behalf by:





D McKenna - Director


Oceantec Marine Limited (Registered number: 05267259)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Oceantec Marine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Income is recognised upon delivery of goods and services.

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

Computer software is being amortised evenly over its estimated useful life of four years.

Goodwill, being the amount paid in connection with the acquisition of a business, has now been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Investments in associates
Investments in associate undertakings are recognised at cost less impairment.

Stocks
Work in progress is valued at the lower of cost and selling price less estimated costs to sell.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.


Oceantec Marine Limited (Registered number: 05267259)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued
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 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.

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.

Government grants
Revenue based grants have been credited to the profit and loss account in the period to which they relate.

Capital based grants are accounted for using the accruals model and have been transferred to a deferred credit and released to the profit and loss account over the useful life of the asset, as disclosed above.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 13 ) .

Oceantec Marine Limited (Registered number: 05267259)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 November 2023
and 31 October 2024 80,000 2,720 82,720
AMORTISATION
At 1 November 2023 80,000 1,190 81,190
Amortisation for year - 680 680
At 31 October 2024 80,000 1,870 81,870
NET BOOK VALUE
At 31 October 2024 - 850 850
At 31 October 2023 - 1,530 1,530

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2023 924,130 12,246 36,270 16,110 988,756
Additions 2,400 - - 425 2,825
At 31 October 2024 926,530 12,246 36,270 16,535 991,581
DEPRECIATION
At 1 November 2023 804,571 10,011 21,926 12,530 849,038
Charge for year 43,761 335 3,586 905 48,587
At 31 October 2024 848,332 10,346 25,512 13,435 897,625
NET BOOK VALUE
At 31 October 2024 78,198 1,900 10,758 3,100 93,956
At 31 October 2023 119,559 2,235 14,344 3,580 139,718

6. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 November 2023 45
Impairments (45 )
At 31 October 2024 -
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 45

Oceantec Marine Limited (Registered number: 05267259)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 369,678 380,298
Other debtors 6,700 6,700
Prepayments 15,783 13,480
392,161 400,478

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 48,367 33,324
Amounts owed to associates 18,292 18,292
Taxation and social security 103,892 138,728
Other creditors 1,419 966
Directors' current accounts 1,743 1,943
Accruals and deferred income 5,809 8,466
Deferred government grants 1,580 6,000
181,102 207,719

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Deferred government grants - 1,580

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 21,253 32,921

Deferred
tax
£   
Balance at 1 November 2023 32,921
Accelerated capital allowances (11,668 )
Balance at 31 October 2024 21,253

Oceantec Marine Limited (Registered number: 05267259)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid up:

Number Class Nominal value 2024 2023

200 A Ordinary £1 200 200
130 B Ordinary £1 130 130
250 C Ordinary £1 250 250
250 D Ordinary £1 250 250
250 E Ordinary £1 250 250
120 F Ordinary £1 120 120
1,200 1,200

12. 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 conducted at market rate.

There were no related party transactions other than those concluded under normal market conditions, except for those shown below.

2024 2023
£ £

Amounts due to directors 1,743 1,943
No interest has been charged.