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Company No: 15134454 (England and Wales)

OCEAN GEOPHYSICS GROUP LTD

Unaudited Financial Statements
For the 16 month period from 12 September 2023 to 31 December 2024
Pages for filing with the registrar

OCEAN GEOPHYSICS GROUP LTD

Unaudited Financial Statements

For the 16 month period from 12 September 2023 to 31 December 2024

Contents

OCEAN GEOPHYSICS GROUP LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
OCEAN GEOPHYSICS GROUP LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 31.12.2024
£
Fixed assets
Investments 4 125
125
Creditors: amounts falling due within one year 5 ( 2,546)
Net current liabilities (2,546)
Total assets less current liabilities (2,421)
Net liabilities ( 2,421)
Capital and reserves
Called-up share capital 6 125
Profit and loss account ( 2,546 )
Total shareholders' deficit ( 2,421)

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ocean Geophysics Group Ltd (registered number: 15134454) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

A L Wells
Director

11 June 2025

OCEAN GEOPHYSICS GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the 16 month period from 12 September 2023 to 31 December 2024
OCEAN GEOPHYSICS GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the 16 month period from 12 September 2023 to 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Ocean Geophysics Group Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

The financial statements are presented for the period from incorporation on 12 September 2023 up to 31 December 2024.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black-Scholes option pricing model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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 method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any 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 the income statement

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

16 month period
to 31.12.2024
Number
Monthly average number of persons employed by the company during the period, including directors 0

3. Share-based payments

Equity-settled share-based payment schemes

During the year, the company granted 1,974 share options to three employees of the group companies which are exercisable upon the occurrence of certain exit events. The directors are of the opinion that these conditions were not met at 31 December 2024.

Accordingly, there is no share-based payment charge in respect of these share options.

4. Fixed asset investments

Investments in subsidiaries

31.12.2024
£
Shares in group undertakings 125
At 31 December 2024 125
Carrying value at 31 December 2024 125

5. Creditors: amounts falling due within one year

31.12.2024
£
Amounts owed to group undertakings 1,170
Other creditors 1,376
2,546

6. Called-up share capital

31.12.2024
£
Allotted, called-up and fully-paid
12,500 Ordinary shares of £ 0.01 each 125

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The company has taken advantage of the exemption available in accordance with Section 1AC.35 of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a parent of the group to which it is party to the transactions.