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REGISTERED NUMBER: 02351541 (England and Wales)












OCEAN SCIENTIFIC INTERNATIONAL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






OCEAN SCIENTIFIC INTERNATIONAL LIMITED (REGISTERED NUMBER: 02351541)

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 SCIENTIFIC INTERNATIONAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: Dr R T Williams



REGISTERED OFFICE: Culkin House
C7/C8 Endeavour Business Park
Penner Road
Havant
Hampshire
PO9 1QN



REGISTERED NUMBER: 02351541 (England and Wales)



SENIOR STATUTORY AUDITOR: Matt Cooper ACA



AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

OCEAN SCIENTIFIC INTERNATIONAL LIMITED (REGISTERED NUMBER: 02351541)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 4 215,012 174,555

CURRENT ASSETS
Stocks 209,349 252,297
Debtors 5 1,485,896 1,059,367
Cash at bank and in hand 481,915 477,453
2,177,160 1,789,117
CREDITORS
Amounts falling due within one year 6 (877,976 ) (872,338 )
NET CURRENT ASSETS 1,299,184 916,779
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,514,196

1,091,334

CREDITORS
Amounts falling due after more than one
year

7

(145,019

)

(143,623

)

PROVISIONS FOR LIABILITIES (15,885 ) (3,205 )
NET ASSETS 1,353,292 944,506

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 1,253,292 844,506
SHAREHOLDERS' FUNDS 1,353,292 944,506

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 June 2025 and were signed by:





Dr R T Williams - Director


OCEAN SCIENTIFIC INTERNATIONAL LIMITED (REGISTERED NUMBER: 02351541)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Ocean Scientific International 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 FRS 102 "The Financial Reporting Standards 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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover is measured at the fair value of consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Turnover from the sale of goods is recognised when the goods are physically dispatched to the customer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 5 years
Plant and machinery - Straight line over 5 years and Straight line over 4 years
Fixtures and fittings - Straight line over 5 years
Motor vehicles - Straight line over 5 years
Computer equipment - Straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

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.

OCEAN SCIENTIFIC INTERNATIONAL LIMITED (REGISTERED NUMBER: 02351541)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial assets
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, 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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Research and development
Expenditure on research and development is written off in the year in which 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.

OCEAN SCIENTIFIC INTERNATIONAL LIMITED (REGISTERED NUMBER: 02351541)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Operating lease agreements
Rentals payable on operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Improvements Plant and and
to property machinery fittings
£ £ £
COST
At 1 January 2024 79,954 31,397 62,900
Additions - 3,264 -
Disposals - (1,361 ) -
At 31 December 2024 79,954 33,300 62,900
DEPRECIATION
At 1 January 2024 74,422 29,641 29,428
Charge for year 3,529 3,172 8,247
Eliminated on disposal - (1,361 ) -
At 31 December 2024 77,951 31,452 37,675
NET BOOK VALUE
At 31 December 2024 2,003 1,848 25,225
At 31 December 2023 5,532 1,756 33,472

OCEAN SCIENTIFIC INTERNATIONAL LIMITED (REGISTERED NUMBER: 02351541)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 January 2024 130,737 74,553 379,541
Additions 92,315 17,243 112,822
Disposals - (4,917 ) (6,278 )
At 31 December 2024 223,052 86,879 486,085
DEPRECIATION
At 1 January 2024 21,695 49,800 204,986
Charge for year 40,327 15,490 70,765
Eliminated on disposal - (3,317 ) (4,678 )
At 31 December 2024 62,022 61,973 271,073
NET BOOK VALUE
At 31 December 2024 161,030 24,906 215,012
At 31 December 2023 109,042 24,753 174,555

The net book value of tangible fixed assets includes £156,868 (2023: £104,214) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 592,593 193,254
Amounts owed by group undertakings 792,244 792,244
Other debtors 101,059 73,869
1,485,896 1,059,367

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts (see note 8) 24,558 7,281
Trade creditors 275,680 435,417
Taxation and social security 175,770 59,040
Other creditors 351,968 320,600
877,976 872,338

OCEAN SCIENTIFIC INTERNATIONAL LIMITED (REGISTERED NUMBER: 02351541)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 20,833 70,833
Hire purchase contracts (see note 8) 124,186 72,790
145,019 143,623

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 24,558 7,281
Between one and five years 124,186 72,790
148,744 80,071

Non-cancellable
operating leases
2024 2023
£ £
Within one year 55,203 52,763
Between one and five years 55,917 91,120
111,120 143,883

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 70,833 120,833
Hire purchase contracts 148,744 80,071
219,577 200,904

The above bank loan is secured by way of fixed and floating charge over the company's assets.

The hire purchase liabilities are secured against the assets to which they relate.

OCEAN SCIENTIFIC INTERNATIONAL LIMITED (REGISTERED NUMBER: 02351541)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


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

The Report of the Auditors was unqualified.

Matt Cooper ACA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited