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Ocean Fleet (SW) Limited

Annual Report and Financial Statements
Year Ended 30 November 2024

Registration number: 12879418

 

Ocean Fleet (SW) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Ocean Fleet (SW) Limited

Balance Sheet

30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,841,150

1,841,150

Tangible assets

5

2,260,583

2,128,851

 

4,101,733

3,970,001

Current assets

 

Stocks

57,182

67,590

Debtors

6

264,969

39,579

Cash at bank and in hand

 

1,103

151

 

323,254

107,320

Creditors: Amounts falling due within one year

7

(2,587,903)

(2,648,146)

Net current liabilities

 

(2,264,649)

(2,540,826)

Total assets less current liabilities

 

1,837,084

1,429,175

Creditors: Amounts falling due after more than one year

7

(1,556,669)

(1,155,000)

Provisions for liabilities

(391,772)

(390,212)

Net liabilities

 

(111,357)

(116,037)

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

288,112

288,112

Profit and loss account

(399,569)

(404,249)

Shareholders' deficit

 

(111,357)

(116,037)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 August 2025 and signed on its behalf by:
 

.........................................
L Genge
Director

Company Registration Number: 12879418

 

Ocean Fleet (SW) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 2a/2b Victoria Business Park
Roche
St Austell
Cornwall
PL26 8LX

These financial statements were authorised for issue by the Board on 30 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the year-end date, the Company had net liabilities of £111,357 (2023 - £116,037) and net current liabilities of £2,264,649 (2023 - £2,540,826) of which £2,051,519 (2023 - £2,300,927) is owed to fellow group undertakings. The Company showed a profit of £4,680 (2023 - loss of £169,456) in the year. The improved result was largely increased days at sea following a refit in prior year.

The Directors have confirmed continued support from the Ocean Holdings (SW) Limited Group for at least a period of 12 months from date of approving the financial statements and therefore consider the going concern basis remains appropriate.

The Directors have considered reduced requirement for vessel repairs aligned with softening of fuel prices and forecasts that the Company will continue to be a profitable entity in the marine fishing sector. This is consistent with the other entities within the Ocean Holdings (SW) Limited Group.

The Directors anticipate that the Company will continue to operate within its available resources and be able to tolerate a reasonable level of unforeseen circumstance for a period of at least 12 months from the date of these financial statements. Therefore, the Directors consider it is appropriate for the financial statements to be prepared on a going concern basis.

 

Ocean Fleet (SW) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are set out below:

i. Valuation of fishing licences
The fair value of fishing licences are based on valuations carried out by expert valuers. They contain assumptions on the values of kilowatt and gross tonnage units.

ii. Impairment of tangible and intangible assets
At each reporting date, management reviews the carrying amount of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

iii. Depreciation period for fixed assets
Depreciation is estimated, based upon the estimated useful economic life and residual value of assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity; and
and specific criteria have been met for each of the company's activities.

Finance income and costs policy

Finance costs are charged to profit or loss over the term of the debt using the effective interest
method so that the amount charged is at a constant rate on the carrying amount. Issue costs are
initially recognised as a reduction in the proceeds of the associated capital instrument.

Foreign currency transactions and 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 rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Ocean Fleet (SW) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fish Boxes

25% Straight Line

Fishing Vessels and Improvements

3 - 4% Straight Line

Intangible assets

Fishing licenses are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 

Ocean Fleet (SW) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average weighted cost method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

 

Ocean Fleet (SW) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Intangible assets

Fishing licences and quotas
 £

Cost or valuation

At 1 December 2023

1,841,150

At 30 November 2024

1,841,150

Carrying amount

At 30 November 2024

1,841,150

At 30 November 2023

1,841,150

5

Tangible assets

Fish boxes
£

Fishing boats and improvements
£

Total
£

Cost or valuation

At 1 December 2023

5,215

2,471,442

2,476,657

Additions

-

215,027

215,027

At 30 November 2024

5,215

2,686,469

2,691,684

Depreciation

At 1 December 2023

2,859

344,947

347,806

Charge for the year

1,304

81,991

83,295

At 30 November 2024

4,163

426,938

431,101

Carrying amount

At 30 November 2024

1,052

2,259,531

2,260,583

At 30 November 2023

2,356

2,126,495

2,128,851

 

Ocean Fleet (SW) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

6

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings

11

230,926

-

Prepayments

 

19,685

35,020

Other debtors

 

14,358

4,559

 

264,969

39,579

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

305,283

278,740

Trade creditors

 

205,752

28,941

Amounts owed to group undertakings

11

2,051,519

2,300,927

Accruals and deferred income

 

16,469

38,554

Other creditors

 

8,880

984

 

2,587,903

2,648,146

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,556,669

1,155,000

2024
£

2023
£

Due after more than five years

After more than five years by instalments

707,780

595,000

-

-

Creditors include bank loans repayable by instalments of £707,780 (2023 - £595,000) due after more than five years.

 

Ocean Fleet (SW) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

212,222

140,001

Bank overdrafts

93,061

138,739

305,283

278,740

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,556,669

1,155,000

Bank borrowings

HSBC Equipment Loan is denominated in pounds sterling, £, with a nominal interest rate of 5.75% above bank base rate, and the final instalment is due on 10 February 2033. The carrying amount at year end is £1,155,002 (2023 - £1,295,001).

HSBC Vessel Loan is denominated in pounds sterling, £, with a nominal interest rate of 2.56% above bank base rate, and the final instalment is due on 15 May 2023. The carrying amount at year end is £613,889 (2023 - £Nil).

Bank borrowings are secured by fixed charge and floating charges on the assets of the company, as part of a group wide refinance.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

100 Ordinary shares of £1 each

100

100

100

100

       

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of contingencies not included in the balance sheet is £5,346,587 (2023 - £6,315,059). There is an unlimited multilateral guarantee between the company and the following companies within the group: Ocean Holdings South West Ltd; Ocean Fish Group Limited; Ocean Fish (Wholesale) Limited; Ocean Fish (Retail) Limited; and W. Stevenson & Sons Limited.

 

Ocean Fleet (SW) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

11

Related party transactions

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from
disclosing transactions with wholly owned members of the group.

Summary of transactions with subsidiaries

The company has entered into the following transactions with non wholly owned group companies in the year.

Expenditure with and payables to related parties

2024

Subsidiaries
£

Rendering of services

492,059

Amounts payable to related party

9,710

2023

Subsidiaries
£

Rendering of services

491,573

Amounts payable to related party

278,645

Income and receivables from related parties

2024

Subsidiary
£

Amounts receivable from related party

230,926

12

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was James Barrett, who signed for and on behalf of PKF Francis Clark on 30 August 2025.

13

Parent and ultimate parent undertaking

The company's immediate parent is Ocean Fish Group Limited , incorporated in England & Wales.

 The ultimate parent is Ocean Holdings South West Ltd, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Ocean Holdings South West Ltd. These financial statements are available upon request from Companies House.

 The ultimate controlling party is J A Lakemen.

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Ocean Holdings South West Limited, incorporated in England and Wales.

The address of Ocean Holdings South West Limited is:
Units 2a/2b Victoria Business Park, Roche, St Austell, Cornwall, United Kingdom, PL26 8LX.