Financial Statements
For the year ended 31 December 2024
Registered number: 06627101
Company Information
Contents
Strategic report
For the year ended 31 December 2024
The Strategic report for the year ended 31 December 2024 is set out below.
The Company had significant increase in demand in all brands which was assisted by release of new product and expansion in new markets. The directors consider the result for the year reflects the strong performance of the Company. Turnover increased by 22.4% over the prior year.
The overall trading outlook at the end of the year was very positive with a strong orderbook for 2025.
Profit for the year increased by 24.3% over the prior year.
Operating profit for the year was £8,707,629 (2023: £7,412,208).
Another key performance measure for Ocean Signal is the number of safety lost day incidents at its facilities per year. The Company has zero lost day incidents during 2024 (2023: zero).
Economic downturn
The principal risk to the business is a fall in demand for goods and services, whether due to a loss of customers, a change in customer preferences or a decline in demand for its products.
Other risks that the board consider important include information security (especially in light of GDPR), customer non-payment, IT security, loss of key staff, pricing fluctuations resulting from market pressures and current global supply chain demands (especially as affected by the ongoing war in Ukraine and Gaza).
In 2025, the United States government introduced additional tariffs on certain categories of imported goods, which could potentially impact global trade conditions and cross-border supply chains. The extent and duration of the measures remain uncertain, and management continues to assess their possible implications on the Company's operations.
Health and safety risks
Responsibility for the delivery of world class safety standards is an integral part of the operational management accountability and the group management are therefore expected to embrace a positive safety culture and to demonstrate leadership and commitment in the workplace. Ocean Signal stated aim is to achieve zero injuries and to reduce health and safety risks, where they cannot be eliminated altogether, to a level which is "as low as reasonably practicable".
Timing of orders
The majority of Ocean Signal's contracts are of relatively short duration. This means that an unmitigated delay in the receipt of key orders could affect earnings. Maximising order intake is therefore a key priority for the Company.
Product development
Ocean Signal's approach to innovation and continued research and development activity ensures the product range is continually refreshed and updated.
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Strategic report (continued)
For the year ended 31 December 2024
The Company plans to continue with its present activities for the forseeable future.
Ocean Signal is part of a larger group with its ultimate parent entity residing outside of the United Kingdom. The Company conforms to the financial risk management policies set out by the group.
The Company manages financial risks by ensuring sufficient liquidity is available to meet foreseeable needs. The cash position and cash flows are monitored regularly.
The credit risk associated with cash is limited as the counterparties have high credit ratings assigned by international credit rating agencies. The principle credit risk arises from the company's trade debtors. The Company monitors exposure levels with customers regularly along side considering payment history.
The key performance indicators measured by Ocean Signal have been noted in the business review.
This report was approved by the board and signed on its behalf.
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Directors' report
For the year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024 .
The profit for the year, after taxation, amounted to £7,332,719 (2023 - £5,897,711 ).
The company has authorised payment of dividends totalling £9,250,000 (2023: £5,450,000).
The directors who served during the year were:
The Company has engaged in research and development activities during the financial year ended 31 December 2024 and has incurred research and development expenses amounted to £334,386 (2023: £281,933).
On 27 January 2025 and 27 February 2025, the board of directors has declared and approved interim dividends amounting to £300,000 and £500,000, respectively, to be paid in cash to the members of the Company.
The auditors, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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Directors' report (continued)
For the year ended 31 December 2024
This report was approved by the board and signed on its behalf.
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Directors' responsibilities statement
For the year ended 31 December 2024
On behalf of the board
................................................
Douglas Grierson
Director
Date: 18 September 2025
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Independent auditors' report to the members of Ocean Signal Limited
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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
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Independent auditors' report to the members of Ocean Signal Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
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Independent auditors' report to the members of Ocean Signal Limited (continued)
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Employment laws, Health and Safety Regulation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as local law and tax Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
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Independent auditors' report to the members of Ocean Signal Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
In response to these principal risks, our audit procedures included but were not limited to:
∙enquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙inspection of the Company’s regulatory and legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
∙gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgements made by management in their significant accounting estimates, including the useful economic life of intangible and tangible assets, allowance for slow-moving and obsolete inventory, provision for warranty and provision of doubtful debts;
∙review of the financial statements disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants &
Statutory Auditors
Dublin
Republic of Ireland
Date:19 September 2025
Republic of Ireland
Date:
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Statement of comprehensive income
For the year ended 31 December 2024
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Statement of financial position
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 27 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2024
Statement of changes in equity
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2024
Ocean Signal Limited is a private company limited by shares and incorporated in England and Wales with a registered number of 06627101. Its registered head office is located at Unit 4, Ocivan Way, Margate, Kent, CT9 4NN.
The principal activity of the Company during the year was the design and manufacture of maritime and land terrestrial/satellite communications products used in the Search and Rescue ecosystem, also incorporating industry leading inflation devices.
The principal activity of the Company during the year was the design and manufacture of maritime and land terrestrial/satellite communications products used in the Search and Rescue ecosystem, also incorporating industry leading inflation devices.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company's financial statements are presented in Sterling and all values are rounded to the nearest pound (£) except when otherwise stated.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26 (in relation to those cross-referenced paragraphs from which a disclosure exemption is available), 12.27, 12.29(a), 12.29(b), 12.29A and 12.30 provided disclosures equivalent to those required by this FRS are included in the consolidated financial statements of the group in which the entity is consolidated.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Development expenditure is capitalised for product type approval at the point final approval for the product is obtained and the product can be taken to market. There is no other development expenditure.
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
The following judgements have been made in these financial statements:
The Company estimates the useful lives of tangible and intangible assets based over which assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the used of the assets. In addition, estimation of the useful lives of tangible and intangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets.
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Notes to the financial statements
For the year ended 31 December 2024
3.Judgments in applying accounting policies and key sources of estimation uncertainty (continued)
Management evaluates the realisability of inventory on a case-by-case basis and make adjustments to inventory provision based on an analysis of the historical usage of the individual inventory items. The Company’s core business is subject to market changes which may cause inventory obsolescence and is considered a key source of estimation uncertainty.
Provision for warranty
The Company provides warranty to customers in the normal course of business. Charges to provisions are recognised in the same period in which the related sales are recorded based on contract terms. Provisions for estimated costs and expenses recognised by the Company are the best estimate of the expenditure required to settle the Company's present obligations at the reporting date. In establishing the amount of any provision, judgments have to be made concerning the risks and uncertainties that surround particular events which give rise to the obligation. Provision for warranty has been included as part of accruals in the Company's Statement of financial position at year end.
The Company provides warranty to customers in the normal course of business. Charges to provisions are recognised in the same period in which the related sales are recorded based on contract terms. Provisions for estimated costs and expenses recognised by the Company are the best estimate of the expenditure required to settle the Company's present obligations at the reporting date. In establishing the amount of any provision, judgments have to be made concerning the risks and uncertainties that surround particular events which give rise to the obligation. Provision for warranty has been included as part of accruals in the Company's Statement of financial position at year end.
Provision of doubtful debts
The Company makes allowance for doubtful debts based on the evaluation that management performs of the length of the relationship with the customer or contractor, the current credit status of the customer, and the average aging and the history of the payment.
The Company makes allowance for doubtful debts based on the evaluation that management performs of the length of the relationship with the customer or contractor, the current credit status of the customer, and the average aging and the history of the payment.
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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