REGISTERED NUMBER: 07130347 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Ocean Gas Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J R Eyton

Mrs J A Eyton

SECRETARY:

Mrs J A Eyton

REGISTERED OFFICE:

c/o Ency Associates

Printware Court, Cumberland Business Ctr

Northumberland Road

Portsmouth

Hampshire

PO5 1DS

REGISTERED NUMBER:

07130347 (England and Wales)

ACCOUNTANTS:

Ency Associates

Chartered Certified Accountants

Printware Court

Cumberland Business Centre

Northumberland Road

Portsmouth

Hampshire

PO5 1DS

FIXED ASSETS

Intangible assets

4

6,080

7,297

Tangible assets

5

6,386

8,308

12,466

15,605

CURRENT ASSETS

Stocks

700

625

Debtors

6

2,092

1,809

Cash at bank and in hand

10,186

7,122

12,978

9,556

CREDITORS

Amounts falling due within one year

7

21,621

13,436

NET CURRENT LIABILITIES

(8,643

)

(3,880

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,823

11,725

CREDITORS

Amounts falling due after more than one year

8

(567

)

(3,967

)

PROVISIONS FOR LIABILITIES

(1,213

)

(1,578

)

NET ASSETS

2,043

6,180

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,943

6,080

SHAREHOLDERS' FUNDS

2,043

6,180

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2025 and were signed on its behalf by:

Mrs J A Eyton - Director

J R Eyton - Director

1.	STATUTORY INFORMATION

Ocean Gas Ltd 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures & fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Revenue recognition

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

24,322

AMORTISATION

At 1 April 2024

17,025

Charge for year

1,217

At 31 March 2025

18,242

NET BOOK VALUE

At 31 March 2025

6,080

At 31 March 2024

7,297

5.	TANGIBLE FIXED ASSETS

Fixtures

Motor

Computer

& fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

1,239

19,594

869

21,702

Additions

-

-

345

345

At 31 March 2025

1,239

19,594

1,214

22,047

DEPRECIATION

At 1 April 2024

1,145

11,480

769

13,394

Charge for year

23

2,029

215

2,267

At 31 March 2025

1,168

13,509

984

15,661

NET BOOK VALUE

At 31 March 2025

71

6,085

230

6,386

At 31 March 2024

94

8,114

100

8,308

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

450

375

Other debtors

1,642

1,434

2,092

1,809

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

3,400

3,400

Trade creditors

3,412

122

Taxation and social security

3,123

3,836

Other creditors

11,686

6,078

21,621

13,436

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

567

3,967

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J R Eyton.