Ark Oceans Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Ark Oceans Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14761275 . The registered office is 1 Giltspur Street, Farringdon, London, EC1A 9DD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

These accounts have been prepared on a non-going concern basis as the director has decided to close down the company on 31 Ocotber 2025

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Financial Instruments

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 instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not discounted.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction where they are subsequently carried at amortised cost using effective interest method. Financial liabilities that constitute a financing transaction are measured at present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not discounted.

Debt instruments are subsequently carried at amortised cost, using effective interest rate method.

Trade creditors

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

2.5. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Ark Oceans Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: 1)

4. Debtors

	2025	2024
	£	£
Due within one year
Asset held for sale	3,098	-
VAT	-	200
Amounts owed by related parties	68,819	-

	71,917	200

5. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	208	210,669
Corporation tax	53,531	135,397
Accruals and deferred income	3,310	3,750

	57,049	349,816

7. Directors Advances, Credits and Guarantees

Dividends paid to directors

	2025	2024
	£	£
Mr Olise Yadi	110,691	61,000

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Ark Oceans Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	129,830	11,211

Dividends paid to shareholders £1,298.30 per share

During the year the company has paid dividends of £19,139 (2024: £0) to the parent company WAI Holding Ltd

9. Related Party Transactions

During the year the company has paid £68,819 (2024: £0) in professional fees on behlaf of Titan Atlantic LLC FZ which is incorporated in the UAE, with the company registration number 2421626, and is located at Meydan Grandstand, 6th floor, Meydan Road, And Al Sheba, Dubai, UAE, towards an interest-free working capital loan. This loan is repayable on demand.

10. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is WAI Holdings Limited . WAI Holdings Limited was incorporated in the United Kingdom. Copies of the group accounts may be obtained from the secretary, . The ultimate controlling party is WAI Holdings Limited who controls 100% of the shares of Ark Oceans Limited .

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		2025		2024
	Notes	£	£	£	£
CURRENT ASSETS
Debtors	4	71,917		200
Cash at bank and in hand		400,131		740,995

		472,048		741,195
Creditors: Amounts Falling Due Within One Year	5	(57,049 )		(349,816 )

NET CURRENT ASSETS (LIABILITIES)			414,999		391,379

TOTAL ASSETS LESS CURRENT LIABILITIES			414,999		391,379

NET ASSETS			414,999		391,379

CAPITAL AND RESERVES
Called up share capital	6		100		100
Profit and Loss Account			414,899		391,279

SHAREHOLDERS' FUNDS			414,999		391,379