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Registered number: 11235061
The Ocean Bottle Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
The Ocean Bottle Ltd
Contents
Contents

| Page
--- | ---
Company Information | 1
Strategic Report | 2—3
Directors' Report | 4—5
Independent Auditor's Report | 6—8
Profit and Loss Account | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12
Notes to the Statement of Cash Flows | 13
Notes to the Financial Statements | 14—19

Page 1
The Ocean Bottle Ltd
Company Information
For The Year Ended 31 December 2024
Company Information

Directors | Nicholas Doman
| William Pearson
| Maria Selfa Ortega
| Oeyvind Schanke
Company Number | 11235061
Registered Office | 3rd Floor
| 39 Tabernacle Street
| London
| EC2A 4AA
Accountants | Abacai Ltd
| 85 Great Portland Street
| London
| W1W 7LT

Independent Auditors Sedulo Audit Limited
Office 605
Albert House
256-260 Old Street
EC1V 9DD
The company is a private company limited by shares, incorporated in England and Wales.
Director appointments and resignations
Maria Selfa Ortega – appointed 14 March 2024
Peter Ward – resigned 19 December 2024
Page 1
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The Ocean Bottle Ltd
Strategic Report
For The Year Ended 31 December 2024
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Review of the Business
The year ended 31 December 2024 was one of strong revenue growth and operational investment. Turnover increased significantly compared to the prior year, supported by growing global demand for our reusable bottles and the continued expansion of our eCommerce and wholesale channels.
At the same time, the business invested in brand development, technology infrastructure, and global partnerships to support future scalability. Despite operating losses, the company’s net asset position remained robust, underpinned by investor support and ongoing demand for sustainable consumer products.
Strategic Priorities
Our strategic priorities are focused on:
1. Scaling impact through growth – increasing both topline revenue and profitability in a sustainable way, including expansion across international markets.
2. Enhancing customer experience – investing in product innovation, technology, and digital infrastructure to deliver a best-in-class eCommerce platform and seamless customer journey.
3. Leading in sustainability – maintaining our position as a certified B Corp, driving measurable environmental and social impact by collecting ocean-bound plastic, and embedding sustainability across our supply chain.
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The Ocean Bottle Ltd
Strategic Report (continued)
For The Year Ended 31 December 2024
Principal Risks and Uncertainties
The Directors regularly review the principal risks faced by the business and the mitigating actions in place. The key risks include:
Economic environment
Inflationary pressures and reduced consumer confidence may affect demand for premium consumer products.
Competition
The reusable products market is highly competitive, with both global brands and niche players. The company mitigates this risk by focusing on product quality, design, sustainability credentials, and customer experience.
Supply chain and environmental risks
Reliance on global manufacturing and logistics networks exposes the business to disruption. Climate change, resource scarcity, and shifting regulations present long-term risks. We continue to diversify suppliers, invest in sustainable materials, and reduce our carbon footprint.
Technological risks
Rapid digital change could leave existing platforms obsolete. We continue to invest in technology, data-driven marketing, and eCommerce infrastructure to remain competitive.
Funding and liquidity
As a growing business, access to working capital remains important. The company maintains close investor relationships and prudent cash flow management.
Financial key performance indicators
The Directors use the following KPIs to monitor the business.
Turnover: £12,325,975 (2023: £8,472,732)
Growth in turnover: +45%
Gross profit margin: 77% (2023: 70%)
Cash (liquidity): £1,455,471 (2023: £2,498,651)
Turnover growth in the year reflects increased demand across both direct-to-consumer and wholesale channels, supported by continued brand investment and international expansion. Gross margin improved due to pricing discipline and a favourable sales mix. The reduction in year-end cash balances reflects planned investment in working capital and growth initiatives.
The 2023 financial year covered a 9-month period following the company’s change of year end. Accordingly, comparative KPIs for 2023 reflect a shorter reporting period and are not directly comparable to the current 12-month period.
On behalf of the board

William Pearson Director
14/01/2026

Page 3
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The Ocean Bottle Ltd
Company No. 11235061
Directors' Report For The Year Ended 31 December 2024
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal Activity
The company's principal activity continues to be that of the design, manufacture and sale of reusable bottles and related products with a focus on environmental sustainability, including funding the collection of ocean-bound plastic.
Future Developments
Looking ahead, the company will continue to invest in brand development, technology, and international growth opportunities. Our focus remains on building a scalable and sustainable business model, driving both commercial success and environmental impact. The Directors remain confident in the long-term prospects of the company.
Dividends
No dividends were declared or paid during the year (2023: £nil).
Directors
The directors who held office during the year were as follows:

Nicholas Doman
William Pearson
Maria Selfa Ortega | Appointed | 14/03/2024
Oeyvind Schanke
Peter Ward | Resigned | 19/12/2024

Research and Development
The company undertakes ongoing research and development activities focused on product innovation and improvements to materials and manufacturing processes. R&D expenditure for the year amounted to £101,186 (2023: £95,452).
Post Balance Sheet Events
Subsequent to the year end, the company entered into a loan agreement with TD Veen AS for NOK 7,000,000 (equivalent to approximately £500,542 at the agreement date). The facility provides additional working capital to support the company’s operations.
Additional note to the Report of the Directors
Financial Instruments and Financial Risk Management
The company is exposed to a number of financial risks arising from its operations, including credit risk, liquidity risk and foreign currency risk. The Board is responsible for establishing and monitoring the company’s financial risk management framework.
Credit risk is managed through close monitoring of customer balances and established payment collection processes.
Liquidity risk is managed through cash flow forecasting, maintaining appropriate cash reserves and access to external funding.
Foreign currency risk arises from purchases and sales denominated in foreign currencies; the company monitors exposures and aims to align supplier and customer currencies where appropriate.
The company does not engage in speculative trading or complex hedging arrangements.
Directors’ Indemnity Insurance
The company did not maintain any qualifying indemnity provisions for its directors during the year.
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The Ocean Bottle Ltd
Directors' Report (continued)
For The Year Ended 31 December 2024
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors
The auditors, Sedulo, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

William Pearson Director
14/01/2026

Page 5
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Independent Auditor's Report
to the Members of
The Ocean Bottle Ltd
Independent Auditor's Report
Qualified opinion
We have audited the financial statements of The Ocean Bottle Ltd for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and the accompanying notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"(United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Qualified Opinion
We did not observe the counting of stock or audit the opening stock valuation of £2,344,628 as at 1 January 2024 or the closing stock valuation of £3,050,440 at 31 December 2024, since that date was prior to our appointment as auditors. We are unable to satisfy ourselves as to stock quantities at that date by other audit procedures.
The Company’s inventory is held in third-party warehouses. We were unable to obtain sufficient appropriate audit evidence regarding the existence and completeness of inventory balances held at certain third-party locations, as confirmations were either not received or the evidence provided was insufficient.
In our opinion, except for the effects of such adjustment, if any, as might have been determined to be necessary had we been able to observe the counting of stock and audit the opening stock valuation of £2,344,628 and closing stock valuation of £3,050,440, the financial statements give a true and fair view of the profit of the entity for the year ended 31 December 2024.
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 Auditor's responsibilities 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 UK, including the FRC's Ethical Standard, and 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 qualified opinion.
Conclusions Relating to Going Concern
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 entity's ability to continue as a going concern for a period of at least 12 months from 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.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other 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 or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
Page 6
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Independent Auditor's Report (continued)
to the Members of
The Ocean Bottle Ltd
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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• the financial statements are not in agreement with the accounting records or returns; or
• certain disclosures of directors' remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 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, the directors are 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 the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives 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 auditor's report that includes our 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the susceptibility of the financial statements to material misstatement, including fraud and irregularities. Our audit procedures included:
• obtaining an understanding of the company’s control environment and compliance with relevant laws and regulations;
• assessing the risk of material misstatement due to fraud, including through inquiries of management;
• reviewing correspondence with regulators and legal advisers (where applicable); and
• applying professional scepticism and journal entry testing to identify and evaluate the risk of management override of controls.
These procedures are designed to detect material misstatements in the financial statements. However, they do not guarantee the detection of all irregularities or instances of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
In the previous accounting period, the Directors of the Company took advantage of audit exemption under s476 of the Companies Act. Therefore the prior period financial statements were not subject to audit and the comparative information is therefore presented as unaudited.
Page 7
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Independent Auditor's Report (continued)
to the Members of
The Ocean Bottle Ltd
Use Of Our Report
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 that 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.

Sam Perkin (Senior Statutory Auditor) for and on behalf of Sedulo Audit Limited, Chartered Accountants, 23 Park Square, Leeds LS1 2ND United Kingdom , Statutory Auditor
14/01/2026

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The Ocean Bottle Ltd
Profit and Loss Account
For The Year Ended 31 December 2024
Profit and Loss Account

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER |  | 12,325,975 |  | 8,472,732
Cost of sales |  | (2,800,856 ) |  | (2,530,604 )
GROSS PROFIT |  | 9,525,119 |  | 5,942,128
Distribution costs |  | (950,674 ) |  | (698,980 )
Administrative expenses |  | (9,982,502 ) |  | (6,920,858 )
Other operating income |  | 70,789 |  | 4,289
OPERATING LOSS | 3 | (1,337,268 ) |  | (1,673,421 )
Interest payable and similar charges | 8 | (28,837 ) |  | (96,585 )
LOSS BEFORE TAXATION |  | (1,366,105 ) |  | (1,770,006 )
Tax on Loss | 9 | (31,214 ) |  | 301
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR |  | (1,397,319 ) |  | (1,769,705 )

Comparative figures for the year ended 31 December 2023 are unaudited and relate to a 9-month period.
There are no items of other comprehensive income for the year (2023: nil); accordingly, no separate Statement of Other Comprehensive Income has been presented.
The notes on pages 13 to 19 form part of these financial statements.
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The Ocean Bottle Ltd
Balance Sheet
As At 31 December 2024
Balance Sheet

| 31 December 2024 | 31 December 2023
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 10 |  | 58,118 |  | 62,254
|  |  | 58,118 |  | 62,254
CURRENT ASSETS
Stocks | 11 | 3,050,440 |  | 2,344,628 |
Debtors | 12 | 2,119,905 |  | 2,316,940 |
Cash at bank and in hand |  | 1,455,471 |  | 2,498,651 |
|  | 6,625,816 |  | 7,160,219 |
Creditors: Amounts Falling Due Within One Year | 13 | (3,804,596 ) |  | (3,551,263 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 2,821,220 |  | 3,608,956
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 2,879,338 |  | 3,671,210
Creditors: Amounts Falling Due After More Than One Year | 14 |  | (29,472 ) |  | (73,747 )
NET ASSETS |  |  | 2,849,866 |  | 3,597,463
CAPITAL AND RESERVES
Called up share capital | 16 |  | 2 |  | 2
Share premium account |  |  | 7,143,570 |  | 6,642,442
Other reserves |  |  | 292,708 |  | 144,114
Profit and Loss Account |  |  | (4,586,414 ) |  | (3,189,095 )
SHAREHOLDERS' FUNDS |  |  | 2,849,866 |  | 3,597,463

On behalf of the board

William Pearson Director
14/01/2026

The notes on pages 13 to 19 form part of these financial statements.
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The Ocean Bottle Ltd
Statement of Changes in Equity
For The Year Ended 31 December 2024
Statement of Changes in Equity

| Share Capital | Share Premium | Other reserves | Profit and Loss Account | Total
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
As at 1 April 2023 | 2 | 6,642,442 | - | (1,419,390 ) | 5,223,054
Loss for the period and total comprehensive income | - | - | - | (1,769,705 ) | (1,769,705)
Movements in other reserves | - | - | 144,114 | - | 144,114
As at 31 December 2023 and 1 January 2024 | 2 | 6,642,442 | 144,114 | (3,189,095 ) | 3,597,463
Loss for the year and total comprehensive income | - | - | - | (1,397,319 ) | (1,397,319)
Arising on shares issued during the period | - | 501,128 | - | - | 501,128
Movements in other reserves | - | - | 148,594 | - | 148,594
As at 31 December 2024 | 2 | 7,143,570 | 292,708 | (4,586,414 ) | 2,849,866

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The Ocean Bottle Ltd
Statement of Cash Flows
For The Year Ended 31 December 2024
Statement of Cash Flows

| 31 December 2024 |  | 31 December 2023
| Notes | £ |  | £
Cash flows from operating activities
Net cash used in operations | 1 | (1,450,243 ) |  | (2,151 )
Interest paid |  | (30,704 ) |  | (96,585 )
Tax refunded |  | - |  | 89,185
Net cash used in operating activities |  | (1,480,947 ) |  | (9,551 )
Cash flows from investing activities
Purchase of tangible assets |  | (40,652 ) |  | (27,424 )
Cash flows from financing activities
Proceeds from issue of share capital |  | 501,128 |  | -
Repayment of bank borrowings |  | (44,275 ) |  | (68,993 )
Proceeds from new other loans |  | 21,566 |  | 27,243
Net cash generated from/(used in) financing activities |  | 478,419 |  | (41,750 )
Decrease in cash and cash equivalents |  | (1,043,180 ) |  | (78,725 )
Cash and cash equivalents at beginning of year | 2 | 2,498,651 |  | 2,577,376
Cash and cash equivalents at end of year | 2 | 1,455,471 |  | 2,498,651

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The Ocean Bottle Ltd
Notes to the Statement of Cash Flows
For The Year Ended 31 December 2024
Notes to the Statement of Cash Flows
1. Reconciliation of loss for the financial year to cash used in operations

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Loss for the financial year | (1,397,319 ) |  | (1,769,705 )
Adjustments for:
Tax on loss | 31,214 |  | (301 )
Interest expense | 28,837 |  | 96,585
Depreciation of tangible assets | 44,788 |  | 46,250
Net fair value losses recognised in profit or loss | 148,594 |  | 144,113
Foreign exchange losses | 1,867 |  | -
Movements in working capital:
(Increase)/decrease in stocks | (705,812 ) |  | 1,886,840
Decrease/(increase) in trade and other debtors | 165,621 |  | (848,270 )
Increase in trade and other creditors | 231,967 |  | 442,337
Net cash used in operations | (1,450,243 ) |  | (2,151 )

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 1,455,471 |  | 2,498,651

3. Analysis of changes in net funds

| As at 1 January 2024 | Cash flows | As at 31 December 2024
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 2,498,651 | (1,043,180) | 1,455,471
Debts falling due within one year | (131,353 ) | (21,566) | (152,919 )
Debts falling due after more than one year | (73,747) | 44,275 | (29,472)
| 2,293,551 | (1,020,471) | 1,273,080

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The Ocean Bottle Ltd
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
The Ocean Bottle Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11235061 . The registered office is 3rd Floor, 39 Tabernacle Street, London, EC2A 4AA.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The financial statements are presented in sterling (GBP), which is the company’s functional and presentational currency. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. The company has continued to incur operating losses, but the directors have reviewed the company’s cash flow forecasts and funding arrangements and consider that it has sufficient financial resources to meet its obligations for at least twelve months from the date of approval of the financial statements. Accordingly, the directors believe it is appropriate to continue to adopt the going concern basis of accounting.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. The carrying values of tangible fixed assets are reviewed for indicators of impairment at each reporting date and adjusted if necessary. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery | 3 years (straight line)
Computer Equipment | 3 years (straight line)

2.6. Stocks and Work in Progress
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 stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held with banks and balances held with third-party payment processors where funds are readily available.
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The Ocean Bottle Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.8. Foreign Currencies
Transactions denominated in foreign currencies are translated into sterling at the exchange rates ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rate ruling at the balance sheet date.
Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.
All exchange differences arising are recognised in profit or loss in the period in which they arise.
2.9. Taxation
Income tax expense represents the total of current tax payable and deferred tax.
The current tax charge includes any amounts repayable in respect of prior year tax credits, including overclaimed research and development (R&D) tax reliefs. These are recognised in the period when the liability becomes probable and measurable.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, only to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised.
No deferred tax asset has been recognised in respect of tax losses or other temporary differences due to the uncertainty over the availability of future taxable profits. An estimate of the unrecognised deferred tax asset has not been provided as it is not practicable to quantify this at present.
2.10. Pensions
The company operates a defined contribution pension scheme for its employees. Contributions are recognised as an expense in profit or loss when they fall due. Any unpaid contributions at the reporting date are included within creditors. The scheme is externally administered and the assets are held separately from those of the company.
3. Operating Loss
The operating loss is stated after charging/(crediting):

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Bad debts | (1,579) |  | 18,616
Research and Development Costs | 101,186 |  | 95,452
Depreciation of tangible fixed assets | 44,788 |  | 46,250

4. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows: £24,086
5. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 3,207,270 |  | 2,289,348
Social security costs | 378,395 |  | 254,538
Other pension costs | 168,123 |  | 132,126
| 3,753,788 |  | 2,676,012

6. Average Number of Employees
Average number of employees, including directors, during the year was: 48 (2023: 45)
48 45
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The Ocean Bottle Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
7. Directors' remuneration
The aggregate remuneration paid to directors during the year was £235,685 (2023: £243,700).
Of this amount, £2,358 (2023: £4,979) was paid in respect of pension contributions.
During the year, 2 directors (2023: 2) accrued benefits under the company’s defined contribution pension scheme.
The remuneration of the highest paid director during the year was £133,820 (2023: £122,490). Pension contributions in respect of this director were £1,321 (2023: £2,490).
8. Interest Payable and Similar Charges

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Bank loans and overdrafts | 6,286 |  | 8,949
Foreign exchange charges | 22,551 |  | 87,636
| 28,837 |  | 96,585

9. Tax on Profit

The tax charge/(credit) on the loss for the year was as follows:
| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Current tax
UK Corporation Tax | - |  | -
Prior period adjustment | 31,214 |  | (301 )
| 31,214 |  | (301 )
Total tax charge for the period | 31,214 |  | (301 )
The £31,214 tax charge recognised in the profit and loss account relates entirely to the reversal of a tax debtor recognised in the prior year and does not represent corporation tax arising on the results for the current period. As the company incurred a loss for the year, there is no current-year corporation tax payable.
| 31 December 2024 |  | 31 December 2023
| £ |  | £
Profit before tax | (1,366,105) |  | (1,770,006)
Tax on profit at 25% (UK standard rate) | (341,526 ) |  | (442,501 )
Expenses not deductible for tax purposes | 52,861 |  | 61,729
Capital allowances | (10,163 ) |  | (6,856 )
Prior period adjustment | 31,214 |  | (301 )
Tax losses for which no deferred tax was recognised | 298,828 |  | 387,628
Total tax charge for the period | 31,214 |  | (301)

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The Ocean Bottle Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
10. Tangible Assets

| Plant & Machinery | Computer Equipment | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 January 2024 | 154,394 | 72,492 | 226,886
Additions | 24,105 | 16,547 | 40,652
As at 31 December 2024 | 178,499 | 89,039 | 267,538
Depreciation
As at 1 January 2024 | 134,942 | 29,690 | 164,632
Provided during the period | 23,954 | 20,834 | 44,788
As at 31 December 2024 | 158,896 | 50,524 | 209,420
Net Book Value
As at 31 December 2024 | 19,603 | 38,515 | 58,118
As at 1 January 2024 | 19,452 | 42,802 | 62,254

11. Stocks

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Stock | 2,517,672 |  | 1,341,454
Work in progress | 532,768 |  | 1,003,174
| 3,050,440 |  | 2,344,628

12. Debtors

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 1,865,799 |  | 2,143,127
Prepayments and accrued income | 156,738 |  | 107,532
Other debtors | 30,000 |  | 4,432
Corporation tax recoverable assets | 435 |  | 31,649
Net wages | - |  | 200
| 2,052,972 |  | 2,286,940
Due after more than one year
Other debtors | 66,933 |  | 30,000
| 2,119,905 |  | 2,316,940

Trade and other short-term debtors are measured at the transaction price, less any impairment. Long-term debtors, including loans, are initially measured at fair value (normally the present value of future cash flows), net of transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any impairment.
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The Ocean Bottle Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
13. Creditors: Amounts Falling Due Within One Year

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Trade creditors | 1,945,987 |  | 1,432,524
Bank loans and overdrafts | 50,561 |  | 50,561
Other loans | 102,358 |  | 80,792
Other creditors | 12,893 |  | 15,524
Taxation and social security | 243,183 |  | 238,429
Accruals and deferred income | 1,449,614 |  | 1,733,433
| 3,804,596 |  | 3,551,263

Trade and other short-term creditors are measured at the transaction price. Longer-term financial liabilities, including bank loans and other borrowings, are initially recognised at fair value (net of transaction costs), and subsequently measured at amortised cost using the effective interest method.
14. Creditors: Amounts Falling Due After More Than One Year

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Bank loans | 29,472 |  | 73,747

15. Loans
An analysis of the maturity of loans is given below:

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Amounts falling due within one year or on demand:
Bank loans | 50,561 |  | 50,561
Other loans | 102,358 |  | 80,792
| 152,919 |  | 131,353

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Amounts falling due between one and five years:
Bank loans | 29,472 |  | 73,747

16. Share Capital

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
154,318 Ordinary Shares of £ 0.00001 each | 2 |  | 2

During the year, the company issued 13,612 Ordinary Shares of £0.00001 each for total consideration of £501,128. The shares rank pari passu with existing Ordinary Shares in all respects.
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The Ocean Bottle Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
17. Financial Instruments
The company holds only basic financial instruments, as defined in Section 11 of FRS 102, comprising cash, trade and other receivables, trade payables, and borrowings. These are initially measured at transaction price and subsequently at amortised cost using the effective interest method where applicable.
18. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Not later than one year | 209,356 |  | -
Later than one year and not later than five years | 327,024 |  | -
| 536,380 |  | -

The lease commenced on 17 June 2024 and includes a tenant break option on 17 December 2026. Accordingly, commitments are disclosed only to this break date.
19. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £168,123 (2023: £132,126).
At the balance sheet date contributions of £9,904 (2023: £12,534) were due to the fund and are included in creditors.
20. Post Balance Sheet Events
Subsequent to the year end, the company entered into a loan agreement with TD Veen AS for NOK 7,000,000 (equivalent to approximately £500,542 at the agreement date). The facility provides additional working capital to support the company’s operations.
21. Related Party Disclosures
During the year, the company paid £19,000 (2023: £24,000) to Upward Advisory Ltd, a company controlled by Peter Ward, a director of the company, in respect of consultancy services.
In addition, £21,250 (2023: £nil) was paid to Maria Selfa Ortega, a director of the company, in respect of services provided.
The services were provided on commercial terms. No amounts were outstanding at the year end.
22. Controlling Parties
The directors consider that the company does not have an ultimate controlling party.
23. Transition to FRS 102
For the year ended 31 December 2024, the company transitioned from preparing its financial statements under FRS 102 Section 1A (the small entities regime) to full FRS 102. The transition reflects the company’s increasing size and complexity and allows for enhanced financial disclosures.
As part of this transition, certain comparative amounts for the year ended 31 December 2023 were reclassified to align with the presentation and classification requirements of full FRS 102. These changes relate solely to presentation and do not affect previously reported profit, net assets or equity. The reclassifications improve clarity and ensure comparability between reporting periods.
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