REGISTERED NUMBER: 11356014 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 May 2025

for

OCEANSAVER LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Preston

K Rosen

R Harvey

Mercia Fund Management (Nominees) Ltd

REGISTERED OFFICE:

Central House

47 St Paul's St

Leeds

LS1 2TE

REGISTERED NUMBER:

11356014 (England and Wales)

ACCOUNTANTS:

Fortus Limited

Business Advisors & Accountants

Equinox House

Clifton Park, Shipton Road

York

Yorkshire

YO30 5PA

FIXED ASSETS

Intangible assets

4

2,105

2,631

Tangible assets

5

2,050

2,190

4,155

4,821

CURRENT ASSETS

Stocks

395,241

323,816

Debtors

6

330,277

319,284

Cash at bank

63,793

25,342

789,311

668,442

CREDITORS

Amounts falling due within one year

7

1,096,715

1,311,794

NET CURRENT LIABILITIES

(307,404

)

(643,352

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(303,249

)

(638,531

)

CREDITORS

Amounts falling due after more than one year

8

267,375

23,116

NET LIABILITIES

(570,624

)

(661,647

)

CAPITAL AND RESERVES

Called up share capital

10

686

622

Share premium

4,718,346

3,901,106

Retained earnings

(5,289,656

)

(4,563,375

)

SHAREHOLDERS' FUNDS

(570,624

)

(661,647

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2026 and were signed on its behalf by:

R Harvey - Director

1.	STATUTORY INFORMATION

Oceansaver 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

These financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Turnover

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

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Computer equipment

-

25% 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 tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

The company has estimated losses of £5,225,554 (2024: £4,503,652) available to carry forward against future trading profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

As at the balance sheet date the company has net liabilities of £570,624 (2024: £661,647). Despite this, at the time of approving the financial statements, the directors have confirmed they believe that the company is able to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown with borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2024 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 June 2024

and 31 May 2025

5,265

AMORTISATION

At 1 June 2024

2,634

Amortisation for year

526

At 31 May 2025

3,160

NET BOOK VALUE

At 31 May 2025

2,105

At 31 May 2024

2,631

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 June 2024

9,588

Additions

980

At 31 May 2025

10,568

DEPRECIATION

At 1 June 2024

7,398

Charge for year

1,120

At 31 May 2025

8,518

NET BOOK VALUE

At 31 May 2025

2,050

At 31 May 2024

2,190

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

296,526

207,105

Sundry debtors and prepayments

33,751

112,179

330,277

319,284

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

38,868

Bank loan

132,907

73,249

Trade creditors

447,984

396,139

Social security and other taxes

42,500

212,683

VAT

308,666

162,166

Invoice finance loan

105,854

35,072

Other creditors

19,135

-

Directors' current accounts

-

349,636

Accrued expenses

39,669

43,981

1,096,715

1,311,794

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loan

267,375

23,116

Included within bank loans is a balance of £5,132 (2024: £23,116) which represents a loan under HM Government Coronavirus Business Bounce Back Loan Scheme. The loan carries an interest rate of 2.5% per annum and it is repayable in accordance with the rules of the scheme.

Included within bank loans is a balance of £262,243 (2024: £nil) which represents loans secured against the assets of the company via fixed and floating charges.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Invoice financing loan

105,854

35,072

Bank loan

349,742

-

455,596

35,072

The invoice finance loan is secured by way of a fixed charge against the approved trade debtors and by a floating charge against all other assets and undertakings of the company.

The bank loan secured against the assets of the company via fixed and floating charges.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

153,376

Ordinary shares

£0.0025

383

360

121,110

A Ordinary

£0.0025

303

262

686

622

During the year the company issued 9,566 Ordinary shares and 16,264 A Ordinary shares.