The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Oceanperf UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Greenfield Terrace, Portreath, REDRUTH, Cornwall, England, TR16 4LY.

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. Although the company has an insolvent balance sheet at the reporting date the going concern basis of preparation is still appropriate.

The company has ceased to trade and is therefore not considered to be a going concern. Subsequently, the financial statements have been prepared on a break-up basis.true

The company is solvent, and it is expected that all creditors will be paid in full. The director has prepared the financial statements on the basis that the company will be wound up in an orderly manner.

Turnover represents the net invoiced sales of watersports goods, excluding VAT. Revenue is recognized when the significant risks and rewards of ownership have been transferred to the buyer, which generally occurs upon delivery of the goods. Turnover is measured at the fair value of the consideration received or receivable, net of returns, trade discounts, and volume rebates.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

The average monthly number of persons (including directors) employed by the company during the year was:

As at the balance sheet date, the company owed the director £864 (2024: £331). This amount is shown within creditors repayable within one year.