REGISTERED NUMBER: 02351541 (England and Wales)

OCEAN SCIENTIFIC INTERNATIONAL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Dr R T Williams

REGISTERED OFFICE:

Culkin House

C7/C8 Endeavour Business Park

Penner Road

Havant

Hampshire

PO9 1QN

REGISTERED NUMBER:

02351541 (England and Wales)

SENIOR STATUTORY AUDITOR:

Matt Cooper ACA

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

FIXED ASSETS

Tangible assets

4

186,899

215,012

CURRENT ASSETS

Stocks

374,552

209,349

Debtors

5

1,730,674

1,485,896

Cash at bank and in hand

379,907

481,915

2,485,133

2,177,160

CREDITORS

Amounts falling due within one year

6

(1,288,861

)

(877,976

)

NET CURRENT ASSETS

1,196,272

1,299,184

TOTAL ASSETS LESS CURRENT LIABILITIES

1,383,171

1,514,196

CREDITORS

Amounts falling due after more than one year

7

(41,397

)

(145,019

)

PROVISIONS FOR LIABILITIES

(10,299

)

(15,885

)

NET ASSETS

1,331,475

1,353,292

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

1,231,475

1,253,292

SHAREHOLDERS' FUNDS

1,331,475

1,353,292

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 June 2026 and were signed by:

Dr R T Williams - Director

1.	STATUTORY INFORMATION

Ocean Scientific International Limited 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 FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

Turnover is measured at the fair value of consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Turnover from the sale of goods is recognised when the goods are physically dispatched to the customer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.

Tangible fixed assets

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

Improvements to property

-

Straight line over 5 years

Plant and machinery

-

Straight line over 5 years and Straight line over 4 years

Fixtures and fittings

-

Straight line over 5 years

Motor vehicles

-

Straight line over 5 years

Computer equipment

-

Straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Stocks

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 items.

Financial assets

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 assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Operating lease agreements

Rentals payable on operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2024 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Improvements

Plant and

and

to property

machinery

fittings

£

£

£

COST

At 1 January 2025

79,954

33,300

62,900

Additions

4,194

31,572

-

Disposals

-

-

-

At 31 December 2025

84,148

64,872

62,900

DEPRECIATION

At 1 January 2025

77,951

31,452

37,675

Charge for year

2,003

2,934

7,857

Eliminated on disposal

-

-

-

At 31 December 2025

79,954

34,386

45,532

NET BOOK VALUE

At 31 December 2025

4,194

30,486

17,368

At 31 December 2024

2,003

1,848

25,225

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2025

223,052

86,879

486,085

Additions

-

5,041

40,807

Disposals

-

(991

)

(991

)

At 31 December 2025

223,052

90,929

525,901

DEPRECIATION

At 1 January 2025

62,022

61,973

271,073

Charge for year

44,610

11,516

68,920

Eliminated on disposal

-

(991

)

(991

)

At 31 December 2025

106,632

72,498

339,002

NET BOOK VALUE

At 31 December 2025

116,420

18,431

186,899

At 31 December 2024

161,030

24,906

215,012

The net book value of tangible fixed assets includes £113,493 (2024: £158,868) in respect of assets held under hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

812,877

592,593

Amounts owed by group undertakings

792,244

792,244

Other debtors

125,553

101,059

1,730,674

1,485,896

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

50,000

Hire purchase contracts (see note 8)

82,788

24,558

Trade creditors

467,676

275,680

Taxation and social security

147,629

175,770

Other creditors

590,768

351,968

1,288,861

877,976

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

-

20,833

Hire purchase contracts (see note 8)

41,397

124,186

41,397

145,019

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

82,788

24,558

Between one and five years

41,397

124,186

124,185

148,744

Non-cancellable

operating leases

2025

2024

£

£

Within one year

60,795

55,203

Between one and five years

228,228

55,917

In more than five years

290,420

-

579,443

111,120

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

-

70,833

Hire purchase contracts

124,185

148,744

124,185

219,577

The above bank loan was secured by way of fixed and floating charge over the company's assets.

The hire purchase liabilities are secured against the assets to which they relate.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matt Cooper ACA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

11.	POST BALANCE SHEET EVENTS

Subsequent to the year-end, the company entered into a financing arrangement to support its ongoing trading and working capital requirements.

The facility is secured against the trading assets of the company and had not been drawn down at the date of signing these financial statements.

The director considers this to be a non-adjusting post balance sheet event.