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Registered number: 10827294 OCEANMIND LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
OCEANMIND LIMITED REGISTERED NUMBER: 10827294 BALANCE SHEET AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 26,176 |  | 23,316
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 203,717 |  | 318,228 |
Cash at bank and in hand | 6 | 549,353 |  | 923,638 |
|  | 753,070 |  | 1,241,866 |
Creditors: amounts falling due within one year | 7 | (743,380) |  | (974,509) |
Net current assets |  |  | 9,690 |  | 267,357
Total assets less current liabilities |  |  | 35,866 |  | 290,673
Creditors: amounts falling due after more than one year | 8 |  | (168,737) |  | (179,121)
Net (liabilities)/assets |  |  | (132,871) |  | 111,552
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 1,000 |  | 1,000
Profit and loss account |  |  | (133,871) |  | 110,552
|  |  | (132,871) |  | 111,552
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
N Wise
Director
Date: 30 July 2026
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OCEANMIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
The Company is a private company limited by share capital, incorporated in England and Wales. The registered office address is Electron Building, Fermi Avenue, Harwell, Didcot, Oxfordshire, OX11 0QR. There is no principal place of business. The principal activity of the Company is that of environmental consulting activities and data processing activities. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The Company has prepared forecasts and projections using what the directors believe to be reasonable assumptions relating to the Company’s financial performance, current financial position and existing financial resources for a period of at least 12 months from the date of signing of the financial statements which show the Company to be a going concern.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP, rounded to the nearest pound. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 2
OCEANMIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses that it is probable will be recovered. Revenues from grants that are used for funding projects and activities where the beneficiary is not the Company, are presented as turnover on this basis and recognised in line with when the related costs are incurred.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Page 3
OCEANMIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 25% | straight line basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
3. | Employees
| The average monthly number of employees, including directors, during the year was 17 (2025 - 18).
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OCEANMIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
4. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| At 1 April 2025 | 110,958
| Additions | 11,886
| At 31 March 2026 | 122,844
| Depreciation |
| At 1 April 2025 | 87,642
| Charge for the year | 9,026
| At 31 March 2026 | 96,668
| Net book value |
| At 31 March 2026 | 26,176
| At 31 March 2025 | 23,316
5. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 141,740 | 205,902
| Other debtors | 23,979 | 3,533
| Prepayments and accrued income | 24,072 | 38,405
| Tax recoverable | 13,926 | 70,388
|  | 203,717 | 318,228
6. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 549,353 | 923,638
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OCEANMIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other loans | 164,683 | 238,858
| Trade creditors | 125,882 | 143,888
| Other taxation and social security | 78,985 | 131,761
| Other creditors | 10,131 | 9,398
| Accruals and deferred income | 363,699 | 450,604
|  | 743,380 | 974,509
| The terms of the loan are detailed in note 9.
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other loans | 168,737 | 179,121
| The terms of the loan are detailed in note 9.
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Amounts falling due on other loans |  |
| Amounts falling due within one year | 164,683 | 238,858
| Amounts falling due 1-2 years | 32,895 | 30,000
| Amounts falling due 2-5 years | 135,842 | 149,121
|  | 333,420 | 417,979
| Interest of £16,259 (2025: £27,048) was payable on other loans. The Company has two loans with Satellite Applications Catapult, secured by a floating charge over the Company's undertaking, property, assets and rights. Loan 1 bears interest at 2% per annum, compounded annually, with repayments based on 2% of gross revenues. Loan 2 bears interest at 3% above the Bank of England base rate, payable quarterly in arrears, with repayments due in accordance with an agreed repayment plan.
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OCEANMIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
10. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2025 - 1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
11. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company. The pension cost charge represents contributions payable by the Company to the fund and amounted to £58,733 (2025: £38,972). Contributions totalling £10,131 (2025: £9,398) were payable to the fund at the balance sheet date and are included in creditors.
12. | Related party transactions
| The Company has two loans from Satellite Applications Catapult Limited, a shareholder of the Company. As at the 31 March 2026, £333,420 (2025: £417,979) was owed to Satellite Applications Catapult Limited, as shown in note 9.
13. | Controlling party
In the opinion of the directors, no one party is considered to be the ultimate controlling party of the Company. The party with significant influence over OceanMind Limited is Satellite Applications Catapult Limited. Its registered address is Electron Building, Fermi Avenue, Harwell, Didcot, Oxfordshire, OX11 0QR.
14. | Auditor's information
The auditor's report on the financial statements for the year ended 31 March 2026 was unqualified. The audit report was signed on 31 July 2026 by Sue Staunton MA FCA CF (Senior statutory auditor) on behalf of James Cowper Kreston Audit.
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