Oceanic Energy Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10663800 (England and Wales)

Financial Statements

for the Year Ended 31 March 2019

for

Oceanic Energy Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

S J Neale-Lamerton

N D Lamerton

REGISTERED OFFICE:

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

REGISTERED NUMBER:

10663800 (England and Wales)

ACCOUNTANTS:

Barnbrook Sinclair

Chartered Accountants

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

FIXED ASSETS

Tangible assets

5

427

641

CURRENT ASSETS

Debtors

6

26,129

20,928

Cash at bank

21,759

20,929

47,888

41,857

CREDITORS

Amounts falling due within one year

7

(23,747

)

(25,120

)

NET CURRENT ASSETS

24,141

16,737

TOTAL ASSETS LESS CURRENT LIABILITIES

24,568

17,378

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

24,468

17,278

SHAREHOLDERS' FUNDS

24,568

17,378

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 Board of Directors on 14 August 2019 and were signed on its behalf by:

N D Lamerton - Director

1.	STATUTORY INFORMATION

Oceanic Energy 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

Cost

At 1 April 2018

and 31 March 2019

854

Depreciation

At 1 April 2018

213

Charge for year

214

At 31 March 2019

427

Net book value

At 31 March 2019

427

At 31 March 2018

641

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/19

31/3/18

£

£

Trade debtors

25,614

20,556

Other debtors

515

372

26,129

20,928

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/19

31/3/18

£

£

Trade creditors

-

887

Taxation and social security

16,491

20,057

Other creditors

7,256

4,176

23,747

25,120