OCEANOVA SERVICES LIMITED

OCEANOVA SERVICES LIMITED - Company Information

2020-04-012020-08-312020-08-31false10021355OCEANOVA SERVICES LIMITED2021-03-0564209iso4217:GBPxbrli:pure100213552020-04-01100213552020-08-31100213552020-04-012020-08-31100213552019-04-01100213552020-03-31100213552019-04-012020-03-3110021355bus:SmallEntities2020-04-012020-08-3110021355bus:AuditExempt-NoAccountantsReport2020-04-012020-08-3110021355bus:FullAccounts2020-04-012020-08-3110021355bus:PrivateLimitedCompanyLtd2020-04-012020-08-3110021355core:WithinOneYear2020-08-3110021355core:AfterOneYear2020-08-3110021355core:WithinOneYear2020-03-3110021355core:AfterOneYear2020-03-311002135512020-04-012020-08-3110021355core:ShareCapital2020-08-3110021355core:SharePremium2020-08-3110021355core:RevaluationReserve2020-08-3110021355core:OtherReservesSubtotal2020-08-3110021355core:RetainedEarningsAccumulatedLosses2020-08-3110021355core:ShareCapital2020-03-3110021355core:SharePremium2020-03-3110021355core:RevaluationReserve2020-03-3110021355core:OtherReservesSubtotal2020-03-3110021355core:RetainedEarningsAccumulatedLosses2020-03-3110021355core:LandBuildings2020-08-3110021355core:PlantMachinery2020-08-3110021355core:Vehicles2020-08-3110021355core:FurnitureFittings2020-08-3110021355core:OfficeEquipment2020-08-3110021355core:NetGoodwill2020-08-3110021355core:IntangibleAssetsOtherThanGoodwill2020-08-3110021355core:ListedExchangeTraded2020-08-3110021355core:UnlistedNon-exchangeTraded2020-08-3110021355core:LandBuildings2020-03-3110021355core:PlantMachinery2020-03-3110021355core:Vehicles2020-03-3110021355core:FurnitureFittings2020-03-3110021355core:OfficeEquipment2020-03-3110021355core:NetGoodwill2020-03-3110021355core:IntangibleAssetsOtherThanGoodwill2020-03-3110021355core:ListedExchangeTraded2020-03-3110021355core:UnlistedNon-exchangeTraded2020-03-3110021355core:LandBuildings2020-04-012020-08-3110021355core:PlantMachinery2020-04-012020-08-3110021355core:Vehicles2020-04-012020-08-3110021355core:FurnitureFittings2020-04-012020-08-3110021355core:OfficeEquipment2020-04-012020-08-3110021355core:NetGoodwill2020-04-012020-08-3110021355core:IntangibleAssetsOtherThanGoodwill2020-04-012020-08-3110021355core:ListedExchangeTraded2020-04-012020-08-3110021355core:UnlistedNon-exchangeTraded2020-04-012020-08-3110021355core:MoreThanFiveYears2020-04-012020-08-3110021355core:Non-currentFinancialInstruments2020-08-3110021355core:Non-currentFinancialInstruments2020-03-3110021355dpl:CostSales2020-04-012020-08-3110021355dpl:DistributionCosts2020-04-012020-08-3110021355dpl:AdministrativeExpenses2020-04-012020-08-3110021355core:LandBuildings2020-04-012020-08-3110021355core:PlantMachinery2020-04-012020-08-3110021355core:Vehicles2020-04-012020-08-3110021355core:FurnitureFittings2020-04-012020-08-3110021355core:OfficeEquipment2020-04-012020-08-3110021355core:NetGoodwill2020-04-012020-08-3110021355core:IntangibleAssetsOtherThanGoodwill2020-04-012020-08-3110021355dpl:GroupUndertakings2020-04-012020-08-3110021355dpl:ParticipatingInterests2020-04-012020-08-3110021355dpl:GroupUndertakingscore:ListedExchangeTraded2020-04-012020-08-3110021355core:ListedExchangeTraded2020-04-012020-08-3110021355dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2020-04-012020-08-3110021355core:UnlistedNon-exchangeTraded2020-04-012020-08-3110021355dpl:CostSales2019-04-012020-03-3110021355dpl:DistributionCosts2019-04-012020-03-3110021355dpl:AdministrativeExpenses2019-04-012020-03-3110021355core:LandBuildings2019-04-012020-03-3110021355core:PlantMachinery2019-04-012020-03-3110021355core:Vehicles2019-04-012020-03-3110021355core:FurnitureFittings2019-04-012020-03-3110021355core:OfficeEquipment2019-04-012020-03-3110021355core:NetGoodwill2019-04-012020-03-3110021355core:IntangibleAssetsOtherThanGoodwill2019-04-012020-03-3110021355dpl:GroupUndertakings2019-04-012020-03-3110021355dpl:ParticipatingInterests2019-04-012020-03-3110021355dpl:GroupUndertakingscore:ListedExchangeTraded2019-04-012020-03-3110021355core:ListedExchangeTraded2019-04-012020-03-3110021355dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2019-04-012020-03-3110021355core:UnlistedNon-exchangeTraded2019-04-012020-03-3110021355core:NetGoodwill2020-08-3110021355core:IntangibleAssetsOtherThanGoodwill2020-08-3110021355core:LandBuildings2020-08-3110021355core:PlantMachinery2020-08-3110021355core:Vehicles2020-08-3110021355core:FurnitureFittings2020-08-3110021355core:OfficeEquipment2020-08-3110021355core:AfterOneYear2020-08-3110021355core:WithinOneYear2020-08-3110021355core:ListedExchangeTraded2020-08-3110021355core:UnlistedNon-exchangeTraded2020-08-3110021355core:ShareCapital2020-08-3110021355core:SharePremium2020-08-3110021355core:RevaluationReserve2020-08-3110021355core:OtherReservesSubtotal2020-08-3110021355core:RetainedEarningsAccumulatedLosses2020-08-3110021355core:NetGoodwill2020-03-3110021355core:IntangibleAssetsOtherThanGoodwill2020-03-3110021355core:LandBuildings2020-03-3110021355core:PlantMachinery2020-03-3110021355core:Vehicles2020-03-3110021355core:FurnitureFittings2020-03-3110021355core:OfficeEquipment2020-03-3110021355core:AfterOneYear2020-03-3110021355core:WithinOneYea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(formerly OCEANOVA LTD)

Registered Number
10021355
(England and Wales)

Unaudited Financial Statements for the Period Ended
31 August 2020

OCEANOVA SERVICES LIMITED

Company Information
for the period from 1 April 2020 to 31 August 2020


Directors	COBB, David Charles
	PHILLIPS, Wayne Eric


Registered Address	4 Cam Road
	6th Floor
	Stratford
	E15 2SN


Registered Number	10021355 (England and Wales)

OCEANOVA SERVICES LIMITED

Balance Sheet as at
31 August 2020

	Notes	31 Aug 2020		31 Mar 2020
		£	£	£	£
Fixed assets
Intangible assets	4		64,397		88,874
Tangible assets	5		10,771		13,257
Investments	6		141,600		141,600
			216,768		243,731
Current assets
Debtors	7	148,522		1,276,549
Cash at bank and on hand		127,227		71,713
		275,749		1,348,262
Creditors amounts falling due within one year	8	(4,357,214)		(5,499,735)
Net current assets (liabilities)			(4,081,465)		(4,151,473)
Total assets less current liabilities			(3,864,697)		(3,907,742)
Net assets			(3,864,697)		(3,907,742)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(3,864,797)		(3,907,842)
Shareholders' funds			(3,864,697)		(3,907,742)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 5 March 2021, and are signed on its behalf by:

COBB, David Charles
Director
Registered Company No. 10021355

OCEANOVA SERVICES LIMITED

Notes to the Financial Statements
for the period ended 31 August 2020

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Intangible assets policy
	Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible Assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value can be measured reliably. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives over 4 years straight line.

Intangible assets policy

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible Assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives over 4 years straight line.

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Investments policy
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. Details of the company’s subsidiaries at the Balance Sheet date are as follows: LM Education Ltd England and Wales SAAS business Ordinary shares 90% Skyline Apprenticeships Ltd England and Wales Apprenticeship Training Agency Ordinary Shares 100%

Investments policy

Investments in subsidiaries, associates and joint ventures are measured at cost less any
accumulated impairment losses. Interests in subsidiaries, associates and jointly controlled entities
are initially measured at cost and subsequently measured at cost less any accumulated
impairment losses. The investments are assessed for impairment at each reporting date and any
impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial
and operating policies of the entity so as to obtain benefits from its activities. An associate is an
entity, being neither a subsidiary nor a joint venture, in which the company holds a long term
interest and where the company has significant influence. The company
considers that it has significant influence where it has the power to participate in the financial and
operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual
arrangement are classified as jointly controlled entities.
Details of the company’s subsidiaries at the Balance Sheet date are as follows:
LM Education Ltd England and Wales SAAS business Ordinary shares 90%
Skyline Apprenticeships Ltd England and Wales Apprenticeship Training Agency Ordinary Shares 100%

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Going concern
	The company incurred a loss for the year and has net current liabilities at the year end. Included in Creditors are amounts due to connected companies which have indicated that they will not demand repayment of the amounts due to them until the company is in a financial position to do so. The company’s ongoing activities are dependent upon the continued support of the connected parties. On the basis that the company will continue to receive support from the connected companies, the financial statements have been prepared on a going concern basis. If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets and long term liabilities as current liabilities.

Going concern

The company incurred a loss for the year and has net current liabilities at the year end. Included in Creditors are amounts due to connected companies which have indicated that they will not demand repayment of the amounts due to them until the company is in a financial position to do so. The company’s ongoing activities are dependent upon the continued support of the connected parties.
On the basis that the company will continue to receive support from the connected companies, the financial statements have been prepared on a going concern basis. If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets and long term liabilities as current liabilities.

3.	EMPLOYEE INFORMATION

		2020		2020
	Average number of employees during the year	18		16

4.	INTANGIBLE ASSETS

	Other £	Total £
Cost or valuation
At 01 April 20	234,310	234,310
At 31 August 20	234,310	234,310
Amortisation and impairment
At 01 April 20	145,436	145,436
Charge for year	24,477	24,477
At 31 August 20	169,913	169,913
Net book value
At 31 August 20	64,397	64,397
At 31 March 20	88,874	88,874

5.	PROPERTY, PLANT AND EQUIPMENT

	Office Equipment £	Total £
Cost or valuation
At 01 April 20	36,863	36,863
Additions	1,354	1,354
At 31 August 20	38,217	38,217
Depreciation and impairment
At 01 April 20	23,606	23,606
Charge for year	3,840	3,840
At 31 August 20	27,446	27,446
Net book value
At 31 August 20	10,771	10,771
At 31 March 20	13,257	13,257

6.	FIXED ASSET INVESTMENTS

	Investments in group undertakings and participating interests £	Total £
Cost or valuation
At 01 April 20	141,600	141,600
At 31 August 20	141,600	141,600
Net book value
At 31 August 20	141,600	141,600
At 31 March 20	141,600	141,600

7.	DEBTORS
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

DEBTORS

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	2020 £	2020 £
Amounts owed by associates and joint ventures / participating interests	-	1,005,000
Other debtors	132,659	235,399
Prepayments and accrued income	15,863	36,150
Total	148,522	1,276,549

8.	CREDITORS WITHIN ONE YEAR
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	2020 £	2020 £
Trade creditors / trade payables	-	1,402,617
Amounts owed to related parties	2,438,067	3,727,441
Taxation and social security	666,506	369,677
Accrued liabilities and deferred income	1,252,641	-
Total	4,357,214	5,499,735