Oceangrove Geoscience Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC150864 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

Oceangrove Geoscience Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M N D Kaye

Mrs J P Kaye

REGISTERED OFFICE:

1 George Square

Glasgow

G2 1AL

REGISTERED NUMBER:

SC150864 (Scotland)

ACCOUNTANTS:

SBP

Accountants

42 Queens Road

Aberdeen

AB15 4YE

CURRENT ASSETS

Debtors

5

4,202

4,825

Cash at bank and in hand

2,499

1,369

6,701

6,194

CREDITORS

Amounts falling due within one year

6

44,093

33,102

NET CURRENT LIABILITIES

(37,392

)

(26,908

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(37,392

)

(26,908

)

CREDITORS

Amounts falling due after more than one year

7

5,414

-

NET LIABILITIES

(42,806

)

(26,908

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(42,906

)

(27,008

)

SHAREHOLDERS' FUNDS

(42,806

)

(26,908

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 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 Board of Directors and authorised for issue on 27 September 2021 and were signed on its behalf by:

Mr M N D Kaye - Director

1.	STATUTORY INFORMATION

Oceangrove Geoscience Limited is a private company, limited by shares , registered in Scotland. 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 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 a deficiency of £26,908, if necessary the company will be supported by the Director and based on this the Director considers it appropriate to prepare the accounts on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the Director's support.

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 and depreciation

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

Laboratory equipment

-

25% on cost

Office & computer equipment

-

25% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Office &

Laboratory

computer

equipment

equipment

Totals

£

£

£

COST

At 1 January 2020

and 31 December 2020

54,235

9,529

63,764

DEPRECIATION

At 1 January 2020

and 31 December 2020

54,235

9,529

63,764

NET BOOK VALUE

At 31 December 2020

-

-

-

At 31 December 2019

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

2,033

2,716

Amounts recoverable on contract

462

365

Other debtors

1,707

1,744

4,202

4,825

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

601

-

Trade creditors

12

326

Taxation and social security

-

877

Other creditors

43,480

31,899

44,093

33,102

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

5,414

-

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2020 and 31 December 2019:

31.12.20

31.12.19

£

£

Mr M N D Kaye

Balance outstanding at start of year

(16,302

)

(21,193

)

Amounts advanced

3,056

7,017

Amounts repaid

(8,945

)

(2,126

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(22,191

)

(16,302

)

Mrs J P Kaye

Balance outstanding at start of year

(14,399

)

(19,290

)

Amounts advanced

3,000

7,017

Amounts repaid

(8,691

)

(2,126

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(20,090

)

(14,399

)

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M N D Kaye.