Mocean Energy Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC461469 (Scotland)

Mocean Energy Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr J C McNatt

Dr C H Retzler

Mr I Sinclair

Ms L Ross

Mr T Skillingstad

SECRETARY:

MBM Secretarial Services Limited

REGISTERED OFFICE:

Suite 2

Ground Floor Orchard Brae House

30 Queensferry Road

Edinburgh

EH4 2HS

REGISTERED NUMBER:

SC461469 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland plc

2 Bernard Street

Leith

Edinburgh

EH6 6PU

FIXED ASSETS

Tangible assets

4

33,396

56,994

Investments

5

778

778

34,174

57,772

CURRENT ASSETS

Debtors

6

807,287

451,898

Cash at bank

522,526

362,754

1,329,813

814,652

CREDITORS

Amounts falling due within one year

7

427,385

229,001

NET CURRENT ASSETS

902,428

585,651

TOTAL ASSETS LESS CURRENT LIABILITIES

936,602

643,423

CREDITORS

Amounts falling due after more than one year

8

40,100

68,618

NET ASSETS

896,502

574,805

CAPITAL AND RESERVES

Called up share capital

11

3

3

Share premium

12

1,518,373

634,919

Retained earnings

12

(621,874

)

(60,117

)

SHAREHOLDERS' FUNDS

896,502

574,805

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 April 2023 and were signed on its behalf by:

Dr J C McNatt - Director

1.	STATUTORY INFORMATION

Mocean Energy Ltd 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.

The directors going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Mocean Energy Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Contract revenue is recognised based on stage of completion of a contract by using the completion of a physical proportion of the contract work or the completion of a proportion of the service contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost and 25% on cost

Government grants

Government grant in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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 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 is written off against profits in the year in which it 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.

Rentals paid under operating leases are charged to profit or loss 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 15 (2021 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2021

111,459

Additions

9,104

At 31 October 2022

120,563

DEPRECIATION

At 1 November 2021

54,465

Charge for year

32,702

At 31 October 2022

87,167

NET BOOK VALUE

At 31 October 2022

33,396

At 31 October 2021

56,994

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 November 2021

22,329

Transfer to ownership

(1,329

)

At 31 October 2022

21,000

DEPRECIATION

At 1 November 2021

9,599

Charge for year

7,000

Transfer to ownership

(849

)

At 31 October 2022

15,750

NET BOOK VALUE

At 31 October 2022

5,250

At 31 October 2021

12,730

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 November 2021

and 31 October 2022

778

NET BOOK VALUE

At 31 October 2022

778

At 31 October 2021

778

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Mocean Energy Corp.

Registered office: Delaware, United States.

Nature of business: to facilitate commercial opportunities in the USA

%

Class of shares:

holding

Common shares

100.00

31.12.22

31.12.21

£

£

Aggregate capital and reserves

(2,334

)

(1,452

)

Loss for the period/year

(710

)

(2,100

)

The company holds 1,000 Common Shares with a par value of $1.00 per share.

The annual accounts of Mocean Energy Corp. have been prepared in USD.The above values have been converted at an exchange rate of 1.0000 GBP = 1.20582 USD (2021: 1.34894 USD).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

11,105

-

Amounts owed by group undertakings

3,581

2,628

Other debtors

792,601

449,270

807,287

451,898

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

9,849

9,606

Hire purchase contracts (see note 9)

5,778

7,055

Trade creditors

295,319

104,355

Taxation and social security

29,120

22,153

Other creditors

87,319

85,832

427,385

229,001

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

26,399

36,512

Hire purchase contracts (see note 9)

-

5,778

Other creditors

13,701

26,328

40,100

68,618

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2022

2021

£

£

Net obligations repayable:

Within one year

5,778

7,055

Between one and five years

-

5,778

5,778

12,833

Non-cancellable

operating leases

2022

2021

£

£

Within one year

23,342

-

10.	SECURED DEBTS

The company created a fixed charge on 11 February 2022 over a deposit of EUR €29,155 and all amounts in the future credited to the same APG account with the bank, securing all sums due or to become due in favour of the Royal Bank of Scotland Plc. The charge was delivered on 18 February 2022 and satisfied on 2 September 2022.

11.	CALLED UP SHARE CAPITAL

During the year, the company allotted 34,420 ordinary shares at nominal value of £0.00001 each and raised funds amounting to £930,372.

12.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 November 2021

(60,117

)

634,919

574,802

Deficit for the year

(561,757

)

(561,757

)

Share issue

-

883,454

883,454

At 31 October 2022

(621,874

)

1,518,373

896,499

13.	RELATED PARTY DISCLOSURES

During the year, there were sales of £18,349 (2021: £19,977) from subsidiary company, Mocean Energy Corp. and expenses paid on behalf of the company totalling £952 (2021: £2,126). There was balance of £3,581 (2021: £2,628) due from Mocean Energy Corp. on 31 October 2022.

14.	POST BALANCE SHEET EVENTS

On 7 March 2023, in relation to a loan of £225,000 with the Scottish Growth Scheme, there was a floating charge created for all sums due or to become due to the Scottish Growth Scheme - Business Loans Scotland Debt Finance L.P. on all property and undertaking of the company. The charge contains a negative pledge. The charge was delivered on 13 March 2023.