Abbreviated Company Accounts - OCEAN MATTERS LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover represents the total sales value, excluding value added tax, of goods and services supplied during the period.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Plant and machinery - 10% straight line
Fixtures, fittings and equipment - 25% straight line

Other accounting policies
Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.

Stock
Stock is valued at the lower of cost and net realisable value.

Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date. A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable profits from which the future reversal of the underlying timing difference can be deducted. Deferred tax is measured at the average tax rates that are expected to apply when the timing differences reverse, based on current tax law and rates. Deferred tax assets and liabilities are not discounted.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are recorded at he rate of exchange prevailing at the date of the transactions. All differences are taken to the profit and loss account.

Group accounts
The company as a small company is exempt from the obligation to prepare group accounts. Consequently these financial statements present information about the company as an individual undertaking and not as a group.

Going concern
The financial statements have been prepared on the going concern basis of accounting, on the assumption that the directors and shareholders will continue to provide financial support to enable the company to meet its current liabilities, which exceeded its current assets at 31 December 2016.

3Fixed assets Investments
Holdings of 20% or more
The company holds 20% or more of the share capital of the following companies:

Company - OM Penmon Limited
Country of registration or incorporation - England and Wales
Nature of business - fish farm operators
Shares held class - ordinary
Proportion of shares held - 100%

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

OM Penmon Limited
Capital and reserves - £153,666
Profit for the year - £8,500

2 Ordinary shares of £1 each were issued at par for cash on incorporation. On 16 December 2015 these shares were reclassified and subdivided into 2,000 Ordinary B shares of £0.001. On 17 December 2015 2,900,524 further Ordinary B shares of £0.001 each and 1,342,443 Series A shares of £0.001 were issued to increase the capital base of the company.