Ocean Scientific International Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02351541 (England and Wales)

OCEAN SCIENTIFIC INTERNATIONAL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Dr R T Williams

REGISTERED OFFICE:

Culkin House

C7/C8 Endeavour Business Park

Penner Road

Havant

Hampshire

PO9 1QN

REGISTERED NUMBER:

02351541 (England and Wales)

FIXED ASSETS

Tangible assets

4

59,691

102,483

CURRENT ASSETS

Stocks

325,124

137,316

Debtors

5

1,301,376

1,338,496

Cash at bank and in hand

320,753

74,541

1,947,253

1,550,353

CREDITORS

Amounts falling due within one year

6

(686,847

)

(480,774

)

NET CURRENT ASSETS

1,260,406

1,069,579

TOTAL ASSETS LESS CURRENT LIABILITIES

1,320,097

1,172,062

CREDITORS

Amounts falling due after more than one year

7

-

(11,361

)

PROVISIONS FOR LIABILITIES

(2,020

)

(4,134

)

NET ASSETS

1,318,077

1,156,567

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

1,218,077

1,056,567

SHAREHOLDERS' FUNDS

1,318,077

1,156,567

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 Income Statement has not been delivered.

The financial statements were approved by the director on 10 October 2017 and were signed by:

Dr R T Williams - Director

1.	STATUTORY INFORMATION

Ocean Scientific International Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards

applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as

applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure

is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain

financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements are the first financial statements the company has prepared In accordance with

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' (FRS 102), as applied to smaller entities by the adoption of Section 1A of FRS 102. The financial

statements for the year ended 30 June 2016 were prepared in accordance with previous UK GAAP.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy

choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies

to comply with FRS 102.

There have been no transitional adjustments.

Turnover

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are

physically dispatched to the customer.

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.

Improvements to property

-

20% Straight line

Plant and machinery

-

25% Straight line and 20% Straight line

Fixtures and fittings

-

20% Straight line

Motor vehicles

-

20% Straight line

Computer equipment

-

25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and

the carrying value of the asset and is recognised in the income statement.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Financial assets

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes

party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially

measured at transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and

subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the

debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct

issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the

discretion of the company.

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 and development is written off in the year in which it is 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 13 (2016 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 July 2016

61,152

42,522

19,682

Additions

-

4,989

4,523

Disposals

-

(17,032

)

(1,028

)

At 30 June 2017

61,152

30,479

23,177

DEPRECIATION

At 1 July 2016

51,138

26,703

12,868

Charge for year

4,463

6,258

3,459

Eliminated on disposal

-

(17,032

)

(1,028

)

At 30 June 2017

55,601

15,929

15,299

NET BOOK VALUE

At 30 June 2017

5,551

14,550

7,878

At 30 June 2016

10,014

15,819

6,814

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2016

74,450

49,764

247,570

Additions

7,125

1,972

18,609

Disposals

(40,973

)

(6,399

)

(65,432

)

At 30 June 2017

40,602

45,337

200,747

DEPRECIATION

At 1 July 2016

22,827

31,551

145,087

Charge for year

8,298

8,193

30,671

Eliminated on disposal

(10,243

)

(6,399

)

(34,702

)

At 30 June 2017

20,882

33,345

141,056

NET BOOK VALUE

At 30 June 2017

19,720

11,992

59,691

At 30 June 2016

51,623

18,213

102,483

The net book value of tangible fixed assets includes £NIL (2016 - £ 32,091 ) in respect of assets held under hire

purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

405,102

429,054

Amounts owed by group undertakings

799,450

800,000

Other debtors

96,824

109,442

1,301,376

1,338,496

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 8)

-

5,681

Trade creditors

619,042

405,131

Taxation and social security

16,023

9,503

Other creditors

51,782

60,459

686,847

480,774

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 8)

-

11,361

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

-

5,681

Between one and five years

-

11,361

-

17,042

Non-cancellable

operating leases

2017

2016

£

£

Within one year

46,728

67,756

Between one and five years

186,912

186,912

In more than five years

208,407

233,640

442,047

488,308

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

-

17,042

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

A Williams FCA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

11.	ULTIMATE PARENT COMPANY

OSIL Ltd is regarded by the director as being the company's ultimate parent company by virtue of its 100%

shareholding of the company's issued share capital. The accounts are available from its registered office, Culkin

House, C8 Endeavour Business Park, Penner Road, Havant, Hampshire, PO9 1QN.