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REGISTERED NUMBER: 04690195 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Ocean Palace Restaurant Ltd

Ocean Palace Restaurant Ltd (Registered number: 04690195)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ocean Palace Restaurant Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: S S Chan
Mrs G Slater
M C Tsang
G K L Tsang





SECRETARY: Mrs M C Tsang





REGISTERED OFFICE: 98 Bolton Road
Bull Hill
Darwen
BB3 2TT





REGISTERED NUMBER: 04690195 (England and Wales)





ACCOUNTANTS: Peter Wilson Chartered Accountants
Rockfield House
512 Darwen Road
Bromley Cross
Bolton
Lancashire
BL7 9DX

Ocean Palace Restaurant Ltd (Registered number: 04690195)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 308,012 299,466
308,012 299,466

CURRENT ASSETS
Stocks 10,550 6,000
Debtors 6 - 1,276
Cash at bank and in hand 60,484 103,689
71,034 110,965
CREDITORS
Amounts falling due within one year 7 89,448 121,159
NET CURRENT LIABILITIES (18,414 ) (10,194 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

289,598

289,272

CREDITORS
Amounts falling due after more than one
year

8

(225,380

)

(226,097

)

PROVISIONS FOR LIABILITIES (8,047 ) (5,375 )
NET ASSETS 56,171 57,800

CAPITAL AND RESERVES
Called up share capital 6 6
Retained earnings 56,165 57,794
56,171 57,800

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Ocean Palace Restaurant Ltd (Registered number: 04690195)

Balance Sheet - continued
31 March 2023


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 16 October 2023 and were signed on its behalf by:





G K L Tsang - Director


Ocean Palace Restaurant Ltd (Registered number: 04690195)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Ocean Palace Restaurant Ltd 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 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Ocean Palace Restaurant Ltd (Registered number: 04690195)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 165,000
AMORTISATION
At 1 April 2022
and 31 March 2023 165,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 380,849 110,393 491,242
Additions - 23,747 23,747
At 31 March 2023 380,849 134,140 514,989
DEPRECIATION
At 1 April 2022 108,393 83,383 191,776
Charge for year 7,588 7,613 15,201
At 31 March 2023 115,981 90,996 206,977
NET BOOK VALUE
At 31 March 2023 264,868 43,144 308,012
At 31 March 2022 272,456 27,010 299,466

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors - 1,276

Ocean Palace Restaurant Ltd (Registered number: 04690195)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts - 22,272
Taxation and social security 17,736 18,913
Other creditors 71,712 79,974
89,448 121,159

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 138,380 139,097
Other creditors 87,000 87,000
225,380 226,097

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 101,620 94,066
Directors Loan tony 43,500 43,500
Directors loan Jane 43,500 43,500
188,620 181,066