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REGISTERED NUMBER: 05434645 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

BLUE OCEAN (SW) LIMITED

BLUE OCEAN (SW) LIMITED (REGISTERED NUMBER: 05434645)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BLUE OCEAN (SW) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mr D S Abraham
Mrs M L Abraham



SECRETARY: Mrs M L Abraham



REGISTERED OFFICE: 4/5 Signal Buildings
Brunel Road
Newton Abbot
Devon
TQ12 4PB



REGISTERED NUMBER: 05434645 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Lloyds
51-52 Fleet Street
Torquay
Devon
TQ2 5DW

BLUE OCEAN (SW) LIMITED (REGISTERED NUMBER: 05434645)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 300 450
Tangible assets 5 31,782 41,594
32,082 42,044

CURRENT ASSETS
Stocks 6 500 500
Debtors 7 138,955 97,236
Cash at bank 97,680 244,045
237,135 341,781
CREDITORS
Amounts falling due within one year 8 59,741 100,674
NET CURRENT ASSETS 177,394 241,107
TOTAL ASSETS LESS CURRENT LIABILITIES 209,476 283,151

CREDITORS
Amounts falling due after more than one
year

9

(20,015

)

(30,015

)

PROVISIONS FOR LIABILITIES (6,039 ) (7,903 )
NET ASSETS 183,422 245,233

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 183,322 245,133
SHAREHOLDERS' FUNDS 183,422 245,233

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

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

BLUE OCEAN (SW) LIMITED (REGISTERED NUMBER: 05434645)

BALANCE SHEET - continued
31 MAY 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 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 31 October 2023 and were signed on its behalf by:





Mr D S Abraham - Director


BLUE OCEAN (SW) LIMITED (REGISTERED NUMBER: 05434645)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Blue Ocean (SW) 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 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 2005, is being amortised evenly over its estimated useful life of twenty 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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 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.

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.

BLUE OCEAN (SW) LIMITED (REGISTERED NUMBER: 05434645)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued

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 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 3,000
AMORTISATION
At 1 June 2022 2,550
Amortisation for year 150
At 31 May 2023 2,700
NET BOOK VALUE
At 31 May 2023 300
At 31 May 2022 450

BLUE OCEAN (SW) LIMITED (REGISTERED NUMBER: 05434645)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 38,482 2,861 52,266 6,054 99,663
Additions - - - 603 603
At 31 May 2023 38,482 2,861 52,266 6,657 100,266
DEPRECIATION
At 1 June 2022 27,861 1,526 25,246 3,436 58,069
Charge for year 2,124 200 6,756 1,335 10,415
At 31 May 2023 29,985 1,726 32,002 4,771 68,484
NET BOOK VALUE
At 31 May 2023 8,497 1,135 20,264 1,886 31,782
At 31 May 2022 10,621 1,335 27,020 2,618 41,594

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2022
and 31 May 2023 24,350 16,296 40,646
DEPRECIATION
At 1 June 2022 16,371 13,202 29,573
Charge for year 1,596 774 2,370
At 31 May 2023 17,967 13,976 31,943
NET BOOK VALUE
At 31 May 2023 6,383 2,320 8,703
At 31 May 2022 7,979 3,094 11,073

6. STOCKS
2023 2022
£    £   
Stocks 500 500

BLUE OCEAN (SW) LIMITED (REGISTERED NUMBER: 05434645)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 131,593 96,595
Other debtors - 150
Directors' current accounts 6,531 -
Prepayments 831 491
138,955 97,236

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 23,494 33,784
Tax 5,052 54,140
Social security and other taxes 1,427 -
VAT 17,173 188
Other creditors 97 12
Directors' current accounts - 202
Accrued expenses 2,498 2,348
59,741 100,674

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 20,015 30,015

10. OTHER FINANCIAL COMMITMENTS

At 31/05/2023, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £3,391 (2022 £3,391).

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mr D S Abraham and Mrs M L Abraham
Balance outstanding at start of year (201 ) (5,354 )
Amounts advanced 106,381 109,677
Amounts repaid (99,649 ) (104,524 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,531 (201 )

Loan repayable on demand and interest free.

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £75,000 were paid to the directors .

BLUE OCEAN (SW) LIMITED (REGISTERED NUMBER: 05434645)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


13. GOVERNMENT GUARANTEED LOAN

The bank loan of £30,015 is a COVID-19 Bounce Back Loan, guaranteed by the government. Term runs to April 2026.