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Company Registration No. 13861744 (England and Wales)
Ocean City Logistics Ltd Unaudited accounts for the period from 20 January 2022 to 31 March 2023
Ocean City Logistics Ltd Unaudited accounts Contents
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Ocean City Logistics Ltd Company Information for the period from 20 January 2022 to 31 March 2023
Directors
David Lane Gareth Thomas Gilbert Woolley
Company Number
13861744 (England and Wales)
Registered Office
17B Wilton Street Plymouth PL1 5LT England
Accountants
PBS Accounting Limited Unit 2 Lister Mill Business Park Lister Close, Plympton Plymouth Devon PL7 4BA
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Ocean City Logistics Ltd Statement of financial position as at 31 March 2023
2023 
Notes
£ 
Fixed assets
Intangible assets
6,750 
Tangible assets
6,715 
13,465 
Current assets
Debtors
910 
Cash at bank and in hand
929 
1,839 
Creditors: amounts falling due within one year
(33,936)
Net current liabilities
(32,097)
Net liabilities
(18,632)
Capital and reserves
Called up share capital
300 
Profit and loss account
(18,932)
Shareholders' funds
(18,632)
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2023 and were signed on its behalf by
David Lane Director Company Registration No. 13861744
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Ocean City Logistics Ltd Notes to the Accounts for the period from 20 January 2022 to 31 March 2023
1
Statutory information
Ocean City Logistics Ltd is a private company, limited by shares, registered in England and Wales, registration number 13861744. The registered office is 17B Wilton Street, Plymouth, PL1 5LT, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33.33% straight line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Government grants
Government grants 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.
Going concern
The company has negative current liabilities. There company is therefore reliant upon the continued financial support of its directors in order to continue operations. The directors have indicated their willingness to provide financial support to ensure that the company has sufficient resources to meet third party debts as they fall due. Accordingly, the accounts have been prepared on a going concern basis. If the support of the directors were withdrawn, then the going concern basis may not be acceptable. Adjustments may then have to be made to adjust the value of the assets to their recoverable amounts to provide for any further liabilities that might arise, and to reclassify fixed assets and long term loans as current assets and current liabilities.
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Ocean City Logistics Ltd Notes to the Accounts for the period from 20 January 2022 to 31 March 2023
4
Intangible fixed assets
Other 
£ 
Cost
At 20 January 2022
- 
Additions
7,500 
At 31 March 2023
7,500 
Amortisation
At 20 January 2022
- 
Charge for the period
750 
At 31 March 2023
750 
Net book value
At 31 March 2023
6,750 
5
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 20 January 2022
- 
Additions
7,799 
At 31 March 2023
7,799 
Depreciation
Charge for the period
1,084 
At 31 March 2023
1,084 
Net book value
At 31 March 2023
6,715 
6
Debtors
2023 
£ 
Amounts falling due within one year
Trade debtors
316 
Accrued income and prepayments
594 
910 
7
Creditors: amounts falling due within one year
2023 
£ 
VAT
180 
Taxes and social security
710 
Other creditors
960 
Loans from directors
24,636 
Accruals
735 
Deferred income
6,715 
33,936 
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Ocean City Logistics Ltd Notes to the Accounts for the period from 20 January 2022 to 31 March 2023
8
Average number of employees
During the period the average number of employees was 2.
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