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REGISTERED NUMBER: 11846002 (England and Wales)















Ocean Sadhana Limited

Unaudited Financial Statements for the Year Ended 28 February 2023






Ocean Sadhana Limited (Registered number: 11846002)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ocean Sadhana Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr N P Gregory
Ms D G Gregory





REGISTERED OFFICE: 37 Beechwood Drive
Camelford
Cornwall
PL32 9NA





REGISTERED NUMBER: 11846002 (England and Wales)





ACCOUNTANTS: Haines Watts Accountants (Exeter) Limited
3 Southernhay West
Exeter
Devon
EX1 1JG

Ocean Sadhana Limited (Registered number: 11846002)

Balance Sheet
28 February 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 79,865 87,960
Tangible assets 5 15,281 19,521
95,146 107,481

CURRENT ASSETS
Stocks 28,629 28,041
Debtors 6 5,414 11,693
Cash at bank and in hand 18,612 24,319
52,655 64,053
CREDITORS
Amounts falling due within one year 7 (95,482 ) (88,197 )
NET CURRENT LIABILITIES (42,827 ) (24,144 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

52,319

83,337

CREDITORS
Amounts falling due after more than one
year

8

(78,874

)

(93,455

)
NET LIABILITIES (26,555 ) (10,118 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (26,655 ) (10,218 )
(26,555 ) (10,118 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Sadhana Limited (Registered number: 11846002)

Balance Sheet - continued
28 February 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 29 November 2023 and were signed on its behalf by:




Ms D G Gregory - Director



Mr N P Gregory - Director


Ocean Sadhana Limited (Registered number: 11846002)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. STATUTORY INFORMATION

Ocean Sadhana 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The company is reliant on the support of its directors, who has indicated that he will not demand repayment of the amount due to him from the company in the foreseeable future. The directors considers that with his continuing financial support, the company will have sufficient financial resources to meet its requirements for the future. Therefore these financial statements have been prepared on a going concern basis.

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 2020, 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.

Computer software is being amortised evenly over its estimated useful life of ten years.

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 - Straight line over the life of the lease
Fixtures and fittings - 20% straight line
Motor vehicles - 25% reducing balance
Computer equipment - 20% straight line

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

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


Ocean Sadhana Limited (Registered number: 11846002)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


2. ACCOUNTING POLICIES - continued
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.

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 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 March 2022 99,950 8,000 107,950
Additions - 3,000 3,000
At 28 February 2023 99,950 11,000 110,950
AMORTISATION
At 1 March 2022 19,990 - 19,990
Amortisation for year 9,995 1,100 11,095
At 28 February 2023 29,985 1,100 31,085
NET BOOK VALUE
At 28 February 2023 69,965 9,900 79,865
At 28 February 2022 79,960 8,000 87,960

Ocean Sadhana Limited (Registered number: 11846002)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 944 1,924 25,275 11,445 39,588
Additions - 230 - 816 1,046
At 28 February 2023 944 2,154 25,275 12,261 40,634
DEPRECIATION
At 1 March 2022 57 288 15,797 3,925 20,067
Charge for year 105 427 2,370 2,384 5,286
At 28 February 2023 162 715 18,167 6,309 25,353
NET BOOK VALUE
At 28 February 2023 782 1,439 7,108 5,952 15,281
At 28 February 2022 887 1,636 9,478 7,520 19,521

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2022
and 28 February 2023 25,275
DEPRECIATION
At 1 March 2022 15,797
Charge for year 2,370
At 28 February 2023 18,167
NET BOOK VALUE
At 28 February 2023 7,108
At 28 February 2022 9,478

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors
and accrued income 336 204
Other debtors 4,000 4,000
VAT - 6,501
Prepayments 1,078 988
5,414 11,693

Ocean Sadhana Limited (Registered number: 11846002)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 3,616 3,299
Trade creditors 55,378 52,516
Social security and other taxes 2,089 5,122
VAT 11,034 -
Directors' current accounts 19,515 25,260
Accruals and deferred income 3,850 2,000
95,482 88,197

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 11,425 9,089
Bank loans - 2-5 years 57,687 70,987
Hire purchase contracts (see note 9) 9,762 13,379
78,874 93,455

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 3,616 3,299
Between one and five years 9,762 13,379
13,378 16,678

Non-cancellable operating leases
2023 2022
£    £   
Within one year 20,000 20,000
Between one and five years - 20,000
20,000 40,000

Ocean Sadhana Limited (Registered number: 11846002)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 69,112 80,076
Hire purchase contracts 13,378 16,678
82,490 96,754

There is a fixed and floating charge with Natwest dated 10 May 2019 over all the property and undertakings of the company.

Hire purchase debts are secured against the assets.