Registered number
04372976
Ocean Partners Limited
Filleted Accounts
28 February 2023
Ocean Partners Limited
Registered number: 04372976
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 99,800 31,920
Current assets
Debtors 4 635,179 392,506
Cash at bank and in hand 389,384 274,337
1,024,563 666,843
Creditors: amounts falling due within one year 5 (536,770) (199,541)
Net current assets 487,793 467,302
Total assets less current liabilities 587,593 499,222
Creditors: amounts falling due after more than one year 6 (27,994) -
Net assets 559,599 499,222
Capital and reserves
Called up share capital 100 100
Profit and loss account 559,499 499,122
Shareholders' funds 559,599 499,222
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D A Norris
Director
Approved by the board on 13 October 2023
Ocean Partners Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 97,051 4,177 101,228
Additions - 101,145 101,145
At 28 February 2023 97,051 105,322 202,373
Depreciation
At 1 March 2022 65,540 3,768 69,308
Charge for the year 7,877 25,388 33,265
At 28 February 2023 73,417 29,156 102,573
Net book value
At 28 February 2023 23,634 76,166 99,800
At 28 February 2022 31,511 409 31,920
4 Debtors 2023 2022
£ £
Trade debtors 460,632 329,588
Other debtors 174,547 62,918
635,179 392,506
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 11,604 1,054
Trade creditors 310,962 89,893
Amounts owed to group undertakings and undertakings in which the company has a participating interest 89,000 -
Taxation and social security costs 99,040 82,638
Other creditors 26,164 25,956
536,770 199,541
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 27,994 -
7 Controlling party
The company is controlled by D A Norris and L J Norris on the basis they control over 90% of the ordinary share capital of the company.
8 Other information
Ocean Partners Limited is a private company limited by shares and incorporated in England. Its registered office is:
Pennyweights
Kenley
CR8 5HB
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