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COMPANY REGISTRATION NUMBER: 08661940
OCEANPARK FINANCE LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2022
OCEANPARK FINANCE LTD
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2022
CONTENTS
PAGES
Officers and professional advisers
1
Balance sheet
2 to 3
Notes to the financial statements
4 to 7
OCEANPARK FINANCE LTD
OFFICERS AND PROFESSIONAL ADVISERS
DIRECTOR
Mr B Spielman
REGISTERED OFFICE
New Burlington House
1075 Finchley Road
London
NW11 0PU
OCEANPARK FINANCE LTD
BALANCE SHEET
30 November 2022
2022
2021
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
34,570
40,643
CURRENT ASSETS
Debtors
6
199,115
134,175
Cash at bank and in hand
4,136
4,771
----------
----------
203,251
138,946
CREDITORS: amounts falling due within one year
7
( 234,076)
( 173,320)
----------
----------
NET CURRENT LIABILITIES
( 30,825)
( 34,374)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,745
6,269
-------
-------
NET ASSETS
3,745
6,269
-------
-------
CAPITAL AND RESERVES
Called up share capital
2
2
Share premium account
2,499
2,499
Profit and loss account
1,244
3,768
-------
-------
SHAREHOLDER FUNDS
3,745
6,269
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OCEANPARK FINANCE LTD
BALANCE SHEET (continued)
30 November 2022
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
Mr B Spielman
Director
Company registration number: 08661940
OCEANPARK FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
3.1 Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
3.2 Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
3.3 Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
3.4 Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
3.5 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
3.6 Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
12.5% straight line
Equipment
-
20% reducing balance
3.7 Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
3.8 Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
3.9 Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3.10 Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 5 (2021: 5 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 December 2021
45,801
14,709
60,510
Additions
2,292
2,292
---------
---------
---------
At 30 November 2022
48,093
14,709
62,802
---------
---------
---------
Depreciation
At 1 December 2021
16,925
2,942
19,867
Charge for the year
6,012
2,353
8,365
---------
---------
---------
At 30 November 2022
22,937
5,295
28,232
---------
---------
---------
Carrying amount
At 30 November 2022
25,156
9,414
34,570
---------
---------
---------
At 30 November 2021
28,876
11,767
40,643
---------
---------
---------
6. DEBTORS
2022
2021
£
£
Other debtors
199,115
134,175
----------
----------
Other debtors includes £43,154 due from the director of the company which was subject to an interest charge of 2% per annum and was repaid after the year end. Other debtors also includes £5,961 due from a company whose directors include the director of the company.
7. CREDITORS: amounts falling due within one year
2022
2021
£
£
Corporation tax
71,238
55,522
Social security and other taxes
10,736
5,603
Other creditors
152,102
112,195
----------
----------
234,076
173,320
----------
----------
8. RELATED PARTY TRANSACTIONS
Interest receivable comprises interest receivable from the director of the company.
9. CONTROLLING PARTY
The company is under the control of Mr and Mrs Spielman.