Acorah Software Products - Accounts Production 14.5.601 false true true 30 April 2022 1 May 2021 false 1 May 2022 30 April 2023 30 April 2023 10736198 Mr Paul Rodger Mr Nigel Smith iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10736198 2022-04-30 10736198 2023-04-30 10736198 2022-05-01 2023-04-30 10736198 frs-core:CurrentFinancialInstruments 2023-04-30 10736198 frs-core:Non-currentFinancialInstruments 2023-04-30 10736198 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-01 2023-04-30 10736198 frs-core:MotorVehicles 2022-05-01 2023-04-30 10736198 frs-core:OtherResidualIntangibleAssets 2023-04-30 10736198 frs-core:OtherResidualIntangibleAssets 2022-05-01 2023-04-30 10736198 frs-core:OtherResidualIntangibleAssets 2022-04-30 10736198 frs-core:SharePremium 2023-04-30 10736198 frs-core:ShareCapital 2023-04-30 10736198 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30 10736198 frs-bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 10736198 frs-bus:FilletedAccounts 2022-05-01 2023-04-30 10736198 frs-bus:SmallEntities 2022-05-01 2023-04-30 10736198 frs-bus:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 10736198 frs-bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 10736198 frs-bus:OrdinaryShareClass1 2022-05-01 2023-04-30 10736198 frs-bus:OrdinaryShareClass1 2023-04-30 10736198 frs-bus:Director1 2022-05-01 2023-04-30 10736198 frs-bus:Director2 2022-05-01 2023-04-30 10736198 frs-countries:EnglandWales 2022-05-01 2023-04-30 10736198 2021-04-30 10736198 2022-04-30 10736198 2021-05-01 2022-04-30 10736198 frs-core:CurrentFinancialInstruments 2022-04-30 10736198 frs-core:Non-currentFinancialInstruments 2022-04-30 10736198 frs-core:SharePremium 2022-04-30 10736198 frs-core:ShareCapital 2022-04-30 10736198 frs-core:RetainedEarningsAccumulatedLosses 2022-04-30 10736198 frs-bus:OrdinaryShareClass1 2021-05-01 2022-04-30
Registered number: 10736198
Ocean Polymers Limited
Unaudited Financial Statements
For The Year Ended 30 April 2023
TaxAssist Accountants
24-28 Brockenhurst Road
Ascot
Berkshire
SL5 9DL
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10736198
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 365,221 388,047
365,221 388,047
CURRENT ASSETS
Debtors 5 1,750 -
Cash at bank and in hand 162 1,464
1,912 1,464
Creditors: Amounts Falling Due Within One Year 6 (54,802 ) (34,050 )
NET CURRENT ASSETS (LIABILITIES) (52,890 ) (32,586 )
TOTAL ASSETS LESS CURRENT LIABILITIES 312,331 355,461
Creditors: Amounts Falling Due After More Than One Year 7 (71,200 ) (85,422 )
NET ASSETS 241,131 270,039
CAPITAL AND RESERVES
Called up share capital 8 112 110
Share premium account 1,455,149 1,420,150
Profit and Loss Account (1,214,130 ) (1,150,221 )
SHAREHOLDERS' FUNDS 241,131 270,039
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For the year ending 30 April 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Rodger
Director
11/04/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Ocean Polymers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10736198 . The registered office is TaxAssist Accountants , 24 - 28 Brockenhurst Road, Ascot, SL5 9DL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.  The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
At the year end the company had net current liabilities. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses,which are calculated from when assets are in use.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs: 5% per annum on a straight line basis
2.5. Research and Development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles Straight line at 25%
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2.7. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.10. Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.  The reported share capital constitutes the allotted, called up and fully paid share capital of the company.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Other
£
Cost
As at 1 May 2022 456,525
As at 30 April 2023 456,525
Amortisation
As at 1 May 2022 68,478
Provided during the period 22,826
As at 30 April 2023 91,304
Net Book Value
As at 30 April 2023 365,221
As at 1 May 2022 388,047
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5. Debtors
2023 2022
£ £
Due within one year
Other debtors 1,750 -
1,750 -
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 13,000 13,000
Other creditors 41,802 21,050
54,802 34,050
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 71,200 85,422
71,200 85,422
8. Share Capital
2023 2022
Allotted, called up and fully paid £ £
11,277 Ordinary Shares of £ 0.01 each 112 110
During the year 201 (2022: 26) Ordinary 1p shares were issued.
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