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Registered Number: 09404745


 

 

 

OCEAN7 (UK) LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 February 2022

End date: 31 January 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 81,858    87,794 
81,858    87,794 
Current assets      
Stocks 17,550    17,225 
Cash at bank and in hand 8,409    19,301 
25,959    36,526 
Creditors: amount falling due within one year (218,109)   (211,032)
Net current liabilities (192,150)   (174,506)
 
Total assets less current liabilities (110,292)   (86,712)
Creditors: amount falling due after more than one year (35,119)   (44,518)
Net liabilities (145,411)   (131,230)
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account (145,511)   (131,330)
Shareholder's funds (145,411)   (131,230)
 


For the accounting year the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 08 January 2024 and were signed by:


-------------------------------
Suresh KUMAR
Director
1
General Information
OCEAN7 (UK) LIMITED is a private company, limited by shares, domiciled in England and Wales , registration number 09404745,registration address 23 Beehive Lane, Ilford, Essex, IG1 3RG.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Cost of sales
Cost of sales comprises the value of goods and services purchased by the company, net of Value Added Tax and trade discounts as applicable. 
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Improvements to property 15% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.

Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
2.

Staff Costs

2023
£
  2022
£
Wages and salaries 46,813    59,171 
46,813    59,171 
 
Average number of employees during the year Number   Number
Production 2    2 
Sales 1    1 
 

3.

Average number of employees

Average number of employees during the year was 3 (2022 : 3).
4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Improvements to property   Total
  £   £   £   £
At 01 February 2022 104,044    30,624    34,625    169,293 
Additions      
Disposals      
At 31 January 2023 104,044    30,624    34,625    169,293 
Depreciation
At 01 February 2022 46,407    15,539    11,042    72,988 
Charge for year 8,646    2,263    3,538    14,447 
On disposals      
At 31 January 2023 55,053    17,802    14,580    87,435 
Net book values
Closing balance as at 31 January 2023 48,991    12,822    20,045    81,858 
Opening balance as at 01 February 2022 49,126    15,085    23,583    87,794 


5.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

2