OCEANCHEM EXPORT LIMITED

Company Registration Number:
09126244 (England and Wales)

Unaudited abridged accounts for the year ended 31 July 2023

Period of accounts

Start date: 01 August 2022

End date: 31 July 2023

OCEANCHEM EXPORT LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2023

Balance sheet
Notes

OCEANCHEM EXPORT LIMITED

Balance sheet

As at 31 July 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 466 696
Total fixed assets: 466 696
Current assets
Stocks: 135,175 75,341
Debtors:   1,041,517 1,458,670
Cash at bank and in hand: 130,369 72,280
Total current assets: 1,307,061 1,606,291
Creditors: amounts falling due within one year:   (825,774) (1,085,300)
Net current assets (liabilities): 481,287 520,991
Total assets less current liabilities: 481,753 521,687
Creditors: amounts falling due after more than one year:   (177,918) (252,322)
Provision for liabilities: (46) (46)
Total net assets (liabilities): 303,789 269,319
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 303,689 269,219
Shareholders funds: 303,789 269,319

The notes form part of these financial statements

OCEANCHEM EXPORT LIMITED

Balance sheet statements

For the year ending 31 July 2023 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 07 October 2023
and signed on behalf of the board by:

Name: P VARTY
Status: Director

The notes form part of these financial statements

OCEANCHEM EXPORT LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised at the fair value of the consideration received or receivable for goods sold in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised when goods are sold.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured t cost or valuation, net of depreciation and any impairment losses.Depreciation 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:Equipment, fixtures and fittings 33% reducing basisThe gain or losses arising on the disposal of an asset is determined as he difference between the sale proceeds and the carrying value of the asset, and is credited or debited to profit and loss.

Valuation and information policy

Stocks are valued at the lower of cost and net realisable value, after making allowances for obsolete and slow-moving items. Cost includes all direct expenditure and overheads.

Other accounting policies

Cash and cash equivalentsCash and cash equivalent s are basic financial assets and include cash in hand, deposit 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.TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.Deferred taxDeferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.Retirement benefitsPayments to defined contribution retirement benefit schemes are charged as an expense as they fall due.Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on transactions in the period are included in profit or loss.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 amount of asset 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

OCEANCHEM EXPORT LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

2. Employees

2023 2022
Average number of employees during the period 3 3

OCEANCHEM EXPORT LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

3. Tangible Assets

Total
Cost £
At 01 August 2022 2,477
At 31 July 2023 2,477
Depreciation
At 01 August 2022 1,781
Charge for year 230
At 31 July 2023 2,011
Net book value
At 31 July 2023 466
At 31 July 2022 696