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REGISTERED NUMBER: 04202870 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

OCEAN PROPERTY DEVELOPMENTS LIMITED

OCEAN PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04202870)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


OCEAN PROPERTY DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTOR: P Johnston





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 04202870 (England and Wales)






OCEAN PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04202870)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,413 206
Investment property 5 2,453,000 2,453,000
2,454,413 2,453,206

CURRENT ASSETS
Debtors 6 1,001 132
Cash at bank 4,691 6,157
5,692 6,289
CREDITORS
Amounts falling due within one year 7 924,000 368,521
NET CURRENT LIABILITIES (918,308 ) (362,232 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,536,105

2,090,974

CREDITORS
Amounts falling due after more than one
year

8

(56,036

)

(647,433

)

PROVISIONS FOR LIABILITIES (120,971 ) (466,070 )
NET ASSETS 1,359,098 977,471

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 950,951 605,499
Retained earnings 408,047 371,872
1,359,098 977,471

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OCEAN PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04202870)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 April 2024 and were signed by:





P Johnston - Director


OCEAN PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04202870)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Ocean Property Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost

Investment property
Investment property is measured under the Alternative Accounting Rules, where the revaluation gain or loss is recorded in the Revaluation reserve and not Profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

OCEAN PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04202870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 May 2022 3,580
Additions 2,120
At 30 April 2023 5,700
DEPRECIATION
At 1 May 2022 3,374
Charge for year 913
At 30 April 2023 4,287
NET BOOK VALUE
At 30 April 2023 1,413
At 30 April 2022 206

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022
and 30 April 2023 2,453,000
NET BOOK VALUE
At 30 April 2023 2,453,000
At 30 April 2022 2,453,000

Fair value at 30 April 2023 is represented by:
£   
Valuation in 2014 212,731
Valuation in 2015 210,000
Valuation in 2017 321,098
Valuation in 2022 327,332
Cost 1,381,839
2,453,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,381,839 1,381,839

Investment property was valued on an open market basis on 30 April 2022 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 132 132
Prepayments 869 -
1,001 132

OCEAN PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04202870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 616,075 61,969
Amounts owed to participating interests 181,100 172,100
Tax 8,148 8,997
Other creditors 3,278 4,387
Directors' loan accounts 110,719 116,463
Accruals and deferred income 4,680 4,605
924,000 368,521

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 37,150 -
Bank loans - 2-5 years 18,886 -
Bank loans more 5 yr by instal - 647,433
56,036 647,433

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 647,433

9. RESERVES
Revaluation
reserve
£   
At 1 May 2022 605,499
Deferred Tax 345,452

At 30 April 2023 950,951

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Paul and Janey Johnston.