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REGISTERED NUMBER: 09811264 (England and Wales)






















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2023

FOR

OCEAN WAY NAVIGATION LIMITED

OCEAN WAY NAVIGATION LIMITED (REGISTERED NUMBER: 09811264)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OCEAN WAY NAVIGATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2023







DIRECTOR: N T Tsevdos





REGISTERED OFFICE: 83 Cambridge Street
Pimlico
London
SW1V 4PS





REGISTERED NUMBER: 09811264 (England and Wales)





ACCOUNTANTS: George Hay & Company
Chartered Accountants
83 Cambridge Street
London
SW1V 4PS

OCEAN WAY NAVIGATION LIMITED (REGISTERED NUMBER: 09811264)

BALANCE SHEET
31ST OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,379 2,207
Investments 5 17,345 17,345
18,724 19,552

CURRENT ASSETS
Debtors 6 197,647 177,955
Cash at bank 110,065 287,430
307,712 465,385
CREDITORS
Amounts falling due within one year 7 15,304 90,843
NET CURRENT ASSETS 292,408 374,542
TOTAL ASSETS LESS CURRENT
LIABILITIES

311,132

394,094

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 311,032 393,994
SHAREHOLDERS' FUNDS 311,132 394,094

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29th July 2024 and were signed by:





N T Tsevdos - Director


OCEAN WAY NAVIGATION LIMITED (REGISTERED NUMBER: 09811264)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

1. STATUTORY INFORMATION

Ocean Way Navigation 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.

Turnover
Turnover represents invoiced sales of shipping consultancy services.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Fixtures and fittings - 20% reducing balance
Computer equipment - over 3 years straight line

Financial instruments
The Company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Unlisted fixed asset investments are stated at historical cost less any provision for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

OCEAN WAY NAVIGATION LIMITED (REGISTERED NUMBER: 09811264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st November 2022
and 31st October 2023 2,694 1,449 4,143
DEPRECIATION
At 1st November 2022 970 966 1,936
Charge for year 345 483 828
At 31st October 2023 1,315 1,449 2,764
NET BOOK VALUE
At 31st October 2023 1,379 - 1,379
At 31st October 2022 1,724 483 2,207

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st November 2022
and 31st October 2023 17,345
NET BOOK VALUE
At 31st October 2023 17,345
At 31st October 2022 17,345

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 5,000
Other debtors 5,000 -
Director's current account 186,652 167,859
Prepayments and accrued income 5,995 5,096
197,647 177,955

OCEAN WAY NAVIGATION LIMITED (REGISTERED NUMBER: 09811264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,575 3,173
Tax 7,961 83,680
Accrued expenses 3,768 3,990
15,304 90,843

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st October 2023 and 31st October 2022:

2023 2022
£    £   
N T Tsevdos
Balance outstanding at start of year 167,859 148,531
Amounts advanced 217,301 276,509
Amounts repaid (198,508 ) (257,181 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 186,652 167,859

9. RELATED PARTY DISCLOSURES

At the balance sheet date, included within debtors is an amount of £186,652 (2022: £167,859) owed by the director of the company. Interest is charged on the loan and is unsecured. There are no formal terms and conditions regarding repayment of the loan. There was a loan repayment within 9 months after the year end.