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REGISTERED NUMBER: OC354408 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

OCEAN VILLAGE INNOVATION CENTRE LLP

OCEAN VILLAGE INNOVATION CENTRE LLP (REGISTERED NUMBER: OC354408)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OCEAN VILLAGE INNOVATION CENTRE LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DESIGNATED MEMBERS: The Rt Hon Lord Iliffe
The Hon Edward Iliffe
F Austin





REGISTERED OFFICE: Barn Close
Yattendon
Berkshire
RG18 0UX





REGISTERED NUMBER: OC354408 (England and Wales)





ACCOUNTANTS: Martin and Company
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

OCEAN VILLAGE INNOVATION CENTRE LLP (REGISTERED NUMBER: OC354408)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,856,622 4,856,622

CURRENT ASSETS
Debtors 5 306,957 224,286
Cash at bank 130,113 95,668
437,070 319,954
CREDITORS
Amounts falling due within one year 6 187,100 69,984
NET CURRENT ASSETS 249,970 249,970
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

5,106,592

5,106,592

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 5,762,379 5,762,379
Other reserves (655,787 ) (655,787 )
5,106,592 5,106,592

TOTAL MEMBERS' INTERESTS
Members' other interests 5,106,592 5,106,592
Amounts due from members 5 (134,695 ) (150,707 )
4,971,897 4,955,885

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

OCEAN VILLAGE INNOVATION CENTRE LLP (REGISTERED NUMBER: OC354408)

BALANCE SHEET - continued
31ST MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24th July 2024 and were signed by:





The Hon Edward Iliffe - Designated member

OCEAN VILLAGE INNOVATION CENTRE LLP (REGISTERED NUMBER: OC354408)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Ocean Village Innovation Centre LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 20% on cost

No depreciation is provided on freehold buildings. It is the LLP practice to maintain these assets in a continual state of sound repair and accordingly the members consider that the residual value will always be equal to or greater than its cost.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2023
and 31st March 2024 4,856,622 238,084 5,094,706
DEPRECIATION
At 1st April 2023
and 31st March 2024 - 238,084 238,084
NET BOOK VALUE
At 31st March 2024 4,856,622 - 4,856,622
At 31st March 2023 4,856,622 - 4,856,622

OCEAN VILLAGE INNOVATION CENTRE LLP (REGISTERED NUMBER: OC354408)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 172,262 73,579
Other debtors 134,695 150,707
306,957 224,286

Included within other debtors are amounts due from members of £134,65 (2023: £150,707).

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 163,469 43,996
Taxation and social security 6,373 3,879
Other creditors 17,258 22,109
187,100 69,984