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COMPANY REGISTRATION NUMBER: 08294246
Ocean Trading (UK) Ltd
Filleted Unaudited Financial Statements
30 November 2023
Ocean Trading (UK) Ltd
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
14,168
6,890
Current assets
Stocks
88,612
86,197
Cash at bank and in hand
5,366
8,341
--------
--------
93,978
94,538
Creditors: amounts falling due within one year
6
65,117
50,648
--------
--------
Net current assets
28,861
43,890
--------
--------
Total assets less current liabilities
43,029
50,780
Creditors: amounts falling due after more than one year
7
34,463
39,261
Provisions
Taxation including deferred tax
1,632
1,632
--------
--------
Net assets
6,934
9,887
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
6,834
9,787
-------
-------
Shareholders funds
6,934
9,887
-------
-------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ocean Trading (UK) Ltd
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 21 June 2024 , and are signed on behalf of the board by:
Mr A S Souni
Director
Company registration number: 08294246
Ocean Trading (UK) Ltd
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Agincourt Villas, Uxbridge Road, Hillingdon, Middlesex, UB10 0NX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 4 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 December 2022
12,087
4,083
16,170
Additions
2,914
9,995
12,909
Disposals
( 4,083)
( 4,083)
--------
-------
--------
At 30 November 2023
15,001
9,995
24,996
--------
-------
--------
Depreciation
At 1 December 2022
7,287
1,993
9,280
Charge for the year
1,542
1,999
3,541
Disposals
( 1,993)
( 1,993)
--------
-------
--------
At 30 November 2023
8,829
1,999
10,828
--------
-------
--------
Carrying amount
At 30 November 2023
6,172
7,996
14,168
--------
-------
--------
At 30 November 2022
4,800
2,090
6,890
--------
-------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,648
10,893
Trade creditors
12,967
5,126
Corporation tax
2,281
6,157
Social security and other taxes
1,668
1,709
Other creditors
37,553
26,763
--------
--------
65,117
50,648
--------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,020
27,818
Other creditors
11,443
11,443
--------
--------
34,463
39,261
--------
--------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A S Souni
( 36,489)
( 5,795)
( 42,284)
--------
-------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A S Souni
( 29,830)
( 6,659)
( 36,489)
--------
-------
--------