07962532falsethe operation of a retail unit selling art work2023-04-012024-03-31http://www.companieshouse.gov.uk/2023-03-31http://www.companieshouse.gov.uk/pt:ShareCapital2023-03-31http://www.companieshouse.gov.uk/cd:Director12023-04-012024-03-31http://www.companieshouse.gov.uk/pt:PlantMachinery2024-03-31http://www.companieshouse.gov.uk/pt:ShareCapital2024-03-31http://www.companieshouse.gov.uk/cd:Director22023-04-012024-03-31http://www.companieshouse.gov.uk/pt:FurnitureFittings2024-03-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass12023-04-012024-03-31http://www.companieshouse.gov.uk/cd:RegisteredOffice2023-04-012024-03-31http://www.companieshouse.gov.uk/cd:AuditExemptWithAccountantsReport2023-04-012024-03-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2024-03-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2023-03-31http://www.companieshouse.gov.uk/2023-04-012024-03-31http://www.companieshouse.gov.uk/2023-03-31http://www.companieshouse.gov.uk/cd:FRS1022023-04-012024-03-31http://www.companieshouse.gov.uk/2024-03-31http://www.companieshouse.gov.uk/cd:FullAccounts2023-04-012024-03-31http://www.companieshouse.gov.uk/cd:PrivateLimitedCompanyLtd2023-04-012024-03-31iso4217:GBPxbrli:sharesxbrli:pure
Registered number: 07962532

Ocean Galleries Limited

ACCOUNTS
FOR THE YEAR ENDED 31/03/2024

Prepared By:
Frank Gartland Limited
6 Torland Road
Plymouth
PL3 5TS

Ocean Galleries Limited

ACCOUNTS
FOR THE YEAR ENDED 31/03/2024
DIRECTORS
A Aitken
Mrs N Trevorrow
REGISTERED OFFICE
Ocean Gallery
Wharf Road
St Ives
Cornwall
TR26 1LF
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 07962532
ACCOUNTANTS
Frank Gartland Limited
6 Torland Road
Plymouth
PL3 5TS

Ocean Galleries Limited

ACCOUNTS
FOR THEYEARENDED31/03/2024
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-

Ocean Galleries Limited

BALANCE SHEET AT 31/03/2024
20242023
Notes££
FIXED ASSETS
Tangible assets2348-
CURRENT ASSETS
Stock8,6009,400
Debtors417,65021,788
Cash at bank and in hand37,49542,334
63,74573,522
CREDITORS: Amounts falling due within one year533,80335,457
NET CURRENT ASSETS29,94238,065
TOTAL ASSETS LESS CURRENT LIABILITIES30,29038,065
CREDITORS: Amounts falling due after more than one year612,99522,705
NET ASSETS17,29515,360
CAPITAL AND RESERVES
Called up share capital8100100
Profit and loss account17,19515,260
SHAREHOLDERS' FUNDS17,29515,360
For the year ending 31/03/2024 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 26/07/2024 and signed on their behalf by
.............................
A Aitken
Director

Ocean Galleries Limited

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/03/2024
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Fixtures and Fittingsstraight line 25%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.

Ocean Galleries Limited

2. TANGIBLE FIXED ASSETS
Short LeaseholdPlant andFixtures
PropertiesMachineryand FittingsTotal
££££
Cost
At 01/04/202315,0922,2347,12324,449
Additions--464464
At 31/03/202415,0922,2347,58724,913
Depreciation
At 01/04/202315,0922,2347,12324,449
For the year--116116
At 31/03/202415,0922,2347,23924,565
Net Book Amounts
At 31/03/2024--348348
3. STOCK 20242023
££
Stock comprises:
Stock8,6009,400
8,6009,400
4. DEBTORS 20242023
££
Amounts falling due within one year
UK corporation tax-4,138
Other debtors11,00011,000
Prepayments6,6506,650
17,65021,788

Ocean Galleries Limited

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20242023
££
UK corporation tax19-
VAT2,125377
PAYE control1,1381,138
Salaries and wages control11
Directors current account7373
Bank Loan10,64810,648
Trade creditors17,70621,204
Pension schemes9316
Accruals2,0002,000
33,80335,457
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20242023
££
Bank loans (unsecured) >1yr12,99522,705
12,99522,705
7. EMPLOYEES
20242023
No.No.
Average number of employees44
8. SHARE CAPITAL 20242023
££
Allotted, issued and fully paid:
100 Ordinary shares of £1 each100100
100100

Ocean Galleries Limited

9. OTHER FINANCIAL COMMITMENTS
At 31/03/2024 the company was committed to making the following payments under non-cancellable operating leases:
20242023
££
Operating Leases which expire:
Within one year28,60028,600
Within two to five years114,400114,400
After 5 years85,800114,400
10. RELATED PARTY TRANSACTIONS
In the year the company was charged £33,000 (2023 £40,000) in management charges by companies controlled by the Directors.