Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr R A Hardick 03/07/2020 29 August 2024 The principal activity of the company during the financial year was that of a private holiday lodge park. 12630790 2023-12-31 12630790 bus:Director1 2023-12-31 12630790 2022-12-31 12630790 core:CurrentFinancialInstruments 2023-12-31 12630790 core:CurrentFinancialInstruments 2022-12-31 12630790 core:Non-currentFinancialInstruments 2023-12-31 12630790 core:Non-currentFinancialInstruments 2022-12-31 12630790 core:ShareCapital 2023-12-31 12630790 core:ShareCapital 2022-12-31 12630790 core:RetainedEarningsAccumulatedLosses 2023-12-31 12630790 core:RetainedEarningsAccumulatedLosses 2022-12-31 12630790 core:Goodwill 2022-12-31 12630790 core:Goodwill 2023-12-31 12630790 core:LandBuildings 2022-12-31 12630790 core:PlantMachinery 2022-12-31 12630790 core:Vehicles 2022-12-31 12630790 core:FurnitureFittings 2022-12-31 12630790 core:ComputerEquipment 2022-12-31 12630790 core:LandBuildings 2023-12-31 12630790 core:PlantMachinery 2023-12-31 12630790 core:Vehicles 2023-12-31 12630790 core:FurnitureFittings 2023-12-31 12630790 core:ComputerEquipment 2023-12-31 12630790 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 12630790 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 12630790 core:CurrentFinancialInstruments core:Secured 2023-12-31 12630790 bus:OrdinaryShareClass1 2023-12-31 12630790 2023-01-01 2023-12-31 12630790 bus:FilletedAccounts 2023-01-01 2023-12-31 12630790 bus:SmallEntities 2023-01-01 2023-12-31 12630790 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12630790 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12630790 bus:Director1 2023-01-01 2023-12-31 12630790 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 12630790 core:Goodwill 2023-01-01 2023-12-31 12630790 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 12630790 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 12630790 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 12630790 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 12630790 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 12630790 2022-01-01 2022-12-31 12630790 core:LandBuildings 2023-01-01 2023-12-31 12630790 core:PlantMachinery 2023-01-01 2023-12-31 12630790 core:Vehicles 2023-01-01 2023-12-31 12630790 core:FurnitureFittings 2023-01-01 2023-12-31 12630790 core:ComputerEquipment 2023-01-01 2023-12-31 12630790 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 12630790 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 12630790 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12630790 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12630790 (England and Wales)

OCEAN COVE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

OCEAN COVE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

OCEAN COVE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
OCEAN COVE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Mr R A Hardick
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
COMPANY NUMBER 12630790 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
OCEAN COVE LIMITED

BALANCE SHEET

As at 31 December 2023
OCEAN COVE LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 227,496 262,495
Tangible assets 4 3,237,477 3,298,303
3,464,973 3,560,798
Current assets
Stocks 27,241 22,502
Debtors 5 821,246 864,582
Cash at bank and in hand 20,567 2,457
869,054 889,541
Creditors: amounts falling due within one year 6 ( 2,554,980) ( 2,618,810)
Net current liabilities (1,685,926) (1,729,269)
Total assets less current liabilities 1,779,047 1,831,529
Creditors: amounts falling due after more than one year 7 ( 1,484,775) ( 1,604,139)
Provision for liabilities ( 25,000) ( 13,680)
Net assets 269,272 213,710
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 269,172 213,610
Total shareholder's funds 269,272 213,710

For the financial year ending 31 December 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 financial statements of Ocean Cove Limited (registered number: 12630790) were approved and authorised for issue by the Director on 29 August 2024. They were signed on its behalf by:

Mr R A Hardick
Director
OCEAN COVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
OCEAN COVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ocean Cove Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is Bossiney, Tintagel, Cornwall, PL34 0AZ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line
Computer equipment 5 years straight line
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

During the year the company received £Nil (2022: £4,000) being grants received from the council.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 3 3

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 349,993 349,993
At 31 December 2023 349,993 349,993
Accumulated amortisation
At 01 January 2023 87,498 87,498
Charge for the financial year 34,999 34,999
At 31 December 2023 122,497 122,497
Net book value
At 31 December 2023 227,496 227,496
At 31 December 2022 262,495 262,495

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2023 3,307,218 1,950 5,000 113,595 10,376 3,438,139
Additions 0 321 0 13,651 0 13,972
At 31 December 2023 3,307,218 2,271 5,000 127,246 10,376 3,452,111
Accumulated depreciation
At 01 January 2023 104,583 734 2,917 28,806 2,796 139,836
Charge for the financial year 46,144 438 1,250 24,935 2,031 74,798
At 31 December 2023 150,727 1,172 4,167 53,741 4,827 214,634
Net book value
At 31 December 2023 3,156,491 1,099 833 73,505 5,549 3,237,477
At 31 December 2022 3,202,635 1,216 2,083 84,789 7,580 3,298,303

Land and Buildings represents freehold land and buildings. The cost of the land, included in Land and buildings, is not depreciated.

5. Debtors

2023 2022
£ £
Trade debtors 35,539 16,783
Amounts owed by Parent undertakings 769,000 767,512
Prepayments 16,707 6,802
VAT recoverable 0 6,038
Corporation tax 0 10,358
Other debtors 0 57,089
821,246 864,582

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 119,364 116,594
Trade creditors 0 4,547
Amounts owed to Group undertakings 28,462 13,192
Amounts owed to director 769,900 769,900
Accruals and deferred income 92,569 72,751
Taxation and social security 46,687 3,736
Other creditors 1,497,998 1,638,090
2,554,980 2,618,810

The bank loan of £119,364 (2022: £116,594) is secured by way of fixed and floating charges on Ocean Cove Coastal Retreat.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 1,484,775 1,604,139

The bank loan of £1,484,775 (2022: £1,604,139) is secured by way of fixed and floating charges on Ocean Cove Coastal Retreat.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with owners holding a participating interest in the entity

Included within debtors at the year-end is a balance of £769,000 (2022: £767,512) due to Ocean Cove Parks Limited, the parent company. The balance is repayable on demand.

Included within other creditors at the year-end is a balance of £28,462 (2022: £13,192) due to Salcombe Park Limited, a company under common control. The balance is repayable on demand.

Transactions with the entity's director

Throughout the current year, loans existed between the director and their spouse and Ocean Cove Limited. No interest was charged on the loans and the balance is repayable on demand. At the balance sheet date the amount due to the director and their spouse by Ocean Cove Limited was £2,404,900 (2022: £2,404,900).