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Registered number: 07176716
Oysterblink UK Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
SIFAR LTD
Unit 14, The Maltings Industrial Estate
Hall Road
Southminster
Essex
CM0 7EQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07176716
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 19,750 39,500
Tangible Assets 5 11,622 26,634
31,372 66,134
CURRENT ASSETS
Stocks 6 15,000 15,000
Debtors 7 7,695 25,666
Cash at bank and in hand 4 5,548
22,699 46,214
Creditors: Amounts Falling Due Within One Year 8 (300,652 ) (300,596 )
NET CURRENT ASSETS (LIABILITIES) (277,953 ) (254,382 )
TOTAL ASSETS LESS CURRENT LIABILITIES (246,581 ) (188,248 )
Creditors: Amounts Falling Due After More Than One Year 9 (22,439 ) (41,783 )
NET LIABILITIES (269,020 ) (230,031 )
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account (269,022 ) (230,033 )
SHAREHOLDERS' FUNDS (269,020) (230,031)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Leonard Itopa
Director
6th September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Oysterblink UK Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07176716 . The registered office is 6 Victoria Court , New Street, Chelmsford , Essex, CM1 1GP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight Line
Motor Vehicles 25% Straight Line
Fixtures & Fittings 33% Straight Line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 5 4
5 4
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 197,500
As at 31 March 2024 197,500
Amortisation
As at 1 April 2023 158,000
Provided during the period 19,750
As at 31 March 2024 177,750
Net Book Value
As at 31 March 2024 19,750
As at 1 April 2023 39,500
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 182,748 19,518 52,484 254,750
Additions - - 798 798
As at 31 March 2024 182,748 19,518 53,282 255,548
Depreciation
As at 1 April 2023 180,785 19,518 27,813 228,116
Provided during the period 1,928 - 13,882 15,810
As at 31 March 2024 182,713 19,518 41,695 243,926
Net Book Value
As at 31 March 2024 35 - 11,587 11,622
As at 1 April 2023 1,963 - 24,671 26,634
6. Stocks
2024 2023
£ £
Stock 15,000 15,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors (1,333 ) 17,061
Prepayments and accrued income 8,919 8,500
Other debtors - 105
VAT 109 -
7,695 25,666
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 92,716 84,838
Bank loans and overdrafts 9,254 -
Other taxes and social security 847 679
VAT - 14,098
Net wages 4,356 1,500
Other creditors - 5,000
Fastsigns royalties and NAC (Current liabilities - creditors < 1 year) 23,381 9,823
Other creditors (Current liabilities - creditors < 1 year) (5 ) 50
Accruals and deferred income 16,905 14,184
Directors' loan accounts 153,198 170,424
300,652 300,596
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 22,439 41,783
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5