Tri Ocean Products Limited 05956327 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is continued to be that of the retail sale of surfing and other watersports equipment. Digita Accounts Production Advanced 6.30.9574.0 true 05956327 2023-02-01 2024-01-31 05956327 2024-01-31 05956327 core:CurrentFinancialInstruments 2024-01-31 05956327 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 05956327 core:BetweenTwoFiveYears 2024-01-31 05956327 core:WithinOneYear 2024-01-31 05956327 core:FurnitureFittings 2024-01-31 05956327 core:MotorVehicles 2024-01-31 05956327 core:PlantMachinery 2024-01-31 05956327 1 2024-01-31 05956327 bus:SmallEntities 2023-02-01 2024-01-31 05956327 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 05956327 bus:FilletedAccounts 2023-02-01 2024-01-31 05956327 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 05956327 bus:RegisteredOffice 2023-02-01 2024-01-31 05956327 bus:Director1 2023-02-01 2024-01-31 05956327 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05956327 core:FurnitureFittings 2023-02-01 2024-01-31 05956327 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 05956327 core:MotorVehicles 2023-02-01 2024-01-31 05956327 core:PlantMachinery 2023-02-01 2024-01-31 05956327 countries:EnglandWales 2023-02-01 2024-01-31 05956327 1 2023-02-01 2024-01-31 05956327 2023-01-31 05956327 core:FurnitureFittings 2023-01-31 05956327 core:MotorVehicles 2023-01-31 05956327 core:PlantMachinery 2023-01-31 05956327 1 2023-01-31 05956327 2022-02-01 2023-01-31 05956327 2023-01-31 05956327 core:CurrentFinancialInstruments 2023-01-31 05956327 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 05956327 core:BetweenTwoFiveYears 2023-01-31 05956327 core:WithinOneYear 2023-01-31 05956327 core:FurnitureFittings 2023-01-31 05956327 core:MotorVehicles 2023-01-31 05956327 core:PlantMachinery 2023-01-31 05956327 1 2023-01-31 05956327 1 2022-02-01 2023-01-31 05956327 1 2022-01-31 iso4217:GBP xbrli:pure

Registration number: 05956327

Tri Ocean Products Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Tri Ocean Products Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Tri Ocean Products Limited

(Registration number: 05956327)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,464

5,731

Current assets

 

Stocks

367,872

473,485

Debtors

5

5,915

35,886

Cash at bank and in hand

 

134,839

102,264

 

508,626

611,635

Creditors: Amounts falling due within one year

6

(18,937)

(45,834)

Net current assets

 

489,689

565,801

Total assets less current liabilities

 

494,153

571,532

Provisions for liabilities

-

(1,433)

Net assets

 

494,153

570,099

Capital and reserves

 

Called up share capital

175

175

Capital redemption reserve

25

25

Profit and loss account

493,953

569,899

Shareholders' funds

 

494,153

570,099

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 20 September 2024
 

 

Tri Ocean Products Limited

(Registration number: 05956327)
Statement of Financial Position as at 31 January 2024 (continued)


D Grover
Director

 

Tri Ocean Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Plym House,
3 Longbridge Road
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company continued to be that of the retail sale of surfing and other watersports equipment.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Tri Ocean Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Leases

Rents payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Tri Ocean Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fittings fixtures and equipment

15% reducing balance

Motor vehicles

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset, when a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

 

Tri Ocean Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 6).

 

Tri Ocean Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

1,527

19,091

10,054

30,672

At 31 January 2024

1,527

19,091

10,054

30,672

Depreciation

At 1 February 2023

1,414

16,561

6,966

24,941

Charge for the year

17

632

618

1,267

At 31 January 2024

1,431

17,193

7,584

26,208

Carrying amount

At 31 January 2024

96

1,898

2,470

4,464

At 31 January 2023

113

2,530

3,088

5,731

5

Debtors

2024
£

2023
£

Trade debtors

198

3,009

Amounts owed by related parties

-

23,485

Other debtors

500

3,062

Prepayments

5,217

6,330

5,915

35,886

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

869

19,842

Taxation and social security

11,705

19,244

Accruals and deferred income

3,245

3,020

Other creditors

3,118

3,728

18,937

45,834

 

Tri Ocean Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

7

Reserves

Profit and loss account:
This reserve records retained earnings and accumulated losses.

Capital redemption reserve:
This reserve holds the nominal shares at par value arising from a company purchase of own shares.

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

9,750

13,000

Later than one year and not later than five years

-

9,750

9,750

22,750

The amount of non-cancellable operating lease payments recognised as an expense during the year was £13,000 (2023 - £13,000).

9

Related party transactions

Transactions with the director

During the year the directors entered into the following advances and credits with the company:

2024

At 1 February 2023
£

At 31 January 2024
£

Directors

2,944

2,944

     
   

 

2023

At 1 February 2022
£

At 31 January 2023
£

Directors

2,944

2,944

 

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.

Summary of transactions with other related parties
As at 31 January 2024 a balance of £Nil (2023: £23,485) was due from Avon Farmers Limited, a company that was previously under common control. During the year this loan has been written off.