Registration number:
Ocean Crescent Limited
for the Year Ended 31 December 2023
Ocean Crescent Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ocean Crescent Limited
Company Information
Directors |
Mr M D Edworthy Mr P N Scantlebury |
Registered office |
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Accountants |
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Ocean Crescent Limited
(Registration number: 08931265)
Balance Sheet as at 31 December 2023
Note |
31 December |
31 December |
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Fixed assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Other reserves |
20,019 |
20,019 |
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Retained earnings |
141,211 |
184,648 |
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Shareholders' funds |
161,430 |
204,867 |
Ocean Crescent Limited
(Registration number: 08931265)
Balance Sheet as at 31 December 2023
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.
Directors' responsibilities:
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The directors acknowledge 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mr M D Edworthy
Director
Ocean Crescent Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
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 using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard Standard 102 Section 1A- The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going concern
The company has incurred a loss during the year and is incurring increased costs of debt, arising from changes in wider UK economic conditions. Whilst the company’s balance sheet shows overall net assets of £161,430 (2022 : £204,867), due to continued losses and the high cost of debt the Directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The accounts have been prepared on a going concern basis as the Directors and Group companies which have provided financial support to the Company will continue to do so, to enable the company to return to profitability or to realise value through the sale of the company’s assets. The Directors have reviewed the position for 12 months from the date that the accounts were approved.
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 sales/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.
Tangible assets
Tangible assets are stated in the balance sheet 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.
Ocean Crescent Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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 |
33% straight line |
Investment property
Debtors
Debtors are initially recognised at transaction price and subsequently reviewed for impairment.
Creditors
Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Ocean Crescent Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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Investment properties |
31 December |
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At 1 January 2022 |
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At 31 December 2002 |
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The investment properties were last formally valued by a RICS professional valuer on 23 October 2020 to be the carrying value of £1,520,000. The directors consider this to still be a fair reflection of the value at balance sheet date, having considered the state of the market and condition of the property.
Stocks |
31 December |
31 December |
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Work in progress |
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Debtors |
31 December |
31 December |
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Trade debtors |
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Prepayments |
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Other debtors |
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Ocean Crescent Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
31 December |
31 December |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
31 December |
31 December |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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3,615,449 |
3,550,357 |
Creditors include amounts due to group undertakings of £3,024,831 (2022 : £3,092,099)
Loans and borrowings |
31 December |
31 December |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Ocean Crescent Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
31 December |
31 December |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Included within non-current loans and borrowings is an amount of £500,000 (2022 - £500,000) that is owed to Prydis Security Trustees Ltd. These amounts are secured by a fixed charge over the investment property and Work-In-Progress.
Related party transactions |
The property owned by the company, is used as security against loans provided to its parent company, Burrington Estates (Commercial) Limited.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from Companies House