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Registration number: 08931265

Ocean Crescent Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Ocean Crescent Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Ocean Crescent Limited

Company Information

Directors

Mr M D Edworthy

Mr P N Scantlebury

Registered office

Winslade House
Winslade Drive
Clyst St Mary
EX5 1FY

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Ocean Crescent Limited

(Registration number: 08931265)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 December
2022
£

Fixed assets

 

Investment property

5

1,520,000

1,520,000

Current assets

 

Stocks

6

2,246,082

2,246,082

Debtors

7

490,014

400,570

Cash at bank and in hand

 

19,707

43,535

 

2,755,803

2,690,187

Creditors: Amounts falling due within one year

8

(498,924)

(454,963)

Net current assets

 

2,256,879

2,235,224

Total assets less current liabilities

 

3,776,879

3,755,224

Creditors: Amounts falling due after more than one year

8

(3,615,449)

(3,550,357)

Net assets

 

161,430

204,867

Capital and reserves

 

Called up share capital

200

200

Other reserves

20,019

20,019

Retained earnings

141,211

184,648

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:

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 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 Board on 23 September 2024 and signed on its behalf by:
 

.........................................

Mr M D Edworthy

Director

 

Ocean Crescent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Winslade House
Winslade Drive
Clyst St Mary
EX5 1FY
United Kingdom

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 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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Ocean Crescent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

4,500

4,500

At 31 December 2023

4,500

4,500

Depreciation

At 1 January 2023

4,500

4,500

At 31 December 2023

4,500

4,500

Carrying amount

At 31 December 2023

-

-

5

Investment properties

31 December
2023
£

At 1 January 2022

1,520,000

At 31 December 2002

1,520,000

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.

6

Stocks

31 December
2023
£

31 December
2022
£

Work in progress

2,246,082

2,246,082

7

Debtors

31 December
2023
£

31 December
2022
£

Trade debtors

222,880

161,120

Prepayments

22,661

29,912

Other debtors

244,473

209,538

490,014

400,570

 

Ocean Crescent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

31 December
2023
£

31 December
2022
£

Due within one year

Loans and borrowings

132,174

110,240

Trade creditors

24,568

63,681

Taxation and social security

3,326

13

Accruals and deferred income

338,642

208,946

Other creditors

214

72,083

498,924

454,963

Creditors: amounts falling due after more than one year

31 December
2023
£

31 December
2022
£

Due after one year

Loans and borrowings

525,288

530,127

Other non-current financial liabilities

3,090,161

3,020,230

3,615,449

3,550,357

Creditors include amounts due to group undertakings of £3,024,831 (2022 : £3,092,099)

9

Loans and borrowings

31 December
2023
£

31 December
2022
£

Non-current loans and borrowings

Bank borrowings

25,288

30,127

Other borrowings

500,000

500,000

525,288

530,127

 

Ocean Crescent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

31 December
2023
£

31 December
2022
£

Current loans and borrowings

Bank borrowings

5,760

5,760

Bank overdrafts

126,414

104,480

132,174

110,240

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.

10

Related party transactions

The property owned by the company, is used as security against loans provided to its parent company, Burrington Estates (Commercial) Limited.

11

Parent and ultimate parent undertaking

The company's immediate parent is Burrington Estates (Commercial) Limited, incorporated in England and Wales.

 The ultimate parent is Burrington Estates Commercial Holdings Limited, incorporated in England and Wales.

  These financial statements are available upon request from Companies House