Registered number
02420412
OCEAN PRESS & PUBLISHING LIMITED
Unaudited Financial Statements
31 December 2023
OCEAN PRESS & PUBLISHING LIMITED
Registered number: 02420412
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 277,509 243,480
Investments 4 35,564 35,564
313,073 279,044
Current assets
Debtors 5 20,306 23,403
Cash at bank and in hand 27,965 30,902
48,271 54,305
Creditors: amounts falling due within one year 6 (337,738) (287,172)
Net current liabilities (289,467) (232,867)
Net assets 23,606 46,177
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 22,606 45,177
Shareholders' funds 23,606 46,177
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Salim Bhimji
Director
Approved by the board on 26 September 2024
OCEAN PRESS & PUBLISHING LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 290,000 39,201 329,201
Additions 35,638 - 35,638
At 31 December 2023 325,638 39,201 364,839
Depreciation
At 1 January 2023 46,634 39,087 85,721
Charge for the year 1,581 28 1,609
At 31 December 2023 48,215 39,115 87,330
Net book value
At 31 December 2023 277,423 86 277,509
At 31 December 2022 243,366 114 243,480
Freehold land and buildings: 2023 2022
£ £
Historical cost 120,345 120,345
Cumulative depreciation based on historical cost 26,202 25,011
94,143 95,334
The leasehold land and buildings were revalued in November 2013 by an independent firm of Chartered Surveyors, on an open-market basis.
4 Investments
Other
investments
£
Cost
At 1 January 2023 35,564
At 31 December 2023 35,564
5 Debtors 2023 2022
£ £
Other debtors 20,306 23,403
6 Creditors: amounts falling due within one year 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 98,226 98,226
Taxation and social security costs 1,498 820
Other creditors 238,014 188,126
337,738 287,172
7 Other information
OCEAN PRESS & PUBLISHING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor
1-5 Clerkenwell Road
London
EC1M 5PA
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