Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 04279887 Mr P MacLennan Ms Beverley Gibson true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04279887 2022-12-31 04279887 2023-12-31 04279887 2023-01-01 2023-12-31 04279887 frs-core:CurrentFinancialInstruments 2023-12-31 04279887 frs-core:Non-currentFinancialInstruments 2023-12-31 04279887 frs-core:FurnitureFittings 2023-12-31 04279887 frs-core:FurnitureFittings 2023-01-01 2023-12-31 04279887 frs-core:FurnitureFittings 2022-12-31 04279887 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 04279887 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 04279887 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04279887 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 04279887 frs-core:RevaluationReserve 2023-01-01 2023-12-31 04279887 frs-core:RevaluationReserve 2022-12-31 04279887 frs-core:RevaluationReserve 2023-12-31 04279887 frs-core:ShareCapital 2023-12-31 04279887 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 04279887 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04279887 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 04279887 frs-bus:SmallEntities 2023-01-01 2023-12-31 04279887 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04279887 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04279887 1 2023-01-01 2023-12-31 04279887 frs-core:UnlistedNon-exchangeTraded 2023-12-31 04279887 frs-core:UnlistedNon-exchangeTraded 2022-12-31 04279887 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 04279887 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 04279887 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 04279887 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 04279887 frs-bus:Director1 2023-01-01 2023-12-31 04279887 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 04279887 frs-countries:EnglandWales 2023-01-01 2023-12-31 04279887 2021-12-31 04279887 2022-12-31 04279887 2022-01-01 2022-12-31 04279887 frs-core:CurrentFinancialInstruments 2022-12-31 04279887 frs-core:Non-currentFinancialInstruments 2022-12-31 04279887 frs-core:RevaluationReserve 2022-12-31 04279887 frs-core:ShareCapital 2022-12-31 04279887 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 04279887
Oceania Trading Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 04279887
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 325,464 434,056
Investments 5 1,095 1,095
326,559 435,151
CURRENT ASSETS
Stocks 6 806,701 1,367,841
Debtors 7 2,165,930 1,917,632
Cash at bank and in hand 25,486 35,483
2,998,117 3,320,956
Creditors: Amounts Falling Due Within One Year 8 (1,250,538 ) (1,540,039 )
NET CURRENT ASSETS (LIABILITIES) 1,747,579 1,780,917
TOTAL ASSETS LESS CURRENT LIABILITIES 2,074,138 2,216,068
Creditors: Amounts Falling Due After More Than One Year 9 (266,559 ) (338,947 )
NET ASSETS 1,807,579 1,877,121
CAPITAL AND RESERVES
Called up share capital 10 800,000 800,000
Revaluation reserve 11 58,217 178,217
Profit and Loss Account 949,362 898,904
SHAREHOLDERS' FUNDS 1,807,579 1,877,121
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 P MacLennan
Director
26/09/2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Oceania Trading Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04279887 . The registered office is 1b Yukon Road, Unit B (Ground Floor), London, England.
The principle activity of the company is that of the design and supply of leisurewear and other technological items to retailers.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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:
Freehold Not depreciated
Leasehold Leasehold improvement depreciated over 25 years striaght line basis.
Fixtures & Fittings 33% Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
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.
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2.6. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Consolidation financial statements
The company has taken advantage of the exemption in section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. Consequently, these financial statement present the financial position and financial performance of the company as a single entity.
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2.10. Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the Statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
2.11. Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that: 
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. Average Number of Employees
Average number of employees, including directors, during the year was 8 (2022: 8)
8 8
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 425,000 110,328 535,328
Additions - 24,495 24,495
As at 31 December 2023 425,000 134,823 559,823
Depreciation
As at 1 January 2023 - 101,272 101,272
Provided during the period - 13,087 13,087
Impairment losses 120,000 - 120,000
As at 31 December 2023 120,000 114,359 234,359
Net Book Value
As at 31 December 2023 305,000 20,464 325,464
As at 1 January 2023 425,000 9,056 434,056
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Property revaluations 
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as 2023 £246,000 (2022 £246,000).
5. Investments
Unlisted
£
Cost
As at 1 January 2023 1,095
As at 31 December 2023 1,095
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 1,095
As at 1 January 2023 1,095
Subsidiary undertakings
The following were subsidiary undertakings of the Company:
OTL Automotive Limited, incorporated in England and Wales, 100% share holdings. Principle activity being sale of motor vehicles.
OTL Technologies Limited, incorporated in England & Wales, 95% share holdings. Principle activity being design and sale of electronics goods.
6. Stocks
2023 2022
£ £
Finished goods 806,701 1,367,841
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 814,172 988,946
Prepayments and accrued income 152,727 126,447
Other debtors 50,766 51,132
Amounts owed by group undertakings 1,148,265 751,107
2,165,930 1,917,632
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors (44,345 ) (102,881 )
Bank loans and overdrafts 813,423 1,032,927
Corporation tax 46,206 37,960
Other taxes and social security 18,049 44,605
VAT 87,083 34,696
Other creditors 330,122 492,732
1,250,538 1,540,039
Secured loans
HSBC Bank Plc has the right to set-off debit and credit balances in respect of all accounts held in the names of the companies within the group.
Novuna holds fixed and floating charges over all current and future assets of the company in respect of overdrafts and loans. Included in this amount are invoice discounting liabilities of £646,856 (2022: £805,428).
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 266,559 338,947
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 800,000 800,000
11. Reserves
Revaluation Reserve
£
As at 1 January 2023 178,217
Transfer to profit and loss (120,000 )
As at 31 December 2023 58,217
12. Related Party Transactions
As at the 31 December 2023 an amount of £2,196 (2022: £377) was owed to a director. 
A director of the company has given a personal guarantee of £500,000 to the company's bankers. 
P R MacLennan is a director of OTL Technologies Ltd.
During the year the company sold goods and services, totalling £476,516 (2022 - £222,977) to OTL Technologies Ltd.
As at 31 December 2023, the company owed £135,813 (2022 - £236,788) to OTL Technologies Ltd.
13. Ultimate Controlling Party
The ultimate parent company is Mac Global Limited, a company registered in England and Wales.
Mac Global Limited prepares financial statements and copies can be obtained 1b Yukon Road, Unit B (Ground Floor), London, England, SW12 9PZ
14. Contingent liabilites
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The company along with Mac Global Limited and OTL Technologies Limited has signed a multilateral company guarantee in favour of HSBC Plc, to secure the overdrafts of the companies. HSBC holds fixed and floating cross guarantees in respect of all accounts held in the names of the companies within the group, and has a right to set-off of debit and credit balances on all accounts. This company has similarly jointly guaranteed the overdrafts and loans of the group companies. Under the guarantee the company together with other group companies was securing overdrafts and loans within the group of £533,129 (2022: £614,220).
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