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REGISTERED NUMBER: 13337251 (England and Wales)















OCEAN IRIS LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2023






OCEAN IRIS LIMITED (REGISTERED NUMBER: 13337251)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


OCEAN IRIS LIMITED

Company Information
for the year ended 31 December 2023







Director: P Mounsey





Registered office: 26 Heol Banc y Felin
Gorseinon
Swansea
SA4 4QH





Registered number: 13337251 (England and Wales)





Accountants: Cooper Parry Advisory Limited
CUBO Birmingham
3rd Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX

OCEAN IRIS LIMITED (REGISTERED NUMBER: 13337251)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 235,695 293,417
Tangible assets 5 504,597 587,811
Investments 6 2,500 -
742,792 881,228

Current assets
Stocks 7 58,739 31,507
Debtors 8 53,106 28,678
Cash at bank and in hand 1,554,921 1,160,353
1,666,766 1,220,538
Creditors
Amounts falling due within one year 9 891,596 621,318
Net current assets 775,170 599,220
Total assets less current liabilities 1,517,962 1,480,448

Creditors
Amounts falling due after more than one year 10 (881,097 ) (959,037 )

Provisions for liabilities 12 (85,245 ) (97,070 )
Net assets 551,620 424,341

Capital and reserves
Called up share capital 13 100 100
Retained earnings 551,520 424,241
Shareholders' funds 551,620 424,341

OCEAN IRIS LIMITED (REGISTERED NUMBER: 13337251)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 October 2024 and were signed by:





P Mounsey - Director


OCEAN IRIS LIMITED (REGISTERED NUMBER: 13337251)

Notes to the Financial Statements
for the year ended 31 December 2023

1. Statutory information

Ocean Iris Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Franchise rights and fees
Franchise rights and fees are initially recognised at cost and are subsequently measured at costs less accumulated amortisation and impairment losses. They are amortised evenly over their useful lives, which is taken as the term specified in the franchise agreements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - at varying rates on cost
Restaurant equipment - at varying rates on cost
Fixtures and fittings - at varying rates on cost

Cash at bank and in hand
Cash at bank and in hand are basic financial assets comprising of cash in hand, demand deposits with bank, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within current liabilities.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

OCEAN IRIS LIMITED (REGISTERED NUMBER: 13337251)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. Accounting policies - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted cost of the future holiday entitlement so accrued at the Balance Sheet date.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument

Dividends
Equity dividends are recognised when they legally become payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Judgements in applying accounting policies and key sources of estimation uncertainty
In the process of applying the company's accounting policies, management are required to make certain estimates and judgements. The key estimates and judgements are as follows:

Depreciation and residual values
The director has reviewed the asset lives and associated residual values of all fixed asset classes, and has concluded that asset lives and residual values are appropriate

Impairment of fixed assets
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.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted cost of the future holiday entitlement so accrued at the Balance Sheet date.

3. Employees and directors

The average number of employees during the year was 179 (2022 - 121 ) .

OCEAN IRIS LIMITED (REGISTERED NUMBER: 13337251)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. Intangible fixed assets
Franchise
rights
£
Cost
At 1 January 2023
and 31 December 2023 380,000
Amortisation
At 1 January 2023 86,583
Amortisation for year 57,722
At 31 December 2023 144,305
Net book value
At 31 December 2023 235,695
At 31 December 2022 293,417

5. Tangible fixed assets
Fixtures
Short Restaurant and
leasehold equipment fittings Totals
£ £ £ £
Cost
At 1 January 2023 5,278 754,583 6,850 766,711
Additions - 30,906 13,707 44,613
At 31 December 2023 5,278 785,489 20,557 811,324
Depreciation
At 1 January 2023 1,203 177,526 171 178,900
Charge for year 801 125,044 1,982 127,827
At 31 December 2023 2,004 302,570 2,153 306,727
Net book value
At 31 December 2023 3,274 482,919 18,404 504,597
At 31 December 2022 4,075 577,057 6,679 587,811

6. Fixed asset investments
Unlisted
investments
£
Cost
Additions 2,500
At 31 December 2023 2,500
Net book value
At 31 December 2023 2,500

OCEAN IRIS LIMITED (REGISTERED NUMBER: 13337251)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. Stocks
2023 2022
£ £
Food 33,084 18,746
Paper 6,677 3,834
Non-product 4,691 1,904
Operating supplies 14,287 7,023
58,739 31,507

8. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 103 6,164
Other debtors 10,255 8,217
Prepayments 42,748 14,297
53,106 28,678

9. Creditors: amounts falling due within one year
2023 2022
£ £
Other loans (see note 11) 99,927 97,521
Trade creditors 268,577 157,586
Corporation tax 16,424 48,682
Social security and other taxes 18,682 5,898
VAT 233,279 168,354
Other creditors 72,595 3,091
Directors' current accounts 44,480 28,670
Accrued expenses 137,632 111,516
891,596 621,318

10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other loans (see note 11) 881,097 959,037

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 410,128 516,842

11. Loans

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Other loans 99,927 97,521

Amounts falling due between one and two years:
Other loans - 1-2 years 106,972 100,436

OCEAN IRIS LIMITED (REGISTERED NUMBER: 13337251)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

11. Loans - continued
2023 2022
£ £
Amounts falling due between two and five years:
Other loans - 2-5 years 363,997 341,759

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 410,128 516,842

The loans are unsecured and carry interest rate at 1.25% above the base rate of the Bank of England. The loans are repayable over 10 years in equal annual instalments.

12. Provisions for liabilities
2023 2022
£ £
Deferred tax 85,245 97,070

Deferred tax
£
Balance at 1 January 2023 97,070
Provided during year (11,825 )
Balance at 31 December 2023 85,245

13. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
75 Ordinary A £1 75 75
25 Ordinary B £1 25 25
100 100

14. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£ £
P Mounsey
Balance outstanding at start of year (28,670 ) 100
Amounts advanced 21,502 8,230
Amounts repaid (37,312 ) (37,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (44,480 ) (28,670 )

OCEAN IRIS LIMITED (REGISTERED NUMBER: 13337251)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

15. Related party disclosures

Lonetree Limited

At the balance sheet date, outstanding loans of £981,024 (2022 - £1,056,558) were payable to Lonetree Limited, a company under the control of a close family member. The loan is unsecured and carries interest payable at 1.25% above the base rate of the Bank of England and repayable over ten years.

During the year the company paid loan interest to Lonetree Limited, in the sum of £52,816 (2022 - £31,596).

During the year the company sold £5,760 (2022 - £9,775) of goods to Lonetree Limited. At the balance sheet date £103 (2022 - £2,879) was outstanding and included within debtors.

During the year the company purchased £43,457 (2022 - £28,077) of goods from Lonetree Limited. At the balance sheet date £9,297 (2022 - £6,537) was outstanding and included within creditors.

Booey Limited

During the year the company purchased £11,025 (2022 - £5,538) of bookkeeping services from Booey Limited, a connected company. At the balance sheet date £2,940 (2022 - £1,035) was outstanding and included within creditors.

During the year the company sold £Nil (2022 - £3,285) of services to Booey Limited, a connected company. At the balance sheet date £Nil (2022 - £3,285) was outstanding and included within debtors.

16. Ultimate controlling party

The ultimate controlling party is P Mounsey.