REGISTERED NUMBER: |
OCEAN IRIS LIMITED |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 9 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
Provisions for liabilities | 12 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 13 |
Retained earnings |
Shareholders' funds |
OCEAN IRIS LIMITED (REGISTERED NUMBER: 13337251) |
Balance Sheet - continued |
31 December 2023 |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Restaurant equipment | - |
Fixtures and fittings | - |
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 |
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 |
Amortisation |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Tangible fixed assets |
Fixtures |
Short | Restaurant | and |
leasehold | equipment | fittings | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost |
Additions |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
OCEAN IRIS LIMITED (REGISTERED NUMBER: 13337251) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | Stocks |
2023 | 2022 |
£ | £ |
Food |
Paper |
Non-product | 4,691 | 1,904 |
Operating supplies |
8. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
9. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other loans (see note 11) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 233,279 | 168,354 |
Other creditors |
Directors' current accounts | 44,480 | 28,670 |
Accrued expenses |
10. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Other loans (see note 11) |
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 |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 106,972 |
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 |
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 |
Provided during year | ( |
) |
Balance at 31 December 2023 |
13. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 75 | 75 |
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 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
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 |