Registered number
07114032
Ocean Serviced Apartments Limited
Unaudited Filleted Accounts
29 February 2024
Ocean Serviced Apartments Limited
Registered number: 07114032
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 25,420 35,825
Current assets
Debtors 4 5,019 1,272
Cash at bank and in hand 143,010 165,304
148,029 166,576
Creditors: amounts falling due within one year 5 (73,134) (95,096)
Net current assets 74,895 71,480
Total assets less current liabilities 100,315 107,305
Creditors: amounts falling due after more than one year 6 (25,116) (41,369)
Provisions for liabilities (4,830) -
Net assets 70,369 65,936
Capital and reserves
Called up share capital 900 900
Profit and loss account 69,469 65,036
Shareholders' funds 70,369 65,936
The directors are 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 directors acknowledge their 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.
Marc Myburgh
Director
Approved by the board on 27 September 2024
Ocean Serviced Apartments Limited
Notes to the Accounts
for the year ended 29 February 2024
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:
Plant and machinery 40% reducing balance
Motor vehicles 25% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 18
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 212,114 27,901 240,015
At 29 February 2024 212,114 27,901 240,015
Depreciation
At 1 March 2023 202,446 1,744 204,190
Charge for the year 3,866 6,539 10,405
At 29 February 2024 206,312 8,283 214,595
Net book value
At 29 February 2024 5,802 19,618 25,420
At 28 February 2023 9,668 26,157 35,825
4 Debtors 2024 2023
£ £
Other debtors 5,019 1,272
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,166 9,916
Obligations under finance lease and hire purchase contracts 6,090 6,088
Taxation and social security costs 35,427 38,297
Other creditors 21,451 40,795
73,134 95,096
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,950 24,111
Obligations under finance lease and hire purchase contracts 11,166 17,258
25,116 41,369
7 Pension commitments
The company operates defined contribution pension schemes. The assets of the schemes are held in independently administered funds. At the balance sheet date unpaid contributions of £1,029 (2023 - £1,028) were included in other creditors.
8 Other information
Ocean Serviced Apartments Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Brayford Square
London
E1 0SG
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