Company Registration No. 14687328 (England and Wales)
Ocean City Developments Ltd
Unaudited accounts
for the period from 24 February 2023 to 29 February 2024
Ocean City Developments Ltd
Statement of financial position
as at 29 February 2024
Investment property
1,405,567
Cash at bank and in hand
58,708
Creditors: amounts falling due within one year
(14,926)
Total assets less current liabilities
1,467,326
Creditors: amounts falling due after more than one year
(1,412,892)
Called up share capital
100
Profit and loss account
54,334
Shareholders' funds
54,434
For the period ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 September 2024 and were signed on its behalf by
Shahzad Ahmed
Director
Company Registration No. 14687328
Ocean City Developments Ltd
Notes to the Accounts
for the period from 24 February 2023 to 29 February 2024
Ocean City Developments Ltd is a private company, limited by shares, registered in England and Wales, registration number 14687328.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
At 29 February 2024
1,405,567
Ocean City Developments Ltd
Notes to the Accounts
for the period from 24 February 2023 to 29 February 2024
Amounts falling due within one year
Accrued income and prepayments
839
6
Creditors: amounts falling due within one year
2024
Taxes and social security
14,326
7
Creditors: amounts falling due after more than one year
2024
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
9
Average number of employees
During the period the average number of employees was 1.