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REGISTERED NUMBER: SC278806 (Scotland)




















Ocean Pearl Lossiemouth Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024






Ocean Pearl Lossiemouth Limited (Registered number: SC278806)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ocean Pearl Lossiemouth Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: Mrs J Y Y Leung



SECRETARY: Mr J S Y Leung



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



REGISTERED NUMBER: SC278806 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland
209 High Street
Elgin
IV30 1DL

Ocean Pearl Lossiemouth Limited (Registered number: SC278806)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,094 1,473
1,094 1,473

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 6 15,606 14,318
Cash at bank and in hand 11,845 15,148
28,451 30,466
CREDITORS
Amounts falling due within one year 7 17,476 15,442
NET CURRENT ASSETS 10,975 15,024
TOTAL ASSETS LESS CURRENT LIABILITIES 12,069 16,497

CREDITORS
Amounts falling due after more than one
year

8

(13,372

)

(15,669

)

PROVISIONS FOR LIABILITIES (208 ) (280 )
NET (LIABILITIES)/ASSETS (1,511 ) 548

Ocean Pearl Lossiemouth Limited (Registered number: SC278806)

Balance Sheet - continued
31 January 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (1,611 ) 448
SHAREHOLDERS' FUNDS (1,511 ) 548

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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 8 October 2024 and were signed by:





Mrs J Y Y Leung - Director


Ocean Pearl Lossiemouth Limited (Registered number: SC278806)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

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

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 and revenue recognition
Turnover, which represents gross invoiced sales of goods, is recognised at the point when a meal is served or delivered to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, has been amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

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

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.


Ocean Pearl Lossiemouth Limited (Registered number: SC278806)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
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 where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

Ocean Pearl Lossiemouth Limited (Registered number: SC278806)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 14,251
AMORTISATION
At 1 February 2023
and 31 January 2024 14,251
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023
and 31 January 2024 5,791
DEPRECIATION
At 1 February 2023 4,318
Charge for year 379
At 31 January 2024 4,697
NET BOOK VALUE
At 31 January 2024 1,094
At 31 January 2023 1,473

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 15,606 14,318

Ocean Pearl Lossiemouth Limited (Registered number: SC278806)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,249 2,193
Trade creditors 7,557 7,082
Taxation and social security 1,217 818
Other creditors 6,453 5,349
17,476 15,442

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 13,372 15,669

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,243 3,845

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mrs J Y Y Leung
Balance outstanding at start of year 4,371 22,246
Amounts advanced 3,607 9,510
Amounts repaid - (27,385 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,978 4,371

The director's current account is unsecured, interest free and has no fixed term of repayment.

10. GOING CONCERN

The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade in the foreseeable future. In order to do so the company will require the continued support of its director, bank and other creditors.