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REGISTERED NUMBER: 06245745 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

THE OCEAN INN LIMITED

THE OCEAN INN LIMITED (REGISTERED NUMBER: 06245745)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


THE OCEAN INN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: Mrs D J Lamb





REGISTERED OFFICE: Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES





REGISTERED NUMBER: 06245745 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

THE OCEAN INN LIMITED (REGISTERED NUMBER: 06245745)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 13,272 17,696
13,272 17,696

CURRENT ASSETS
Stocks 6 11,208 12,454
Debtors 7 36,463 23,125
Cash at bank and in hand 674,552 600,522
722,223 636,101
CREDITORS
Amounts falling due within one year 8 81,241 96,461
NET CURRENT ASSETS 640,982 539,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

654,254

557,336

PROVISIONS FOR LIABILITIES 9 3,371 3,235
NET ASSETS 650,883 554,101

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 650,783 554,001
SHAREHOLDERS' FUNDS 650,883 554,101

THE OCEAN INN LIMITED (REGISTERED NUMBER: 06245745)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 October 2024 and were signed by:





Mrs D J Lamb - Director


THE OCEAN INN LIMITED (REGISTERED NUMBER: 06245745)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

The Ocean Inn 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.

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.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being 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.
Long leasehold - 10% on cost
Fixtures and fittings - 25% on reducing balance

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 Statement of Income and Retained Earnings, 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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

THE OCEAN INN LIMITED (REGISTERED NUMBER: 06245745)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 June 2023
and 31 May 2024 18,400
Amortisation
At 1 June 2023
and 31 May 2024 18,400
Net book value
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Long and
leasehold fittings Totals
£    £    £   
Cost
At 1 June 2023
and 31 May 2024 6,175 101,529 107,704
Depreciation
At 1 June 2023 6,175 83,833 90,008
Charge for year - 4,424 4,424
At 31 May 2024 6,175 88,257 94,432
Net book value
At 31 May 2024 - 13,272 13,272
At 31 May 2023 - 17,696 17,696

6. STOCKS
31.5.24 31.5.23
£    £   
Stocks 11,208 12,454

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 9,672 9,672
Other debtors 26,791 13,453
36,463 23,125

THE OCEAN INN LIMITED (REGISTERED NUMBER: 06245745)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors - 21,929
Taxation and social security 77,838 71,893
Other creditors 3,403 2,639
81,241 96,461

9. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 3,371 3,235

Deferred
tax
£   
Balance at 1 June 2023 3,235
Provided during year 136
Balance at 31 May 2024 3,371

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1 100 100