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REGISTERED NUMBER: SC229699 (Scotland)















Unaudited Financial Statements for the Year Ended 31st March 2024

for

Oceanland Limited

Oceanland Limited (Registered number: SC229699)

Contents of the Financial Statements
for the year ended 31st March 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Oceanland Limited

Company Information
for the year ended 31st March 2024







Director: Mr Alistair Mcculloch





Secretary: Ms Jean Carol Mcculloch





Registered office: 4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT





Registered number: SC229699 (Scotland)





Accountants: Frame Kennedy
4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Oceanland Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oceanland Limited for the year ended 31st March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Oceanland Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Oceanland Limited and state those matters that we have agreed to state to the director of Oceanland Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Oceanland Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oceanland Limited. You consider that Oceanland Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Oceanland Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Frame Kennedy
4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT


4th November 2024

Oceanland Limited (Registered number: SC229699)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 20,209 24,795

Current assets
Stocks 107,547 107,547
Debtors 5 15,406 6,607
Cash at bank 74,140 144,429
197,093 258,583
Creditors
Amounts falling due within one year 6 97,800 135,054
Net current assets 99,293 123,529
Total assets less current liabilities 119,502 148,324

Provisions for liabilities 3,840 4,676
Net assets 115,662 143,648

Capital and reserves
Called up share capital 100 100
Retained earnings 115,562 143,548
115,662 143,648

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Oceanland Limited (Registered number: SC229699)

Balance Sheet - continued
31st March 2024


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 4th November 2024 and were signed by:





Mr Alistair Mcculloch - Director


Oceanland Limited (Registered number: SC229699)

Notes to the Financial Statements
for the year ended 31st March 2024


1. Statutory information

Oceanland 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 balance sheet date.


Oceanland Limited (Registered number: SC229699)

Notes to the Financial Statements - continued
for the year ended 31st March 2024


2. Accounting policies - continued
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.

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.

Fair values
Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

4. Tangible fixed assets
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
Cost
At 1st April 2023
and 31st March 2024 62,311 20,512 2,466 85,289
Depreciation
At 1st April 2023 46,471 11,859 2,164 60,494
Charge for year 2,377 2,163 46 4,586
At 31st March 2024 48,848 14,022 2,210 65,080
Net book value
At 31st March 2024 13,463 6,490 256 20,209
At 31st March 2023 15,840 8,653 302 24,795

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 15,406 5,502
Other debtors - 1,105
15,406 6,607

Oceanland Limited (Registered number: SC229699)

Notes to the Financial Statements - continued
for the year ended 31st March 2024


6. Creditors: amounts falling due within one year
2024 2023
£    £   
Taxation and social security 1,273 5,710
Other creditors 96,527 129,344
97,800 135,054

7. Related party disclosures

A McCulloch, the director, received a total of £37,905 (2022 - £48,900) in salary and dividends during the year.