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Registered number: 13327575
Ocean Components Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
SAS Yorkshire Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13327575
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,200 5,600
4,200 5,600
CURRENT ASSETS
Stocks 5 - 92,940
Debtors 6 166,782 140,841
Cash at bank and in hand 66,973 11,300
233,755 245,081
Creditors: Amounts Falling Due Within One Year 7 (237,795 ) (228,382 )
NET CURRENT ASSETS (LIABILITIES) (4,040 ) 16,699
TOTAL ASSETS LESS CURRENT LIABILITIES 160 22,299
NET ASSETS 160 22,299
CAPITAL AND RESERVES
Called up share capital 8 60 60
Profit and Loss Account 100 22,239
SHAREHOLDERS' FUNDS 160 22,299
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Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ishtiaq Hussain
Director
05/09/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ocean Components Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13327575 . The registered office is Part Ground Floor Mill 2 Hickwell Mills, Hick Lane, Batley, West Yorkshire, WF17 5TD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% Straight Line Method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: )
5 -
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 May 2023 7,000
As at 30 April 2024 7,000
Depreciation
As at 1 May 2023 1,400
Provided during the period 1,400
As at 30 April 2024 2,800
Net Book Value
As at 30 April 2024 4,200
As at 1 May 2023 5,600
5. Stocks
2024 2023
£ £
Finished goods - 92,940
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 166,782 113,712
Other debtors - 27,129
166,782 140,841
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,550 (1 )
Other creditors 213,937 223,251
Taxation and social security 20,308 5,132
237,795 228,382
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 60 60
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