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REGISTERED NUMBER: 04549084 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

OCEAN SUPPLIES (ST IVES) LTD

OCEAN SUPPLIES (ST IVES) LTD (REGISTERED NUMBER: 04549084)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OCEAN SUPPLIES (ST IVES) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P L Jones
E M McWilliams
Mrs M Jones
S R Burrows





SECRETARY: Mrs M Jones





REGISTERED OFFICE: The Old School
The Stennack
St Ives
Cornwall
TR26 1QU





REGISTERED NUMBER: 04549084 (England and Wales)





ACCOUNTANTS: Greenwood Wilson
The Old School
The Stennack
St Ives
Cornwall
TR26 1QU

OCEAN SUPPLIES (ST IVES) LTD (REGISTERED NUMBER: 04549084)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 50,365 58,516

CURRENT ASSETS
Stocks 105,000 105,000
Debtors 5 208,558 252,107
Cash at bank and in hand 86,415 120,483
399,973 477,590
CREDITORS
Amounts falling due within one year 6 323,399 362,625
NET CURRENT ASSETS 76,574 114,965
TOTAL ASSETS LESS CURRENT
LIABILITIES

126,939

173,481

CREDITORS
Amounts falling due after more than one year 7 (13,347 ) (29,102 )

PROVISIONS FOR LIABILITIES (7,831 ) (9,380 )
NET ASSETS 105,761 134,999

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 105,657 134,895
SHAREHOLDERS' FUNDS 105,761 134,999

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

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

The directors acknowledge their 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.

OCEAN SUPPLIES (ST IVES) LTD (REGISTERED NUMBER: 04549084)

BALANCE SHEET - continued
31 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 Board of Directors and authorised for issue on 13 November 2024 and were signed on its behalf by:





S R Burrows - Director


OCEAN SUPPLIES (ST IVES) LTD (REGISTERED NUMBER: 04549084)

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

1. STATUTORY INFORMATION

Ocean Supplies (St Ives) Ltd 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 10% on reducing balance and Straight line over 3 years

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 balance sheet date.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 9 (2023 - 8 ) .

OCEAN SUPPLIES (ST IVES) LTD (REGISTERED NUMBER: 04549084)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 9,148 137,609 146,757
Additions - 665 665
Disposals - (3,117 ) (3,117 )
At 31 March 2024 9,148 135,157 144,305
DEPRECIATION
At 1 April 2023 - 88,241 88,241
Charge for year - 8,816 8,816
Eliminated on disposal - (3,117 ) (3,117 )
At 31 March 2024 - 93,940 93,940
NET BOOK VALUE
At 31 March 2024 9,148 41,217 50,365
At 31 March 2023 9,148 49,368 58,516

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 61,780
DEPRECIATION
At 1 April 2023 38,702
Charge for year 4,926
At 31 March 2024 43,628
NET BOOK VALUE
At 31 March 2024 18,152
At 31 March 2023 23,078

OCEAN SUPPLIES (ST IVES) LTD (REGISTERED NUMBER: 04549084)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 189,032 226,053
Other debtors 19,526 26,054
208,558 252,107

The overdrawn Director's Current accounts were repaid within 9 months of the year end.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,929 9,686
Hire purchase contracts 5,623 9,196
Trade creditors 229,540 288,664
Taxation and social security 54,640 31,707
Other creditors 23,667 23,372
323,399 362,625

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 13,347 23,519
Hire purchase contracts - 5,583
13,347 29,102

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 5,623 14,779

9. ULTIMATE CONTROLLING PARTY

The board of directors.