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Company No: 06433698 (England and Wales)

OCEAN SANDS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

OCEAN SANDS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

OCEAN SANDS LIMITED

BALANCE SHEET

As at 31 March 2024
OCEAN SANDS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 5,097 6,279
5,097 6,279
Current assets
Debtors 4 7,566 29,888
Cash at bank and in hand 34,305 14,885
41,871 44,773
Creditors: amounts falling due within one year 5 ( 29,603) ( 17,521)
Net current assets 12,268 27,252
Total assets less current liabilities 17,365 33,531
Creditors: amounts falling due after more than one year 6 ( 30,023) ( 35,420)
Net liabilities ( 12,658) ( 1,889)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 12,758 ) ( 1,989 )
Total shareholder's deficit ( 12,658) ( 1,889)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Ocean Sands Limited (registered number: 06433698) were approved and authorised for issue by the Director on 20 November 2024. They were signed on its behalf by:

S J Winson
Director
OCEAN SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
OCEAN SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ocean Sands Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 251 High Street North, Poole, BH15 1DX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 7

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 51,608 51,608
Additions 463 463
At 31 March 2024 52,071 52,071
Accumulated depreciation
At 01 April 2023 45,329 45,329
Charge for the financial year 1,645 1,645
At 31 March 2024 46,974 46,974
Net book value
At 31 March 2024 5,097 5,097
At 31 March 2023 6,279 6,279

4. Debtors

2024 2023
£ £
Trade debtors 6,911 4,368
Other debtors 655 25,520
7,566 29,888

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,397 5,264
Trade creditors 4,352 5,981
Taxation and social security 6,440 3,225
Other creditors 13,414 3,051
29,603 17,521

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 30,023 35,420

There are no amounts included above in respect of which any security has been given by the small entity.