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REGISTERED NUMBER: 04369656 (England and Wales)















Financial Statements for the Year Ended 28 February 2024

for

Oceanictrade Limited

Oceanictrade Limited (Registered number: 04369656)






Contents of the Financial Statements
for the Year Ended 28 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Oceanictrade Limited

Company Information
for the Year Ended 28 February 2024







DIRECTOR: M Hussain





REGISTERED OFFICE: 18 Wimpole Street
London
W1G 8GD





REGISTERED NUMBER: 04369656 (England and Wales)





ACCOUNTANTS: Abraham Accountants
Sher House
46 Houghton Place
Bradford
West Yorkshire
BD1 3RG

Oceanictrade Limited (Registered number: 04369656)

Balance Sheet
28 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 20,000 22,500
Property, plant and equipment 5 4,250 4,250
Investments 6 50,000 50,000
74,250 76,750

CURRENT ASSETS
Inventories 312,904 320,416
Debtors 7 85,811 6,520
Cash at bank 36,228 30,107
434,943 357,043
CREDITORS
Amounts falling due within one year 8 (277,270 ) (277,743 )
NET CURRENT ASSETS 157,673 79,300
TOTAL ASSETS LESS CURRENT
LIABILITIES

231,923

156,050

Oceanictrade Limited (Registered number: 04369656)

Balance Sheet - continued
28 February 2024

2024 2023
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 231,823 155,950
231,923 156,050

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 November 2024 and were signed by:





M Hussain - Director


Oceanictrade Limited (Registered number: 04369656)

Notes to the Financial Statements
for the Year Ended 28 February 2024

1. STATUTORY INFORMATION

Oceanictrade 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
Revenue 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 0, is being amortised evenly over its estimated useful life of nil 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.

Stocks
Inventories 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 Income Statement, 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.


Oceanictrade Limited (Registered number: 04369656)

Notes to the Financial Statements - continued
for the Year Ended 28 February 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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 28 February 2024 27,500
AMORTISATION
At 1 March 2023 5,000
Charge for year 2,500
At 28 February 2024 7,500
NET BOOK VALUE
At 28 February 2024 20,000
At 28 February 2023 22,500

Oceanictrade Limited (Registered number: 04369656)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

5. PROPERTY, PLANT AND EQUIPMENT
Land and
buildings
£   
COST
At 1 March 2023
and 28 February 2024 4,250
NET BOOK VALUE
At 28 February 2024 4,250
At 28 February 2023 4,250

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 March 2023
and 28 February 2024 50,000
NET BOOK VALUE
At 28 February 2024 50,000
At 28 February 2023 50,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2024 2023
£    £   
Other debtors 85,811 6,520

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2024 2023
£    £   
Taxation and social security 22,212 22,685
Other creditors 255,058 255,058
277,270 277,743