Company registration number 12384710 (England and Wales)
Oceans Fisheries Ltd
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 July 2024
PAGES FOR FILING WITH REGISTRAR
Oceans Fisheries Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Oceans Fisheries Ltd
Statement Of Financial Position
as at 31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
45,095
63,172
Current assets
Stocks
7,480
6,850
Cash at bank and in hand
39,160
19,507
46,640
26,357
Creditors: amounts falling due within one year
4
(35,487)
(30,846)
Net current assets/(liabilities)
11,153
(4,489)
Total assets less current liabilities
56,248
58,683
Creditors: amounts falling due after more than one year
5
(14,977)
(24,328)
Net assets
41,271
34,355
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
41,171
34,255
Total equity
41,271
34,355
Oceans Fisheries Ltd
Statement Of Financial Position (continued)
as at 31 July 2024
- 2 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 November 2024
Mr G P Michael
Director
Company Registration No. 12384710
Oceans Fisheries Ltd
Notes to the financial statements
for the year ended 31 July 2024
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the consideration received for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% Straight line
Fixtures and fittings
25% Reducing balance
Computers
25% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Oceans Fisheries Ltd
Notes to the financial statements (continued)
for the year ended 31 July 2024
1
Accounting policies
(continued)
- 4 -
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
8
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
52,167
51,237
15,956
25,266
144,626
Additions
4,853
4,853
At 31 July 2024
52,167
51,237
20,809
25,266
149,479
Depreciation and impairment
At 1 August 2023
36,516
28,739
8,203
7,996
81,454
Depreciation charged in the year
10,433
5,624
2,556
4,317
22,930
At 31 July 2024
46,949
34,363
10,759
12,313
104,384
Carrying amount
At 31 July 2024
5,218
16,874
10,050
12,953
45,095
At 31 July 2023
15,651
22,498
7,753
17,270
63,172
Oceans Fisheries Ltd
Notes to the financial statements (continued)
for the year ended 31 July 2024
- 5 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,000
6,000
Obligations under finance leases
3,351
3,895
Corporation tax
8,193
4,670
Other taxation and social security
15,721
14,212
Other creditors
222
69
Accruals and deferred income
2,000
2,000
35,487
30,846
5
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
5,000
11,000
Obligations under finance leases
9,977
13,328
14,977
24,328
6
Company information
Oceans Fisheries Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 46 Austhorpe Road, Leeds, West Yorkshire, England, LS15 8DX.