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Registered number: 12447434
Square Ocean Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 12447434
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 69,000 80,500
Tangible Assets 5 20,055 16,136
89,055 96,636
CURRENT ASSETS
Stocks 6 4,250 3,450
Debtors 7 26,273 16,530
Cash at bank and in hand 17,842 11,012
48,365 30,992
Creditors: Amounts Falling Due Within One Year 8 (33,367 ) (20,418 )
NET CURRENT ASSETS (LIABILITIES) 14,998 10,574
TOTAL ASSETS LESS CURRENT LIABILITIES 104,053 107,210
Creditors: Amounts Falling Due After More Than One Year 9 (128,890 ) (133,889 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (1,480 ) (1,180 )
NET LIABILITIES (26,317 ) (27,859 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement (26,417 ) (27,959 )
SHAREHOLDERS' FUNDS (26,317) (27,859)
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For the year ending 29 February 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 Income Statement.
On behalf of the board
Mr Marino Michaelas
Director
30 April 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Square Ocean Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12447434 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The director has prepared the financial statements on a going concern basis after assessing:
  • that the company's shareholders will continue to support the company over the following twelve months at least; and
  • the principal risks and considering the likelihood of success in the company's trading activities.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the sale of goods. 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; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 10 years.
2.5. 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:
Leasehold Straight line over lease term
Plant & Machinery 20% reducing balance
Fixtures & Fittings 15% reducing balance
2.6. Stocks and Work in Progress
Stock is 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.
2.7. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.
2.8. Taxation
The tax expense represents the sum of the corporation tax currently payable.
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 year 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.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
2.10. Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.
2.11. Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.
2.12. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 6)
11 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 115,000
As at 29 February 2024 115,000
Amortisation
As at 1 March 2023 34,500
Provided during the period 11,500
As at 29 February 2024 46,000
Net Book Value
As at 29 February 2024 69,000
As at 1 March 2023 80,500
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2023 15,876 2,850 5,000 23,726
Additions 3,950 5,749 - 9,699
As at 29 February 2024 19,826 8,599 5,000 33,425
...CONTINUED
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Depreciation
As at 1 March 2023 4,474 1,186 1,930 7,590
Provided during the period 3,838 1,482 460 5,780
As at 29 February 2024 8,312 2,668 2,390 13,370
Net Book Value
As at 29 February 2024 11,514 5,931 2,610 20,055
As at 1 March 2023 11,402 1,664 3,070 16,136
6. Stocks
2024 2023
£ £
Stock 4,250 3,450
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 579
Prepayments and accrued income 6,100 9,701
Other debtors 6,823 -
Rent deposit 6,250 6,250
Amounts owed by related parties 7,100 -
26,273 16,530
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,133 2,751
Bank loans and overdrafts 6,060 6,060
Corporation tax 2,688 418
Other taxes and social security 1,396 1,162
VAT 19,090 9,100
Director's loan account - 927
33,367 20,418
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 25,190 30,189
Amounts owed to related parties 103,700 103,700
128,890 133,889
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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11. Post Balance Sheet Events
Subsequent to the reporting date, the director has been actively pursuing additional sites as part of the company’s strategy to expand its takeaway and restaurant operations.
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