Registered number
04372976
Ocean Partners Limited
Filleted Accounts
29 February 2024
Ocean Partners Limited
Registered number: 04372976
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 124,086 99,800
Current assets
Debtors 4 481,554 635,179
Cash at bank and in hand 458,698 389,384
940,252 1,024,563
Creditors: amounts falling due within one year 5 (415,735) (536,770)
Net current assets 524,517 487,793
Total assets less current liabilities 648,603 587,593
Creditors: amounts falling due after more than one year 6 (16,395) (27,994)
Net assets 632,208 559,599
Capital and reserves
Called up share capital 100 100
Profit and loss account 632,108 559,499
Shareholders' funds 632,208 559,599
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D A Norris
Director
Approved by the board on 11 November 2024
Ocean Partners Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% on a reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 97,051 105,322 202,373
Additions 65,645 - 65,645
At 29 February 2024 162,696 105,322 268,018
Depreciation
At 1 March 2023 73,417 29,156 102,573
Charge for the year 22,318 19,041 41,359
At 29 February 2024 95,735 48,197 143,932
Net book value
At 29 February 2024 66,961 57,125 124,086
At 28 February 2023 23,634 76,166 99,800
4 Debtors 2024 2023
£ £
Trade debtors 396,676 460,632
Other debtors 84,878 174,547
481,554 635,179
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 11,604 11,604
Trade creditors 216,875 310,962
Amounts owed to group undertakings and undertakings in which the company has a participating interest 89,000 89,000
Taxation and social security costs 71,967 99,040
Other creditors 26,289 26,164
415,735 536,770
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 16,395 27,994
7 Controlling party
The company is controlled by D A Norris and L J Norris on the basis they control over 90% of the ordinary share capital of the company.
8 Other information
Ocean Partners Limited is a private company limited by shares and incorporated in England. Its registered office is:
Pennyweights
Kenley
CR8 5HB
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