0 01/05/2023 30/04/2024 2024-04-30 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-05-01 Sage Accounts Production 24.0 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 04195096 2023-05-01 2024-04-30 04195096 2024-04-30 04195096 2023-04-30 04195096 2022-05-01 2023-04-30 04195096 2023-04-30 04195096 2022-04-30 04195096 bus:RegisteredOffice 2023-05-01 2024-04-30 04195096 bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 04195096 bus:Director1 2023-05-01 2024-04-30 04195096 bus:CompanySecretary1 2023-05-01 2024-04-30 04195096 core:PlantMachinery 2023-04-30 04195096 core:FurnitureFittingsToolsEquipment 2023-04-30 04195096 core:PlantMachinery 2024-04-30 04195096 core:FurnitureFittingsToolsEquipment 2024-04-30 04195096 core:MotorVehicles 2024-04-30 04195096 core:AfterOneYear 2024-04-30 04195096 core:AfterOneYear 2023-04-30 04195096 core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 04195096 core:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 04195096 core:WithinOneYear 2024-04-30 04195096 core:WithinOneYear 2023-04-30 04195096 core:ShareCapital 2024-04-30 04195096 core:ShareCapital 2023-04-30 04195096 core:RetainedEarningsAccumulatedLosses 2024-04-30 04195096 core:RetainedEarningsAccumulatedLosses 2023-04-30 04195096 core:ShareCapital 2022-04-30 04195096 core:RetainedEarningsAccumulatedLosses 2022-04-30 04195096 core:PreviouslyStatedAmount core:ShareCapital 2024-04-30 04195096 core:PlantMachinery 2023-05-01 2024-04-30 04195096 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 04195096 core:MotorVehicles 2023-05-01 2024-04-30 04195096 core:PlantMachinery 2023-04-30 04195096 core:FurnitureFittingsToolsEquipment 2023-04-30 04195096 bus:SmallEntities 2023-05-01 2024-04-30 04195096 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04195096 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 04195096 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04195096 bus:FullAccounts 2023-05-01 2024-04-30
Company registration number: 04195096
BLUE OCEAN SERVICES LTD
Trading as BLUE OCEAN SERVICES LTD
Unaudited filleted financial statements
30 April 2024
BLUE OCEAN SERVICES LTD
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
BLUE OCEAN SERVICES LTD
Directors and other information
Directors Ms Francess Dugbo
Secretary Francess Dugbo
Company number 04195096
Registered office 241-243 High Street
Eltham
London
SE9 1TX
Business address 241-243 High Street
Eltham
London
SE9 1TX
Accountant S O A & Associates Co.
The Link
Unite 29A
49 Effra Road
London
SW2 1BZ
Bankers Lloyds TSB
East Dulwich
London
BLUE OCEAN SERVICES LTD
Report to the board of directors on the preparation of the
unaudited statutory financial statements of BLUE OCEAN SERVICES LTD
Year ended 30 April 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 April 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
S O A & Associates Co.
The Link
Unite 29A
49 Effra Road
London
SW2 1BZ
29 November 2024
BLUE OCEAN SERVICES LTD
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 100,325 6,493
_______ _______
100,325 6,493
Current assets
Debtors 6 306,608 234,678
Cash at bank and in hand 73,046 73,123
_______ _______
379,654 307,801
Creditors: amounts falling due
within one year 7 ( 178,038) ( 103,981)
_______ _______
Net current assets 201,616 203,820
_______ _______
Total assets less current liabilities 301,941 210,313
Creditors: amounts falling due
after more than one year 8 ( 110,702) ( 29,784)
_______ _______
Net assets 191,239 180,529
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 191,141 180,431
_______ _______
Shareholder funds 191,241 180,531
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Ms Francess Dugbo Ms Francess Dugbo
Director Director
Company registration number: 04195096
BLUE OCEAN SERVICES LTD
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 100 160,613 160,713
Profit for the year 69,816 69,816
_______ _______ _______
Total comprehensive income for the year - 69,816 69,816
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______
Total investments by and distributions to owners - ( 50,000) ( 50,000)
_______ _______ _______
At 30 April 2023 and 1 May 2023 100 180,427 180,527
Profit for the year 30,712 30,712
_______ _______ _______
Total comprehensive income for the year - 30,712 30,712
Dividends paid and payable ( 20,000) ( 20,000)
_______ _______ _______
Total investments by and distributions to owners - ( 20,000) ( 20,000)
_______ _______ _______
At 30 April 2024 100 191,139 191,239
_______ _______ _______
BLUE OCEAN SERVICES LTD
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 241-243 High Street, Eltham, London, SE9 1TX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. 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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 53 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 22,882 71,411 - 94,293
Additions 14,663 13,796 85,111 113,570
_______ _______ _______ _______
At 30 April 2024 37,545 85,207 85,111 207,863
_______ _______ _______ _______
Depreciation
At 1 May 2023 22,883 64,917 - 87,800
Charge for the year - 2,716 17,022 19,738
_______ _______ _______ _______
At 30 April 2024 22,883 67,633 17,022 107,538
_______ _______ _______ _______
Carrying amount
At 30 April 2024 14,662 17,574 68,089 100,325
_______ _______ _______ _______
At 30 April 2023 ( 1) 6,494 - 6,493
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 281,709 229,004
Other debtors 24,899 5,674
_______ _______
306,608 234,678
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 75,256 4,014
Corporation tax 17,407 29,167
Social security and other taxes 51,271 18,285
Other creditors 34,104 52,515
_______ _______
178,038 103,981
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 110,702 29,784
_______ _______
9. Directors advances, credits and guarantees