Registered number: 09997405
OCEAN FLIGHTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 APRIL 2024
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OCEAN FLIGHTS LIMITED
REGISTERED NUMBER: 09997405
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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OCEAN FLIGHTS LIMITED
REGISTERED NUMBER: 09997405
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2024.
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H R Hastings
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The notes on pages 3 to 6 form part of these financial statements.
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OCEAN FLIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Ocean Flights Limited is a private company limited by shares and incorporated in England under registered number 09997405. Its registered office is at Floor 9, North House, St Edwards Way, Romford, Essex RM1 3AE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The Company is the subsidiary of Ocean Holidays Limited group, therefore the going concern assessment for the Company was performed as part of the group’s assessment.
The Group’s management and directors review the financial position and the forecasts for the Group on a regular basis, to ensure they are in a position to react to and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Group’s ability to continue as a going concern, and have considered a number of future scenarios, synthesizing key drivers of the Group’s trading performance, including consumer demand, post balance sheet trading, booking trajectory, and impact from both financial and geopolitical instability. The market has improved significantly and there is a return to pre-pandemic booking patterns. However, economic uncertainty from interest rates and a new UK government means the Group remains in a volatile environment.
Having considered the plausible scenarios, the directors have a reasonable expectation that the Group is capable of continuing to trade in the current environment for the foreseeable future, being a period of at least 12 months from the date of signing these financial statements. The directors have reviewed in detail the cost base and will continue to do so, ensuring it is as efficient as possible. They are continuing to approach marketing spend cautiously, without impacting future bookings, by utilising online marketing more with a lower spend on more expensive print media. The Group has invested in its technology structure and continues to do so.
The directors believe that the Group is in a good position to move forward, and they have taken, and will continue to take, all commercially reasonable steps to mitigate the impact of the current environment on the Group’s ability to continue as a going concern.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents the value of flight arrangements provided to its immediate holding company for departures during the year.
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OCEAN FLIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The directors are paid from the parent company, Ocean Holidays Limited.
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The average monthly number of employees, including directors, during the period was 4 (2022 - 4).
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Prepayments and accrued income
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OCEAN FLIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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Cash and cash equivalents
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The Company's cash at bank as at 30 April 2024 was:
Unrestricted cash - £32,197
Restricted cash- £Nil
Total cash - £32,197
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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As at 30 April 2024 an amount of £45,333 (2022: £322) was payable to International Air Transport Association (IATA) for tickets issued in the month of April 2024.
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Holding company guarantee
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The holding company, Ocean Holidays Limited, provides the Company with an unlimited guarantee for its working capital requirements.
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OCEAN FLIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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Authorised, allotted, called up and fully paid
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100 (2022 - 100) Ordinary shares of £1.00 each
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Each share has full voting rights in the company with respect to voting, dividends and distributions.
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Profit and loss account
The profit and loss account represents the net distributable reserves of the company at the date of the statement of financial position.
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Related party transactions
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The Company has taken advantage of the exemption under section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the immediate and ultimate holding parent company and are publicly availabe.
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The immediate and ultimate holding company is Ocean Holidays Limited, registered in England and Wales, under company number 08573713 and with a registered office at Floor 9, North House, St Edwards Way, Romford, Essex RM1 3AE.
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