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REGISTERED NUMBER: 04202870 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

OCEAN PROPERTY DEVELOPMENTS LIMITED

OCEAN PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04202870)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


OCEAN PROPERTY DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: P Johnston





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 04202870 (England and Wales)






OCEAN PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04202870)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 - 1,413
Investment property 4 2,154,000 2,453,000
2,154,000 2,454,413

CURRENT ASSETS
Debtors 5 847 1,001
Cash at bank 3,224 4,691
4,071 5,692
CREDITORS
Amounts falling due within one year 6 541,329 924,000
NET CURRENT LIABILITIES (537,258 ) (918,308 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,616,742

1,536,105

CREDITORS
Amounts falling due after more than one
year

7

(35,616

)

(56,036

)

PROVISIONS FOR LIABILITIES (121,932 ) (120,971 )
NET ASSETS 1,459,194 1,359,098

CAPITAL AND RESERVES
Called up share capital 100 100
Undistributable reserves 860,497 950,951
Retained earnings 598,597 408,047
1,459,194 1,359,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 January 2025 and were signed by:



P Johnston - Director


OCEAN PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04202870)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Turnover
Turnover represents the following types of income
- Rental income
- Income from the sale of properties

All income is recognised on a receivable basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred taxation is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets and liabilities are not discounted.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

OCEAN PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04202870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 May 2023 5,700
Disposals (2,120 )
At 30 April 2024 3,580
DEPRECIATION
At 1 May 2023 4,287
Eliminated on disposal (707 )
At 30 April 2024 3,580
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 1,413

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 2,453,000
Disposals (387,500 )
Revaluations 88,500
At 30 April 2024 2,154,000
NET BOOK VALUE
At 30 April 2024 2,154,000
At 30 April 2023 2,453,000

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2014 177,016
Valuation in 2015 174,744
Valuation in 2017 267,190
Valuation in 2022 272,377
Valuation in 2024 91,102
Cost 1,171,571
2,154,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,381,839 1,381,839

Investment property was valued on an open market basis on 30 April 2024 by the director .

OCEAN PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04202870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 132
Prepayments 847 869
847 1,001

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,959 616,075
Trade creditors 2,519 -
Amounts owed to associates 178,100 181,100
Tax 30,177 8,148
Other creditors 3,569 3,278
Directors' loan accounts 309,279 110,719
Deferred income 4,146 4,680
Accrued expenses 2,580 -
541,329 924,000

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,959 37,150
Bank loans - 2-5 years 24,657 18,886
35,616 56,036

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, P Johnston increased his loan to the company. As at 30 April 2024, the company owed him £309,279 (2023: £110,719). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

9. RELATED PARTY DISCLOSURES

BG Finishings Ltd
As at the year end, the company owed BG Finishings Ltd £178,100 (2023: £181,100). This balance is interest free and repayable on demand.

P & Mrs J Johnston are each 50% shareholders in BG Finishings Ltd.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P & Mrs J Johnston by virtue of their effective 100% shareholding.

11. ACCOUNTING BASIS

As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. As at the year end the current liabilities exceeded current assets by £537,258.

The validity of this basis depends upon the continued support of the company's director. The director confirms that he will give the required support.