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The Ocean Turned Red Limited

Financial Statements for the Year Ended 30 April 2024






The Ocean Turned Red Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: V H S Sivell





REGISTERED OFFICE: Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA





REGISTERED NUMBER: 10123514 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
The Ocean Turned Red Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Ocean Turned Red Limited for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of The Ocean Turned Red Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Ocean Turned Red Limited and state those matters that we have agreed to state to the director of The Ocean Turned Red Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Ocean Turned Red Limited and its director for our work or for this report.

It is your duty to ensure that The Ocean Turned Red Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Ocean Turned Red Limited. You consider that The Ocean Turned Red Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Ocean Turned Red Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






BPU Limited
Chartered Accountants


31 January 2025

The Ocean Turned Red Limited (Registered number: 10123514)

Balance Sheet
30 April 2024

2024 2023
Notes £ £
CURRENT ASSETS
Debtors 3 101,697 105,588

CREDITORS
Amounts falling due within one year 4 69,955 67,782
NET CURRENT ASSETS 31,742 37,806
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,742

37,806

CREDITORS
Amounts falling due after more than
one year

5

42,890

42,890
NET LIABILITIES (11,148 ) (5,084 )

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings (11,168 ) (5,104 )
SHAREHOLDERS' FUNDS (11,148 ) (5,084 )

The Ocean Turned Red Limited (Registered number: 10123514)

Balance Sheet - continued
30 April 2024


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 31 January 2025 and were signed by:





V H S Sivell - Director


The Ocean Turned Red Limited (Registered number: 10123514)

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.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2. EMPLOYEES AND DIRECTORS

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

3. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors & prepayments 101,697 105,588

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 8,187 8,513
Trade creditors 4,727 4,726
Taxes & social security costs 54,517 49,669
Other creditors & accruals 2,524 4,874
69,955 67,782

The Ocean Turned Red Limited (Registered number: 10123514)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

The accounts have been prepared on a going concern basis, as the director has confirmed that he will provide sufficient funds to enable the company to continue for the foreseeable future.

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£ £
Bank loans 42,890 42,890

6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£ £
V H S Sivell
Balance outstanding at start of year 36,405 36,405
Amounts repaid (3,891 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 32,514 36,405