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REGISTERED NUMBER: 03480444 (England and Wales)















Financial Statements for the Year Ended 31 May 2024

for

Ocean Treasure Restaurant Limited

Ocean Treasure Restaurant Limited (Registered number: 03480444)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ocean Treasure Restaurant Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: J Yip





SECRETARY: Mrs D Fong Ching Yip





REGISTERED OFFICE: Treasure House
Greenside Way
Greengate Industrial Estate
Chadderton, Oldham
Greater Manchester
M24 1SW





REGISTERED NUMBER: 03480444 (England and Wales)





AUDITORS: Lucas Reis Ltd
Chartered Accountants
Lansdowne House
85 Buxton Road
Stockport
Cheshire
SK2 6LR

Ocean Treasure Restaurant Limited (Registered number: 03480444)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 24,892 26,814

CURRENT ASSETS
Debtors 5 277,780 307,780
Cash at bank 75,877 40,538
353,657 348,318
CREDITORS
Amounts falling due within one year 6 15,315 23,130
NET CURRENT ASSETS 338,342 325,188
TOTAL ASSETS LESS CURRENT
LIABILITIES

363,234

352,002

CREDITORS
Amounts falling due after more than one
year

7

(17,946

)

(9,019

)

PROVISIONS FOR LIABILITIES (5,239 ) (4,845 )
NET ASSETS 340,049 338,138

CAPITAL AND RESERVES
Called up share capital 90 90
Retained earnings 339,959 338,048
340,049 338,138

Ocean Treasure Restaurant Limited (Registered number: 03480444)

Balance Sheet - continued
31 May 2024


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 13 February 2025 and were signed by:





J Yip - Director


Ocean Treasure Restaurant Limited (Registered number: 03480444)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Ocean Treasure Restaurant Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

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.


Ocean Treasure Restaurant Limited (Registered number: 03480444)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
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.

Going concern
The company's financial statements for the year ended 31 May 2023 have been prepared on a going concern basis as, after making appropriate enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 389,018
DEPRECIATION
At 1 June 2023 362,204
Charge for year 1,922
At 31 May 2024 364,126
NET BOOK VALUE
At 31 May 2024 24,892
At 31 May 2023 26,814

Ocean Treasure Restaurant Limited (Registered number: 03480444)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors - 20,000
Amounts owed by group undertakings 265,000 275,000
Other debtors 12,780 12,780
277,780 307,780

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors - 1
Taxation and social security 4,023 11,770
Other creditors 11,292 11,359
15,315 23,130

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.24 31.5.23
£    £   
Amounts owed to group undertakings 17,946 9,019

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sarah Reis FCA, ATII (Senior Statutory Auditor)
for and on behalf of Lucas Reis Ltd

9. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is Yip & Sons Limited, a company incorporated and registered in England and Wales. Copies of the financial statements of Yip & Sons Limited can be obtained from Treasure House Greengate Industrial Park, Greenside Way, Middleton, Manchester, M24 1SW.

The company's parent undertaking at the balance sheet date was Chi Yip Holdings Limited, a company incorporated and registered in England and Wales. Copies of the financial statements of Chi Yip Holdings Limited can be obtained from Treasure House Greengate Industrial Park, Greenside Way, Middleton, Manchester, M24 1SW.