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REGISTERED NUMBER: 02029888 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

OCEANIC JEWELLERS LIMITED

OCEANIC JEWELLERS LIMITED (REGISTERED NUMBER: 02029888)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OCEANIC JEWELLERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: Lord R S Suri
Mr M S Suri
Mr G S Suri



SECRETARY: Mr G S Suri



REGISTERED OFFICE: Unit 11 Oliver Business Park
Oliver Road
Park Royal
London
NW10 7JB



REGISTERED NUMBER: 02029888 (England and Wales)



BANKERS: Metro Bank Plc
Cynergy Bank Limited

OCEANIC JEWELLERS LIMITED (REGISTERED NUMBER: 02029888)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 602,355 622,139
Investments 5 1,078,529 1,020,114
Investment property 6 19,916,950 18,927,000
21,597,834 20,569,253

CURRENT ASSETS
Stocks 52,930 71,534
Debtors 7 136,747 187,881
Cash at bank and in hand 586,209 660,515
775,886 919,930
CREDITORS
Amounts falling due within one year 8 553,155 634,228
NET CURRENT ASSETS 222,731 285,702
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,820,565

20,854,955

CREDITORS
Amounts falling due after more than one year 9 (2,800,000 ) (2,800,000 )

PROVISIONS FOR LIABILITIES 11 (3,278,200 ) (3,040,200 )
NET ASSETS 15,742,365 15,014,755

CAPITAL AND RESERVES
Called up share capital 50,001 50,001
Fair value reserve 12 12,571,776 11,819,826
Retained earnings 3,120,588 3,144,928
SHAREHOLDERS' FUNDS 15,742,365 15,014,755

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

OCEANIC JEWELLERS LIMITED (REGISTERED NUMBER: 02029888)

BALANCE SHEET - continued
31ST MARCH 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 Board of Directors and authorised for issue on 17th March 2025 and were signed on its behalf by:





Lord R S Suri - Director


OCEANIC JEWELLERS LIMITED (REGISTERED NUMBER: 02029888)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Oceanic Jewellers 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 as modified by the revaluation of certain assets.

The directors have reviewed the company's affairs as at the balance sheet date, and projections for the next year. No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified.

These financial statements have accordingly been prepared on the going concern basis.

Turnover
Turnover represents value of goods sold, excluding value added tax and net of any discounts.

Turnover for sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer and when there is no continuing involvement with goods.

Where customers are arranging for the collection of the goods, turnover is recognised when the goods are handed over to the delivery carriers. For other sales transactions, turnover is recognised when the goods are physically handed over to the customer.

Rental income received from the investment property is recognised over the term of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 15% on reducing balance

Land is not depreciated

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


OCEANIC JEWELLERS LIMITED (REGISTERED NUMBER: 02029888)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed assets investments
Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expenses to profit or loss as incurred.

Investment income
Dividends from UK Securities, together with the relevant tax credit are included in the profit and loss account on a cash basis. Income units are treated as addition to investments and are included in the profit and loss account on a receipt basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2023 624,939 812,579 1,437,518
Additions - 122 122
At 31st March 2024 624,939 812,701 1,437,640
DEPRECIATION
At 1st April 2023 74,740 740,639 815,379
Charge for year 12,498 7,408 19,906
At 31st March 2024 87,238 748,047 835,285
NET BOOK VALUE
At 31st March 2024 537,701 64,654 602,355
At 31st March 2023 550,199 71,940 622,139

OCEANIC JEWELLERS LIMITED (REGISTERED NUMBER: 02029888)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


5. FIXED ASSET INVESTMENTS

2024 2023
£    £   
Other investments not loans 1,078,529 1,020,114

Additional information is as follows:
Other
investments
£   
COST OR VALUATION
At 1st April 2023 997,590
Additions 28,954
Disposals (52,427 )
Revaluations 81,353
At 31st March 2024 1,055,470
NET BOOK VALUE
At 31st March 2024 1,055,470
At 31st March 2023 997,590

The listed investments are shown at their fair values as at balance sheet date.

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Cash held by broker 23,059 22,524

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 18,927,000
Revaluations 989,950
At 31st March 2024 19,916,950
NET BOOK VALUE
At 31st March 2024 19,916,950
At 31st March 2023 18,927,000

OCEANIC JEWELLERS LIMITED (REGISTERED NUMBER: 02029888)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


6. INVESTMENT PROPERTY - continued

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2013 9,032,826
Valuation in 2014 1,330,000
Valuation in 2015 1,122,800
Valuation in 2016 207,200
Valuation in 2017 440,000
Valuation in 2018 565,000
Valuation in 2019 90,000
Valuation in 2020 (1,420,000 )
Valuation in 2023 3,482,000
Valuation in 2024 989,950
Cost 4,077,174
19,916,950

Investment properties were valued on an open market basis on 31st March 2024 by Mr G.S. Suri, Company Director .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 123,606 158,506
Other debtors 13,141 29,375
136,747 187,881

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 72,755 100,373
Taxation and social security 49,446 140,067
Other creditors 430,954 393,788
553,155 634,228

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 2,800,000 2,800,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,800,000 2,800,000

The bank facilities are secured by a fixed charge on the company's properties and other fixed assets and by a floating charge on all other assets.

OCEANIC JEWELLERS LIMITED (REGISTERED NUMBER: 02029888)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 10,200 10,200
Other timing differences 3,268,000 3,030,000
3,278,200 3,040,200

Deferred
tax
£   
Balance at 1st April 2023 3,040,200
Provided during year 238,000
Balance at 31st March 2024 3,278,200

12. RESERVES
Fair
value
reserve
£   
At 1st April 2023 11,819,826
Transfers 751,950

At 31st March 2024 12,571,776

13. RELATED PARTY DISCLOSURES

Dividends of £290,006 (2023: £354,008) were paid to the parent undertaking.

14. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is Oceanic Holdings Limited.

During the year, Mr G. S. Suri and Mr M. S. Suri controlled the company by virtue of a controlling interest of 100% of the issued ordinary share capital.