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REGISTERED NUMBER: 06498003 (England and Wales)


















OCEAN 247 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 23 DECEMBER 2023






OCEAN 247 LIMITED (REGISTERED NUMBER: 06498003)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 DECEMBER 2023










Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


OCEAN 247 LIMITED (REGISTERED NUMBER: 06498003)

ABRIDGED BALANCE SHEET
23 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 27,338 54,676
Tangible assets 5 - -
27,338 54,676

CURRENT ASSETS
Debtors 1,893 79,089
Cash at bank - 6,444
1,893 85,533
CREDITORS
Amounts falling due within one year 310,827 319,678
NET CURRENT LIABILITIES (308,934 ) (234,145 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(281,596

)

(179,469

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (281,598 ) (179,471 )
SHAREHOLDERS' FUNDS (281,596 ) (179,469 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 23 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 23 December 2023 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.

OCEAN 247 LIMITED (REGISTERED NUMBER: 06498003)

ABRIDGED BALANCE SHEET - continued
23 DECEMBER 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 23 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 23 December 2024 and were signed on its behalf by:





Mr M J Yeo - Director


OCEAN 247 LIMITED (REGISTERED NUMBER: 06498003)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 DECEMBER 2023


1. STATUTORY INFORMATION

Ocean 247 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06498003

Registered office: Yelverton House
St John Street
Whitland
Carmarthenshire
SA34 0AW

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.

The directors have a reasonable expectation that the company has access to adequate funding, as well as the ongoing support of its directors and their close family members, for it to continue trading for the foreseeable future. Therefore the directors continue to adopt the going concern basis of accounting.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development costs have been amortised over their estimated useful economic life of 3 years.

Brands are being amortised over their estimated useful economic life of 20 years.

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 - Straight line over 3 years

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

OCEAN 247 LIMITED (REGISTERED NUMBER: 06498003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 23 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 24 December 2022
and 23 December 2023 84,319
AMORTISATION
At 24 December 2022 29,643
Amortisation for year 27,338
At 23 December 2023 56,981
NET BOOK VALUE

At 23 December 2023 27,338
At 23 December 2022 54,676

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 24 December 2022
and 23 December 2023 1,699
DEPRECIATION
At 24 December 2022
and 23 December 2023 1,699
NET BOOK VALUE
At 23 December 2023 -
At 23 December 2022 -

6. ULTIMATE CONTROLLING PARTY

The company is controlled by Premium Cycle Brands Ltd by virtue of its shareholding..