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Ocean Minerals (SW) Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 09470704

 

Ocean Minerals (SW) Ltd

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

100

100

Cash at bank and in hand

 

47

47

 

147

147

Creditors: Amounts falling due within one year

5

(9,097)

(8,097)

Net liabilities

 

(8,950)

(7,950)

Capital and reserves

 

Called up share capital

6

100

100

Profit and loss account

(9,050)

(8,050)

Shareholders' deficit

 

(8,950)

(7,950)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
L Genge
Director

   
     

Company Registration Number: 09470704

 

Ocean Minerals (SW) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

Ocean Minerals (SW) Ltd is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Units 2a/2b
Victoria Business Park
Roche
St Austell
Cornwall
PL26 8LX
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation of financial statements

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £8,950 (2023 - £7,950).The directors of Ocean Minerals (SW) Ltd and its sister company Ocean Holdings South West Limited will continue to support the company for a period of at least 12 months from the date of signing these accounts. On this basis, the accounts have been prepared on the going concern basis.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Operating leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Ocean Minerals (SW) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Debtors

2024
£

2023
£

Called up share capital not paid

100

100

100

100

5

Creditors

2024
£

2023
£

Due within one year

Accruals and deferred income

5,750

4,750

Other creditors

3,347

3,347

9,097

8,097

 

Ocean Minerals (SW) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

7

Related party transactions

During the year the company received rental income of £nil (2023 - £24,215) from companies under common control. As at the year end, amounts owed to companies under common, included in other creditors, totalled £3,347 (2023 - £3,347).