Company No:
Contents
Note | 2025 | 2024 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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25,606 | 27,800 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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7,659 | 14,506 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (25,447) | (24,807) | ||
Total assets less current liabilities | 159 | 2,993 | ||
Provision for liabilities | (
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Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | (
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Total shareholder's (deficit)/funds | (
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Directors' responsibilities:
The financial statements of Ocean Music Limited (registered number:
J Du Prez
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Ocean Music Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 Temple Back, ,
Bristol, BS1 6FL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the
UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the
nearest £.
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 £5,511. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Trademarks, patents and licences |
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Plant and machinery |
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Office equipment |
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Computer equipment |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
2025 | 2024 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Trademarks, patents and licences |
Total | ||
£ | £ | ||
Cost | |||
At 01 February 2024 |
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At 31 January 2025 |
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Accumulated amortisation | |||
At 01 February 2024 |
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Charge for the financial year |
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At 31 January 2025 |
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Net book value | |||
At 31 January 2025 |
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At 31 January 2024 |
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Plant and machinery | Office equipment | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 February 2024 |
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At 31 January 2025 |
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Accumulated depreciation | |||||||
At 01 February 2024 |
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Charge for the financial year |
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At 31 January 2025 |
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Net book value | |||||||
At 31 January 2025 |
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At 31 January 2024 |
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Investments in subsidiaries
2025 | |
£ | |
Cost | |
At 01 February 2024 |
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At 31 January 2025 |
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Carrying value at 31 January 2025 |
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Carrying value at 31 January 2024 |
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2025 | 2024 | ||
£ | £ | ||
Other debtors |
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2025 | 2024 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals |
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Other taxation and social security |
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Other creditors |
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2025 | 2024 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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At the year end the company owed £25,785 (2024: £30,565) to the Director. This loan bears no interest and has no fixed date for repayment.
No dividends were distributed to Directors during the year (2024: £42,750).