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REGISTERED NUMBER: 04942429 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

OCEANIC PROPERTIES LIMITED

OCEANIC PROPERTIES LIMITED (REGISTERED NUMBER: 04942429)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


OCEANIC PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







Directors: Mrs M Katsikidou
Mr A D Economou





Secretary: Vistra Cosec Limited





Registered office: First Floor, Templeback
10 Temple back
Bristol
BS1 6FL





Registered number: 04942429 (England and Wales)





Accountants: Vistra Trust Company Limited
First Floor, Templeback
10 Temple back
Bristol
BS1 6FL

OCEANIC PROPERTIES LIMITED (REGISTERED NUMBER: 04942429)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes
FIXED ASSETS
Tangible assets 4 574 786
Investment property 5 98,759 98,759
99,333 99,545

CURRENT ASSETS
Debtors 6 2,081 2,904
Cash at bank 3,416 5,117
5,497 8,021
CREDITORS
Amounts falling due within one year 7 (801,461 ) (803,466 )
NET CURRENT LIABILITIES (795,964 ) (795,445 )
TOTAL ASSETS LESS CURRENT LIABILITIES (696,631 ) (695,900 )

CAPITAL AND RESERVES
Called up share capital 1,427 1,427
Retained earnings (698,058 ) (697,327 )
(696,631 ) (695,900 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 13 May 2025 and were signed on its behalf by:





Mr A D Economou - Director


OCEANIC PROPERTIES LIMITED (REGISTERED NUMBER: 04942429)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1. STATUTORY INFORMATION

Oceanic Properties 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.

The company's functional and presentational currency is Euro and the financial statements have been rounded to the nearest Euro (€).

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.

Turnover
Turnover represents the rent received or receivable from the investment property, excluding value added tax.

Investment property
The investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value are recognised in the profit and loss account.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc. - 25% on cost

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

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

Going concern
Although the balance sheet is showing a net current liability position, the financial statements have been prepared on the going concern basis. The directors have confirmed that will not request the repayment of the loan in the next 12 months, the company will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities and commitments in the normal courses of business.

OCEANIC PROPERTIES LIMITED (REGISTERED NUMBER: 04942429)

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

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
Cost
At 1 November 2023
and 31 October 2024 848
Depreciation
At 1 November 2023 62
Charge for year 212
At 31 October 2024 274
Net book value
At 31 October 2024 574
At 31 October 2023 786

5. INVESTMENT PROPERTY
Total
Cost
At 1 November 2023
and 31 October 2024 98,759
Net book value
At 31 October 2024 98,759
At 31 October 2023 98,759

In the opinion of the directors, there is no change in the value of the property at the balance sheet date. The latest valuation was conducted by the Greek authorities on 30th October 2020.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
Other debtors 2,081 2,904

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
Trade creditors 4,046 1,511
Other creditors 797,415 801,955
801,461 803,466