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Registered number: 12255218
Ocean View Studios Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
The Online Accountant
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12255218
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,080 1,317
Tangible Assets 5 4,750 780
5,830 2,097
CURRENT ASSETS
Debtors 6 1,523 -
Cash at bank and in hand 1,345 522
2,868 522
Creditors: Amounts Falling Due Within One Year 7 (56,199 ) (45,098 )
NET CURRENT ASSETS (LIABILITIES) (53,331 ) (44,576 )
TOTAL ASSETS LESS CURRENT LIABILITIES (47,501 ) (42,479 )
NET LIABILITIES (47,501 ) (42,479 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (47,502 ) (42,480 )
SHAREHOLDERS' FUNDS (47,501) (42,479)
Page 1
Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Joseph Piddington
Director
27/05/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ocean View Studios Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12255218 . The registered office is Padson Farm, Folly Gate, Okehampton, Devon, EX20 3BA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are amortised to zero over its estimated economic life of 10 years straight line.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Other Intangible Assets
£
Cost
As at 1 November 2023 2,858
As at 31 October 2024 2,858
Amortisation
As at 1 November 2023 1,541
Provided during the period 237
As at 31 October 2024 1,778
Net Book Value
As at 31 October 2024 1,080
As at 1 November 2023 1,317
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Page 4
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2023 3,684 608 653 4,945
Additions 1,217 275 3,278 4,770
As at 31 October 2024 4,901 883 3,931 9,715
Depreciation
As at 1 November 2023 3,233 523 409 4,165
Provided during the period 250 50 500 800
As at 31 October 2024 3,483 573 909 4,965
Net Book Value
As at 31 October 2024 1,418 310 3,022 4,750
As at 1 November 2023 451 85 244 780
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 1,523 -
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - (3 )
Other creditors 56,199 45,101
56,199 45,098
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 4