IRIS Accounts Production v25.1.3.33 07360740 Board of Directors 1.9.23 31.8.24 31.8.24 29.5.2025 false true false false false true true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh073607402023-08-31073607402024-08-31073607402023-09-012024-08-31073607402022-08-31073607402022-09-012023-08-31073607402023-08-3107360740ns15:EnglandWales2023-09-012024-08-3107360740ns14:PoundSterling2023-09-012024-08-3107360740ns10:Director12023-09-012024-08-3107360740ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3107360740ns10:SmallEntities2023-09-012024-08-3107360740ns10:Audited2023-09-012024-08-3107360740ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-3107360740ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-3107360740ns10:FullAccounts2023-09-012024-08-310736074012023-09-012024-08-3107360740ns10:Director22023-09-012024-08-3107360740ns10:Director32023-09-012024-08-3107360740ns10:Director42023-09-012024-08-3107360740ns10:RegisteredOffice2023-09-012024-08-3107360740ns5:CurrentFinancialInstruments2024-08-3107360740ns5:CurrentFinancialInstruments2023-08-3107360740ns5:Non-currentFinancialInstruments2024-08-3107360740ns5:Non-currentFinancialInstruments2023-08-3107360740ns5:ShareCapital2024-08-3107360740ns5:ShareCapital2023-08-3107360740ns5:RetainedEarningsAccumulatedLosses2024-08-3107360740ns5:RetainedEarningsAccumulatedLosses2023-08-3107360740ns5:NetGoodwill2023-09-012024-08-3107360740ns5:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-3107360740ns5:PlantMachinery2023-09-012024-08-3107360740ns5:FurnitureFittings2023-09-012024-08-3107360740ns5:MotorVehicles2023-09-012024-08-3107360740ns5:ComputerEquipment2023-09-012024-08-3107360740ns5:NetGoodwill2023-08-3107360740ns5:NetGoodwill2024-08-3107360740ns5:NetGoodwill2023-08-3107360740ns5:PlantMachinery2023-08-3107360740ns5:FurnitureFittings2023-08-3107360740ns5:MotorVehicles2023-08-3107360740ns5:ComputerEquipment2023-08-3107360740ns5:PlantMachinery2024-08-3107360740ns5:FurnitureFittings2024-08-3107360740ns5:MotorVehicles2024-08-3107360740ns5:ComputerEquipment2024-08-3107360740ns5:PlantMachinery2023-08-3107360740ns5:FurnitureFittings2023-08-3107360740ns5:MotorVehicles2023-08-3107360740ns5:ComputerEquipment2023-08-3107360740ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-08-3107360740ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-012024-08-3107360740ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-08-3107360740ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-08-3107360740ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3107360740ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3107360740ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-08-3107360740ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-08-3107360740ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-08-3107360740ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-08-3107360740ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-08-3107360740ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-08-3107360740ns5:HirePurchaseContracts2024-08-3107360740ns5:HirePurchaseContracts2023-08-3107360740ns5:WithinOneYear2024-08-3107360740ns5:WithinOneYear2023-08-3107360740ns5:BetweenOneFiveYears2024-08-3107360740ns5:BetweenOneFiveYears2023-08-3107360740ns5:AllPeriods2024-08-3107360740ns5:AllPeriods2023-08-3107360740ns5:Secured2024-08-3107360740ns5:Secured2023-08-3107360740ns5:AcceleratedTaxDepreciationDeferredTax2024-08-3107360740ns5:AcceleratedTaxDepreciationDeferredTax2023-08-3107360740ns5:TaxLossesCarry-forwardsDeferredTax2024-08-3107360740ns5:TaxLossesCarry-forwardsDeferredTax2023-08-3107360740ns5:DeferredTaxation2023-08-3107360740ns5:DeferredTaxation2024-08-31
REGISTERED NUMBER: 07360740 (England and Wales)






























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

OCEAN KING LTD

OCEAN KING LTD (REGISTERED NUMBER: 07360740)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OCEAN KING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr S Thai
Mr N Thai
Mr J Thai
Mr I Thai



REGISTERED OFFICE: Victory Park Way
Victory Park
Derby
Derbyshire
DE24 8ZF



REGISTERED NUMBER: 07360740 (England and Wales)



SENIOR STATUTORY AUDITOR: Westleigh Scales FCA



AUDITORS: Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

OCEAN KING LTD (REGISTERED NUMBER: 07360740)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 5 133,331 266,663
Tangible assets 6 985,467 1,171,206
1,118,798 1,437,869

CURRENT ASSETS
Stocks 7 1,192,431 917,513
Debtors 8 811,408 1,049,442
Cash at bank and in hand 377,151 303,080
2,380,990 2,270,035
CREDITORS
Amounts falling due within one year 9 1,115,119 1,265,029
NET CURRENT ASSETS 1,265,871 1,005,006
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,384,669

2,442,875

CREDITORS
Amounts falling due after more than one
year

10

(849,998

)

(936,834

)

PROVISIONS FOR LIABILITIES 14 (240,757 ) (212,813 )
NET ASSETS 1,293,914 1,293,228

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,293,814 1,293,128
1,293,914 1,293,228

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 28 May 2025 and were signed on its behalf by:





Mr S Thai - Director


OCEAN KING LTD (REGISTERED NUMBER: 07360740)

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


1. STATUTORY INFORMATION

Ocean King Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Ocean King Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, ThaiCorp Limited, Victory Park Way, Victory Park, Derby, Derbyshire, England, DE24 8ZF.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
There were no areas in which the preparation of the financial statements required to make significant judgements or estimates.

Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered being the point at which the risks and rewards of ownership pass to the buyer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of fifteen years.

The remaining useful life of goodwill at the year end is one year, which is in accordance with FRS 102 requirements.

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.

OCEAN KING LTD (REGISTERED NUMBER: 07360740)

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


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost comprises the order value of the goods on a First In First Out basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

OCEAN KING LTD (REGISTERED NUMBER: 07360740)

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


3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Operating lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Government grants
Grants are accounted for under the accruals model as permitted by FRS102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of revenue nature are recognised in the Income Statement in the same period as the related expenditure.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 35 ) .

OCEAN KING LTD (REGISTERED NUMBER: 07360740)

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


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 2,000,000
AMORTISATION
At 1 September 2023 1,733,337
Amortisation for year 133,332
At 31 August 2024 1,866,669
NET BOOK VALUE
At 31 August 2024 133,331
At 31 August 2023 266,663

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 833,356 232,748 686,389 185,375 1,937,868
Additions 14,358 4,176 - 6,035 24,569
At 31 August 2024 847,714 236,924 686,389 191,410 1,962,437
DEPRECIATION
At 1 September 2023 56,766 88,701 445,587 175,608 766,662
Charge for year 118,103 22,073 60,201 9,931 210,308
At 31 August 2024 174,869 110,774 505,788 185,539 976,970
NET BOOK VALUE
At 31 August 2024 672,845 126,150 180,601 5,871 985,467
At 31 August 2023 776,590 144,047 240,802 9,767 1,171,206

OCEAN KING LTD (REGISTERED NUMBER: 07360740)

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


6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023
and 31 August 2024 415,180
DEPRECIATION
At 1 September 2023 231,994
Charge for year 45,797
At 31 August 2024 277,791
NET BOOK VALUE
At 31 August 2024 137,389
At 31 August 2023 183,186

7. STOCKS
2024 2023
£    £   
Stocks 1,192,431 917,513

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 529,629 588,064
Amounts owed by group undertakings 4,199 119
Other debtors 277,580 461,259
811,408 1,049,442

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 11) 75,000 75,000
Hire purchase contracts (see note 12) 8,808 37,238
Trade creditors 704,695 998,308
Taxation and social security 43,319 -
Other creditors 283,297 154,483
1,115,119 1,265,029

OCEAN KING LTD (REGISTERED NUMBER: 07360740)

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


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 11) 262,500 337,500
Hire purchase contracts (see note 12) 31,837 40,645
Amounts owed to group undertakings 553,644 224,841
Other creditors 2,017 333,848
849,998 936,834

11. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 75,000 75,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 262,500 337,500

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 8,808 37,238
Between one and five years 31,837 40,645
40,645 77,883

Non-cancellable operating leases
2024 2023
£    £   
Within one year 226,471 226,962
Between one and five years 375,000 601,471
601,471 828,433

OCEAN KING LTD (REGISTERED NUMBER: 07360740)

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


13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 337,500 412,500
Hire purchase contracts 40,645 77,883
378,145 490,383

HSBC UK Bank Plc hold a fixed and floating charge over all assets of the company.

Hire purchase liabilities are secured on the assets to which they relate.

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 240,757 285,960
Tax losses carried forward - (73,147 )
240,757 212,813

Deferred
tax
£   
Balance at 1 September 2023 212,813
Movement 27,944
Balance at 31 August 2024 240,757

OCEAN KING LTD (REGISTERED NUMBER: 07360740)

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


15. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We did not observe the counting of physical inventory stated at £1,192,431 as at 31 August 2024 or the comparative inventory stated at £917,513 as at 31 August 2023, since that date was prior to our appointment as auditors. We were unable to satisfy ourselves by alternative means by using other audit procedures and thus were unable to verify the opening stock value, which is included in the profit and loss, as at 1 September 2023 or the closing stock value, which is included in the profit and loss, as at 31 August 2024. Consequently we were unable to determine whether any adjustment to this amount was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Westleigh Scales FCA (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants

16. ULTIMATE CONTROLLING PARTY

The directors regard ThaiCorp Ltd as being the company's ultimate parent company.

The registered address of ThaiCorp Ltd is Victory Park Way, Victory Park, Derby, Derbyshire, DE24 8ZF and the group accounts can be found at Companies House, Crown Way, Cardiff, CF14 3UZ.

17. PENSION COMMITMENTS

The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company within independently administered funds. The total contributions paid in the year amounted to £17,962 (2023 - £16,194). Contributions of £560 (2023 - £279) were unpaid at the year end.