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REGISTERED NUMBER: 04357811 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 January 2025

for

Ocean Telecom Limited

Ocean Telecom Limited (Registered number: 04357811)






Contents of the Financial Statements
for the Year Ended 31 January 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ocean Telecom Limited

Company Information
for the Year Ended 31 January 2025







DIRECTORS: S J Bradford
L Bradford
G W Ecclestone
M J Ecclestone





SECRETARY: L Bradford





REGISTERED OFFICE: Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR





BUSINESS ADDRESS: 10 Woodside Business Park
Ingham
Bury St Edmunds
Suffolk
IP31 1NR





REGISTERED NUMBER: 04357811 (England and Wales)





ACCOUNTANTS: Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Ocean Telecom Limited (Registered number: 04357811)

Balance Sheet
31 January 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 106,056 126,138
Tangible assets 5 78,244 106,203
Investments 6 2,000 2,000
186,300 234,341

CURRENT ASSETS
Stocks 26,133 37,250
Debtors 7 107,455 118,307
Cash at bank 215,471 159,471
349,059 315,028
CREDITORS
Amounts falling due within one year 8 236,072 228,801
NET CURRENT ASSETS 112,987 86,227
TOTAL ASSETS LESS CURRENT LIABILITIES 299,287 320,568

CREDITORS
Amounts falling due after more than one
year

9

(20,173

)

(42,449

)

PROVISIONS FOR LIABILITIES 12 (17,015 ) (24,141 )
NET ASSETS 262,099 253,978

CAPITAL AND RESERVES
Called up share capital 13 2,250 2,250
Share premium 6,950 6,950
Retained earnings 252,899 244,778
SHAREHOLDERS' FUNDS 262,099 253,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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.

Ocean Telecom Limited (Registered number: 04357811)

Balance Sheet - continued
31 January 2025


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 16 May 2025 and were signed on its behalf by:




S J Bradford - Director L Bradford - Director




G W Ecclestone - Director M J Ecclestone - Director


Ocean Telecom Limited (Registered number: 04357811)

Notes to the Financial Statements
for the Year Ended 31 January 2025

1. STATUTORY INFORMATION

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


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 net invoiced commission and the sales of goods and services, excluding value added tax. Fees are recognised as earned at fair value when the company obtains the right to receive consideration in return for its performance under its contracts.

For incomplete contracts, revenue is recognised to reflect the accrual of the right to consideration as contract activity progresses. This amount will reflect the value of the services provided as a proportion of the total value of the contract.

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.

Intangible assets is made up of software licences with varying useful lifetimes of 1 year, 5 years and 10 years. The software licences are being amortised evenly over the relevant number of years.

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.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks and work in progress
Stock and work in progress are valued at the lower of cost together with a proportion of overheads and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Ocean Telecom Limited (Registered number: 04357811)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

2. ACCOUNTING POLICIES - continued
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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

Ocean Telecom Limited (Registered number: 04357811)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2024 - 14 ) .

Ocean Telecom Limited (Registered number: 04357811)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2024 249,095
Additions 51,439
At 31 January 2025 300,534
AMORTISATION
At 1 February 2024 122,957
Charge for year 71,521
At 31 January 2025 194,478
NET BOOK VALUE
At 31 January 2025 106,056
At 31 January 2024 126,138

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2024 193,267
Disposals (25,436 )
At 31 January 2025 167,831
DEPRECIATION
At 1 February 2024 87,064
Charge for year 26,082
Eliminated on disposal (23,559 )
At 31 January 2025 89,587
NET BOOK VALUE
At 31 January 2025 78,244
At 31 January 2024 106,203

Ocean Telecom Limited (Registered number: 04357811)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2024
and 31 January 2025 33,167
DEPRECIATION
At 1 February 2024 18,009
Charge for year 3,790
At 31 January 2025 21,799
NET BOOK VALUE
At 31 January 2025 11,368
At 31 January 2024 15,158

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2024
and 31 January 2025 2,000
NET BOOK VALUE
At 31 January 2025 2,000
At 31 January 2024 2,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 52,769 62,613
Other debtors 54,686 55,694
107,455 118,307

Ocean Telecom Limited (Registered number: 04357811)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Hire purchase contracts (see note 10) 11,529 13,870
Trade creditors 36,643 77,222
Taxation and social security 177,376 121,230
Other creditors 10,524 16,479
236,072 228,801

Other creditors includes an amount owed to the directors.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Hire purchase contracts (see note 10) 20,173 42,449

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2025 2024
£    £   
Net obligations repayable:
Within one year 11,529 13,870
Between one and five years 20,173 42,449
31,702 56,319

Non-cancellable operating leases
2025 2024
£    £   
Within one year 15,500 15,500
Between one and five years 15,500 31,000
31,000 46,500

11. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Hire purchase contracts 31,702 56,319

Hire purchase agreements are secured on the underlying tangible fixed assets.

Ocean Telecom Limited (Registered number: 04357811)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

12. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax
Accelerated capital allowances 17,015 24,141

Deferred
tax
£   
Balance at 1 February 2024 24,141
Movement in provision (7,126 )
Balance at 31 January 2025 17,015

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
1,000 A £1 1,000 1,000
50 B £1 50 50
600 C £1 600 600
600 D £1 600 600
2,250 2,250