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Company No: 10922046 (England and Wales)

OCEAN REACH (HOLIDAY RENTALS) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

OCEAN REACH (HOLIDAY RENTALS) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

OCEAN REACH (HOLIDAY RENTALS) LIMITED

BALANCE SHEET

As at 31 March 2025
OCEAN REACH (HOLIDAY RENTALS) LIMITED

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 13,608 15,720
Investment property 4 1,000,000 1,000,000
1,013,608 1,015,720
Current assets
Debtors 5 800 1,000
Cash at bank and in hand 4,308 1,371
5,108 2,371
Creditors: amounts falling due within one year 6 ( 264,582) ( 235,154)
Net current liabilities (259,474) (232,783)
Total assets less current liabilities 754,134 782,937
Provision for liabilities ( 131,255) ( 131,255)
Net assets 622,879 651,682
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 8 622,779 651,582
Total shareholders' funds 622,879 651,682

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ocean Reach (Holiday Rentals) Limited (registered number: 10922046) were approved and authorised for issue by the Board of Directors on 12 June 2025. They were signed on its behalf by:

Mr S P Hassall
Director
OCEAN REACH (HOLIDAY RENTALS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
OCEAN REACH (HOLIDAY RENTALS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

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.

General information and basis of accounting

Ocean Reach (Holiday Rentals) 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 Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Turnover

Turnover represents rental income excluding value added tax. Rental income is accounted for in the period in which it relates.

Taxation

Current tax
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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2024 6,958 1,767 2,500 28,706 39,931
Roundign Dif 0 0 0 0 0
At 31 March 2025 6,958 1,767 2,500 28,706 39,931
Accumulated depreciation
At 01 April 2024 0 562 2,056 21,593 24,211
Charge for the financial year 0 302 111 1,699 2,112
At 31 March 2025 0 864 2,167 23,292 26,323
Net book value
At 31 March 2025 6,958 903 333 5,414 13,608
At 31 March 2024 6,958 1,205 444 7,113 15,720

Included within the net book value of land and buildings above is £6,958 in respect of freehold land and buildings.

4. Investment property

Investment property
£
Valuation
As at 01 April 2024 1,000,000
As at 31 March 2025 1,000,000

The freehold investment property class of fixed assets was revalued in the year to 31 March 2025. This class of assets has a current value of £1,000,000 and a carrying amount at historical cost of £599,533. The depreciation on this historical cost is £0.

There has been no valuation of investment property by an independent valuer.

5. Debtors

2025 2024
£ £
Amounts owed by related parties 800 800
Other debtors 0 200
800 1,000

6. Creditors: amounts falling due within one year

2025 2024
£ £
Amounts owed to directors 242,777 213,050
Accruals 2,552 2,379
Corporation tax 3,142 4,419
Other taxation and social security 0 1,059
Other creditors 16,111 14,247
264,582 235,154

7. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Reserves

Included in the profit and loss reserve of £622,779 (2024 - £651,582) is £300,751 (2024 - £300,751) of non-distributable revaluation gains on investment property.