Registered number
05927556
Ocean Construction UK Limited
Unaudited Filleted Accounts
For the Year Ended
30 November 2024
Ocean Construction UK Limited
Registered number: 05927556
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 101,876 90,123
Current assets
Stocks 600 600
Debtors 4 174,283 28,353
Cash at bank and in hand 223,606 245,207
398,489 274,160
Creditors: amounts falling due within one year 5 (253,377) (167,871)
Net current assets 145,112 106,289
Total assets less current liabilities 246,988 196,412
Creditors: amounts falling due after more than one year 6 (24,167) (33,333)
Provisions for liabilities (25,469) (22,531)
Net assets 197,352 140,548
Capital and reserves
Called up share capital 2 2
Profit and loss account 197,350 140,546
Shareholders' funds 197,352 140,548
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Hughes
Director
Approved by the board on 24 June 2025
Ocean Construction UK Limited
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Computer equipment over 3 years
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 15
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2023 45,565 157,693 203,258
Additions 7,010 34,348 41,358
Disposals - (18,750) (18,750)
At 30 November 2024 52,575 173,291 225,866
Depreciation
At 1 December 2023 15,333 97,802 113,135
Charge for the year 4,274 22,968 27,242
On disposals - (16,387) (16,387)
At 30 November 2024 19,607 104,383 123,990
Net book value
At 30 November 2024 32,968 68,908 101,876
At 30 November 2023 30,232 59,891 90,123
4 Debtors 2024 2023
£ £
Trade debtors 163,292 18,811
Other debtors 10,991 9,542
174,283 28,353
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 63,392 20,386
Taxation and social security costs 112,619 93,464
Other creditors 77,366 54,021
253,377 167,871
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 24,167 33,333
7 Other information
Ocean Construction UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Andrews Court
Andrews Way
Furness Business Park
Barrow-in-Furness
Cumbria
LA14 2UD
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