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Registered number: 12447434
Square Ocean Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2025
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 12447434
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 60,300 69,000
Tangible Assets 5 37,947 20,055
98,247 89,055
CURRENT ASSETS
Stocks 6 6,450 4,250
Debtors 7 168,651 26,273
Cash at bank and in hand 11,809 17,842
186,910 48,365
Creditors: Amounts Falling Due Within One Year 8 (40,523 ) (34,847 )
NET CURRENT ASSETS (LIABILITIES) 146,387 13,518
TOTAL ASSETS LESS CURRENT LIABILITIES 244,634 102,573
Creditors: Amounts Falling Due After More Than One Year 9 (255,954 ) (128,890 )
NET LIABILITIES (11,320 ) (26,317 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement (11,420 ) (26,417 )
SHAREHOLDERS' FUNDS (11,320) (26,317)
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For the year ending 28 February 2025 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 Income Statement.
On behalf of the board
Mr Marino Michaelas
Director
4 July 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Square Ocean Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12447434 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The director has prepared the financial statements on a going concern basis after assessing:
  • that the company's shareholders will continue to support the company over the following twelve months at least; and
  • the principal risks and considering the likelihood of success in the company's trading activities from the business acquired by the company during the reporting period.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 10 years.
Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable.
The value of the goodwill reflects the new business acquired by the company during the reporting period.
2.5. 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:
Leasehold Straight line over lease term
Plant & Machinery 20% reducing balance
Fixtures & Fittings 15% reducing balance
2.6. Stocks and Work in Progress
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.7. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.
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2.8. Taxation
The tax expense represents the sum of the corporation tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
2.10. Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.
2.11. Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.
2.12. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2024: 11)
11 11
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2024 115,000
Additions 67,000
Disposals (115,000 )
As at 28 February 2025 67,000
Amortisation
As at 1 March 2024 46,000
Provided during the period 6,700
Disposals (46,000 )
As at 28 February 2025 6,700
Net Book Value
As at 28 February 2025 60,300
As at 1 March 2024 69,000
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2024 19,826 8,599 5,000 33,425
Additions 20,938 25,000 - 45,938
Disposals (19,826 ) (8,599 ) (5,000 ) (33,425 )
As at 28 February 2025 20,938 25,000 - 45,938
Depreciation
As at 1 March 2024 8,312 2,668 2,390 13,370
Provided during the period 2,991 5,000 - 7,991
Disposals (8,312 ) (2,668 ) (2,390 ) (13,370 )
As at 28 February 2025 2,991 5,000 - 7,991
Net Book Value
As at 28 February 2025 17,947 20,000 - 37,947
As at 1 March 2024 11,514 5,931 2,610 20,055
6. Stocks
2025 2024
£ £
Stock 6,450 4,250
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 2,493 -
Prepayments and accrued income 2,978 6,100
Other debtors 132,217 6,823
Rent deposit 19,250 6,250
Amounts owed by related parties 11,713 7,100
168,651 26,273
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 3,579 4,133
Bank loans and overdrafts 6,060 6,060
Corporation tax 542 2,688
Other taxes and social security 3,491 1,396
VAT 20,171 19,090
Accruals and deferred income 6,680 1,480
40,523 34,847
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9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 20,190 25,190
Amounts owed to related parties 235,764 103,700
255,954 128,890
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
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