Company Registration No. 14687328 (England and Wales)
Ocean City Developments Ltd
Unaudited accounts
for the year ended 28 February 2025
Ocean City Developments Ltd
Unaudited accounts
Contents
Ocean City Developments Ltd
Company Information
for the year ended 28 February 2025
Company Number
14687328 (England and Wales)
Accountants
Shipleys Tax - Chartered Accountants
32 Park Cross Street
Leeds
West Yorkshire
LS1 2QH
Ocean City Developments Ltd
Statement of financial position
as at 28 February 2025
Investment property
1,405,567
1,405,567
Cash at bank and in hand
28,016
58,708
Creditors: amounts falling due within one year
(12,780)
(14,926)
Net current assets
28,044
61,759
Total assets less current liabilities
1,433,611
1,467,326
Creditors: amounts falling due after more than one year
(1,427,733)
(1,412,892)
Called up share capital
100
100
Profit and loss account
5,778
54,334
Shareholders' funds
5,878
54,434
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 members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 6 July 2025 and were signed on its behalf by
Shahzad Ahmed
Director
Company Registration No. 14687328
Ocean City Developments Ltd
Notes to the Accounts
for the year ended 28 February 2025
Ocean City Developments Ltd is a private company, limited by shares, registered in England and Wales, registration number 14687328.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Ocean City Developments Ltd
Notes to the Accounts
for the year ended 28 February 2025
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Fair value at 1 March 2024
1,405,567
At 28 February 2025
1,405,567
In accordance with Section 16 of FRS 102, the investment property has been measured at fair value as at 28 February 2025. The valuation was undertaken by the directors based on their professional judgement and understanding of prevailing market conditions.
The fair value assessment reflects factors such as location, rental potential, comparable market transactions, and relevant economic indicators. No independent external valuation has been conducted for this reporting period.
As at the balance sheet date, the investment property is carried at £1.4m, which the directors believe represents a reasonable estimate of its fair value. Any changes in fair value are recognised in profit or loss in accordance with FRS 102.16.7.
Amounts falling due within one year
Trade debtors
11,956
17,138
Accrued income and prepayments
852
839
6
Creditors: amounts falling due within one year
2025
2024
Taxes and social security
12,780
14,326
7
Creditors: amounts falling due after more than one year
2025
2024
Other creditors
1,427,733
1,412,892
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Average number of employees
During the year the average number of employees was 3 (2024: 1).