Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.During the year the Company paid personal expenses of £10,657 (2023 - £8,855) on behalf of the directors. Amounts reimbursed by the directors during the year totalled £9,948 (2023 - £9,340). As at 31 December 2024 the Company was owed £4,795 (2023 - £4,087) by the directors. This balance is interest free and repayable on demand and is included in other debtors in note 5 to the financial statements. For the year ended 31 December 2024 the Company paid remuneration of £942,613 (2023 - £881,278) to the directors, including dividends.953270890133directors2024-01-01falseSea and coastal freight water transport1010falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02813300 2024-01-01 2024-12-31 02813300 2023-01-01 2023-12-31 02813300 2024-12-31 02813300 2023-12-31 02813300 c:CompanySecretary1 2024-01-01 2024-12-31 02813300 c:Director1 2024-01-01 2024-12-31 02813300 c:Director2 2024-01-01 2024-12-31 02813300 c:Director3 2024-01-01 2024-12-31 02813300 c:RegisteredOffice 2024-01-01 2024-12-31 02813300 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 02813300 d:Buildings d:LongLeaseholdAssets 2024-12-31 02813300 d:Buildings d:LongLeaseholdAssets 2023-12-31 02813300 d:OfficeEquipment 2024-01-01 2024-12-31 02813300 d:OfficeEquipment 2024-12-31 02813300 d:OfficeEquipment 2023-12-31 02813300 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02813300 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02813300 d:CurrentFinancialInstruments 2024-12-31 02813300 d:CurrentFinancialInstruments 2023-12-31 02813300 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02813300 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02813300 d:ShareCapital 2024-12-31 02813300 d:ShareCapital 2023-12-31 02813300 d:RetainedEarningsAccumulatedLosses 2024-12-31 02813300 d:RetainedEarningsAccumulatedLosses 2023-12-31 02813300 c:OrdinaryShareClass1 2024-01-01 2024-12-31 02813300 c:OrdinaryShareClass1 2024-12-31 02813300 c:FRS102 2024-01-01 2024-12-31 02813300 c:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 02813300 c:FullAccounts 2024-01-01 2024-12-31 02813300 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02813300 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-01-01 2024-12-31 02813300 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 02813300 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-12-31 02813300 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 02813300 2 2024-01-01 2024-12-31 02813300 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02813300










OCEAN AGENCIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
OCEAN AGENCIES LIMITED
 
 
COMPANY INFORMATION


Directors
S B Lokhov 
A E Manyakhin 
P A Sokhan 




Company secretary
C MacFarlane



Registered number
02813300



Registered office
2nd Floor Marlborough House
298 Regents Park Road

London

N3 2SZ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
OCEAN AGENCIES LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 9


 
OCEAN AGENCIES LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OCEAN AGENCIES LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ocean Agencies Limited for the year ended 31 December 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Ocean Agencies Limited, as a body, in accordance with the terms of our engagement letter dated 2 June 2023Our work has been undertaken solely to prepare for your approval the financial statements of Ocean Agencies Limited and state those matters that we have agreed to state to the Board of Directors of Ocean Agencies Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ocean Agencies Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Ocean Agencies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ocean Agencies Limited. You consider that Ocean Agencies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Ocean Agencies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
7 August 2025
Page 1

 
OCEAN AGENCIES LIMITED
REGISTERED NUMBER: 02813300

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
61,880
63,252

  
61,880
63,252

Current assets
  

Debtors: amounts falling due within one year
 5 
104,717
105,091

Cash at bank and in hand
  
228,767
817,088

  
333,484
922,179

Creditors: amounts falling due within one year
 6 
(152,021)
(207,755)

Net current assets
  
 
 
181,463
 
 
714,424

Total assets less current liabilities
  
243,343
777,676

Provisions for liabilities
  

Deferred tax
  
(15,155)
(14,960)

Net assets
  
228,188
762,716


Capital and reserves
  

Called up share capital 
 7 
10,000
10,000

Profit and loss account
  
218,188
752,716

  
228,188
762,716


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2

 
OCEAN AGENCIES LIMITED
REGISTERED NUMBER: 02813300
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 July 2025.




P A Sokhan
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
OCEAN AGENCIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Ocean Agencies Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office is 2nd Floor, Marlborough House, 298 Regents Road, London, N3 2SZ.
The Company's principal activity is that of shipping agents.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Turnover

Turnover represents agency fees and commissions receivable by the Company and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured.  Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
OCEAN AGENCIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
20%
per annum
Office furniture & equipment
-
10%
per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
OCEAN AGENCIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 


If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 6

 
OCEAN AGENCIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.11

Operating leases: the Company as lessee

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

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
OCEAN AGENCIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 10).


4.


Tangible fixed assets





Leasehold improvements
Office furniture & equipment
Total

£
£
£



Cost


At 1 January 2024
102,960
118,587
221,547


Additions
-
8,811
8,811



At 31 December 2024

102,960
127,398
230,358



Depreciation


At 1 January 2024
102,040
56,255
158,295


Charge for the year on owned assets
460
9,723
10,183



At 31 December 2024

102,500
65,978
168,478



Net book value



At 31 December 2024
460
61,420
61,880



At 31 December 2023
920
62,332
63,252


5.


Debtors

2024
2023
£
£


Trade debtors
-
10,998

Other debtors
60,279
55,963

Prepayments and accrued income
44,438
38,130

104,717
105,091


Page 8

 
OCEAN AGENCIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,135
1,717

Corporation tax
96,230
145,716

Other taxation and social security
20,877
40,853

Other creditors
-
4,462

Accruals and deferred income
33,779
15,007

152,021
207,755



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 Ordinary shares of £1.00 each
10,000
10,000



8.


Pension commitments

Contributions totalling £nil (2023 - £4,462) were payable to the fund at the balance sheet date and are included in other creditors.


9.Other financial commitments

The Company had total financial commitments which are not included in the balance sheet amounting to £105,000 (2023 - £175,000).


10.


Transactions with directors

During the year the Company paid personal expenses of £10,657 (2023 - £8,855) on behalf of the directors. Amounts reimbursed by the directors during the year totalled £9,948 (2023 - £9,340).
As at 31 December 2024 the Company was owed 
£4,795 (2023 - £4,087) by the directors. This balance is interest free and repayable on demand and is included in other debtors in note 5 to the financial statements.


11.


Related party transactions

For the year ended 31 December 2024 the Company paid remuneration of £942,613 (2023 - £881,278) to the directors, including dividends.

 
Page 9