Silverfin false false 31/08/2024 01/09/2023 31/08/2024 L S Adams 02/02/2022 P Hare 29/08/2018 M J Lambert 02/02/2022 29 August 2025 The principal activity of the Company during the financial year was professional yacht racing. 11540828 2024-08-31 11540828 bus:Director1 2024-08-31 11540828 bus:Director2 2024-08-31 11540828 bus:Director3 2024-08-31 11540828 2023-08-31 11540828 core:CurrentFinancialInstruments 2024-08-31 11540828 core:CurrentFinancialInstruments 2023-08-31 11540828 core:ShareCapital 2024-08-31 11540828 core:ShareCapital 2023-08-31 11540828 core:RetainedEarningsAccumulatedLosses 2024-08-31 11540828 core:RetainedEarningsAccumulatedLosses 2023-08-31 11540828 core:PlantMachinery 2023-08-31 11540828 core:Vehicles 2023-08-31 11540828 core:ComputerEquipment 2023-08-31 11540828 core:PlantMachinery 2024-08-31 11540828 core:Vehicles 2024-08-31 11540828 core:ComputerEquipment 2024-08-31 11540828 bus:OrdinaryShareClass1 2024-08-31 11540828 2023-09-01 2024-08-31 11540828 bus:FilletedAccounts 2023-09-01 2024-08-31 11540828 bus:SmallEntities 2023-09-01 2024-08-31 11540828 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 11540828 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 11540828 bus:Director1 2023-09-01 2024-08-31 11540828 bus:Director2 2023-09-01 2024-08-31 11540828 bus:Director3 2023-09-01 2024-08-31 11540828 core:PlantMachinery core:BottomRangeValue 2023-09-01 2024-08-31 11540828 core:PlantMachinery core:TopRangeValue 2023-09-01 2024-08-31 11540828 core:Vehicles core:TopRangeValue 2023-09-01 2024-08-31 11540828 core:ComputerEquipment core:TopRangeValue 2023-09-01 2024-08-31 11540828 2022-09-01 2023-08-31 11540828 core:PlantMachinery 2023-09-01 2024-08-31 11540828 core:Vehicles 2023-09-01 2024-08-31 11540828 core:ComputerEquipment 2023-09-01 2024-08-31 11540828 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 11540828 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11540828 (England and Wales)

OCEAN HARE LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

OCEAN HARE LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

OCEAN HARE LTD

BALANCE SHEET

As at 31 August 2024
OCEAN HARE LTD

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 15,667 39,452
15,667 39,452
Current assets
Debtors 4 68,142 16,992
Cash at bank and in hand 183,499 217,648
251,641 234,640
Creditors: amounts falling due within one year 5 ( 322,966) ( 308,032)
Net current liabilities (71,325) (73,392)
Total assets less current liabilities (55,658) (33,940)
Net liabilities ( 55,658) ( 33,940)
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account ( 55,659 ) ( 33,941 )
Total shareholder's deficit ( 55,658) ( 33,940)

For the financial year ending 31 August 2024 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 Hare Ltd (registered number: 11540828) were approved and authorised for issue by the Board of Directors on 29 August 2025. They were signed on its behalf by:

P Hare
Director
OCEAN HARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
OCEAN HARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
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 Hare Ltd (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 Office 1-2, 12-14 High Street, Poole, BH15 1BP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

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 on a straight-line basis over its expected useful life, as follows:

Plant and machinery 3 - 5 years straight line
Vehicles 5 years straight line
Computer equipment 3 years straight line

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.

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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 7

3. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 September 2023 48,244 40,345 4,394 92,983
Disposals 0 0 ( 958) ( 958)
At 31 August 2024 48,244 40,345 3,436 92,025
Accumulated depreciation
At 01 September 2023 28,548 21,012 3,971 53,531
Charge for the financial year 14,649 8,779 357 23,785
Disposals 0 0 ( 958) ( 958)
At 31 August 2024 43,197 29,791 3,370 76,358
Net book value
At 31 August 2024 5,047 10,554 66 15,667
At 31 August 2023 19,696 19,333 423 39,452

4. Debtors

2024 2023
£ £
Trade debtors 84 1,193
Other debtors 68,058 15,799
68,142 16,992

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 49,057 15,158
Other taxation and social security 9,427 1,404
Other creditors 264,482 291,470
322,966 308,032

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1