Registered number
14537571
Ocean22 Properties Ltd
Unaudited Filleted Accounts
31 December 2024
Ocean22 Properties Ltd
Registered number: 14537571
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 370,000 151,899
Current assets
Cash at bank and in hand 4,810 8,552
Creditors: amounts falling due within one year 4 (22,105) (12,258)
Net current liabilities (17,295) (3,706)
Total assets less current liabilities 352,705 148,193
Creditors: amounts falling due after more than one year 5 (285,082) (177,404)
Provisions for liabilities (46,765) -
Net assets/(liabilities) 20,858 (29,211)
Capital and reserves
Called up share capital 100 100
Undistributable reserve 140,295 -
Profit and loss account (119,537) (29,311)
Shareholders' funds 20,858 (29,211)
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.
Peter Evans
Director
Approved by the board on 22 August 2025
Ocean22 Properties Ltd
Notes to the Accounts
for the year ended 31 December 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).
Going concern
The accounts have been prepared on the going concern basis as the directors have confirmed their continuing financial support to the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the rental of investment properties.
Investments
Investment properties are carried at fair value, derived from the current market prices for comparable properties. Changes in fair value are recognised in the profit and loss account.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Investments
Other
investments
£
Cost
At 1 January 2024 151,899
Additions 31,041
Revaluation 187,060
At 31 December 2024 370,000
Historical cost
At 1 January 2024 151,899
The investment property is carried at its fair value which has been determined by the company's directors and is based on the recent selling price of comparable properties.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 7,574 -
Other creditors 14,531 12,258
22,105 12,258
5 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 285,082 177,404
6 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 285,082 177,404
7 Related party transactions
During the current and previous year, one of the directors made loans to the company. The amount outstanding at 31 December 2024 was £270,508 (2023: £169,142). The loan is repayable after more than 5 years and accrued interest of £16,230 (2023: £11,344) during the year.
During the current and previous year, another of the directors made loans to the company. The amount outstanding at 31 December 2024 was £14,574 (2023: £8,262). The loan is repayable after more than 5 years and is interest free.
8 Other information
Ocean22 Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
54 Mustard Lane
Croft
Warrington
WA3 7BE
Ocean22 Properties Ltd 14537571 false 2024-01-01 2024-12-31 2024-12-31 VT Final Accounts April 2025 Peter Evans No description of principal activity 14537571 2023-01-01 2023-12-31 14537571 core:WithinOneYear 2023-12-31 14537571 core:AfterOneYear 2023-12-31 14537571 core:ShareCapital 2023-12-31 14537571 core:OtherReservesSubtotal 2023-12-31 14537571 core:RetainedEarningsAccumulatedLosses 2023-12-31 14537571 2024-01-01 2024-12-31 14537571 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14537571 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 14537571 bus:Director40 2024-01-01 2024-12-31 14537571 1 2024-01-01 2024-12-31 14537571 2 2024-01-01 2024-12-31 14537571 countries:England 2024-01-01 2024-12-31 14537571 bus:FRS102 2024-01-01 2024-12-31 14537571 bus:FilletedAccounts 2024-01-01 2024-12-31 14537571 2024-12-31 14537571 core:WithinOneYear 2024-12-31 14537571 core:AfterOneYear 2024-12-31 14537571 core:ShareCapital 2024-12-31 14537571 core:OtherReservesSubtotal 2024-12-31 14537571 core:RetainedEarningsAccumulatedLosses 2024-12-31 14537571 core:AdditionsToInvestments 2024-12-31 14537571 core:RevaluationsIncreaseDecreaseInInvestments 2024-12-31 14537571 2023-12-31 iso4217:GBP xbrli:pure