Ocean Capital Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02867352 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

OCEAN CAPITAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J J Rolf

SECRETARY:

R L Rolf

REGISTERED OFFICE:

35 Warwick Park

Tunbridge Wells

Kent

TN2 5TA

REGISTERED NUMBER:

02867352 (England and Wales)

ACCOUNTANTS:

Advanta

Chartered Accountants

29 Gildredge Road

Eastbourne

East Sussex

BN21 4RU

FIXED ASSETS

Tangible assets

4

-

Investment property

5

392,952

CURRENT ASSETS

Debtors

6

2,885

27,306

Cash at bank

1,957

10,354

4,842

37,660

CREDITORS

Amounts falling due within one year

7

667,058

568,092

NET CURRENT LIABILITIES

(662,216

)

(530,432

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(269,264

)

(137,480

)

CREDITORS

Amounts falling due after more than one
year

8

(1,800

)

(7,027

)

PROVISIONS FOR LIABILITIES

10

(2,280

)

-

NET LIABILITIES

(273,344

)

(144,507

)

CAPITAL AND RESERVES

Called up share capital

10,000

Capital redemption reserve

30,000

Retained earnings

(313,344

)

(184,507

)

SHAREHOLDERS' FUNDS

(273,344

)

(144,507

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

J J Rolf - Director

1.	STATUTORY INFORMATION

Ocean Capital Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

The validity of the going concern basis depends upon the continued support of the company director.

Turnover

Turnover is measured at the fair value of rent receivable from property letting in the period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

Over 3 years

Investment property

Investment property is carried at fair value. Revaluation surpluses or deficits are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

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

Investments

Unquoted investments held as fixed assets are stated at cost less any permanent impairment. Changes in value are recognised in the income statement, and deferred tax provided thereon

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

and 31 December 2024

1,891

DEPRECIATION

At 1 January 2024

and 31 December 2024

1,891

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

392,952

NET BOOK VALUE

At 31 December 2024

392,952

At 31 December 2023

392,952

Fair value at 31 December 2024 is represented by:

£

Valuation in 2013

25,017

Valuation in 2020

(2,916

)

Cost

370,851

392,952

Investment property has been valued by the director on a fair value basis which is considered to equate to its open market value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Deferred tax asset

-

25,856

Prepayments

2,885

1,450

2,885

27,306

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

5,293

5,070

Trade creditors

2,000

2,001

Directors' current accounts

83,277

69,624

Directors' loan accounts

562,538

453,630

Deferred income

3,000

Accrued expenses

10,950

34,767

667,058

568,092

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Bank loans - 1-2 years

1,800

5,198

Bank loans - 2-5 years

-

1,829

1,800

7,027

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

Within one year

42,750

40,521

Between one and five years

136,771

-

179,521

40,521

10.	PROVISIONS FOR LIABILITIES

2024

£

Deferred tax

Investment fair value movement

2,280

Deferred

tax

£

Balance at 1 January 2024

(25,856

)

Accelerated capital allowances

Losses movement

28,136

Investment fair value movement

Balance at 31 December 2024

2,280

11.	NON DISTRIBUTABLE RESERVES

At 31 December 2024 there were non distributable reserves in respect of investment property fair value gains net of deferred tax in the sum of £22,184 (2023: £22,184).