Company No: 15604398 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2025
		£
Fixed assets
Intangible assets	3	72,000
Tangible assets	4	57,876
		129,876
Current assets
Stocks		2,053
Debtors	5	6,161
Cash at bank and in hand		3,702
		11,916
Creditors: amounts falling due within one year	6	( 100,447)
Net current liabilities		(88,531)
Total assets less current liabilities		41,345
Creditors: amounts falling due after more than one year	7	( 41,239)
Net assets		106
Capital and reserves
Called-up share capital	8	100
Profit and loss account		6
Total shareholders' funds		106

For the financial period ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of OCU Torbay Limited (registered number: 15604398) were approved and authorised for issue by the Board of Directors on 15 December 2025. They were signed on its behalf by:

J Chappell-Rosenthal Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

OCU Torbay Limited (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 Unit 31 Northfields Industrial Estate, Brixham, TQ5 8UA, 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 £.

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.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Taxation

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

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

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 freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Plant and machinery	15 % reducing balance
Vehicles	15 % reducing balance
Office equipment	25 % reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	Period from 30.03.2024 to 31.03.2025
	Number
Monthly average number of persons employed by the Company during the period, including directors	1

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 30 March 2024	0		0
Additions	80,000		80,000
At 31 March 2025	80,000		80,000
Accumulated amortisation
At 30 March 2024	0		0
Charge for the financial period	8,000		8,000
At 31 March 2025	8,000		8,000
Net book value
At 31 March 2025	72,000		72,000

4. Tangible assets

	Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£
Cost
At 30 March 2024	0		0		0		0
Additions	9,040		77,230		5,711		91,981
Disposals	0		( 29,419)		0		( 29,419)
At 31 March 2025	9,040		47,811		5,711		62,562
Accumulated depreciation
At 30 March 2024	0		0		0		0
Charge for the financial period	1,263		8,307		1,000		10,570
Disposals	0		( 5,884)		0		( 5,884)
At 31 March 2025	1,263		2,423		1,000		4,686
Net book value
At 31 March 2025	7,777		45,388		4,711		57,876

5. Debtors

	31.03.2025
	£
VAT recoverable	6,161

6. Creditors: amounts falling due within one year

	31.03.2025
	£
Taxation and social security	4,580
Obligations under finance leases and hire purchase contracts	5,071
Other creditors	90,796
	100,447

7. Creditors: amounts falling due after more than one year

	31.03.2025
	£
Obligations under finance leases and hire purchase contracts (secured)	41,239

During the year, the company entered into a hire purchase agreement to acquire a company vehicle. The hire purchase liability is secured against the underlying assets and is repayable over the term of the agreement.

8. Called-up share capital

	31.03.2025
	£
Allotted, called-up and fully-paid
75 Ordinary A shares of £ 1.00 each	75
25 Ordinary B shares of £ 1.00 each	25
	100

On incorporation, the company issued 75 ordinary A shares of £1 each and 25 ordinary B shares of £1 each, fully paid, resulting in share capital of £100. These shares were allotted to the initial subscribers upon incorporation.

There have been no subsequent changes to the share capital since incorporation.

9. Related party transactions

Transactions with the entity's directors

	31.03.2025
	£
Director's loan account	76,486

The Company is under the common control of Mr D Chappell-Rosenthal and Mrs J Chappell-Rosenthal, who hold 75% and 25% of the Company's ordinary shares respectively.

On 30 March 2024, the Company acquired the business of "Ocean Covers and Upholstery" (a partnership) from Mr D Chappell-Rosenthal and Mrs J Chappell-Rosenthal.

The assets and liabilities were transferred to the Company at their book values. The total purchase consideration amounted to £80,000, which primarily comprised business assets (e.g., equipment, inventory, customer list) and the assumption of existing liabilities.

The consideration was settled by crediting a loan account in favour of Mr D Chappell-Rosenthal and Mrs J Chappell-Rosenthal. The balance outstanding to the directors at the balance sheet date was £76,486.