REGISTERED NUMBER: 04202870 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

FOR

OCEAN PROPERTY DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Johnston

REGISTERED OFFICE:

15 West Street

Brighton

East Sussex

BN1 2RL

REGISTERED NUMBER:

04202870 (England and Wales)

ACCOUNTANTS:

Galloways Accounting (Hove) Limited

15 West Street

Brighton

East Sussex

BN1 2RL

FIXED ASSETS

Tangible assets

4

1,121

-

Investment property

5

2,059,000

2,154,000

2,060,121

2,154,000

CURRENT ASSETS

Debtors

6

901

847

Cash at bank

5,669

3,224

6,570

4,071

CREDITORS

Amounts falling due within one year

7

518,780

541,329

NET CURRENT LIABILITIES

(512,210

)

(537,258

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,547,911

1,616,742

CREDITORS

Amounts falling due after more than one year

8

-

(35,616

)

PROVISIONS FOR LIABILITIES

(98,182

)

(121,932

)

NET ASSETS

1,449,729

1,459,194

CAPITAL AND RESERVES

Called up share capital

100

100

Undistributable reserves

789,247

860,497

Retained earnings

660,382

598,597

1,449,729

1,459,194

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 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 7 January 2026 and were signed by:

P Johnston - Director

1.	STATUTORY INFORMATION

Ocean Property Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents the following types of income

- Rental income

- Income from the sale of properties

All income is recognised on a receivable basis.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 May 2024

3,580

Additions

1,520

Disposals

(3,580

)

At 30 April 2025

1,520

DEPRECIATION

At 1 May 2024

3,580

Charge for year

399

Eliminated on disposal

(3,580

)

At 30 April 2025

399

NET BOOK VALUE

At 30 April 2025

1,121

At 30 April 2024

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2024

2,154,000

Revaluations

(95,000

)

At 30 April 2025

2,059,000

NET BOOK VALUE

At 30 April 2025

2,059,000

At 30 April 2024

2,154,000

Fair value at 30 April 2025 is represented by:

£

Valuation in 2014

177,016

Valuation in 2015

174,744

Valuation in 2017

267,190

Valuation in 2022

272,377

Valuation in 2024

91,102

Valuation in 2025

(95,000

)

Cost

1,171,571

2,059,000

If investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

1,171,571

1,171,571

Investment property was valued on an open market basis on 30 April 2025 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Prepayments

901

847

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

9,080

10,959

Trade creditors

(1

)

2,519

Amounts owed to associates

172,100

178,100

Tax

20,156

30,177

Other creditors

3,569

3,569

Directors' loan accounts

311,039

309,279

Accruals and Deferred Income

2,837

6,726

518,780

541,329

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

-

10,959

Bank loans - 2-5 years

-

24,657

-

35,616

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, P Johnston increased his loan to the company. As at 30 April 2025, the company owed him £311,039 (2024: £309,279). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

10.	RELATED PARTY DISCLOSURES

BG Finishings Ltd

As at the year end, the company owed BG Finishings Ltd £172,100 (2024: £178,100). This balance is interest free and repayable on demand.

This company is owned by Johnston Holdings Limited.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Johnston Holdings Limited.

12.	ACCOUNTING BASIS

As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. As at the year end the current liabilities exceeded current assets by £512,210 (2024: £537,258).

The validity of this basis depends upon the continued support of the company's director. The director confirms that he will give the required support.