REGISTERED NUMBER: 07360740 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

FOR

OCEAN KING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S Thai

Mr N Thai

Mr J Thai

Mr I Thai

REGISTERED OFFICE:

Victory Park Way

Victory Park

Derby

Derbyshire

DE24 8ZF

REGISTERED NUMBER:

07360740 (England and Wales)

SENIOR STATUTORY AUDITOR:

Westleigh Scales FCA FMAAT

AUDITORS:

Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

FIXED ASSETS

Intangible assets

4

-

133,331

Tangible assets

5

822,883

985,467

822,883

1,118,798

CURRENT ASSETS

Stocks

6

1,100,969

1,192,431

Debtors

7

933,791

811,408

Cash at bank and in hand

444,569

377,151

2,479,329

2,380,990

CREDITORS

Amounts falling due within one year

8

1,654,083

1,115,119

NET CURRENT ASSETS

825,246

1,265,871

TOTAL ASSETS LESS CURRENT LIABILITIES

1,648,129

2,384,669

CREDITORS

Amounts falling due after more than one year

9

(488,475

)

(849,998

)

PROVISIONS FOR LIABILITIES

13

(197,831

)

(240,757

)

NET ASSETS

961,823

1,293,914

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

961,723

1,293,814

961,823

1,293,914

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 Board of Directors and authorised for issue on 18 May 2026 and were signed on its behalf by:

Mr S Thai - Director

1.	STATUTORY INFORMATION

Ocean King Ltd 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, VAT and rebates.

Turnover represents income receivable from the goods sold to customers.

Turnover is recognised in the accounting period in which the company obtains the right to consideration in exchange for its performance.

Goodwill

Goodwill arose on the acquisition of a business in 2010 and was amortised on a straight-line basis over its estimated useful life of fifteen years.

The goodwill is now fully amortised, and accordingly, no carrying amount or remaining useful life exists at the year end, in compliance with the requirements of FRS 102.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost comprises the order value of the goods on a First In First Out basis.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Government grants

Grants are accounted for under the accruals model as permitted by FRS102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Going concern

After reviewing the group's forecasts and projections, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2024 - 34 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2024

and 31 August 2025

2,000,000

AMORTISATION

At 1 September 2024

1,866,669

Amortisation for year

133,331

At 31 August 2025

2,000,000

NET BOOK VALUE

At 31 August 2025

-

At 31 August 2024

133,331

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2024

847,714

236,924

686,389

191,410

1,962,437

Additions

3,009

2,284

14,000

357

19,650

Disposals

-

(96,628

)

-

(14,720

)

(111,348

)

At 31 August 2025

850,723

142,580

700,389

177,047

1,870,739

DEPRECIATION

At 1 September 2024

174,869

110,774

505,788

185,539

976,970

Charge for year

101,294

16,547

46,900

899

165,640

Eliminated on disposal

-

(80,034

)

-

(14,720

)

(94,754

)

At 31 August 2025

276,163

47,287

552,688

171,718

1,047,856

NET BOOK VALUE

At 31 August 2025

574,560

95,293

147,701

5,329

822,883

At 31 August 2024

672,845

126,150

180,601

5,871

985,467

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 September 2024

and 31 August 2025

415,180

DEPRECIATION

At 1 September 2024

277,791

Charge for year

35,678

At 31 August 2025

313,469

NET BOOK VALUE

At 31 August 2025

101,711

At 31 August 2024

137,389

6.

STOCKS

2025

2024

£

£

Stocks

1,100,969

1,192,431

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

518,600

529,629

Amounts owed by group undertakings

6,539

4,199

Other debtors

408,652

277,580

933,791

811,408

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 10)

75,000

75,000

Hire purchase contracts (see note 11)

8,808

8,808

Trade creditors

1,122,600

704,695

Amounts owed to group undertakings

175,000

-

Taxation and social security

14,784

43,319

Other creditors

257,891

283,297

1,654,083

1,115,119

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 10)

187,500

262,500

Hire purchase contracts (see note 11)

23,029

31,837

Amounts owed to group undertakings

276,330

553,644

Other creditors

1,616

2,017

488,475

849,998

10.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans - less than 1 year

75,000

75,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

75,000

75,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

112,500

187,500

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

8,808

8,808

Between one and five years

23,029

31,837

31,837

40,645

Non-cancellable

operating leases

2025

2024

£

£

Within one year

225,000

226,471

Between one and five years

150,000

375,000

375,000

601,471

12.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

262,500

337,500

Hire purchase contracts

31,837

40,645

294,337

378,145

HSBC UK Bank Plc hold a fixed and floating charge over all assets of the company.

Hire purchase liabilities are secured on the assets to which they relate.

13.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

197,831

240,757

Deferred

tax

£

Balance at 1 September 2024

240,757

Movement

(42,926

)

Balance at 31 August 2025

197,831

14.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Westleigh Scales FCA FMAAT (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

15.	ULTIMATE CONTROLLING PARTY

16.	PENSION COMMITMENTS

The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company within independently administered funds. The total contributions paid in the year amounted to £20,154 (2024 - £17,962). Contributions of £901 (2024 - £560) were unpaid at the year end.