Ocean_Seafoods_Limited_31_Jan_2026_companies_house_set_of

Ocean Seafoods Limited

Statement of Financial Position

31 January 2026

		2026		2025
	Note	£		£
Fixed assets
Tangible assets	5	25,829		38,663
Current assets
Stocks		8,368		4,275
Debtors	6	91,084		89,315
Cash at bank and in hand		57,098		53,163
		156,550		146,753
Creditors: amounts falling due within one year	7	(135,071	)	(140,603	)
Net current assets		21,479		6,150
Total assets less current liabilities		47,308		44,813
Creditors: amounts falling due after more than one year	8	(40,497	)	(34,507	)
Provisions for liabilities		(6,458	)	(9,666	)
Net assets		353		640
Capital and reserves
Called up share capital		100		100
Profit and loss account		253		540
Shareholders funds		353		640

For the year ending

31 January 2026

, 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 year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These

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.

These

financial statements

were approved by the board of directors and authorised for issue on

3 June 2026

, and are signed on behalf of the board by:

Mr R J Smith

Director

Company registration number:

14582566

Ocean Seafoods Limited

Notes to the Financial Statements

Year ended

31 January 2026

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

Unit 3 Prince Albert Gardens

Grimsby

North East Lincolnshire

DN31 3AG

, United Kingdom.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The

financial statements

have been prepared on the historical cost basis, as modified by the revaluation of certain assets.

The

financial statements

are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant and machinery	20% straight line
Office equipment	20% straight line
Motor vehicles	20% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

4 Average number of employees

The average number of persons employed by the company during the year was

(2025:

6.00

5 Tangible assets

	Plant and machinery etc.
	£
Cost
At 1 February 2025	71,605
Additions	1,860
At 31 January 2026	73,465
Depreciation
At 1 February 2025	32,942
Charge	14,694
At 31 January 2026	47,636
Carrying amount
At 31 January 2026	25,829
At 31 January 2025	38,663

6 Debtors

	2026	2025
	£	£
Trade debtors	46,599	45,600
Other debtors	44,485	43,715
	91,084	89,315

7 Creditors: amounts falling due within one year

	2026	2025
	£	£
Trade creditors	107,895	108,951
Taxation and social security	17,957	11,014
Other creditors	9,219	20,638
	135,071	140,603

8 Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Other creditors	40,497		34,507

9 Directors' advances, credit and guarantees

The directors owed a total of £23,727 (2025 : £21,590) at the end of the financial year. This was repaid on 31 March 2026. No interest was charged.