Oceanic Jewellers Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02029888 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2026

FOR

OCEANIC JEWELLERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M S Suri

Mr G S Suri

SECRETARY:

Mr G S Suri

REGISTERED OFFICE:

Unit 11 Oliver Business Park

Oliver Road

Park Royal

London

NW10 7JB

REGISTERED NUMBER:

02029888 (England and Wales)

BANKERS:

Metro Bank Plc

Cynergy Bank Limited

FIXED ASSETS

Tangible assets

4

569,182

585,194

Investments

5

1,176,220

1,140,385

Investment property

6

20,809,545

20,512,960

22,554,947

22,238,539

CURRENT ASSETS

Stocks

30,240

41,490

Debtors

7

69,089

136,259

Cash at bank and in hand

595,244

597,138

694,573

774,887

CREDITORS

Amounts falling due within one year

8

607,108

652,545

NET CURRENT ASSETS

87,465

122,342

TOTAL ASSETS LESS CURRENT LIABILITIES

22,642,412

22,360,881

CREDITORS

Amounts falling due after more than one year

9

(2,800,000

)

(2,800,000

)

PROVISIONS FOR LIABILITIES

11

(3,487,200

)

(3,420,200

)

NET ASSETS

16,355,212

16,140,681

CAPITAL AND RESERVES

Called up share capital

12

50,001

Fair value reserve

13

13,205,893

13,025,786

Retained earnings

13

3,099,318

3,064,894

SHAREHOLDERS' FUNDS

16,355,212

16,140,681

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 16th September 2026 and were signed on its behalf by:

Mr G S Suri - Director

1.	STATUTORY INFORMATION

Oceanic Jewellers 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.

The directors have reviewed the company's affairs as at the balance sheet date, and projections for the next year. No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified.

These financial statements have accordingly been prepared on the going concern basis.

Turnover

Turnover represents value of goods sold, excluding value added tax and net of any discounts.

Turnover for sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer and when there is no continuing involvement with goods.

Where customers are arranging for the collection of the goods, turnover is recognised when the goods are handed over to the delivery carriers. For other sales transactions, turnover is recognised when the goods are physically handed over to the customer.

Rental income received from the investment property is recognised over the term of the lease.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

15% on reducing balance

Land is not depreciated

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.

Stocks

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

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

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

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.

Fixed assets investments

Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expenses to profit or loss as incurred.

Investment income

Dividends from UK Securities, together with the relevant tax credit are included in the profit and loss account on a cash basis. Income units are treated as addition to investments and are included in the profit and loss account on a receipt basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2025 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1st April 2025

624,939

814,778

1,439,717

Additions

-

2,400

At 31st March 2026

624,939

817,178

1,442,117

DEPRECIATION

At 1st April 2025

99,736

754,787

854,523

Charge for year

12,498

5,914

18,412

At 31st March 2026

112,234

760,701

872,935

NET BOOK VALUE

At 31st March 2026

512,705

56,477

569,182

At 31st March 2025

525,203

59,991

585,194

5.	FIXED ASSET INVESTMENTS

2026

2025

£

Other investments not loans

1,176,220

1,140,385

Additional information is as follows:

Other

investments

£

COST OR VALUATION

At 1st April 2025

1,116,209

Additions

26,312

Disposals

(80,421

)

Revaluations

90,439

At 31st March 2026

1,152,539

NET BOOK VALUE

At 31st March 2026

1,152,539

At 31st March 2025

1,116,209

The listed investments are shown at their fair values as at balance sheet date.

Investments (neither listed nor unlisted) were as follows:

2026

2025

£

Cash held by broker

23,681

24,176

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2025

20,512,960

Additions

49,478

Revaluations

247,107

At 31st March 2026

20,809,545

NET BOOK VALUE

At 31st March 2026

20,809,545

At 31st March 2025

20,512,960

Fair value at 31st March 2026 is represented by:

£

Valuation in 2016

11,692,826

Valuation in 2017

440,000

Valuation in 2018

565,000

Valuation in 2019

90,000

Valuation in 2020

(1,420,000

)

Valuation in 2022

3,482,000

Valuation in 2024

989,950

Valuation in 2025

596,010

Valuation in 2026

247,107

Cost

4,126,652

20,809,545

Investment properties were valued on an open market basis on 31st March 2026 by Mr G.S. Suri, Company Director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade debtors

59,126

122,746

Other debtors

9,963

13,513

69,089

136,259

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade creditors

49,496

81,067

Taxation and social security

95,622

110,631

Other creditors

461,990

460,847

607,108

652,545

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

Bank loans

2,800,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

Bank loans

2,800,000

The bank facilities are secured by a fixed charge on the company's properties and other fixed assets and by a floating charge on all other assets.

11.	PROVISIONS FOR LIABILITIES

2026

2025

£

Deferred tax

Accelerated capital allowances

10,200

Other timing differences

3,477,000

3,410,000

3,487,200

3,420,200

Deferred

tax

£

Balance at 1st April 2025

3,420,200

Provided during year

67,000

Balance at 31st March 2026

3,487,200

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

33,334

A Ordinary

1

33,334

16,667

B Ordinary

1

16,667

50,001

13.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

At 1st April 2025

3,064,894

13,025,786

16,090,680

Profit for the year

554,537

Dividends

(340,006

)

(340,006

)

Transfers

(180,107

)

180,107

-

At 31st March 2026

3,099,318

13,205,893

16,305,211

14.	RELATED PARTY DISCLOSURES

Dividends of £340,006 (2025: £330,006) were paid to the parent undertaking.

15.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is Oceanic Holdings Limited.

During the year, Mr G. S. Suri and Mr M. S. Suri controlled the company by virtue of a controlling interest of 100% of the issued ordinary share capital.