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Registered number: 07962532
Ocean Galleries Limited
ACCOUNTS
FOR THE YEAR ENDED 31/03/2026
Prepared By:
Frank Gartland Limited
6 Torland Road
Plymouth
PL3 5TS
Ocean Galleries Limited
ACCOUNTS
FOR THE YEAR ENDED 31/03/2026
DIRECTORS
A Aitken
Mrs N Trevorrow
REGISTERED OFFICE
Ocean Gallery
Wharf Road
St Ives
Cornwall
TR26 1LF
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 07962532
ACCOUNTANTS
Frank Gartland Limited
6 Torland Road
Plymouth
PL3 5TS
Ocean Galleries Limited
ACCOUNTS
FOR THEYEARENDED31/03/2026
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
Ocean Galleries Limited
BALANCE SHEET AT 31/03/2026
20262025
Notes££
FIXED ASSETS
Tangible assets2116232
CURRENT ASSETS
Stock8,6008,220
Debtors417,83817,650
Cash at bank and in hand9,90722,223
36,34548,093
CREDITORS: Amounts falling due within one year524,97327,918
NET CURRENT ASSETS11,37220,175
TOTAL ASSETS LESS CURRENT LIABILITIES11,48820,407
CREDITORS: Amounts falling due after more than one year6-2,347
NET ASSETS11,48818,060
CAPITAL AND RESERVES
Called up share capital8100100
Profit and loss account11,38817,960
SHAREHOLDERS' FUNDS11,48818,060
For the year ending 31/03/2026 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 20/10/2026 and signed on their behalf by
.............................
A Aitken
Director
Ocean Galleries Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/03/2026
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Fixtures and Fittingsstraight line 25%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
Ocean Galleries Limited
2. TANGIBLE FIXED ASSETS
Short LeaseholdPlant andFixtures
PropertiesMachineryand FittingsTotal
££££
Cost
At 01/04/202515,0922,2347,58724,913
At 31/03/202615,0922,2347,58724,913
Depreciation
At 01/04/202515,0922,2347,35524,681
For the year--116116
At 31/03/202615,0922,2347,47124,797
Net Book Amounts
At 31/03/2026--116116
At 31/03/2025--232232
3. STOCK 20262025
££
Stock comprises:
Stock8,6008,220
8,6008,220
4. DEBTORS 20262025
££
Amounts falling due within one year
UK corporation tax188-
Other debtors11,00011,000
Prepayments6,6506,650
17,83817,650
Ocean Galleries Limited
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20262025
££
UK corporation tax-226
VAT3,2403,754
PAYE control1,6431,138
Salaries and wages control11
Directors current account7373
Bank Loan2,68710,648
Trade creditors15,25110,004
Pension schemes7874
Accruals2,0002,000
24,97327,918
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20262025
££
Bank loans (unsecured) >1yr-2,347
-2,347
7. EMPLOYEES
20262025
No.No.
Average number of employees44
8. SHARE CAPITAL 20262025
££
Allotted, issued and fully paid:
100 Ordinary shares of £1 each100100
100100
Ocean Galleries Limited
9. OTHER FINANCIAL COMMITMENTS
At 31/03/2026 the company was committed to making the following payments under non-cancellable operating leases:
20262025
££
Operating Leases which expire:
Within one year28,60028,600
Within two to five years114,400114,400
After 5 years28,60057,200
10. RELATED PARTY TRANSACTIONS
In the year the company was charged £34,500 (2025 £33,000) in management charges by companies controlled by the Directors.