Registration number:
Ocean Teak Limited
for the year ended 31 March 2026
Ocean Teak Limited
Contents
|
Company Information |
|
|
Statement of Financial Position |
|
|
Notes to the Unaudited Financial Statements |
Ocean Teak Limited
Company Information
|
Directors |
Mr J Packman Mrs L Packman |
|
Registered office |
|
Ocean Teak Limited
(Registration number: 11099449)
Statement of Financial Position as at 31 March 2026
|
Note |
2026 |
2025 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
( |
|
|
|
Provisions for liabilities |
- |
( |
|
|
Net (liabilities)/assets |
( |
|
|
|
Capital and reserves |
|||
|
Called up share capital |
2 |
2 |
|
|
Profit and loss account |
(35,190) |
5,571 |
|
|
Shareholders' (deficit)/funds |
(35,188) |
5,573 |
For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Ocean Teak Limited
(Registration number: 11099449)
Statement of Financial Position as at 31 March 2026 (continued)
|
|
Ocean Teak Limited
Notes to the Unaudited Financial Statements for the year ended 31 March 2026
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is the sale of garden furniture.
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Ocean Teak Limited
Notes to the Unaudited Financial Statements for the year ended 31 March 2026 (continued)
|
2 |
Accounting policies (continued) |
Going concern
These financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
The validity of this assumption depends on the continued support of the company's directors and creditors.
If the company were unable to continue in operational existence for the foreseeable future, adjustments would need to be made to reduce the balance sheet values of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.
The directors believe it is appropriate for the financial statements to be prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Ocean Teak Limited
Notes to the Unaudited Financial Statements for the year ended 31 March 2026 (continued)
|
2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Ocean Teak Limited
Notes to the Unaudited Financial Statements for the year ended 31 March 2026 (continued)
|
2 |
Accounting policies (continued) |
|
Depreciation method and rate for tangible assets |
|
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
15% straight line |
|
Fixtures, fittings and equipment |
3 years straight line |
|
Motor vehicles |
25% straight line |
Ocean Teak Limited
Notes to the Unaudited Financial Statements for the year ended 31 March 2026 (continued)
|
2 |
Accounting policies (continued) |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Taxation |
Tax charged/(credited) in the statement of comprehensive income
|
2026 |
2025 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
Ocean Teak Limited
Notes to the Unaudited Financial Statements for the year ended 31 March 2026 (continued)
|
Tangible assets |
|
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2025 |
|
|
|
|
|
Additions |
|
- |
- |
|
|
At 31 March 2026 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2025 |
|
|
|
|
|
Charge for the year |
|
- |
|
|
|
At 31 March 2026 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2026 |
|
- |
|
|
|
At 31 March 2025 |
|
- |
|
|
|
Stocks |
|
2026 |
2025 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
2026 |
2025 |
|
|
Other debtors |
- |
|
|
Prepayments |
|
|
|
|
|
Ocean Teak Limited
Notes to the Unaudited Financial Statements for the year ended 31 March 2026 (continued)
|
Creditors |
Creditors: amounts falling due within one year
|
2026 |
2025 |
|
|
Due within one year |
||
|
Taxation and social security |
|
- |
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
|
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
|
Related party transactions |
At the year end the directors were owed £75,409 (2025: £62,587) by the company.