Company Registration No. 10736198 (England and Wales)
OCEAN POLYMERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
OCEAN POLYMERS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
Notes to the financial statements
4 - 7
OCEAN POLYMERS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OCEAN POLYMERS LIMITED FOR THE YEAR ENDED 30 APRIL 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ocean Polymers Limited for the year ended 30 April 2021 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Ocean Polymers Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Ocean Polymers Limited
and state those matters that we have agreed to state to the Board of Directors of Ocean Polymers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ocean Polymers Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Ocean Polymers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of Ocean Polymers Limited. You consider that Ocean Polymers Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ocean Polymers Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
1 April 2022
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
OCEAN POLYMERS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2021
30 April 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
410,873
433,699
Tangible assets
3
8,203
419,076
433,699
Current assets
Debtors
5
13,798
Cash at bank and in hand
79
13,798
79
Creditors: amounts falling due within one year
6
(20,682)
(39,000)
Net current liabilities
(6,884)
(38,921)
Total assets less current liabilities
412,192
394,778
Creditors: amounts falling due after more than one year
7
(83,333)
Net assets
328,859
394,778
Capital and reserves
Called up share capital
8
110
110
Share premium account
1,420,150
1,395,150
Profit and loss reserves
(1,091,401)
(1,000,482)
Total equity
328,859
394,778
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OCEAN POLYMERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2021
30 April 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 1 April 2022 and are signed on its behalf by:
P R Rodger
Director
Company Registration No. 10736198
OCEAN POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 4 -
1
Accounting policies
Company information
Ocean Polymers Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
24-28 Brockenhurst Road, Ascot, England, SL5 9DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The COVID-19 pandemic and the ensuing economic shutdown has had a significant impact on the company’s operations which the directors are constantly monitoring and managing. In response to the COVID-19 pandemic, the directors have taken into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses
,which are calculated from when assets are in use.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
5% per annum on a straight line basis
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
OCEAN POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% per annum on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. The reported share capital constitutes the allotted, called up and fully paid share capital of the company.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2020 - 0
).
OCEAN POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 6 -
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 May 2020
Additions
10,500
At 30 April 2021
10,500
Depreciation and impairment
At 1 May 2020
Depreciation charged in the year
2,297
At 30 April 2021
2,297
Carrying amount
At 30 April 2021
8,203
At 30 April 2020
4
Intangible fixed assets
Development costs
£
Cost
At 1 May 2020 and 30 April 2021
456,525
Amortisation and impairment
At 1 May 2020
22,826
Amortisation charged for the year
22,826
At 30 April 2021
45,652
Carrying amount
At 30 April 2021
410,873
At 30 April 2020
433,699
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
13,798
OCEAN POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 7 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
16,682
Other creditors
4,000
39,000
20,682
39,000
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
83,333
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
11,032
11,032
110
110
During the year the 18 Ordinary 1p shares were issued.
9
Directors' transactions
At the year end the director owed the company £
13,798
(2020: £nil). Interest of £200 has been charged in the year.