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Unaudited Financial Statements for the Year Ended 31 May 2021 |
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Oceansaver Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 May 2021 |
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for |
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Oceansaver Ltd |
Oceansaver Ltd (Registered number: 11356014) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Oceansaver Ltd |
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Company Information |
for the Year Ended 31 May 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3 Park Square |
Leeds |
LS1 2NE |
Oceansaver Ltd (Registered number: 11356014) |
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Balance Sheet |
31 May 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium | 11 |
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Capital reserve | 11 |
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Retained earnings | 11 | ( |
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SHAREHOLDERS' FUNDS |
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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. |
Oceansaver Ltd (Registered number: 11356014) |
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Balance Sheet - continued |
31 May 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Oceansaver Ltd (Registered number: 11356014) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2021 |
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1. | STATUTORY INFORMATION |
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Oceansaver Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
Oceansaver Ltd (Registered number: 11356014) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
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COST |
At 1 June 2020 |
and 31 May 2021 |
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AMORTISATION |
At 1 June 2020 |
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Amortisation for year |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
At 1 June 2020 |
and 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Sundry debtors and prepayments |
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VAT | 12,912 | - |
Tax recoverable | - | 14,640 |
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Oceansaver Ltd (Registered number: 11356014) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Loan creditor |
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Trade creditors |
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Social security and other taxes |
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Invoice finance creditor |
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Amount owed to related |
undertaking | 2,399 | 25,014 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Loan creditor |
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The loan creditor represents a loan under HM Government Coronavirus Business Bounce Back Loan Scheme. The loan carries an interest rate of 2.5% per annum and it is repayable in accordance with the rules of the scheme. |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Invoice financing creditor | - | 4,283 |
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The company's invoice financers have a charge secured over the invoice finance loan. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary shares | £0.25 | 302 | 302 |
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A Ordinary | £0.25 | 94 | 94 |
396 | 396 |
Oceansaver Ltd (Registered number: 11356014) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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11. | RESERVES |
Retained | Share | Capital |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
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At 1 June 2020 | ( |
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844,598 |
Deficit for the year | ( |
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Investment for post year end |
share issue | - | - | 792,500 | 792,500 |
At 31 May 2021 | ( |
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854,068 |
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12. | RELATED PARTY DISCLOSURES |
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The company has directors in common with Overseas Trading Limited. |
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During the year, the company incurred management charges from Overseas Trading Limited of £55,367 (2020: £137,252). |
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At the year end, the company owed Overseas Trading Limited £2,399 (2020: £25,014). |
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13. | POST BALANCE SHEET EVENTS |
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Subsequent to the end of the financial year shares were issued in relation to the amounts received in the year held in the capital reserve. On issue of these shares, the amount in the capital reserve was transferred to share capital and share premium. |
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14. | ULTIMATE CONTROLLING PARTY |
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The company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the company |