Oceanblue Logistics Limited Filleted accounts for Companies House (small and micro)

OCEANBLUE LOGISTICS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05612355

OCEANBLUE LOGISTICS LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2018

OCEANBLUE LOGISTICS LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 December 2018

	31 Dec 18		30 Jun 18
Note	£	£	£

Fixed assets

Tangible assets	5	385,197	387,734
Investments	6	2,880	2,880
		----------	----------
		388,077	390,614

Current assets

Debtors	922,038	1,230,037
Cash at bank and in hand	6,139	46,858
	----------	-------------
	928,177	1,276,895

Creditors: amounts falling due within one year	( 955,271)		( 1,236,001)
	----------		-------------
Net current (liabilities)/assets		( 27,094)	40,894
		----------	----------
Total assets less current liabilities		360,983	431,508

Creditors: amounts falling due after more than one year	7		( 321,618)	( 167,628)

Provisions

Taxation including deferred tax	( 3,240)	( 1,292)
	----------	----------
Net assets	36,125	262,588
	----------	----------

OCEANBLUE LOGISTICS LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 December 2018

	31 Dec 18		30 Jun 18
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	36,025	262,488
	---------	----------
Shareholders funds	36,125	262,588
	---------	----------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of financial position for the period ending 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 12 April 2019 , and are signed on behalf of the board by:

D J Morrison

Director

Company registration number: 05612355

OCEANBLUE LOGISTICS LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

PERIOD FROM 1 JULY 2018 TO 31 DECEMBER 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Olympic House, 4 Laceby Business Park, Grimsby Road, Laceby, North East Lincolnshire, DN37 7DP, United Kingdom.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 3, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

The turnover shown in the profit and loss account represents the value of services provided during the period, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset over the useful economic life of that asset as follows:

Leasehold property	-	2% straight line
Office equipment	-	20% straight line
Computer equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Impairment of fixed assets

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 17 (2018: 16 ).

5. Tangible assets

	£
Cost
At 1 July 2018	537,560
Additions	4,781
	----------
At 31 December 2018	542,341
	----------
Depreciation
At 1 July 2018	149,826
Charge for the period	7,318
	----------
At 31 December 2018	157,144
	----------
Carrying amount
At 31 December 2018	385,197
	----------
At 30 June 2018	387,734
	----------

6. Investments

	£
Cost
At 1 July 2018 and 31 December 2018	2,880
	-------
Impairment
At 1 July 2018 and 31 December 2018	–
	-------
Carrying amount
At 31 December 2018	2,880
	-------
At 30 June 2018	2,880
	-------

7. Creditors: amounts falling due after more than one year

Included within creditors: amounts falling due after more than one year is an amount of £73,371 (2018: £80,475) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

The bank loan, which is repaid by monthly installments, carries a market rate of interest rate.

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	31 Dec 18	30 Jun 18
	£	£
Not later than 1 year	5,932	5,932
Later than 1 year and not later than 5 years	4,449	7,416
	---------	---------
	10,381	13,348
	---------	---------

9. Directors' advances, credits and guarantees

At the beginning of the period, D J Morrison , a director, owed the company £7,126. During the period a further £330 was drawn leaving a balance of £7,456 owed to the company which remained outstanding at the year end. No interest is charged on this balance and there is no set repayment date .

10. Related party transactions

The company was under the control of D J Morrison and throughout the current and previous period. The company has previously purchased 24% of the shares in Oceanblue Logistics Oy, a company registered in Finland. Sales were made to this company amounting to £60,502 (30 June 2018 - £126,269), of which £8,573 (30 June 2018 - £13,008) was outstanding at the year end. Purchases were made from this company of £149,112 (30 June 2018 - £269,552), of which £12,535 (30 June 2018 - £28,891) was outstanding at the year end. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 (Section 1A).