OCEAN VIEW DIVING SERVICES LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05209141 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

OCEAN VIEW DIVING SERVICES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Pace

C Foley

REGISTERED OFFICE:

1 & 2 The Barn

Oldwick

West Stoke Road

Chichester

West Sussex

PO18 9AA

REGISTERED NUMBER:

05209141 (England and Wales)

ACCOUNTANTS:

James Todd & Co Limited

1 & 2 The Barn

Oldwick

West Stoke Road

Chichester

West Sussex

PO18 9AA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

25,873

30,751

25,873

30,751

CURRENT ASSETS

Stocks

77,000

72,500

Debtors

5,089

4,499

Cash at bank and in hand

20,206

30,537

102,295

107,536

CREDITORS

Amounts falling due within one year

122,566

131,427

NET CURRENT LIABILITIES

(20,271

)

(23,891

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,602

6,860

PROVISIONS FOR LIABILITIES

4,721

5,605

NET ASSETS

881

1,255

CAPITAL AND RESERVES

Called up share capital

6

102

102

Retained earnings

779

1,153

SHAREHOLDERS' FUNDS

881

1,255

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 December 2019 and were signed on its behalf by:

G Pace - Director

1.	STATUTORY INFORMATION

OCEAN VIEW DIVING SERVICES LIMITED is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on

the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A

"Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in

the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been

prepared under the historical cost convention, and are in sterling (£), which is the functional currency

of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that

the company has adequate resources to continue in operational existence for the foreseeable future.

The directors therefore adopt the going concern basis of accounting in preparing the financial

statements.

Turnover

Turnover represents the amounts derived from the provision of goods and services falling within the

company's ordinary activities, after deduction of trade discounts, value added tax and any other

other taxes.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to

determine whether there is any indication of their values being impaired. Any impairment losses are

then treated as an expense during the period.

Stocks and work in progress

Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making

due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and a

proportion of fixed and variable overheads where appropriate.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

and 31 March 2019

20,000

AMORTISATION

At 1 April 2018

and 31 March 2019

20,000

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

83,908

Additions

3,679

At 31 March 2019

87,587

DEPRECIATION

At 1 April 2018

53,157

Charge for year

8,557

At 31 March 2019

61,714

NET BOOK VALUE

At 31 March 2019

25,873

At 31 March 2018

30,751

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

2

Ordinary 'A' shares

£1

100

100

2

Ordinary 'B' shares

£1

2

2

102

102

7.	RELATED PARTY DISCLOSURES

The director G Pace received B share dividends during the year of £5,500 (2018: £13,000).

The director C Foley received B share dividends during the year of £5,500 (2018: £13,000).