Ocean Passages (Charter) Limited - Accounts to registrar (filleted) - small 23.1.5
Ocean Passages (Charter) Limited - Accounts to registrar (filleted) - small 23.1.5
REGISTERED NUMBER: |
OCEAN PASSAGES (CHARTER) LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
OCEAN PASSAGES (CHARTER) LIMITED (REGISTERED NUMBER: 03703063) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
OCEAN PASSAGES (CHARTER) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
OCEAN PASSAGES (CHARTER) LIMITED (REGISTERED NUMBER: 03703063) |
BALANCE SHEET |
31 OCTOBER 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
OCEAN PASSAGES (CHARTER) LIMITED (REGISTERED NUMBER: 03703063) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
1. | STATUTORY INFORMATION |
Ocean Passages (Charter) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards 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 amounts in these financial statements are rounded to the nearest £1. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
The accounts have been prepared on the going concern basis. The company is reliant upon the support of the holding company; the directors have obtained written confirmations that this support will continue for the foreseeable future. |
In the prior year, the company was dormant and the directors took advantage of audit exemption Section 477 of the Companies Act 2006. |
Turnover |
Turnover represents the value of yacht charter services provided, excluding value added tax. Turnover is recognisd evenly over the duration of the charter period. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Charter vessel accessories - 20% straight line |
No depreciation is provided on the charter vessel as the charge would be immaterial because the useful economic life of the vessel is prolonged due to the company adopting a policy and practice of regular maintenance and repair (charges for which are recognised in the profit and loss account) such that the vessel is kept to its previously assessed standards of performance. The vessel is subject to an annual impairment review. |
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 recognised in the statement of income and retained earnings. |
OCEAN PASSAGES (CHARTER) LIMITED (REGISTERED NUMBER: 03703063) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial assets |
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. |
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Financial liabilities |
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Charter |
vessel |
£ |
COST |
Additions |
At 31 October 2022 |
DEPRECIATION |
Charge for year |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
OCEAN PASSAGES (CHARTER) LIMITED (REGISTERED NUMBER: 03703063) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | ULTIMATE CONTROLLING PARTY |
The directors consider the ultimate parent undertaking to be Greenclose Holdings Limited, a company incorporated in England & Wales and is the smallest and largest company for which consolidated accounts including Ocean Passages (Charter) Limited are prepared. These accounts are available from its registered office, Pennington House, Ridgeway Lane, Lymington, Hampshire, SO41 8AA. |