Oceanside Logistics Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07761274 (England and Wales)

OCEANSIDE LOGISTICS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H J Green

Mrs M Green

REGISTERED OFFICE:

Highland House

Mayflower Close

Eastleigh

Hampshire

SO53 4AR

REGISTERED NUMBER:

07761274 (England and Wales)

FIXED ASSETS

Tangible assets

4

136,253

116,353

CURRENT ASSETS

Debtors

5

1,733,278

651,978

Cash at bank and in hand

288,805

445,955

2,022,083

1,097,933

CREDITORS

Amounts falling due within one year

6

(1,946,525

)

(1,158,544

)

NET CURRENT ASSETS/(LIABILITIES)

75,558

(60,611

)

TOTAL ASSETS LESS CURRENT LIABILITIES

211,811

55,742

PROVISIONS FOR LIABILITIES

8

(6,262

)

-

NET ASSETS

205,549

55,742

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

205,547

55,740

SHAREHOLDERS' FUNDS

205,549

55,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 11 April 2018 and were signed on its behalf by:

H J Green - Director

1.	STATUTORY INFORMATION

Oceanside Logistics 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 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, modified to include certain

financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements are the first financial statements the company has prepared in accordance with

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' (FRS 102), as applied to smaller entities by the adoption of Section 1A of FRS 102. The financial

statements for the year ended 30 September 2016 were prepared in accordance with previous UK GAAP.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy

choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies

to comply with FRS 102. There have been no transitional adjustments.

Turnover

Turnover represents the value of services provided to the extent that there is a right to consideration and is

recorded at the value of the consideration due.

Tangible fixed assets

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

Freehold property

-

not provided

Fixtures and fittings

-

33% Straight line

Computer equipment

-

33% Straight line

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 8 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 October 2016

103,295

6,646

14,145

124,086

Additions

-

13,176

15,012

28,188

At 30 September 2017

103,295

19,822

29,157

152,274

DEPRECIATION

At 1 October 2016

-

2,680

5,053

7,733

Charge for year

-

3,016

5,272

8,288

At 30 September 2017

-

5,696

10,325

16,021

NET BOOK VALUE

At 30 September 2017

103,295

14,126

18,832

136,253

At 30 September 2016

103,295

3,966

9,092

116,353

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

879,430

637,140

Other debtors

853,848

14,838

1,733,278

651,978

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1,280,184

1,034,991

Taxation and social security

75,087

30,477

Other creditors

591,254

93,076

1,946,525

1,158,544

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

22,950

-

Between one and five years

86,063

-

109,013

-

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

6,262

-

Deferred

tax

£

Provided during year

6,262

Balance at 30 September 2017

6,262

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2017 and

30 September 2016:

2017

2016

£

£

S J Green

Balance outstanding at start of year

(10,319

)

(27,588

)

Amounts advanced

118,017

67,269

Amounts repaid

(84,850

)

(50,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

22,848

(10,319

)

H J Green

Balance outstanding at start of year

(91

)

(31,676

)

Amounts advanced

102,712

72,585

Amounts repaid

(74,985

)

(41,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

27,636

(91

)

The above loans are interest free and repayable on demand.