| BLUE OCEAN GROUP LTD |
| Registered number: |
01872875 |
| Balance Sheet |
| as at 30 September 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
113,979 |
|
|
114,305 |
| Investments |
4 |
|
|
4,254,438 |
|
|
4,251,858 |
|
|
|
|
4,368,417 |
|
|
4,366,163 |
|
| Current assets |
| Stocks |
|
|
1,516,566 |
|
|
1,516,566 |
| Debtors |
5 |
|
620,780 |
|
|
610,877 |
| Investments held as current assets |
6 |
|
129,724 |
|
|
177,833 |
| Cash at bank and in hand |
|
|
45,495 |
|
|
43,272 |
|
|
|
2,312,565 |
|
|
2,348,548 |
|
| Creditors: amounts falling due within one year |
7 |
|
(522,103) |
|
|
(489,034) |
|
| Net current assets |
|
|
|
1,790,462 |
|
|
1,859,514 |
|
| Total assets less current liabilities |
|
|
|
6,158,879 |
|
|
6,225,677 |
|
| Creditors: amounts falling due after more than one year |
8 |
|
|
(5,151,537) |
|
|
(5,183,009) |
|
|
| Net assets |
|
|
|
1,007,342 |
|
|
1,042,668 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
700,100 |
|
|
700,100 |
| Revaluation reserve |
9 |
|
|
1,138,022 |
|
|
1,138,022 |
| Profit and loss account |
|
|
|
(830,780) |
|
|
(795,454) |
|
| Shareholder's funds |
|
|
|
1,007,342 |
|
|
1,042,668 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Charles Gilbert Hickey |
| Director |
| Approved by the board on 28 June 2018 |
|
| BLUE OCEAN GROUP LTD |
| Notes to the Accounts |
| for the year ended 30 September 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Land and buildings |
No depreciation |
|
Vehicles |
25% Reducing Balance |
|
Fixtures, fittings, tools and equipment |
25% Reducing Balance |
|
|
Investments |
|
Investments in subsidiaries are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. There is no listed investments in the company. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
|
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 October 2016 |
113,000 |
|
25,553 |
|
8,250 |
|
146,803 |
|
At 30 September 2017 |
113,000 |
|
25,553 |
|
8,250 |
|
146,803 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2016 |
- |
|
24,266 |
|
8,232 |
|
32,498 |
|
Charge for the year |
- |
|
322 |
|
4 |
|
326 |
|
At 30 September 2017 |
- |
|
24,588 |
|
8,236 |
|
32,824 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2017 |
113,000 |
|
965 |
|
14 |
|
113,979 |
|
At 30 September 2016 |
113,000 |
|
1,287 |
|
18 |
|
114,305 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2017 |
|
2016 |
| £ |
£ |
|
Historical cost |
113,000 |
|
113,000 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
113,000 |
|
113,000 |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 October 2016 |
2 |
|
4,251,856 |
|
4,251,858 |
|
Additions |
- |
|
2,580 |
|
2,580 |
|
|
At 30 September 2017 |
2 |
|
4,254,436 |
|
4,254,438 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 October 2016 |
2 |
|
4,251,856 |
|
At 30 September 2017 |
2 |
|
4,254,436 |
|
|
|
|
|
|
|
|
Note: Investment in subsidiary undertakings refers to 100% full ownership of subsidiary company, Backhog Ltd. Other investments are unlisted. |
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
596,238 |
|
586,335 |
|
Other debtors |
24,542 |
|
24,542 |
|
|
|
|
|
|
620,780 |
|
610,877 |
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
| 6 |
Investments held as current assets |
2017 |
|
2016 |
| £ |
£ |
|
Fair value |
|
Unlisted investments |
129,724 |
|
177,833 |
|
|
|
|
|
|
129,724 |
|
177,833 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Corporation tax |
3 |
|
86 |
|
Other creditors |
522,100 |
|
488,948 |
|
|
|
|
|
|
522,103 |
|
489,034 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
5,062,531 |
|
5,129,641 |
|
Other creditors |
89,006 |
|
53,368 |
|
|
|
|
|
|
5,151,537 |
|
5,183,009 |
|
|
|
|
|
|
|
|
|
| 9 |
Revaluation reserve |
2017 |
|
2016 |
| £ |
£ |
|
|
At 1 October 2016 |
1,138,022 |
|
1,138,022 |
|
Gain on revaluation of land and buildings |
- |
|
- |
|
|
At 30 September 2017 |
1,138,022 |
|
1,138,022 |
|
|
|
|
|
|
|
|
|
|
|
| 10 |
Contingent liabilities |
|
|
The company has an Ordinary share capital of 100 Ordinary shares of £1 each. Mr Charles G Hickey owns 94% of the shareholding while Mrs Georgina A Hickey owns 6%. The company has 700,000 Preference shares owned by Mr C G Hickey and Mrs G A Hickey. The company was under the ultimate control of Mr Charles G Hickey. |
|
| 11 |
Other information |
|
|
BLUE OCEAN GROUP LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
C/o Keith Vaudrey & Co, 1st Floor |
|
15 Young Street |
|
London |
|
W8 5EH |
