Abbreviated Company Accounts - OCEANIC INVESTMENTS LIMITED
Abbreviated Company Accounts - OCEANIC INVESTMENTS LIMITED
Registered Number NI058263
OCEANIC INVESTMENTS LIMITED
Abbreviated Accounts
31 October 2016
OCEANIC INVESTMENTS LIMITED Registered Number NI058263
Abbreviated Balance Sheet as at 31 October 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
( |
( |
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Total net assets (liabilities) |
( |
( |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
( |
( |
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Shareholders' funds |
( |
( |
For the year ending 31 October 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
OCEANIC INVESTMENTS LIMITED Registered Number NI058263
Notes to the Abbreviated Accounts for the period ended 31 October 2016
1Accounting Policies
Basis of measurement and preparation of accounts
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.
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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at their fair value with changes in fair value being recognised in profit or loss.
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.
Stocks
Stock of investment properties are valued at the lower of cost and net realisable value.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
£ | |
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Cost | |
At 1 November 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 October 2016 |
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Depreciation | |
At 1 November 2015 |
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Charge for the year |
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On disposals |
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At 31 October 2016 |
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Net book values | |
At 31 October 2016 | 72,352 |
At 31 October 2015 | 72,352 |