Registered number
07346857
Ocean Gate (G&A) Limited
Report and Accounts
30 September 2013
Ocean Gate (G&A) Limited
Report and accounts
Contents
Page
Directors' report 1
Statement of directors' responsibilities 2
Independent auditors' report 3
Profit and loss account 4
Balance sheet 5
Notes to the accounts 6
Ocean Gate (G&A) Limited
Registered number: 07346857
Directors' Report
The directors present their report and accounts for the year ended 30 September 2013.
Principal activities
The company's principal activity during the year continued to be that of property development.
Directors
The following persons served as directors during the year:
M Omirou
J Skok
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 30 June 2014 and signed on its behalf.
M Omirou
Director
Ocean Gate (G&A) Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Ocean Gate (G&A) Limited
Independent auditors' report
to the members of Ocean Gate (G&A) Limited
We have audited the accounts of Ocean Gate (G&A) Limited for the year ended 30 September 2013 which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard For Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.
In accordance with the exemption provided by APB Ethical Standard - Provisions Available for Smaller Entities (Revised), we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts.
Scope of the audit of the accounts
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm
Opinion on the accounts
In our opinion the accounts:
give a true and fair view of the state of the company's affairs as at 30 September 2013 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the accounts are prepared is consistent with the accounts.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the accounts are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the accounts and the directors' report in accordance with the small companies regime.
A R Mitchell
(Senior Statutory Auditor) 109 Gloucester Place
for and on behalf of
Adams, Mitchell London
Accountants and Statutory Auditors
30 June 2014 W1U 6JW
Ocean Gate (G&A) Limited
Profit and Loss Account
for the year ended 30 September 2013
Notes 2013 2012
£ £
Turnover 469,999 4,831,590
Cost of sales (411,528) (4,204,681)
Gross profit 58,471 626,909
Administrative expenses (58,471) (375,507)
Operating profit 2 - 251,402
Interest payable 3 - (251,402)
Profit on ordinary activities before taxation - -
Tax on profit on ordinary activities - -
Profit for the financial year - -
Ocean Gate (G&A) Limited
Balance Sheet
as at 30 September 2013
Notes 2013 2012
£ £
Fixed assets
Investments 4 1 -
Current assets
Stocks 40,000 316,930
Debtors 5 25,323 5,184
Cash at bank and in hand 513 729
65,836 322,843
Creditors: amounts falling due within one year 6 (65,835) (322,841)
Net current assets 1 2
Net assets 2 2
Capital and reserves
Called up share capital 7 2 2
Shareholders' funds 2 2
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
M Omirou
Director
Approved by the board on 30 June 2014
Ocean Gate (G&A) Limited
Notes to the Accounts
for the year ended 30 September 2013
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents the value, net of value added tax and discounts, of properties sold.
Stocks
Stock represents property acquired for development together with work in progress on those properties. The resultant stock and work in progress is valued at the lower of cost or net realisable value. Cost comprises the acquisition cost of the land and buildings, together with related legal and professional costs, and development expenditure. Interest expense is written off as incurred.

In considering net realisable value, it is assumed that developments will be completed and sold in the ordinary course of business, and not placed on the market for immediate sale in their current state of development.
Joint venture arrangement
The company is operated as a joint venture where net profits are distributed between the joint venture partners as per their agreement.
2 Operating profit 2013 2012
£ £
This is stated after charging:
Directors' remuneration 600 100
Auditors' remuneration 1,985 1,925
3 Interest payable 2013 2012
£ £
Interest payable - 251,402
4 Investments
Investments in
subsidiary
undertakings
£
Cost
Additions 1
At 30 September 2013 1
The company holds 20% or more of the share capital of the following companies:
Company Shares held
Class %
Ocean Gate Management Company Limited Ordinary 100
5 Debtors 2013 2012
£ £
Other debtors 25,323 5,184
6 Creditors: amounts falling due within one year 2013 2012
£ £
Trade creditors 15,559 21,768
Amounts owed to group undertakings and undertakings in which the company has a participating interest 39,708 -
Other creditors 10,568 301,073
65,835 322,841
7 Share capital Nominal 2013 2013 2012
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 2 2 2
8 Related party transactions 2013 2012
£ £
Galliard Holdings Limited
Shareholder and Joint venture partner
The company is a development company for a Joint Venture arrangement between RST Devon Limited and Galliard Holdings Limited.
During the period Galliard Holdings Limited provided funds of £207,000 (2012: £629,894) for the development. Sales receipts of £448,072 were banked by Galliard Holdings Limited during the period.
Funds of £98,630 were transferred to RST Devon Limited during the period in relation to profit shares due.
All profits and losses are shared between the joint venture parties each period and therefore no profit or loss remains in Ocean Gate (G&A) Limited.
Amount due to Galliard Holdings Limited - (142,442)
RST Devon Limited
Shareholder and Joint venture partner
As noted above, the company is a development company for a joint venture arrangement between RST Devon Limited and Galliard Holdings Limited. During the period RST Devon Limited loaned the company an amount totaling £103,600 (2012: £67,150) during the year and are entitled to £46,820 (2012: £440,752) being their share of net profits for the period under the joint venture arrangement.
Amount due from/(to) RST Devon Limited 20,826 (109,664)
M Omirou
Director
During the year, M Omirou received sales commission of £2,000 (2012: £750). No balance was owed at the year end.
Property Management North London Limited
M Omirou is a director of Property Management North London Ltd
During the year the company paid £1,461 in respect of premises insurance and £3,300 in respect of management and office charges to Property Management North London Limited. No balance was owed at the year end.
CEOM LLP
J Skok is a member of CEOM LLP
The company paid rent of £1,900 (2012: £18,700) in the year to CEOM LLP. No balance was owed at the year end.
Property Services South West Limited
Associated company
During the year the company paid £13,500 in respect of Management and office charges and £5,782 in respect of commercial agents fees to Property Services South West Limited. There was no balance outstanding at the balance sheet date.
9 Ultimate controlling party
The company considers RST Residential Investments Limited, a company registered in England and Wales, to be the ultimate parent company and controlling party at the balance sheet date.
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