Registered Number 04743932

OCEANTRACK LIMITED

Abbreviated Accounts

31 October 2016

OCEANTRACK LIMITED Registered Number 04743932

Abbreviated Balance Sheet as at 31 October 2016

Notes 2016 2015
Fixed assets
Tangible assets 2 936,500 1,000,970
936,500 1,000,970
Creditors: amounts falling due within one year 3 (1,044,507 ) (1,044,507 )
Net current assets (liabilities) (1,044,507 ) (1,044,507 )
Total assets less current liabilities (108,007 ) (43,537 )
Total net assets (liabilities) (108,007 ) (43,537 )
Capital and reserves
Called up share capital 4 21,696 21,696
Profit and loss account (129,703 ) (65,233 )
Shareholders' funds (108,007 ) (43,537 )

  • 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 20 June 2017

And signed on their behalf by:
Theodotou Ifigeneia, Director

OCEANTRACK LIMITED Registered Number 04743932

Notes to the Abbreviated Accounts for the period ended 31 October 2016

1 Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

2 Tangible fixed assets
Cost
At 1 November 2015 1,066,203
Additions -
Disposals -
Revaluations -
Transfers -
At 31 October 2016 1,066,203
Depreciation
At 1 November 2015 65,233
Charge for the year 64,470
On disposals -
At 31 October 2016 129,703
Net book values
At 31 October 2016 936,500
At 31 October 2015 1,000,970

Prior Year Adjustment
The company acquired three (3) yachts on the 01 January 1997,
at 23 November 2010 and 22 November 2010 which were not recorded in the books
and records along with the associated depreciation charge
in the Financial Years ended from the 01.05.2014 to 31.10.2016.
Under UK GAAP a prior year adjustment is made for a change in
accounting policy or for a fundamental error.
A fundamental error is defined by FRS 3 as an error of such significance as to destroy
the true and fair view of the Financial Statements.
The Prior year error was considered to be fundamental and was corrected by retrospective
restatement of the 2015 comparative numbers to address the acquisition of the yachts and the
recording of the associated depreciation charge.

3 Creditors
2016
2015
Secured Debts 1,044,507 1,044,507
4 Called Up Share Capital

The exchange rate 1.44638 which was used to convert the Share Capital from GBP to EURO was taken from
Oanda.com at historical rate, Date: 24 April 2003.