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Registration number: 09370882

Odd-Process Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

image-name

Lucraft Hodgson and Dawes LLP
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ

 

Odd-Process Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Odd-Process Limited

Company Information

Director

Mr Janos Koos

Registered office

2/4 Ash Lane
Rustington
Littlehampton
Sussex
BN16 3BZ

Accountants

Lucraft Hodgson and Dawes LLP
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ

 

Odd-Process Limited

(Registration number: 09370882)
Balance Sheet as at 31 March 2018

Note

2018
 £

2017
 £

Fixed assets

 

Tangible assets

4

1,708

1,677

Current assets

 

Debtors

5

10,450

283

Cash at bank and in hand

 

32,260

267

 

42,710

550

Creditors: Amounts falling due within one year

6

(20,811)

(506)

Net current assets

 

21,899

44

Net assets

 

23,607

1,721

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

23,606

1,720

Total equity

 

23,607

1,721

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 August 2018
 

.........................................

Mr Janos Koos
Director

 

Odd-Process Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2/4 Ash Lane
Rustington
Littlehampton
Sussex
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the director on 31 August 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Odd-Process Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Computer Equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Odd-Process Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

3,182

3,182

Additions

955

955

At 31 March 2018

4,137

4,137

Depreciation

At 1 April 2017

1,505

1,505

Charge for the year

924

924

At 31 March 2018

2,429

2,429

 

Odd-Process Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets (continued)

Furniture, fittings and equipment
 £

Total
£

Carrying amount

At 31 March 2018

1,708

1,708

At 31 March 2017

1,677

1,677

5

Debtors

2018
£

2017
£

Trade debtors

10,450

-

Other debtors

-

283

10,450

283

 

Odd-Process Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Creditors

Creditors: amounts falling due within one year

Note

2018
 £

2017
 £

Due within one year

 

Loans and borrowings

7

49

145

Trade creditors

 

13

-

Social security and other taxes

 

3,476

-

Other payables

 

-

1

Accrued expenses

 

720

360

Income tax liability

16,553

-

 

20,811

506

7

Loans and borrowings

2018
 £

2017
 £

Current loans and borrowings

Other borrowings

49

145

49

145