Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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1,767 | 603 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand | 5 |
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72,749 | 55,579 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 49,783 | 30,400 | ||
Total assets less current liabilities | 51,550 | 31,003 | ||
Provision for liabilities | 7, 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Octavia Project Services Ltd (registered number:
Mr Gary Richardson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Octavia Project Services Ltd (the Company) is a private company, limited by shares, incorporated in Scotland. The Company's registered office is 66 Tay Street, Perth, PH2 8RA, United Kingdom.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.
Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery etc. |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2021 |
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Additions |
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Disposals | (
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At 31 March 2022 |
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Accumulated depreciation | |||
At 01 April 2021 |
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Charge for the financial year |
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Disposals | (
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At 31 March 2022 |
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Net book value | |||
At 31 March 2022 |
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At 31 March 2021 |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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2022 | 2021 | ||
£ | £ | ||
Cash at bank and in hand |
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2022 | 2021 | ||
£ | £ | ||
Other creditors |
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Corporation tax |
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Other taxation and social security |
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2022 | 2021 | ||
£ | £ | ||
Deferred tax |
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2022 | 2021 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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140 | 140 |
Transactions with the entity’s director (or members of its governing body)
Amounts owed to director
2022 | 2021 | ||
£ | £ | ||
Directors' current accounts |
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