Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-280true2022-02-03falsefalse0The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13891317 2022-02-02 13891317 2022-02-03 2023-02-28 13891317 2021-03-01 2022-02-02 13891317 2023-02-28 13891317 c:Director1 2022-02-03 2023-02-28 13891317 d:CurrentFinancialInstruments 2023-02-28 13891317 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13891317 d:ShareCapital 2023-02-28 13891317 d:RetainedEarningsAccumulatedLosses 2023-02-28 13891317 c:OrdinaryShareClass1 2022-02-03 2023-02-28 13891317 c:OrdinaryShareClass1 2023-02-28 13891317 c:FRS102 2022-02-03 2023-02-28 13891317 c:AuditExempt-NoAccountantsReport 2022-02-03 2023-02-28 13891317 c:FullAccounts 2022-02-03 2023-02-28 13891317 c:PrivateLimitedCompanyLtd 2022-02-03 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13891317










OCTA NETWORKS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 FEBRUARY 2023

 
OCTA NETWORKS LTD
REGISTERED NUMBER: 13891317

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
Note
£

  

Current assets
  

Stocks
 4 
467,657

Debtors: amounts falling due within one year
 5 
6,596

Cash at bank and in hand
  
100

  
474,353

Creditors: amounts falling due within one year
 6 
(503,430)

Net current (liabilities)/assets
  
 
 
(29,077)

Total assets less current liabilities
  
(29,077)

  

Net (liabilities)/assets
  
(29,077)


Capital and reserves
  

Called up share capital 
 7 
100

Profit and loss account
  
(29,177)

  
(29,077)


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

M Vijayan
Director

Date: 3 November 2023

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
OCTA NETWORKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

1.


General information

The company Octa Networks Ltd was incorporated in England and Wales on 03 February 2022 and started trading on the same date.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

  
2.3

Revenue

Revenue is derived from a contract with the commissioning distributor and it is recognised upon the
relative percentage of film production completed at each predetermined milestone. Final delivery is
the point at which the film is available for theatrical release.
Film tax credits due are recognised within other operating income. These are received as credit against eligible expenditure incurred on the production of the film.

Page 2

 
OCTA NETWORKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

  
2.4

Stocks and work in progress

Production costs incurred during the period are recognised as work in progress on the balance sheet until the film is delivered to the commissioning distributor.
Upon delivery of the film, it is acquired by the commissioning distributor and the production costs are then charged to the profit and loss account as cost of sales.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration.

Page 3

 
OCTA NETWORKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

4.


Stock and work in progress

2023
£

Production costs
467,657

467,657



5.


Debtors

2023
£


Other debtors
6,596

6,596



6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
488,430

Accruals and deferred income
15,000

503,430



7.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares of £1 each
100





8.


Related party transactions

Ms M Vijayan is the ultimate controlling party owing to her majority shareholding.


Page 4