Company registration number 09907818 (England and Wales)
ODRIS INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ODRIS INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ODRIS INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
50
50
Current assets
Debtors
4
11,604,819
10,751,163
Cash at bank and in hand
80,280
767,087
11,685,099
11,518,250
Creditors: amounts falling due within one year
5
(6,708,539)
(6,519,579)
Net current assets
4,976,560
4,998,671
Net assets
4,976,610
4,998,721
Capital and reserves
Called up share capital
6
200
200
Share premium account
4,999,900
4,999,900
Profit and loss reserves
(23,490)
(1,379)
Total equity
4,976,610
4,998,721
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 October 2023
S O'Driscoll
Director
Company Registration No. 09907818
ODRIS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Odris Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
1.1
Accounting convention
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.
1.2
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
Interests in associates and jointly controlled entities are measured at cost.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.3
Financial instruments
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.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
ODRIS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.4
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
50
50
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
373
Other debtors
11,604,819
10,750,790
11,604,819
10,751,163
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,000
Amounts owed to undertakings in which the company has a participating interest
4,191
50
Other creditors
6,704,348
6,516,529
6,708,539
6,519,579
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
200
200
200
200
ODRIS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
7
Related party transactions
Included in creditors as at the balance sheet date is £21,715 (2022: £21,715) owed to the director, S O'Driscoll. During the year interest of £Nil (2022: £8,069) was charged on loans to the director, at HMRC's rate for beneficial loans. The maximum balance on the loans during the year was £Nil (2022: £6,420,872).
Included in debtors as at the balance sheet date is an aggregate amount of £11,502,530 (2022: £10,607,501) due from companies controlled by S O'Driscoll.
Included in other creditors falling due within one year as at the balance sheet date is an amount of £5,925,000 (2022: £5,925,000) owed to a company in which S O'Driscoll is a director.
Included in other creditors falling due within one year as at the balance sheet date is an aggregate amount of £754,033 (2022: £566,814) owed to companies controlled by S O'Driscoll.
8
Parent company
The ultimate parent company is Odris Holdings Limited. The registered office address is 166 College Road, Harrow, Middlesex, HA1 1RA.