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COMPANY REGISTRATION NUMBER: 14386212
Odessa Private Limited
Filleted Financial Statements
31 March 2023
Odessa Private Limited
Statement of Financial Position
31 March 2023
2023
Note
£
Current assets
Cash at bank and in hand
510,067
Creditors: amounts falling due within one year
4
517,439
---------
Net current liabilities
7,372
-------
Total assets less current liabilities
( 7,372)
-------
Capital and reserves
Called up share capital
5
10,000
Profit and loss account
( 17,372)
--------
Shareholders deficit
( 7,372)
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 30 October 2023 , and are signed on behalf of the board by:
Mr E Bernstein
Director
Company registration number: 14386212
Odessa Private Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
Odessa Private Limited (‘the company’) is a wholly owned subsidiary of Odessa Technologies Inc, USA ("Parent Company" or "Holding Company"). The Company is engaged in the business of software development services and is a 100% export oriented unit. The company is a private company limited by shares and is incorporated in England. The address of its registered office is Suite 1, 3rd Floor 11 - 12 st James's Square London SW1Y 4LB United Kingdom. The registered office address changed to 3 Coventry Innovation Village Cheetah Road Coventry CV1 2TL on 28 April 2023.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group and company accounting policies. These estimates and judgements are continually reviewed and are based on experience and other factors.
Income tax
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. i. Current tax Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. ii. Deferred tax Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Creditors: amounts falling due within one year
2023
£
Amounts owed to group undertakings
517,439
---------
5. Called up share capital
Issued, called up and fully paid
2023
No.
£
Ordinary shares of £ 0.10 each
100,000
10,000
---------
--------
6. Summary audit opinion
The auditor's report for the year dated 30 October 2023 was unqualified .
The senior statutory auditor was Philippa Miller-Hawkes BA CA , for and on behalf of BSN Associates Limited .
7. Controlling party
The parent undertaking is Odessa Technologies, Inc. which owns 100% of the share capital of Odessa Private Limited . The registered office address is 50 South 16th Street, Suite 1900, Liberty Place, Philadelphia, PA 19102, USA. The ultimate parent company is Odessa Technologies Holdings, Inc. This company is not under the control of any one person. The registered office address is 50 South 16th Street, Suite 1900, Liberty Place, Philadelphia, PA 19102, USA.