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REGISTERED NUMBER: 05296253 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Octagon Lettings Limited

Octagon Lettings Limited (Registered number: 05296253)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Octagon Lettings Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: T Elliott
W H Whitelock





SECRETARY: T Elliott





REGISTERED OFFICE: 127a High Street
Staines-upon-Thames
Middlesex
TW18 4PD





REGISTERED NUMBER: 05296253 (England and Wales)





ACCOUNTANTS: Thompson Jones Business Solutions Limited
2 Heap Bridge
Bury
Lancashire
BL9 7HR

Octagon Lettings Limited (Registered number: 05296253)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 997 2
Investment property 6 505,363 -
506,360 2

CURRENT ASSETS
Stocks - 291,363
Debtors 7 1,751,808 1,540,272
Cash at bank 239,570 219,667
1,991,378 2,051,302
CREDITORS
Amounts falling due within one year 8 (394,720 ) (390,402 )
NET CURRENT ASSETS 1,596,658 1,660,900
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,103,018

1,660,902

PROVISIONS FOR LIABILITIES (41,000 ) -
NET ASSETS 2,062,018 1,660,902

CAPITAL AND RESERVES
Called up share capital 9 900 900
Revaluation reserve 214,000 -
Retained earnings 1,847,118 1,660,002
SHAREHOLDERS' FUNDS 2,062,018 1,660,902

Octagon Lettings Limited (Registered number: 05296253)

Balance Sheet - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





T Elliott - Director


Octagon Lettings Limited (Registered number: 05296253)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

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

The address of its registered office is:
127A High Street,
Staines,
Middlesex,
TW18 4PD

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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.

TURNOVER
Turnover is recognised at fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual value over their useful lives on the following bases:

Fixtures & Fittings50% on cost
Computers25% on cost

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

STOCKS
Stock comprises properties held for resale or in the course of development and is valued at the lower of cost and net realisable value. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Octagon Lettings Limited (Registered number: 05296253)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Basic financial assets
Basic financial asset, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial asset classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debts 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.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

CASH AT BANK AND IN HAND
Cash and cash equivalent are basic financial assets which include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

LEASES
Rental income from the operating lease are recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Octagon Lettings Limited (Registered number: 05296253)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 616 2,909 3,525
Additions - 1,085 1,085
At 31 March 2023 616 3,994 4,610
DEPRECIATION
At 1 April 2022 615 2,908 3,523
Charge for year - 90 90
At 31 March 2023 615 2,998 3,613
NET BOOK VALUE
At 31 March 2023 1 996 997
At 31 March 2022 1 1 2

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 291,363
Revaluations 214,000
At 31 March 2023 505,363
NET BOOK VALUE
At 31 March 2023 505,363

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 214,000
Cost 291,363
505,363

The director has revalued the properties based on his knowledge of the current property market.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 12,034 16,286
Other debtors 1,739,774 1,523,986
1,751,808 1,540,272

Octagon Lettings Limited (Registered number: 05296253)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 54,307 53,849
Taxation and social security 72,737 74,132
Other creditors 267,676 262,421
394,720 390,402

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
900 Ordinary share capital £1 900 900