1 31/05/2023 2023-05-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-06-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08061502 2022-06-01 2023-05-31 08061502 2023-05-31 08061502 2022-05-31 08061502 2021-06-01 2022-05-31 08061502 2022-05-31 08061502 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 08061502 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 08061502 bus:PreferenceShareClass1 2022-06-01 2023-05-31 08061502 bus:Director1 2022-06-01 2023-05-31 08061502 core:WithinOneYear 2023-05-31 08061502 core:WithinOneYear 2022-05-31 08061502 core:ShareCapital 2023-05-31 08061502 core:ShareCapital 2022-05-31 08061502 core:RetainedEarningsAccumulatedLosses 2023-05-31 08061502 core:RetainedEarningsAccumulatedLosses 2022-05-31 08061502 bus:OrdinaryShareClass1 core:ShareCapital 2023-05-31 08061502 bus:OrdinaryShareClass1 core:ShareCapital 2022-05-31 08061502 bus:PreferenceShareClass1 core:ShareCapital 2023-05-31 08061502 bus:PreferenceShareClass1 core:ShareCapital 2022-05-31 08061502 core:DeferredTaxation 2022-06-01 2023-05-31 08061502 core:CostValuation core:Non-currentFinancialInstruments 2022-05-31 08061502 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-05-31 08061502 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 08061502 core:Non-currentFinancialInstruments 2023-05-31 08061502 core:Non-currentFinancialInstruments 2022-05-31 08061502 core:AcceleratedTaxDepreciationDeferredTax 2023-05-31 08061502 core:AcceleratedTaxDepreciationDeferredTax 2022-05-31 08061502 core:DeferredTaxation 2022-05-31 08061502 core:DeferredTaxation 2023-05-31 08061502 bus:SmallEntities 2022-06-01 2023-05-31 08061502 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 08061502 bus:AbridgedAccounts 2022-06-01 2023-05-31 08061502 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 08061502 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31
Company registration number: 08061502
Occam Digital Limited
Information for Filing with The Registrar
31 May 2023
Occam Digital Limited
Contents
Abridged statement of financial position
Notes to the financial statements
Occam Digital Limited
Abridged statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 7 2,260 2,792
Investments 8 550 50
_______ _______
2,810 2,842
Current assets
Debtors 9 11,561 21,552
Cash at bank and in hand 189,405 179,155
_______ _______
200,966 200,707
Creditors: amounts falling due
within one year 10 ( 16,442) ( 21,409)
_______ _______
Net current assets 184,524 179,298
_______ _______
Total assets less current liabilities 187,334 182,140
Provisions for liabilities 11 ( 429) ( 530)
_______ _______
Net assets 186,905 181,610
_______ _______
Capital and reserves
Called up share capital 13 1 1
Profit and loss account 186,904 181,609
_______ _______
Shareholders funds 186,905 181,610
_______ _______
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
R Brown
Director
Company registration number: 08061502
Occam Digital Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in the UK. The address of the registered office is Carpenter Court 1 Maple Road, Bramhall, Stockport, Cheshire, United Kingdom, SK7 2DH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures,fittings & equipments - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 9,676 8,886
_______ _______
6. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 1,570 1,696
_______ _______
7. Tangible assets
£
Cost
At 1 June 2022 10,963
Additions 1,038
_______
At 31 May 2023 12,001
_______
Depreciation
At 1 June 2022 8,171
Charge for the year 1,570
_______
At 31 May 2023 9,741
_______
Carrying amount
At 31 May 2023 2,260
_______
At 31 May 2022 2,792
_______
8. Investments
£
Cost
At 1 June 2022 50
Additions 500
_______
At 31 May 2023 550
_______
Impairment
At 1 June 2022 and 31 May 2023 -
_______
Carrying amount
At 31 May 2023 550
_______
At 31 May 2022 50
_______
The company has invested in 50% of the share capital of Columbus Travel Media Limited, comprising 50 £1 ordinary shares.
9. Debtors
2023 2022
£ £
Trade debtors 11,186 21,340
Prepayments and accrued income 375 212
_______ _______
11,561 21,552
_______ _______
10. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 3,000 -
Accruals and deferred income 2,345 2,235
Corporation tax 4,328 10,854
Social security and other taxes 4,471 7,654
Director loan accounts 602 509
Other creditors 1,696 157
_______ _______
16,442 21,409
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 June 2022 530 530
Charges against provisions ( 101) ( 101)
_______ _______
At 31 May 2023 429 429
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 11) 429 530
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 429 530
_______ _______
13. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Amounts presented in equity:
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
Amounts presented in liabilities:
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
14. Related party transactions
The director R Brown has lent the company money to assist with working capital requirements. As at 31 May 2023 the balance on this loan was £ 602 (2022 : £ 509). Columbus Travel Media LimitedA company in which Mr Brown is a director. During the year the company sold services with a value of £26,670 (2022 : £40,132) to ColumbusTravel Media Limited.During the year the company received dividends of £20,000 (2022: £25,000) from Columbus Travel Media Limited. The Adjustment Agency LimitedA company incorporated on 24 August 2022 in which Mr Brown is Director and a 50% share holder.
15. Controlling party
The ultimate controlling party is R Brown .