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Registration number: 11868296

Octobit Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

(filleted for filing purposes)

 

Octobit Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Octobit Limited

Company Information

Director

Mr C A Farnfield

Registered office

The New Barn Mill Lane
Eastry
Sandwich
Kent
CT13 0JW

 

Octobit Limited

(Registration number: 11868296)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

460

541

Investments

6

235,103

235,103

 

235,563

235,644

Current assets

 

Debtors

7

-

35

Creditors: Amounts falling due within one year

8

(248,329)

(247,497)

Net current liabilities

 

(248,329)

(247,462)

Net liabilities

 

(12,766)

(11,818)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

(12,767)

(11,819)

Shareholders' deficit

 

(12,766)

(11,818)

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 April 2024
 

.........................................
Mr C A Farnfield
Director

 

Octobit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
The New Barn Mill Lane
Eastry
Sandwich
Kent
CT13 0JW
Great Britain

These financial statements were authorised for issue by the director on 9 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

15% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Octobit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Octobit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

81

95

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

880

880

At 31 July 2023

880

880

Depreciation

At 1 August 2022

339

339

Charge for the year

81

81

At 31 July 2023

420

420

Carrying amount

At 31 July 2023

460

460

At 31 July 2022

541

541

6

Investments

2023
£

2022
£

Investments in subsidiaries

235,103

235,103

Subsidiaries

£

Cost or valuation

At 1 August 2022

235,103

Provision

Carrying amount

At 31 July 2023

235,103

At 31 July 2022

235,103

 

Octobit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Iconology Ltd

The New Barn, Mill Lane, Eastry, Sandwich, Kent, CT13 0JW

Ordinary

50%

50%

Subsidiary undertakings

Iconology Ltd

The principal activity of Iconology Ltd is IT Maintenance & Support.

7

Debtors

Current

2023
£

2022
£

Prepayments

-

35

 

-

35

 

Octobit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts due to related parties

10

247,578

246,853

Accruals

 

751

644

 

248,329

247,497

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 each

100

1

100

1

Ordinary A of £0.01 each

10

-

10

-

Ordinary B of £0.01 each

10

-

10

-

 

120

1

120

1

 

Octobit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

10

Related party transactions

Summary of transactions with subsidiaries

Iconology Ltd
During the year the company made purchases totalling £0 (2022 - £0) from Iconology Ltd. At the balance sheet date the amount owed to Iconology Ltd by the company was £245,356

 

Loans from related parties

2023

Subsidiary
£

Key management
£

Total
£

At start of period

244,631

2,222

246,853

Advanced

725

-

725

At end of period

245,356

2,222

247,578

2022

Subsidiary
£

Key management
£

Total
£

At start of period

233,967

2,222

236,189

Advanced

10,664

-

10,664

At end of period

244,631

2,222

246,853