Company registration number 11241993 (England and Wales)
ODYSSEY INVESTMENT GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ODYSSEY INVESTMENT GROUP LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
ODYSSEY INVESTMENT GROUP LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ODYSSEY INVESTMENT GROUP LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2023
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Odyssey Investment Group Limited for the year ended 30 September 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Odyssey Investment Group Limited, as a body, in accordance with the terms of our engagement letter dated 22 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Odyssey Investment Group Limited and state those matters that we have agreed to state to the board of directors of Odyssey Investment Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Odyssey Investment Group Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Odyssey Investment Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Odyssey Investment Group Limited. You consider that Odyssey Investment Group Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Odyssey Investment Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
5 April 2024
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
ODYSSEY INVESTMENT GROUP LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
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2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
2,810,700
2,344,367
Current assets
Debtors
4
36,785
Cash at bank and in hand
28,203
585,811
64,988
585,811
Creditors: amounts falling due within one year
5
(450,492)
(678,594)
Net current liabilities
(385,504)
(92,783)
Total assets less current liabilities
2,425,196
2,251,584
Creditors: amounts falling due after more than one year
6
(16,584)
(26,833)
Net assets
2,408,612
2,224,751
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
2,408,512
2,224,651
Total equity
2,408,612
2,224,751
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 30 September 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 5 April 2024
Mr J S Homer
Director
Company registration number 11241993 (England and Wales)
ODYSSEY INVESTMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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1
Accounting policies
Company information
Odyssey Investment Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Odyssey House, Durban Road Industrial Estate, Bognor Regis, West Sussex, PO22 9RH.
1.1
Reporting period
The prior year financial statements reflect the 6 month period to 30 September 2022 in order to bring this in line with their related company's financial year end. However, this year the financial statements reflect the full year. Therefore, the comparative amounts are not entirely comparable.
1.2
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The company has net current liabilities due to there being £362,193 payable to other companies for the purchase of their shares. In addition, £98,772 relates to monies owed to the director and £78,216 relates to monies owed to connected companies where both of these loans are repayable upon demand. Furthermore, the company has net assets overall.true
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the director has concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.4
Turnover
Turnover is recognised at the 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
ODYSSEY INVESTMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
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 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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ODYSSEY INVESTMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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2
Employees
The average monthly number of persons employed by the company during the year was 0 (2022 - 0).
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2,795,444
2,337,484
Other investments other than loans
15,256
6,883
2,810,700
2,344,367
Fixed asset investments revalued
Investments listed above as other investments other than loans are investments in publicly traded companies. The value of these investments is shown at their fair value based on the market value on the stock exchange at the balance sheet date. The historical cost of the investments is £13,588 (2022: £4,768).
Movements in fixed asset investments
Shares in group undertakings and participating interests
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 October 2022
2,337,484
6,883
2,344,367
Additions
402,000
8,820
410,820
Valuation changes in the year
55,960
(447)
55,513
At 30 September 2023
2,795,444
15,256
2,810,700
Carrying amount
At 30 September 2023
2,795,444
15,256
2,810,700
At 30 September 2022
2,337,484
6,883
2,344,367
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
36,785
ODYSSEY INVESTMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,083
9,833
Amounts owed to group undertakings
78,216
100
Taxation and social security
6,086
Other creditors
362,193
662,575
450,492
678,594
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,584
26,833
The bank loan in notes 6 & 7 is repayable in monthly instalments after 12 months from the date the loan is drawn, and it is due to be fully repaid by May 2026. Interest is applied monthly at a rate of 2.5%.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
2.50
-
33,094
2,779
35,873
-
33,094
2,779
35,873