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Registered number: 12111236
Odway Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
SKZ Chartered Certified Accountants
Unit 1, Kataria Point
C/O Skz Chartered Certified Accountants,1 Riches R
Ilford
Essex
IG1 1JH
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12111236
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 34,339 50,934
Debtors 5 141,803 120,207
Cash at bank and in hand 1,050 18,157
177,192 189,298
Creditors: Amounts Falling Due Within One Year 6 (4,821 ) (19,492 )
NET CURRENT ASSETS (LIABILITIES) 172,371 169,806
TOTAL ASSETS LESS CURRENT LIABILITIES 172,371 169,806
Creditors: Amounts Falling Due After More Than One Year 7 (170,500 ) (170,500 )
NET ASSETS/(LIABILITIES) 1,871 (694 )
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account 871 (1,694 )
SHAREHOLDERS' FUNDS 1,871 (694)
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Oyun Sukhbaatar
Director
04/09/2023
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Odway Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12111236 . The registered office is 486 Roman Road, London, E3 5LU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 3)
1 3
Page 3
Page 4
4. Stocks
2023 2022
£ £
Materials 34,339 50,934
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 113,353 87,757
Other debtors - 4,000
113,353 91,757
Due after more than one year
Amounts owed by associates 28,450 28,450
28,450 28,450
141,803 120,207
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 204 -
Net wages - 4,494
Advance from Customers - 14,425
Accruals and deferred income 723 573
Director's loan account 3,894 -
4,821 19,492
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Directors loan account 170,500 170,500
170,500 170,500
The above Director's loan to Odway Ltd (the company) is unsecured, interest free and subordinated to the debts of the company generally. Accordingly, no amounts (whether in respect of principal or interest or otherwise) shall be payable by the Borrower (the company) unless and until all other creditors of the Borrower have been paid or provided for in full.
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
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