Company Registration No. 9565124 (England and Wales)
ODIN PARTNERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ODIN PARTNERS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
3 - 7
ODIN PARTNERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
36,493
48,161
Current assets
Debtors
6
1,811,057
2,540,505
Cash at bank and in hand
2,120,269
2,720,784
3,931,326
5,261,289
Creditors: amounts falling due within one year
7
(1,363,699)
(3,078,433)
Net current assets
2,567,627
2,182,856
Net assets
2,604,120
2,231,017
Capital and reserves
Called up share capital
8
10
10
Share premium account
29,998
29,998
Profit and loss reserves
2,574,112
2,201,009
Total equity
2,604,120
2,231,017

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 by the board of directors and authorised for issue on 12 March 2024 and are signed on its behalf by:
J Hext
Director
Company Registration No. 9565124
ODIN PARTNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Period ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
2,199,605
2,199,605
Issue of share capital
8
8
29,998
-
30,006
Dividends
-
-
(2,705,690)
(2,705,690)
Credit to equity for equity settled share-based payments
-
-
(6)
(6)
Balance at 31 December 2022
10
29,998
2,201,009
2,231,017
Period ended 31 December 2023:
Total comprehensive income for the period
-
-
2,567,083
2,567,083
Dividends
-
-
(2,193,980)
(2,193,980)
Balance at 31 December 2023
10
29,998
2,574,112
2,604,120
ODIN PARTNERS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Odin Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.

1.1
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 on the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business.

Turnover from the rendering of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

1.3
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 values over their useful lives on the following bases:

Plant and equipment
over 2 to 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ODIN PARTNERS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

 

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include trade and other receivables 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 less any impairment.

 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

 

Basic financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
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. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

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.

ODIN PARTNERS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

Short-term employee benefits and contributions to employees' personal pensions are recognised as an expense in the period in which they are incurred.

1.10
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
25
21
4
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
244,990
157,651
ODIN PARTNERS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
119,702
Additions
19,759
At 31 December 2023
139,461
Depreciation and impairment
At 1 January 2023
71,541
Depreciation charged in the year
31,427
At 31 December 2023
102,968
Carrying amount
At 31 December 2023
36,493
At 31 December 2022
48,161
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
992,073
1,083,584
Other debtors
818,984
1,456,921
1,811,057
2,540,505

Other debtors includes £216,561 (2022: £101,980) owed by a related party and debt owed by the director , J Hext - £21,830 (2022: £10,048), which has been repaid since the year end.

 

 

7
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Trade creditors
6,657
13,279
Amounts due to undertakings in which the company has a participating interest
-
0
1,620,288
Corporation tax
482,328
293,136
Other taxation and social security
271,662
230,421
Other creditors
603,052
921,309
1,363,699
3,078,433

 

ODIN PARTNERS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Called up share capital
2023
2022
£
£
Issued and fully paid
8 Ordinary A Shares of £1 each
8
8
1 Ordinary B Shares of £1 each
1
1
1 Ordinary C Shares of £1 each
1
1
10
10
9
Control

Avignon Limited, a company incorporated in England, and C.J. Investment Holdings Limited, a company incorporated in Hong Kong, own 50% of the issued share capital of Odin Partners each.

 

10
Related party transactions

During the year, the company received the management fee income of £151,560 (2022: £17,526) from the company with the common ownership.

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