Silverfin false false 31/10/2023 01/11/2022 31/10/2023 Mark David Edworthy 02/09/2015 Charlotte Louise Lycett-Smith 19/07/2021 James Alexander Hayward Moffat 25/10/2006 Stephen John Michael Morris 10/04/2024 02/09/2015 Paul Neil Scantlebury 02/09/2015 Ben James Scoggins 19/07/2021 31 July 2024 The principal activity of the Company during the financial year was that of digital marketing, web developing and hosting. 05977493 2023-10-31 05977493 bus:Director1 2023-10-31 05977493 bus:Director2 2023-10-31 05977493 bus:Director3 2023-10-31 05977493 bus:Director4 2023-10-31 05977493 bus:Director5 2023-10-31 05977493 bus:Director6 2023-10-31 05977493 2022-10-31 05977493 core:CurrentFinancialInstruments 2023-10-31 05977493 core:CurrentFinancialInstruments 2022-10-31 05977493 core:Non-currentFinancialInstruments 2023-10-31 05977493 core:Non-currentFinancialInstruments 2022-10-31 05977493 core:ShareCapital 2023-10-31 05977493 core:ShareCapital 2022-10-31 05977493 core:SharePremium 2023-10-31 05977493 core:SharePremium 2022-10-31 05977493 core:RetainedEarningsAccumulatedLosses 2023-10-31 05977493 core:RetainedEarningsAccumulatedLosses 2022-10-31 05977493 core:LeaseholdImprovements 2022-10-31 05977493 core:OfficeEquipment 2022-10-31 05977493 core:ComputerEquipment 2022-10-31 05977493 core:LeaseholdImprovements 2023-10-31 05977493 core:OfficeEquipment 2023-10-31 05977493 core:ComputerEquipment 2023-10-31 05977493 bus:OrdinaryShareClass1 2023-10-31 05977493 bus:OrdinaryShareClass2 2023-10-31 05977493 bus:OrdinaryShareClass3 2023-10-31 05977493 core:WithinOneYear 2023-10-31 05977493 core:WithinOneYear 2022-10-31 05977493 core:BetweenOneFiveYears 2023-10-31 05977493 core:BetweenOneFiveYears 2022-10-31 05977493 2022-11-01 2023-10-31 05977493 bus:FilletedAccounts 2022-11-01 2023-10-31 05977493 bus:SmallEntities 2022-11-01 2023-10-31 05977493 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 05977493 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 05977493 bus:Director1 2022-11-01 2023-10-31 05977493 bus:Director2 2022-11-01 2023-10-31 05977493 bus:Director3 2022-11-01 2023-10-31 05977493 bus:Director4 2022-11-01 2023-10-31 05977493 bus:Director5 2022-11-01 2023-10-31 05977493 bus:Director6 2022-11-01 2023-10-31 05977493 core:LeaseholdImprovements core:TopRangeValue 2022-11-01 2023-10-31 05977493 core:OfficeEquipment core:TopRangeValue 2022-11-01 2023-10-31 05977493 core:ComputerEquipment core:TopRangeValue 2022-11-01 2023-10-31 05977493 2021-11-01 2022-10-31 05977493 core:LeaseholdImprovements 2022-11-01 2023-10-31 05977493 core:OfficeEquipment 2022-11-01 2023-10-31 05977493 core:ComputerEquipment 2022-11-01 2023-10-31 05977493 core:Non-currentFinancialInstruments 2022-11-01 2023-10-31 05977493 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 05977493 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 05977493 bus:OrdinaryShareClass2 2022-11-01 2023-10-31 05977493 bus:OrdinaryShareClass2 2021-11-01 2022-10-31 05977493 bus:OrdinaryShareClass3 2022-11-01 2023-10-31 05977493 bus:OrdinaryShareClass3 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05977493 (England and Wales)

ORGANIC DEVELOPMENT LTD

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

ORGANIC DEVELOPMENT LTD

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

ORGANIC DEVELOPMENT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
ORGANIC DEVELOPMENT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 61,808 73,409
61,808 73,409
Current assets
Debtors
- due within one year 4 506,741 547,658
- due after more than one year 4 930,060 996,603
Cash at bank and in hand 421,387 540,616
1,858,188 2,084,877
Creditors: amounts falling due within one year 5 ( 1,140,519) ( 1,547,252)
Net current assets 717,669 537,625
Total assets less current liabilities 779,477 611,034
Creditors: amounts falling due after more than one year 6 ( 70,000) 0
Provision for liabilities ( 9,582) ( 12,203)
Net assets 699,895 598,831
Capital and reserves
Called-up share capital 7 4,731 4,731
Share premium account 99,798 99,798
Profit and loss account 595,366 494,302
Total shareholders' funds 699,895 598,831

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Organic Development Ltd (registered number: 05977493) were approved and authorised for issue by the Board of Directors on 31 July 2024. They were signed on its behalf by:

James Alexander Hayward Moffat
Director
ORGANIC DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
ORGANIC DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Organic Development Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, England, United Kingdom. The principal place of business is Winslade House, Manor Drive, Exeter, EX5 1FY.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 6 years straight line
Office equipment 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 35 39

3. Tangible assets

Leasehold improve-
ments
Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 November 2022 75,162 57,758 36,949 169,869
Additions 0 1,533 2,397 3,930
At 31 October 2023 75,162 59,291 39,346 173,799
Accumulated depreciation
At 01 November 2022 8,951 52,210 35,299 96,460
Charge for the financial year 12,527 1,905 1,099 15,531
At 31 October 2023 21,478 54,115 36,398 111,991
Net book value
At 31 October 2023 53,684 5,176 2,948 61,808
At 31 October 2022 66,211 5,548 1,650 73,409

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 399,795 357,424
Amounts owed by directors 46,353 59,292
Prepayments 34,410 33,601
Corporation tax 0 68,055
Other debtors 26,183 29,286
506,741 547,658
Debtors: amounts falling due after more than one year
Other debtors 930,060 996,603

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 30,000 130,000
Trade creditors 60,473 83,445
Amounts owed to directors 273,004 279,429
Other loans 66,585 89,352
Accruals and deferred income 492,528 702,943
Taxation and social security 199,406 241,858
Other creditors 18,523 20,225
1,140,519 1,547,252

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 70,000 0

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
312,667 A ordinary shares of £ 0.01 each 3,127 3,127
127,400 B ordinary shares of £ 0.01 each 1,274 1,274
33,003 C ordinary shares of £ 0.01 each 330 330
4,731 4,731

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 50,560 50,560
between one and five years 139,040 189,040
189,600 239,600

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 6,153 7,482

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by/(to) the directors (226,651) (220,137)

Interest is charged on overdrawn loan accounts per HMRC official rates and there are no fixed repayment terms.

The company pays interest at a set rate each month to one of the directors whom the company owe amounts to.

Other related party transactions

2023 2022
£ £
Amounts owed by/(to) associated companies 933,295 996,953