Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30false2023-05-01false43trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12562568 2023-05-01 2024-04-30 12562568 2022-05-01 2023-04-30 12562568 2024-04-30 12562568 2023-04-30 12562568 c:CompanySecretary1 2023-05-01 2024-04-30 12562568 c:Director1 2023-05-01 2024-04-30 12562568 c:RegisteredOffice 2023-05-01 2024-04-30 12562568 d:MotorVehicles 2023-05-01 2024-04-30 12562568 d:MotorVehicles 2024-04-30 12562568 d:MotorVehicles 2023-04-30 12562568 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 12562568 d:OfficeEquipment 2023-05-01 2024-04-30 12562568 d:OfficeEquipment 2024-04-30 12562568 d:OfficeEquipment 2023-04-30 12562568 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 12562568 d:ComputerEquipment 2023-05-01 2024-04-30 12562568 d:ComputerEquipment 2024-04-30 12562568 d:ComputerEquipment 2023-04-30 12562568 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 12562568 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 12562568 d:CurrentFinancialInstruments 2024-04-30 12562568 d:CurrentFinancialInstruments 2023-04-30 12562568 d:Non-currentFinancialInstruments 2024-04-30 12562568 d:Non-currentFinancialInstruments 2023-04-30 12562568 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 12562568 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 12562568 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 12562568 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 12562568 d:ShareCapital 2024-04-30 12562568 d:ShareCapital 2023-04-30 12562568 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 12562568 d:RetainedEarningsAccumulatedLosses 2024-04-30 12562568 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 12562568 d:RetainedEarningsAccumulatedLosses 2023-04-30 12562568 d:RetainedEarningsAccumulatedLosses 2022-05-01 12562568 c:OrdinaryShareClass1 2023-05-01 2024-04-30 12562568 c:OrdinaryShareClass1 2024-04-30 12562568 c:OrdinaryShareClass1 2023-04-30 12562568 c:FRS102 2023-05-01 2024-04-30 12562568 c:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 12562568 c:FullAccounts 2023-05-01 2024-04-30 12562568 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 12562568 d:WithinOneYear 2024-04-30 12562568 d:WithinOneYear 2023-04-30 12562568 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 12562568 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 12562568 2 2023-05-01 2024-04-30 12562568 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-04-30 12562568 d:LeasedAssetsHeldAsLessee 2024-04-30 12562568 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12562568










OCTANE ACCOUNTANTS LIMITED








UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
OCTANE ACCOUNTANTS LIMITED
 

COMPANY INFORMATION


Director
Natalie Hancock 




Company secretary
No company secretary



Registered number
12562568



Registered office
Castlemead
Lower Castle Street

Bristol

BS1 3AG





 
OCTANE ACCOUNTANTS LIMITED
 

CONTENTS



Page
Director's Report
 
1
Accountants' Report
 
2
Statement of Income and Retained Earnings
 
3
Statement of Financial Position
 
4
Notes to the Financial Statements
 
5 - 11

 
OCTANE ACCOUNTANTS LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The director presents her report and the financial statements for the year ended 30 April 2024.

Principal activity

The prinicipal activity of the company during the year was that of accountancy and taxation services.

Director

The director who served during the year was:

Natalie Hancock 

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 14 June 2024 and signed on its behalf.
 





Natalie Hancock
Director

Page 1

 
OCTANE ACCOUNTANTS LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OCTANE ACCOUNTANTS LIMITED
FOR THE YEAR ENDED 30 APRIL 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of OCTANE ACCOUNTANTS LIMITED for the year ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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.

It is your duty to ensure that OCTANE ACCOUNTANTS 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 OCTANE ACCOUNTANTS LIMITED. You consider that OCTANE ACCOUNTANTS LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of OCTANE ACCOUNTANTS 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.

  



14 June 2024
Page 2

 
OCTANE ACCOUNTANTS LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

  

Turnover
  
162,513
117,530

Cost of sales
  
(7,010)
(4,168)

Gross profit
  
155,503
113,362

Administrative expenses
  
(93,250)
(56,010)

Operating profit
  
62,253
57,352

Interest receivable and similar income
  
71
9

Interest payable and similar expenses
  
(1,954)
-

Profit before tax
  
60,370
57,361

Tax on profit
  
(11,505)
(6,140)

Profit after tax
  
48,865
51,221

  

  

Retained earnings at the beginning of the year
  
24,637
851

  
24,637
851

Profit for the year
  
48,865
51,221

Dividends declared and paid
  
(32,899)
(27,435)

Retained earnings at the end of the year
  
40,603
24,637
The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
OCTANE ACCOUNTANTS LIMITED
REGISTERED NUMBER: 12562568

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
38,918
28,116

  
38,918
28,116

Current assets
  

Debtors: amounts falling due within one year
 4 
29,021
23,144

Bank and cash balances
  
31,977
20,278

  
60,998
43,422

Creditors: amounts falling due within one year
 5 
(34,696)
(26,370)

Net current assets
  
 
 
26,302
 
 
17,052

Total assets less current liabilities
  
65,220
45,168

Creditors: amounts falling due after more than one year
 6 
(24,517)
(20,431)

  

Net assets
  
40,703
24,737


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
40,603
24,637

  
40,703
24,737


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 June 2024.




Natalie Hancock
Director

The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
OCTANE ACCOUNTANTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

Octane Accountants Limited is a UK company incorporated in England and Wales with registered number of 12562568 and registered office of Castlemead, Lower Castle Street, Bristol, BS1 3AG.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.5

PENSIONS

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Page 5

 
OCTANE ACCOUNTANTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
17%
straight line basis and compared to MV
Office equipment
-
25%
straight line basis
Computer equipment
-
25%
straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 6

 
OCTANE ACCOUNTANTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.11
FINANCIAL INSTRUMENTS (continued)

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts
Page 7

 
OCTANE ACCOUNTANTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.11
FINANCIAL INSTRUMENTS (continued)

discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.12

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.

Page 8

 
OCTANE ACCOUNTANTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


TANGIBLE FIXED ASSETS





Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
22,931
1,497
7,407
31,835


Additions
9,750
5,820
1,708
17,278



At 30 April 2024

32,681
7,317
9,115
49,113



Depreciation


At 1 May 2023
-
206
3,512
3,718


Charge for the year on owned assets
3,898
477
2,102
6,477



At 30 April 2024

3,898
683
5,614
10,195



Net book value



At 30 April 2024
28,783
6,634
3,501
38,918

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
£



Motor vehicles
28,783

28,783


4.


DEBTORS

2024
2023
£
£


Trade debtors
12,295
15,931

Other debtors
1,350
-

Prepayments and accrued income
15,376
7,213

29,021
23,144


Page 9

 
OCTANE ACCOUNTANTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,536
2,137

Corporation tax
11,505
6,140

Other taxation and social security
4,112
3,412

Obligations under finance lease and hire purchase contracts
2,600
-

Other creditors
8,615
9,891

Accruals and deferred income
6,328
4,790

34,696
26,370



6.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
24,517
20,431

24,517
20,431



7.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Between 1-5 years
24,517
20,431

24,517
20,431

Included in the above is £19,495 worth of balloon payments, of which the vehicles can be returned to cancel out payment requirement.


8.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


Page 10

 
OCTANE ACCOUNTANTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £819 (2023 - £659) . Contributions totalling £- (2023 - £235) were payable to the fund at the reporting date and are included in creditors.


10.


COMMITMENTS UNDER OPERATING LEASES

At 30 April 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
3,240
684

3,240
684


Page 11