Company registration number 09899797 (England and Wales)
Iron Octopus Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Iron Octopus Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Iron Octopus Limited
Statement Of Financial Position
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,429
8,580
Current assets
Debtors
4
55,164
60,034
Cash at bank and in hand
163,057
133,923
218,221
193,957
Creditors: amounts falling due within one year
5
(34,330)
(30,075)
Net current assets
183,891
163,882
Total assets less current liabilities
206,320
172,462
Creditors: amounts falling due after more than one year
6
-
0
(5,155)
Net assets
206,320
167,307
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
206,319
167,306
Total equity
206,320
167,307

The director of the company has 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 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 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 and signed by the director and authorised for issue on 17 September 2024
B E Green
Director
Company registration number 09899797 (England and Wales)
Iron Octopus Limited
Notes to the financial statements
for the year ended 31 December 2023
- 2 -
1
Accounting policies
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. The principal accounting policies adopted are set out below.

Turnover

Turnover represents 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. Turnover is recognised upon the provision of goods and services.

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
33% Straight Line basis
Fixtures and fittings
25% Reducing Balance basis
Motor vehicles
25% Reducing Balance basis

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.

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.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Iron Octopus Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 3 -
2
Employees

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

2023
2022
Number
Number
Total
7
6
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
24,716
1,584
4,995
31,295
Additions
3,650
-
0
16,995
20,645
At 31 December 2023
28,366
1,584
21,990
51,940
Depreciation and impairment
At 1 January 2023
17,142
1,584
3,989
22,715
Depreciation charged in the year
3,232
-
0
3,564
6,796
At 31 December 2023
20,374
1,584
7,553
29,511
Carrying amount
At 31 December 2023
7,992
-
0
14,437
22,429
At 31 December 2022
7,574
-
0
1,006
8,580
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
55,164
60,034
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,748
1,593
Corporation tax
9,587
15,030
Other taxation and social security
19,902
11,282
Other creditors
93
1,170
Accruals and deferred income
1,000
1,000
34,330
30,075
Iron Octopus Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 4 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
5,155
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
8
Parent company

The company's parent company is Polpo Ferro Ltd, a company registered in England and Wales, whose registered office is situated at Unit 1, Otley Road, Baildon, BD17 7HD.

9
Company information

Iron Octopus Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Otley Road, Baildon, West Yorkshire, BD17 7HD.

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