1 January 2023 v2024.43.2 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP067486822023-01-012023-12-31067486822023-12-31067486822022-12-3106748682core:WithinOneYear2023-12-3106748682core:WithinOneYear2022-12-3106748682core:AfterOneYear2023-12-3106748682core:AfterOneYear2022-12-3106748682core:ShareCapital2023-12-3106748682core:ShareCapital2022-12-3106748682core:RetainedEarningsAccumulatedLosses2023-12-3106748682core:RetainedEarningsAccumulatedLosses2022-12-3106748682bus:Director12023-01-012023-12-3106748682bus:Director22023-01-012023-12-3106748682bus:RegisteredOffice2023-01-012023-12-3106748682core:PlantMachinery2023-01-012023-12-3106748682core:MotorVehicles2023-01-012023-12-3106748682core:FurnitureFittings2023-01-012023-12-31067486822022-01-012022-12-3106748682core:PlantMachinery2023-01-0106748682core:PlantMachinery2023-12-3106748682core:PlantMachinery2022-12-310674868212023-01-012023-12-3106748682countries:EnglandWales2023-01-012023-12-3106748682bus:AuditExemptWithAccountantsReport2023-01-012023-12-3106748682bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106748682bus:SmallEntities2023-01-012023-12-3106748682bus:FullAccounts2023-01-012023-12-3106748682bus:CompanySecretary12023-01-012023-12-31
Company registration number:
06748682
Odyssey (G.B) Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Odyssey (G.B) Limited
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
19,409
 
25,357
 
Current assets    
Stocks
93,452
 
17,142
 
Debtors 6
190,081
 
103,943
 
Cash at bank and in hand
104,985
 
262,309
 
388,518
 
383,394
 
Creditors: amounts falling due within one year 7
(149,028
)
(54,728
)
Net current assets
239,490
 
328,666
 
Total assets less current liabilities 258,899   354,023  
Creditors: amounts falling due after more than one year 8
(136,839
)
(202,892
)
Net assets
122,060
 
151,131
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
121,960
 
151,031
 
Shareholders funds
122,060
 
151,131
 
For the year ending
31 December 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
23 September 2024
, and are signed on behalf of the board by:
Mohammad Alam
Nelofar Alam
DirectorDirector
Company registration number:
06748682
Odyssey (G.B) Limited
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
104b Durham Street
,
Rochdale
,
Lancashire
,
OL11 1LS
, . The company is engaged in other manufacturing not elsewhere classified.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
15% reducing balance method
Motor vehicles
15% reducing balance method
Fixtures and fittings
15% reducing balance method

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
9
(2022:
9.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2023
49,534
 
Additions
1,743
 
At
31 December 2023
51,277
 
Depreciation  
At
1 January 2023
24,177
 
Charge
7,691
 
At
31 December 2023
31,868
 
Carrying amount  
At
31 December 2023
19,409
 
At 31 December 2022
25,357
 

6 Debtors

20232022
££
Trade debtors
24,373
 
25,725
 
Other debtors
165,708
 
78,218
 
190,081
 
103,943
 
Other debtors include director's overdrawn account amounting to £19,766 (2022: 55,768).

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors
128,892
 
32,713
 
Taxation and social security
16,353
 
21,577
 
Other creditors
3,783
 
438
 
149,028
 
54,728
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
130,812
 
196,865
 
Other creditors
6,027
 
6,027
 
136,839
 
202,892