Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 03328279 Mrs Bettina Klimek Miss Nicola McKeown Octa UK EOT Ltd true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03328279 2023-03-31 03328279 2024-03-31 03328279 2023-04-01 2024-03-31 03328279 frs-core:CurrentFinancialInstruments 2024-03-31 03328279 frs-core:ComputerEquipment 2024-03-31 03328279 frs-core:ComputerEquipment 2023-04-01 2024-03-31 03328279 frs-core:ComputerEquipment 2023-03-31 03328279 frs-core:FurnitureFittings 2024-03-31 03328279 frs-core:FurnitureFittings 2023-04-01 2024-03-31 03328279 frs-core:FurnitureFittings 2023-03-31 03328279 frs-core:NetGoodwill 2024-03-31 03328279 frs-core:NetGoodwill 2023-04-01 2024-03-31 03328279 frs-core:NetGoodwill 2023-03-31 03328279 frs-core:PlantMachinery 2024-03-31 03328279 frs-core:PlantMachinery 2023-04-01 2024-03-31 03328279 frs-core:PlantMachinery 2023-03-31 03328279 frs-core:ShareCapital 2024-03-31 03328279 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 03328279 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03328279 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 03328279 frs-bus:SmallEntities 2023-04-01 2024-03-31 03328279 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03328279 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03328279 1 2023-04-01 2024-03-31 03328279 frs-bus:Director1 2023-04-01 2024-03-31 03328279 frs-bus:Director1 2023-03-31 03328279 frs-bus:Director1 2024-03-31 03328279 frs-bus:Director2 2023-04-01 2024-03-31 03328279 frs-countries:EnglandWales 2023-04-01 2024-03-31 03328279 2022-03-31 03328279 2023-03-31 03328279 2022-04-01 2023-03-31 03328279 frs-core:CurrentFinancialInstruments 2023-03-31 03328279 frs-core:ShareCapital 2023-03-31 03328279 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 03328279
Octa (U.K.) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Whyfield Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03328279
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 7,309 14,622
Tangible Assets 5 9,823 7,966
17,132 22,588
CURRENT ASSETS
Stocks 6 830,139 936,555
Debtors 7 1,325 69,036
Cash at bank and in hand 52,744 331,599
884,208 1,337,190
Creditors: Amounts Falling Due Within One Year 8 (74,417 ) (118,254 )
NET CURRENT ASSETS (LIABILITIES) 809,791 1,218,936
TOTAL ASSETS LESS CURRENT LIABILITIES 826,923 1,241,524
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,598 ) -
NET ASSETS 824,325 1,241,524
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 823,325 1,240,524
SHAREHOLDERS' FUNDS 824,325 1,241,524
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Bettina Klimek
Director
30/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Octa (U.K.) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03328279 . The registered office is Klimek Jewellers, 84 Lemon Street, Truro, Cornwall, TR1 2QA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownerhsip of the goods have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% RB
Fixtures & Fittings 20% RB
Computer Equipment 20% RB
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 150,000
As at 31 March 2024 150,000
Amortisation
As at 1 April 2023 135,378
Provided during the period 7,313
As at 31 March 2024 142,691
Net Book Value
As at 31 March 2024 7,309
As at 1 April 2023 14,622
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 400 74,685 1,953 77,038
Additions 2,437 - 2,203 4,640
Disposals (400 ) (749 ) - (1,149 )
As at 31 March 2024 2,437 73,936 4,156 80,529
Depreciation
As at 1 April 2023 67 69,005 - 69,072
Provided during the period 365 1,069 684 2,118
Disposals (67 ) (417 ) - (484 )
As at 31 March 2024 365 69,657 684 70,706
Net Book Value
As at 31 March 2024 2,072 4,279 3,472 9,823
As at 1 April 2023 333 5,680 1,953 7,966
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6. Stocks
2024 2023
£ £
Stock 830,139 936,555
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,325 19,447
Deferred tax current asset - (1,514)
Directors' loan accounts - 51,103
1,325 69,036
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 398 15,500
Corporation tax 53,540 36,478
Other taxes and social security 2,393 40,308
VAT 15,801 21,805
Other creditors 485 2,363
Accruals and deferred income 1,800 1,800
74,417 118,254
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Other Creditors 485 2,363
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mrs Bettina Klimek 53,103 - 53,103 - -
The above loan is unsecured, interest free and repayable on demand.
12. Ultimate Controlling Party
The company's ultimate controlling party is Octa UK EOT Ltd by virtue of his ownership of 100% of the issued share capital in the company.
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