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Registration number: 11208657

Octane Draincare Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Octane Draincare Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Octane Draincare Limited

(Registration number: 11208657)
Balance Sheet as at 31 July 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

365,927

 

392,539

Current assets

   

 

Debtors

5

359,184

 

343,254

 

Cash at bank and in hand

 

88,475

 

27,321

 

 

447,659

 

370,575

 

Creditors: Amounts falling due within one year

6

(332,479)

 

(328,335)

 

Net current assets

   

115,180

 

42,240

Total assets less current liabilities

   

481,107

 

434,779

Creditors: Amounts falling due after more than one year

6

 

(66,519)

 

(126,025)

Provisions for liabilities

 

(88,000)

 

(80,000)

Net assets

   

326,588

 

228,754

Capital and reserves

   

 

Called up share capital

7

66

 

66

 

Capital redemption reserve

33

 

33

 

Profit and loss account

326,489

 

228,655

 

Total equity

   

326,588

 

228,754

For the financial year ending 31 July 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 January 2025 and signed on its behalf by:
 

.........................................
R D Sykes
Director

.........................................
J C Unsworth
Director

 
     
 

Octane Draincare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Octane House
Unit D
Peace Street
Bradford
BD4 8UF

These financial statements were authorised for issue by the Board on 17 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably, and it is probable that future economic benefits will flow to the entity.

Government grants

Grants are measured at the fair value of the asset received or receivable.

Grants relating to assets have been recognised in income on a systematic basis over the expected useful life of the asset.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

 

Octane Draincare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

5/10 years straight line basis

Motor vehicles

5/10 years straight line basis

Office equipment

2/4 years straight line basis

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Octane Draincare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 15).

 

Octane Draincare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

458,932

76,655

200

535,787

Additions

35,867

-

1,532

37,399

Disposals

(4,206)

-

-

(4,206)

At 31 July 2024

490,593

76,655

1,732

568,980

Depreciation

At 1 August 2023

128,535

14,705

8

143,248

Charge for the year

53,637

7,995

276

61,908

Eliminated on disposal

(2,103)

-

-

(2,103)

At 31 July 2024

180,069

22,700

284

203,053

Carrying amount

At 31 July 2024

310,524

53,955

1,448

365,927

At 31 July 2023

330,397

61,950

192

392,539

5

Debtors

Current

2024
£

2023
£

Trade debtors

331,977

322,040

Amounts owed by related parties

4,249

2,490

Prepayments

22,958

18,724

 

359,184

343,254

6

Creditors

2024
£

2023
£

Due within one year

Loans and borrowings

122,856

102,574

Trade creditors

56,730

66,543

Amounts owed to related parties

-

56,985

Taxation and social security

116,772

80,027

Accruals and deferred income

20,879

6,813

Other creditors

15,242

15,393

332,479

328,335

Creditors due within one year include obligations under finance lease and hire purchase contracts of £82,588 (2023 - £92,558) which are secured on the assets to which they relate.

 

Octane Draincare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

66,519

126,025

Creditors due over one year include obligations under finance lease and hire purchase contracts of £56,879 (2023 - £106,117) which are secured on the assets to which they relate.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

33

33

33

33

B Ordinary shares of £1 each

33

33

33

33

66

66

66

66