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REGISTERED NUMBER: SC596100 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

OCTOPUS TEST SYSTEMS LTD

OCTOPUS TEST SYSTEMS LTD (REGISTERED NUMBER: SC596100)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

OCTOPUS TEST SYSTEMS LTD

COMPANY INFORMATION
for the Year Ended 31 May 2024







DIRECTORS: Mr S Waddell
Miss F Kenyon





REGISTERED OFFICE: 50 Earlspark Drive
Bieldside
Aberdeen
AB15 9AH





REGISTERED NUMBER: SC596100 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

OCTOPUS TEST SYSTEMS LTD (REGISTERED NUMBER: SC596100)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 24,967 27,767
Tangible assets 6 10,189 12,341
35,156 40,108

CURRENT ASSETS
Debtors 7 41,876 35,613
Cash at bank 8,441 2,928
50,317 38,541
CREDITORS
Amounts falling due within one year 8 54,456 51,638
NET CURRENT LIABILITIES (4,139 ) (13,097 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,017

27,011

CREDITORS
Amounts falling due after more than one year 9 (20,949 ) (25,048 )

PROVISIONS FOR LIABILITIES (8,789 ) (1,439 )
NET ASSETS 1,279 524

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,179 424
SHAREHOLDERS' FUNDS 1,279 524

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2025 and were signed on its behalf by:





Mr S Waddell - Director


OCTOPUS TEST SYSTEMS LTD (REGISTERED NUMBER: SC596100)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Octopus Test Systems Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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 provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 10% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 33% on cost
Computer equipment - 33% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

OCTOPUS TEST SYSTEMS LTD (REGISTERED NUMBER: SC596100)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 June 2023
and 31 May 2024 28,000
AMORTISATION
At 1 June 2023 233
Amortisation for year 2,800
At 31 May 2024 3,033
NET BOOK VALUE
At 31 May 2024 24,967
At 31 May 2023 27,767

6. TANGIBLE FIXED ASSETS
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 6,789 943 8,750 357 16,839
Additions - 1,887 - - 1,887
At 31 May 2024 6,789 2,830 8,750 357 18,726
DEPRECIATION
At 1 June 2023 113 360 3,668 357 4,498
Charge for year 679 444 2,916 - 4,039
At 31 May 2024 792 804 6,584 357 8,537
NET BOOK VALUE
At 31 May 2024 5,997 2,026 2,166 - 10,189
At 31 May 2023 6,676 583 5,082 - 12,341

OCTOPUS TEST SYSTEMS LTD (REGISTERED NUMBER: SC596100)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023
and 31 May 2024 8,750
DEPRECIATION
At 1 June 2023 3,668
Charge for year 2,916
At 31 May 2024 6,584
NET BOOK VALUE
At 31 May 2024 2,166
At 31 May 2023 5,082

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 41,701 30,582
Other debtors - 5,031
Prepayments and accrued income 175 -
41,876 35,613

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,765 6,400
Hire purchase contracts 2,305 2,116
Trade creditors 2,400 -
Tax 26,446 21,157
Social security and other taxes 417 416
VAT 7,134 1,176
Directors' current accounts 8,194 6,083
Accruals and deferred income 3,795 14,290
54,456 51,638

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 3,765 6,400
Bank loans - 2-5 years 15,107 14,266
Hire purchase contracts 2,077 4,382
20,949 25,048

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

OCTOPUS TEST SYSTEMS LTD (REGISTERED NUMBER: SC596100)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
Mr S Waddell
Balance outstanding at start of year (4,083 ) (4,960 )
Amounts advanced 2,700 7,053
Amounts repaid (4,572 ) (6,176 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,955 ) (4,083 )

Miss F Kenyon
Balance outstanding at start of year (2,000 ) -
Amounts advanced 74 -
Amounts repaid (312 ) (2,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,238 ) (2,000 )

The loan is interest free and has no set repayments.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
OCTOPUS TEST SYSTEMS LTD (REGISTERED NUMBER: SC596100)

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Octopus Test Systems Ltd for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Octopus Test Systems Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Octopus Test Systems Ltd and state those matters that we have agreed to state to the Board of Directors of Octopus Test Systems Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Octopus Test Systems Ltd 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 Octopus Test Systems Ltd. You consider that Octopus Test Systems Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Octopus Test Systems Ltd. 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.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


5 February 2025