Company registration number 11034559 (England and Wales)
ODYSSEY PENSIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
ODYSSEY PENSIONS LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ODYSSEY PENSIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ODYSSEY PENSIONS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,269
742
Current assets
Debtors
4
143,603
128,939
Investments
5
65,000
65,000
Cash at bank and in hand
170,614
123,203
379,217
317,142
Creditors: amounts falling due within one year
6
(83,207)
(59,842)
Net current assets
296,010
257,300
Total assets less current liabilities
298,279
258,042
Creditors: amounts falling due after more than one year
7
(4,120)
(4,699)
Provisions for liabilities
(568)
141
Net assets
293,591
253,484
Capital and reserves
Called up share capital
333
333
Share premium account
238,565
238,565
Profit and loss reserves
54,693
14,586
Total equity
293,591
253,484

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

ODYSSEY PENSIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 12 February 2025 and are signed on its behalf by:
Jamie Murphy
Director
Company registration number 11034559 (England and Wales)
ODYSSEY PENSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
1
Accounting policies
Company information

Odyssey Pensions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Celtic House, Caxton Palce, Pentwyn, Cardiff, CF23 8HA.

1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
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:

Fixtures and fittings
25% reducing balance
Computers
33% straight line

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.

ODYSSEY PENSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Retirement benefits

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

ODYSSEY PENSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2024
2023
Number
Number
Total
10
8
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 November 2023
467
8,633
9,100
Additions
763
1,490
2,253
At 31 October 2024
1,230
10,123
11,353
Depreciation and impairment
At 1 November 2023
78
8,280
8,358
Depreciation charged in the year
150
576
726
At 31 October 2024
228
8,856
9,084
Carrying amount
At 31 October 2024
1,002
1,267
2,269
At 31 October 2023
389
353
742
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
126,450
62,610
Other debtors
17,153
66,329
143,603
128,939
ODYSSEY PENSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
5
Current asset investments
2024
2023
£
£
Other investments
65,000
65,000
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,259
7,594
Trade creditors
149
-
0
Corporation tax
10,467
-
0
Other taxation and social security
57,463
44,372
Other creditors
10,869
7,876
83,207
59,842
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,120
4,699
8
Related party transactions

Voyager Pensions Limited

All three director shareholders are director shareholders in Voyager Pensions Limited. During the year the company charged Voyager Pensions Limited for using its staff and other office costs totalling £77,667 (2023: £84,100). At the year end, Voyager Pensions Limited owed the company £1,200 (2023: £3,360). This balance has been disclosed within debtors.

 

 

Directors' Transactions

During the year, the directors used the company current account to record amounts due to them and drawn by them.

At the year end, the balance due by the company was £3,521 (2023: £4,208).

 

9
Ultimate Controlling Party

The company is jointly controlled by Mr Jamie Murphy & Mr Martin Coombes.

2024-10-312023-11-01falsefalsefalse12 February 2025CCH SoftwareCCH Accounts Production 2024.301Other activities auxiliary to insurance and pension funding.
Martint CoombesJamie MurphyAndrew McLaughlan
110345592023-11-012024-10-31110345592024-10-31110345592023-10-3111034559core:FurnitureFittings2024-10-3111034559core:ComputerEquipment2024-10-3111034559core:FurnitureFittings2023-10-3111034559core:ComputerEquipment2023-10-3111034559core:CurrentFinancialInstrumentscore:WithinOneYear2024-10-3111034559core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3111034559core:Non-currentFinancialInstrumentscore:AfterOneYear2024-10-3111034559core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3111034559core:CurrentFinancialInstruments2024-10-3111034559core:CurrentFinancialInstruments2023-10-3111034559core:ShareCapital2024-10-3111034559core:ShareCapital2023-10-3111034559core:SharePremium2024-10-3111034559core:SharePremium2023-10-3111034559core:RetainedEarningsAccumulatedLosses2024-10-3111034559core:RetainedEarningsAccumulatedLosses2023-10-3111034559bus:Director22023-11-012024-10-3111034559core:FurnitureFittings2023-11-012024-10-3111034559core:ComputerEquipment2023-11-012024-10-31110345592022-11-012023-10-3111034559core:FurnitureFittings2023-10-3111034559core:ComputerEquipment2023-10-31110345592023-10-3111034559core:WithinOneYear2024-10-3111034559core:WithinOneYear2023-10-3111034559core:Non-currentFinancialInstruments2024-10-3111034559core:Non-currentFinancialInstruments2023-10-3111034559bus:PrivateLimitedCompanyLtd2023-11-012024-10-3111034559bus:SmallCompaniesRegimeForAccounts2023-11-012024-10-3111034559bus:FRS1022023-11-012024-10-3111034559bus:AuditExemptWithAccountantsReport2023-11-012024-10-3111034559bus:Director12023-11-012024-10-3111034559bus:Director32023-11-012024-10-3111034559bus:FullAccounts2023-11-012024-10-31xbrli:purexbrli:sharesiso4217:GBP