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Registration number: 12482704

Octu Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Octu Ltd

Company Information

Director

Mr Danish Dada

Registered office

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

Accountants

Mehta & Tengra 9 Berners Place
London
W1T 3AD

 

Octu Ltd

(Registration number: 12482704)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

110,660

106,453

Cash at bank and in hand

 

11,419

16,497

 

122,079

122,950

Creditors: Amounts falling due within one year

6

(57,716)

(47,243)

Total assets less current liabilities

 

64,363

75,707

Creditors: Amounts falling due after more than one year

6

(41,126)

(43,535)

Net assets

 

23,237

32,172

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

23,137

32,072

Shareholders' funds

 

23,237

32,172

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 February 2025
 

.........................................
Mr Danish Dada
Director

 

Octu Ltd

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Retained earnings
£

Total
£

At 1 March 2023

100

32,072

32,172

Loss for the year

-

(8,935)

(8,935)

At 29 February 2024

100

23,137

23,237

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

100

27,643

27,743

Profit for the year

-

4,429

4,429

At 28 February 2023

100

32,072

32,172

 

Octu Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

These financial statements were authorised for issue by the director on 25 February 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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 income 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Octu Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

-

1,039

 

Octu Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

33,477

91,380

Other debtors

100

100

Corporation tax recoverable

8,493

-

Accrued income

-

9,328

Other taxation

360

5,645

Director loan account

68,230

-

 

110,660

106,453

 

Octu Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

42,560

37,954

Accruals and deferred income

2,600

5,400

Corporation tax

12,556

3,889

57,716

47,243

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

41,126

43,535

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

41,126

43,535

The Bank Borrowings represents the Government guaranteed Bounce Back Loan Scheme (BBLS).
 

 

Octu Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Related party transactions

Income and receivables from related parties

2024

2023

Key management
£

Sale of goods

38,518

Amounts receivable from related party

91,380

Loans to related parties

2024

Key management
£

Total
£

Advanced

67,000

67,000

Repaid

(271)

(271)

Interest transactions

1,501

1,501

At end of period

68,230

68,230

Terms of loans to related parties

Due on demand