4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 48,000 48,000 938,367 205,000 56,806 1,086,561 272,894 813,667 665,473 xbrli:pure xbrli:shares iso4217:GBP 03567220 2023-06-01 2024-05-31 03567220 2024-05-31 03567220 2023-05-31 03567220 2022-06-01 2023-05-31 03567220 2023-05-31 03567220 2022-05-31 03567220 core:NetGoodwill 2023-06-01 2024-05-31 03567220 core:PlantMachinery 2023-06-01 2024-05-31 03567220 core:FurnitureFittings 2023-06-01 2024-05-31 03567220 bus:Director4 2023-06-01 2024-05-31 03567220 bus:Director3 2023-06-01 2024-05-31 03567220 core:NetGoodwill 2024-05-31 03567220 core:PlantMachinery 2023-05-31 03567220 core:FurnitureFittings 2023-05-31 03567220 core:PlantMachinery 2024-05-31 03567220 core:FurnitureFittings 2024-05-31 03567220 core:WithinOneYear 2024-05-31 03567220 core:WithinOneYear 2023-05-31 03567220 core:ShareCapital 2024-05-31 03567220 core:ShareCapital 2023-05-31 03567220 core:RetainedEarningsAccumulatedLosses 2024-05-31 03567220 core:RetainedEarningsAccumulatedLosses 2023-05-31 03567220 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 03567220 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-05-31 03567220 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-05-31 03567220 core:CostValuation core:Non-currentFinancialInstruments 2024-05-31 03567220 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-05-31 03567220 core:Non-currentFinancialInstruments 2024-05-31 03567220 core:Non-currentFinancialInstruments 2023-05-31 03567220 core:PlantMachinery 2023-05-31 03567220 core:FurnitureFittings 2023-05-31 03567220 bus:Director3 2023-05-31 03567220 bus:Director3 2024-05-31 03567220 bus:Director4 2023-05-31 03567220 bus:Director4 2024-05-31 03567220 bus:Director3 2022-05-31 03567220 bus:Director3 2023-05-31 03567220 bus:Director4 2022-05-31 03567220 bus:Director4 2023-05-31 03567220 bus:Director3 2022-06-01 2023-05-31 03567220 bus:Director4 2022-06-01 2023-05-31 03567220 bus:SmallEntities 2023-06-01 2024-05-31 03567220 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03567220 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 03567220 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03567220 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 03567220
ODYSSEAN ENTERPRISES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
ODYSSEAN ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
4,612
5,765
Investments
7
813,667
665,473
----------
----------
818,279
671,238
Current assets
Debtors
8
95,534
111,184
Cash at bank and in hand
148,471
275,765
----------
----------
244,005
386,949
Creditors: amounts falling due within one year
9
186,847
186,158
----------
----------
Net current assets
57,158
200,791
----------
----------
Total assets less current liabilities
875,437
872,029
Provisions
Taxation including deferred tax
1,153
1,153
Other provisions
374,124
372,054
----------
----------
375,277
373,207
----------
----------
Net assets
500,160
498,822
----------
----------
ODYSSEAN ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
200
200
Profit and loss account
499,960
498,622
----------
----------
Shareholders funds
500,160
498,822
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Mrs S Shah
Director
Company registration number: 03567220
ODYSSEAN ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties, that may cast significant doubt about the ability of the company to continue as a going concern, have been identified by the directors.
The directors consider that the uncertainty caused in the company's industry as a result of Coronavirus and the recovery from the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern.
This assumption has been continued as the economy is hit by the cost of living crisis, and war in Ukraine.
Fixed asset investments
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Investments held as fixed assets are stated at cost, together with subsequent capital contributions, less any provisions for impairment in value. Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the fixed asset investment.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% reducing balance
Fixtures, fittings & equipment
-
20% reducing balance
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
48,000
---------
Amortisation
At 1 June 2023 and 31 May 2024
48,000
---------
Carrying amount
At 31 May 2024
---------
At 31 May 2023
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
22,186
6,900
29,086
---------
-------
---------
Depreciation
At 1 June 2023
17,177
6,144
23,321
Charge for the year
1,002
151
1,153
---------
-------
---------
At 31 May 2024
18,179
6,295
24,474
---------
-------
---------
Carrying amount
At 31 May 2024
4,007
605
4,612
---------
-------
---------
At 31 May 2023
5,009
756
5,765
---------
-------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 June 2023
938,367
Additions
205,000
Revaluations
( 56,806)
-------------
At 31 May 2024
1,086,561
-------------
Impairment
At 1 June 2023 and 31 May 2024
272,894
-------------
Carrying amount
At 31 May 2024
813,667
-------------
At 31 May 2023
665,473
-------------
8. Debtors
2024
2023
£
£
Trade debtors
53,223
24,480
Other debtors
42,311
86,704
---------
----------
95,534
111,184
---------
----------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,145
13
Corporation tax
38,539
66,417
Social security and other taxes
16,354
23,115
Other creditors
130,809
96,613
----------
----------
186,847
186,158
----------
----------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P J Dembo
( 45,426)
( 17,263)
( 62,689)
Mrs S Shah
( 45,427)
( 17,262)
( 62,689)
---------
---------
----------
( 90,853)
( 34,525)
( 125,378)
---------
---------
----------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P J Dembo
( 31,897)
( 13,529)
( 45,426)
Mrs S Shah
( 31,897)
( 13,530)
( 45,427)
---------
---------
---------
( 63,794)
( 27,059)
( 90,853)
---------
---------
---------
11. Related party transactions
The company was under the control of P Dembo and S Shah throughout the current and previous year.