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2023-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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SC336019
2023-07-01
2024-06-30
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SC336019
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SC336019
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COMPANY REGISTRATION NUMBER:
SC336019
Octant Investments Limited |
|
Filleted Unaudited Financial Statements |
|
Octant Investments Limited |
|
Statement of Financial Position |
|
30 June 2024
Fixed assets
Tangible assets |
5 |
1,140,841 |
1,140,990 |
|
|
|
|
Current assets
Debtors |
6 |
134,412 |
13,862 |
Cash at bank and in hand |
309,909 |
811,950 |
|
--------- |
--------- |
|
444,321 |
825,812 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
32,937 |
1,800 |
|
--------- |
--------- |
Net current assets |
411,384 |
824,012 |
|
------------ |
------------ |
Total assets less current liabilities |
1,552,225 |
1,965,002 |
|
|
|
|
Provisions |
5,856 |
5,856 |
|
------------ |
------------ |
Net assets |
1,546,369 |
1,959,146 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
9 |
1,000 |
1,000 |
Other reserves |
10 |
275,725 |
275,725 |
Profit and loss account |
10 |
1,269,644 |
1,682,421 |
|
------------ |
------------ |
Shareholders funds |
1,546,369 |
1,959,146 |
|
------------ |
------------ |
|
|
|
|
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 30 June 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 financial statements for the year in question in accordance with section 476
;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Octant Investments Limited |
|
Statement of Financial Position (continued) |
|
30 June 2024
These financial statements were approved by the
board of directors
and authorised for issue on
4 March 2025
, and are signed on behalf of the board by:
Elizabeth Kythe Gray Muir |
|
Director |
|
|
|
Company registration number:
SC336019
Octant Investments Limited |
|
Notes to the Financial Statements |
|
Year ended 30 June 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 44 Powderhall Road, Edinburgh, EH7 4GB.
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.
Restatement
The restatement for the year ended 30 June 2022 was made to correct the movement in reserves during the year. Following the sale of an investment property, the unrealised profit brought forward on sale of the property, amounting to £145,709, should have been transferred from the non-distributable profit and loss reserve to the distributable profit and loss reserve. Additionally, the non-distributable profit and loss reserve was overstated as a result of an error in the historic cost of the investment properties by £101,050. Therefore, the balance on the non-distributable reserve was restated to £421,434 at 1 July 2021 and £275,725 at 30 June 2022 and the balance on the distributable reserve was restated to £1,706,404 at 1 July 2021 and £1,722,246 at 30 June 2022. The income statement was not affected by these restatements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents rental income from investment properties during the year, exclusive of Value Added Tax where applicable.
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.
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.
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:
|
Equipment |
- |
15% reducing balance |
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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.
Financial instruments
The following assets and liabilities are classified as basic financial instruments - other debtors, cash at bank, accruals, corporation tax and director loans. Cash at bank and other debtors are measured at the undiscounted historic transaction amount. Accruals and taxes due at the end of the reporting period are measured at the amount payable. Director loans are repayable on demand and therefore meet the condition for it to be recognised at transaction amount.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
|
Freehold property |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 July 2023 and 30 June 2024 |
1,140,000 |
4,053 |
1,144,053 |
|
------------ |
------- |
------------ |
Depreciation |
|
|
|
At 1 July 2023 |
– |
3,063 |
3,063 |
Charge for the year |
– |
149 |
149 |
|
------------ |
------- |
------------ |
At 30 June 2024 |
– |
3,212 |
3,212 |
|
------------ |
------- |
------------ |
Carrying amount |
|
|
|
At 30 June 2024 |
1,140,000 |
841 |
1,140,841 |
|
------------ |
------- |
------------ |
At 30 June 2023 |
1,140,000 |
990 |
1,140,990 |
|
------------ |
------- |
------------ |
|
|
|
|
The properties were valued on 22 December 2021 by CKD Galbraith, independent property consultants. In arriving at the valuation of the investment properties held by the company, the director gave due consideration to both independent professional valuations carried out previously, which were carried out at open market value for existing use basis, and general property market information and conditions at the reporting date. The director did not believe there had been a material change to the value of the properties, therefore no revaluation was necessary.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Freehold property |
|
£ |
At 30 June 2024 |
|
Aggregate cost |
– |
Aggregate depreciation |
– |
|
---- |
Carrying value |
– |
|
---- |
|
|
At 30 June 2023 |
|
Aggregate cost |
864,274 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
864,274 |
|
--------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
134,412 |
13,862 |
|
--------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
30,459 |
– |
Social security and other taxes |
269 |
350 |
Other creditors |
2,209 |
1,450 |
|
-------- |
------- |
|
32,937 |
1,800 |
|
-------- |
------- |
|
|
|
8.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions |
5,856 |
5,856 |
|
------- |
------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Fair value adjustment of investment property |
5,856 |
5,856 |
|
------- |
------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|
10.
Reserves
Distributable profit and loss reserve - This reserve records retained earnings of the company which are available for distribution to the shareholder
. Non-distributable profit and loss reserve - this represents the investment property revaluation reserve.
11.
Director's advances, credits and guarantees
At 30 June 2024, the director owed the company £
100,248
(2023 - £ 12,000
). Total advances and credits amounted to £ 100,248
whilst total repayments amounted to £ 12,000
. Interest at 2.25% was charged on the average outstanding loan balance during the year and amounted to £2,248. There are no fixed terms for repayment.
12.
Controlling party
The company is a wholly owned subsidiary of
York Place (No. 475) Limited
, a company limited by shares, company registration number SC336550. The registered office address of this parent company is 44 Powderhall Road, Edinburgh, EH7 4GB.