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Company Registration No. 03053926 (England and Wales)
Odyssey Technologies Limited Unaudited accounts for the year ended 31 August 2024
Odyssey Technologies Limited Unaudited accounts Contents
Page
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Odyssey Technologies Limited Company Information for the year ended 31 August 2024
Directors
Mr P D Witney Mr T J Allen
Secretary
Mr P D Witney
Company Number
03053926 (England and Wales)
Registered Office
Unit E 13 Holder Road Aldershot England GU12 4RH
Accountants
Wellden Turnbull Limited Albany House Claremont Lane Esher Surrey KT10 9FQ
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Odyssey Technologies Limited Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
12,961 
13,576 
Current assets
Inventories
16,565 
3,049 
Debtors
146,894 
154,641 
Cash at bank and in hand
38,888 
98,423 
202,347 
256,113 
Creditors: amounts falling due within one year
(143,183)
(164,777)
Net current assets
59,164 
91,336 
Total assets less current liabilities
72,125 
104,912 
Creditors: amounts falling due after more than one year
(9,043)
(18,674)
Provisions for liabilities
Deferred tax
(3,238)
(3,190)
Net assets
59,844 
83,048 
Capital and reserves
Called up share capital
61 
61 
Share premium
396 
396 
Capital redemption reserve
39 
39 
Profit and loss account
59,348 
82,552 
Shareholders' funds
59,844 
83,048 
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by
Mr P D Witney Director Company Registration No. 03053926
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Odyssey Technologies Limited Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
Odyssey Technologies Limited is a private company, limited by shares, registered in England and Wales, registration number 03053926. The registered office is Unit E, 13 Holder Road, Aldershot, England, GU12 4RH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The following principal accounting policies have been applied:
Presentation currency
The accounts are presented in £ sterling and rounded to the nearest £.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight-line method
Motor vehicles
20% Straight-line method
Fixtures & fittings
20% Straight-line method
Computer equipment
20% Straight-line method
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Odyssey Technologies Limited Notes to the Accounts for the year ended 31 August 2024
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the Company has transferred the significant risks and rewards of ownership to the buyer; - the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably.
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term creditors are measured at the transaction price.
Pension costs
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Odyssey Technologies Limited Notes to the Accounts for the year ended 31 August 2024
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 September 2023
6,697 
21,790 
14,936 
2,947 
46,370 
Additions
1,285 
- 
356 
2,024 
3,665 
Disposals
(333)
- 
- 
(787)
(1,120)
At 31 August 2024
7,649 
21,790 
15,292 
4,184 
48,915 
Depreciation
At 1 September 2023
6,088 
9,640 
14,435 
2,631 
32,794 
Charge for the year
455 
3,200 
59 
566 
4,280 
On disposals
(333)
- 
- 
(787)
(1,120)
At 31 August 2024
6,210 
12,840 
14,494 
2,410 
35,954 
Net book value
At 31 August 2024
1,439 
8,950 
798 
1,774 
12,961 
At 31 August 2023
609 
12,150 
501 
316 
13,576 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
108,997 
129,712 
Accrued income and prepayments
27,420 
14,099 
Other debtors
10,477 
10,830 
146,894 
154,641 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
9,631 
9,392 
Trade creditors
47,801 
48,571 
Taxes and social security
36,782 
51,390 
Other creditors
8,928 
8,093 
Accruals
40,041 
47,331 
143,183 
164,777 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
9,043 
18,674 
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Odyssey Technologies Limited Notes to the Accounts for the year ended 31 August 2024
8
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
3,238 
3,190 
2024 
2023 
£ 
£ 
Provision at start of year
3,190 
498 
Charged to the profit and loss account
48 
2,692 
Provision at end of year
3,238 
3,190 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
61 Ordinary shares of £1 each
61 
61 
10
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 August 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
43,652 
43,652 
Later than one year and not later than five years
35,095 
78,747 
78,747 
122,399 
11
Average number of employees
During the year the average number of employees was 21 (2023: 26).
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