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
Odyssey Technologies Limited
Company Information
for the year ended 31 August 2024
Directors
Mr P D Witney
Mr T J Allen
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
Odyssey Technologies Limited
Statement of financial position
as at 31 August 2024
Tangible assets
12,961
13,576
Cash at bank and in hand
38,888
98,423
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)
Called up share capital
61
61
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
Odyssey Technologies Limited
Notes to the Accounts
for the year ended 31 August 2024
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.
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.
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:
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
Odyssey Technologies Limited
Notes to the Accounts
for the year ended 31 August 2024
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 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.
Short term debtors are measured at transaction price, less any impairment.
Short term creditors are measured at the transaction price.
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 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.
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
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
At 31 August 2024
1,439
8,950
798
1,774
12,961
At 31 August 2023
609
12,150
501
316
13,576
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
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
7
Creditors: amounts falling due after more than one year
2024
2023
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
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
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
11
Average number of employees
During the year the average number of employees was 21 (2023: 26).