Company registration number 06541033 (England and Wales)
OCTAGON PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
OCTAGON PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OCTAGON PRODUCTS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
31 August 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,181
Investments
5
51,313
52,494
Current assets
Stocks
-
7,972
Debtors
6
13,686
1,348
Cash at bank and in hand
10,614
31,994
24,300
41,314
Creditors: amounts falling due within one year
7
(4,632)
(23,491)
Net current assets
19,668
17,823
Total assets less current liabilities
19,668
70,317
Provisions for liabilities
485
Net assets
19,668
70,802
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
19,568
70,702
Total equity
19,668
70,802
OCTAGON PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
For the financial Period ended 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 of its financial statements for the Period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 4 February 2025 and are signed on its behalf by:
Mr JJ Madigan
Director
Company registration number 06541033 (England and Wales)
OCTAGON PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Octagon Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Billing Road, Northampton, United Kingdom, NN1 5AL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
These financial statements are presented for a period of 17 months to cover the period up to cessation.
The comparative amounts presented in the financial statements are not entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33.3% on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
OCTAGON PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2023
Number
Number
Total
2
2
OCTAGON PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 August 2024
47,113
Amortisation and impairment
At 1 April 2023 and 31 August 2024
47,113
Carrying amount
At 31 August 2024
At 31 March 2023
4
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
3,394
4,615
8,009
Additions
638
638
Disposals
(4,032)
(4,615)
(8,647)
At 31 August 2024
Depreciation and impairment
At 1 April 2023
2,359
4,469
6,828
Depreciation charged in the Period
950
146
1,096
Eliminated in respect of disposals
(3,309)
(4,615)
(7,924)
At 31 August 2024
Carrying amount
At 31 August 2024
At 31 March 2023
1,035
146
1,181
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
51,313
OCTAGON PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
51,313
Disposals
(51,313)
At 31 August 2024
-
Carrying amount
At 31 August 2024
-
At 31 March 2023
51,313
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,686
Prepayments and accrued income
1,348
13,686
1,348
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
143
1,398
Corporation tax
1,328
Other taxation and social security
205
3,821
Other creditors
356
14,957
Accruals and deferred income
2,600
3,315
4,632
23,491
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100