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Registration number: 11467569 (England and Wales)

Occitu Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Occitu Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Occitu Ltd

Company Information

Directors

Dr Dhuleep Sanjay Wijayatilake

Dr Mandeep Singh Sagoo

Mrs Manjit Kaur Sagoo

Company secretary

Mrs Manjit Kaur Sagoo

Registered office

7 Jamestown Way
London
E14 2DE

Accountants

Aventus Partners Limited
Chartered AccountantsHygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Occitu Ltd

(Registration number: 11467569) (England and Wales)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

349,051

349,051

Current assets

 

Debtors

5

60,219

59,423

Cash at bank and in hand

 

12,311

12,205

 

72,530

71,628

Creditors: Amounts falling due within one year

6

(231,223)

(211,007)

Net current liabilities

 

(158,693)

(139,379)

Total assets less current liabilities

 

190,358

209,672

Creditors: Amounts falling due after more than one year

6

(193,317)

(216,816)

Net liabilities

 

(2,959)

(7,144)

Capital and reserves

 

Called up share capital

8

400

400

Retained earnings

(3,359)

(7,544)

Shareholders' deficit

 

(2,959)

(7,144)

For the financial year ending 31 July 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; and

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the Board on 11 April 2025 and signed on its behalf by:
 

.........................................
Dr Dhuleep Sanjay Wijayatilake
Director

   
     
 

Occitu Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 Jamestown Way
London
E14 2DE
United Kingdom

These financial statements were authorised for issue by the Board on 11 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

The company is dependent on continuing finance being made available from the directors to continue operating and to meet its debts as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Occitu Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Occitu Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 2 (2023: 2).

 

Occitu Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Investment properties

2024
£

At 1 August

349,051

At 31 July

349,051

There has been no valuation of investment property by an independent valuer. The directors consider the market value of the properties as at 31st July 2023 does not vary materially from the value shown in the accounts

5

Debtors

2024
£

2023
£

Other debtors

60,219

59,423

60,219

59,423

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

98,186

66,703

Accruals and deferred income

1,655

1,440

Directors current account

131,382

142,864

231,223

211,007

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

193,317

216,816

The bank loan is secured by a charge over the Investnent property.

 

Occitu Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

400

400

400

400