Company registration number SC396086 (Scotland)
ODYSSEUS CAPITAL MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ODYSSEUS CAPITAL MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ODYSSEUS CAPITAL MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
680
1,782
Investments
5
3
3
683
1,785
Current assets
Debtors
7
699,338
830,187
Cash at bank and in hand
8,511
12,987
707,849
843,174
Creditors: amounts falling due within one year
8
(294,154)
(156,963)
Net current assets
413,695
686,211
Total assets less current liabilities
414,378
687,996
Creditors: amounts falling due after more than one year
9
(4,062,113)
(3,489,661)
Net liabilities
(3,647,735)
(2,801,665)
Capital and reserves
Called up share capital
10
580
580
Share premium account
339,975
339,975
Profit and loss reserves
(3,988,290)
(3,142,220)
Total equity
(3,647,735)
(2,801,665)
ODYSSEUS CAPITAL MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 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 year 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 19 December 2024 and are signed on its behalf by:
Richard Edlmann
Director
Company registration number SC396086 (Scotland)
ODYSSEUS CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Odysseus Capital Management Limited is a private company limited by shares incorporated in Scotland. The registered office is 8 Doune Terrace, Edinburgh, EH3 6DY.
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 £.
1.2
Going concern
The company is dependent on the support of its truedirectors and investors to meet its obligations as they become due. The directors have pledged their support to the company for the foreseeable future. In view of this, they are satisfied that it is appropriate to prepare the accounts on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
Straight line over 3 years
The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ODYSSEUS CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Debtors
Debtors with no stated interest rate or are receivable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
1.7
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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ODYSSEUS CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
4
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
17,252
Additions
504
At 31 March 2024
17,756
Depreciation and impairment
At 1 April 2023
15,470
Depreciation charged in the year
1,606
At 31 March 2024
17,076
Carrying amount
At 31 March 2024
680
At 31 March 2023
1,782
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
3
3
ODYSSEUS CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Corem Investment Management Limited
1
Ordinary shares
50.00
Odysseus Cleanslate Limited
2
Ordinary shares
50.00
Odysseus 1 Edinburgh Limited
1
Ordinary shares
100.00
Registered office addresses (all UK unless otherwise indicated):
1
8 Doune Terrace, Edinburgh EH 3 6DY
2
Unit 4 Kennet House, 19 High Street, Hungerford, RG17 0NL
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Corem Investment Management Limited
6,922
(3,661)
Odysseus Cleanslate Limited
2
-
Odysseus 1 Edinburgh Limited
(430,784)
(253,147)
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
699,338
830,187
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,283
28,880
Taxation and social security
6,477
21,343
Other creditors
284,394
106,740
294,154
156,963
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,062,113
3,489,661
ODYSSEUS CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
35,462 Ordinary shares of 1p each
355
355
Deferred share capital
Issued and fully paid
22,493 Deferred shares of 1p each
225
225
11
Transactions with related parties
The directors are of the opinion that related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C, apart from the loans to Mr Edlmann and Mr Lillington:
%
Due at
Amounts
Interest
Amounts
Due at
Rate
31/03/2023
advanced
charged
repaid
31/03/2024
£
£
£
£
£
R Edlmann
2
233,432
31
5,253
-
238,716
P Lillington
2
111,929
-
2,518
-
114,447
345,361
31
7,771
-
353,163