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Registration number: SC138228

Octavo Systems Limited
Unaudited Financial Statements
for the Year Ended 30 September 2024

Octavo Systems Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 8

Octavo Systems Limited

Company Information

Director | A Williamson

Company secretary | Ms O'Toole

Registered office | 272 Bath Street Glasgow G2 4JR

Accountants | Four Fifty Partnership Chartered Accountants 34 Boulevard Weston-super-Mare Somerset BS23 1NF

Octavo Systems Limited

(Registration number: SC138228)
Balance Sheet as at 30 September 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 24,813 | 32,331
Current assets |  |  |
Debtors | 5 | - | 3,900
Cash at bank and in hand |  | 216,797 | 204,168
|  | 216,797 | 208,068
Creditors: Amounts falling due within one year | 6 | (46,217) | (29,018)
Net current assets |  | 170,580 | 179,050
Total assets less current liabilities |  | 195,393 | 211,381
Provisions for liabilities |  | (3,495) | (4,655)
Net assets |  | 191,898 | 206,726
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 191,798 | 206,626
Shareholders' funds |  | 191,898 | 206,726

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Octavo Systems Limited

(Registration number: SC138228)
Balance Sheet as at 30 September 2024

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 March 2025

......................................... A Williamson Director

Octavo Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

These financial statements were authorised for issue by the director on 4 March 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 presentation currency of the financial statements is Pound Sterling (£).

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.

Octavo Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2 | Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Octavo Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2 | Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Computer Equipment | 15% Reducing balance
Motor Vehicles | 25% Reducing balance

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

Octavo Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4 | Tangible assets

| Computer Equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 October 2023 | 8,954 | 46,649 | 55,603
At 30 September 2024 | 8,954 | 46,649 | 55,603
Depreciation
At 1 October 2023 | 2,864 | 20,409 | 23,273
Charge for the year | 957 | 6,560 | 7,517
At 30 September 2024 | 3,821 | 26,969 | 30,790
Carrying amount
At 30 September 2024 | 5,133 | 19,680 | 24,813
At 30 September 2023 | 6,091 | 26,240 | 32,331

5 | Debtors

Current | 2024 £ | 2023 £
Trade debtors | - | 3,900
| - | 3,900

Octavo Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6 | Creditors

Creditors: amounts falling due within one year

| 2024 £ | 2023 £
Due within one year |  |
Taxation and social security | 6,979 | 3,114
Accruals and deferred income | 1,924 | 4,184
Other creditors | 37,314 | 21,720
| 46,217 | 29,018