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Registration number: 12916243

Odysse Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Odysse Ltd

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Odysse Ltd

Company Information

Directors

A Prakash

P D A Karras

Dr D Emery

Registered office

Suite 121, Airport House
265 Purley Way
Croydon
CR0 0XZ

Accountants

Innovi Advisors Ltd
Chartered Certified Accountants163 Herne Hill
London
SE24 9LR

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Odysse Ltd
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Odysse Ltd for the year ended 30 September 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Odysse Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Odysse Ltd and state those matters that we have agreed to state to the Board of Directors of Odysse Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Odysse Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Odysse Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Odysse Ltd. You consider that Odysse Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Odysse Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Innovi Advisors Ltd
Chartered Certified Accountants
163 Herne Hill
London
SE24 9LR

26 June 2025

 

Odysse Ltd

(Registration number: 12916243)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

25,750

-

Tangible assets

5

535,113

126,346

Other financial assets

6

80,277

101,215

 

641,140

227,561

Current assets

 

Debtors

7

317,993

13,833

Cash at bank and in hand

 

48,266

64,193

 

366,259

78,026

Creditors: Amounts falling due within one year

8

(225,730)

(70,931)

Net current assets

 

140,529

7,095

Total assets less current liabilities

 

781,669

234,656

Creditors: Amounts falling due after more than one year

8

(403,281)

(95,017)

Net assets

 

378,388

139,639

Capital and reserves

 

Called up share capital

10

176

138

Share premium reserve

637,325

237,363

Retained earnings

(259,113)

(97,862)

Shareholders' funds

 

378,388

139,639

 

Odysse Ltd

(Registration number: 12916243)
Statement of Financial Position as at 30 September 2024 (continued)

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Income Statement.

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

A Prakash
Director

   
     
 

Odysse Ltd

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 England and Wales.

The address of its registered office is:
Suite 121, Airport House
265 Purley Way
Croydon
CR0 0XZ
United Kingdom

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 (£) rounded to the nearest Pound.

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.

 

Odysse Ltd

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

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 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.

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 statement of financial position 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.

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

Office equipment

25% RBM

Motor Vehicles

20% RBM

Intangible assets

Separately acquired software are shown at historical cost.

Software and customer-related other intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Software and customer-related other intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Odysse Ltd

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

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets other than goodwill

10 years

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 income statement 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.

 

Odysse Ltd

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

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 14).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions

28,611

28,611

At 30 September 2024

28,611

28,611

Amortisation

Amortisation charge

2,861

2,861

At 30 September 2024

2,861

2,861

Carrying amount

At 30 September 2024

25,750

25,750

 

Odysse Ltd

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

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

2,531

139,917

142,448

Additions

3,101

882,682

885,783

Disposals

-

(393,424)

(393,424)

At 30 September 2024

5,632

629,175

634,807

Depreciation

At 1 October 2023

330

15,772

16,102

Charge for the year

961

82,631

83,592

At 30 September 2024

1,291

98,403

99,694

Carrying amount

At 30 September 2024

4,341

530,772

535,113

At 30 September 2023

2,201

124,145

126,346

6

Fixed assets investments

2024
£

2023
£

Non-current financial assets

Financial assets at fair value through profit and loss

71,965

100,000

Financial assets interest capitalised

8,312

1,215

80,277

101,215

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,116

-

Prepayments

13,817

13,833

Other debtors

303,060

-

 

317,993

13,833

 

Odysse Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

126,828

27,560

Trade creditors

 

3,216

6

Taxation and social security

 

51,916

5,476

Accruals and deferred income

 

1,063

3,353

Other creditors

 

42,707

34,536

 

225,730

70,931

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

403,281

95,017

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

403,281

95,017

Current loans and borrowings

2024
£

2023
£

Other borrowings

126,828

27,560

 

Odysse Ltd

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

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £0.00 each

1,758,831

176

1,378,548

138

       

During the year, the share capital was restructured to 1,378,548 Ordinary shares of £0.0001 each and the company issued new 380283 Ordinary shares for £0.0001 each.