Company registration number 09899797 (England and Wales)
IRON OCTOPUS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
IRON OCTOPUS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
IRON OCTOPUS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
45,217
22,429
Current assets
Debtors
5
174,278
55,164
Cash at bank and in hand
29,563
163,057
203,841
218,221
Creditors: amounts falling due within one year
6
(35,056)
(34,330)
Net current assets
168,785
183,891
Total assets less current liabilities
214,002
206,320
Creditors: amounts falling due after more than one year
7
(1,919)
Net assets
212,083
206,320
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
212,082
206,319
Total equity
212,083
206,320
For the financial year ended 31 December 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 director acknowledges his 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 director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 13 February 2025
B E Green
Director
Company registration number 09899797 (England and Wales)
IRON OCTOPUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Iron Octopus Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Otley Road, Baildon, West Yorkshire, BD17 7HD.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents 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. Turnover is recognised upon the provision of goods and services.
1.3
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:
Plant and equipment
33% Straight Line basis
Fixtures and fittings
25% Reducing Balance basis
Motor vehicles
25% Reducing Balance basis
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.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
1.4
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
IRON OCTOPUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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
7
7
IRON OCTOPUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
28,366
1,584
21,990
51,940
Additions
16,626
21,700
38,326
At 31 December 2024
44,992
1,584
43,690
90,266
Depreciation and impairment
At 1 January 2024
20,374
1,584
7,553
29,511
Depreciation charged in the year
8,420
7,118
15,538
At 31 December 2024
28,794
1,584
14,671
45,049
Carrying amount
At 31 December 2024
16,198
29,019
45,217
At 31 December 2023
7,992
14,437
22,429
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
46,874
55,164
Other debtors
127,404
174,278
55,164
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under hire purchase contracts
10,086
Trade creditors
6,846
3,748
Corporation tax
9,587
Other taxation and social security
16,584
19,902
Other creditors
251
93
Accruals and deferred income
1,289
1,000
35,056
34,330
Obligations under hire purchase contracts are secured on the assets to which they relate.
IRON OCTOPUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under hire purchase contracts
1,919
Obligations under hire purchase contracts are secured on the assets to which they relate.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Parent company
The company's parent company is Polpo Ferro Ltd, a company registered in England and Wales, whose registered office is situated at Unit 1, Otley Road, Baildon, BD17 7HD.