| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Odyssey Systems Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Odyssey Systems Limited |
| Odyssey Systems Limited (Registered number: 02517487) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Odyssey Systems Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Medway House |
| Fudan Way |
| Teesdale Business Park |
| Stockton on Tees |
| TS17 6EN |
| Odyssey Systems Limited (Registered number: 02517487) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Share premium | 10 |
| Capital redemption reserve | 10 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Odyssey Systems Limited (Registered number: 02517487) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Odyssey Systems Limited is a |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
| TURNOVER |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| TANGIBLE FIXED ASSETS |
| Property | - |
| Network infrastructure | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| INVESTMENT PROPERTY |
| Investment properties are measured at fair value at each reporting date with changes in fair value being recognised in the Income Statement. Where appropriate changes in fair value (net of applicable deferred tax) are then transferred from retained earnings to a non-distributable reserve. |
| STOCKS |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| TAXATION |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| DEFERRED TAX |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are recognised in the Income Statement in the period to which they relate. |
| Odyssey Systems Limited (Registered number: 02517487) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| SHARE CAPITAL |
| Called up share capital is allotted, issued and fully paid. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Network | and |
| Property | infrastructure | fittings |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Odyssey Systems Limited (Registered number: 02517487) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The methods and significant assumptions used to ascertain the fair value of £2,121,456 (2023: £2,121,456) are as follows: |
| The fair value of tenanted investment properties (£2,050,386 at 31 December 2024 and 31 December 2023) is derived with reference to the current and expected future rental income from relevant properties and illustrative rental yields for properties that are considered to be comparable in terms of location, nature and so forth. |
| As at 31 December 2024 the applicable investment properties have been valued using illustrative rental yields of approximately 10.5% to 11.5% per annum (2023: 10.5% to 11.5% per annum) as applied to current and expected future rental income. |
| The fair value of investment properties that are under development (£71,070 at 31 December 2024 and 31 December 2023) has been derived with reference to third party acquisition prices. |
| 6. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Odyssey Systems Limited (Registered number: 02517487) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other creditors |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 54,000 | 54,000 |
| 10. | RESERVES |
| The share premium account represents the premium arising on the issue of shares net of any issue costs. |
| The non-distributable reserve is used, where appropriate, to record fair value gains and losses on investment properties and is maintained to assist with the identification of profits available for distribution. |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | OTHER FINANCIAL COMMITMENTS |
| Total financial commitments, guarantees and contingencies that are not included in the balance sheet amount to £170,649 (2023: £228,501). These relate to amounts payable under operating lease and similar agreements at an annual rate of approximately £60,000. |
| 13. | RELATED PARTY DISCLOSURES |
| As disclosed by the Directors' benefits: advances, credit and guarantees note, loans to directors subsisted during the years ended 31 December 2024 and 31 December 2023. |
| The following transactions for the years ended 31 December 2024 and 31 December 2023 are disclosed pursuant to section 1AC.35 of FRS 102 as applicable to small companies: |
| During the years ended 31 December 2024 and 31 December 2023 the owners of the Company provided funds to the Company, no finance costs were incurred and there were no fixed repayment terms. The amount owed to owners of the Company at 31 December 2024 was £4,081 (2023: £64) with the maximum balance owed during the year ended 31 December 2024 being £127,947 (2023: £85,674). |
| Odyssey Systems Limited (Registered number: 02517487) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 14. | SHARE-BASED PAYMENT TRANSACTIONS |
| The company has taken advantage of the exemption in Section 35.10b of FRS 102 not to apply Section 26 Share-based Payment to share options granted before 1 January 2016 (the start of the first reporting period that complies with FRS 102). |
| At the start of the year one share option scheme was active. This scheme had issued 4,000 share options at a price of £24.33 per share. |
| All of the options were available to exercise at 1 January 2024 with 1,000 options being exercisable but not exercised at that date. No further options were exercised during the year with the 1,000 unexercised options expiring on 19 June 2024. |
| 15. | DIRECTORS' BENEFITS: ADVANCES, CREDITS AND GUARANTEES |
| The following loans to directors subsisted during the years ended 31 December 2024 and 31 December 2023. Interest was charged at the official rate where applicable and the balances were unsecured with no fixed repayment terms: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at the start of the year |
| Advances in the year | 325,400 | 806,815 |
| Repayments in the year | (325,400 | ) | (806,815 | ) |
| Balance outstanding at the end of the year |