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REGISTERED NUMBER: 02517487 (England and Wales)













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: M Odysseas
A Middlemiss
M J N Park





SECRETARY: A Middlemiss





REGISTERED OFFICE: Lockheed Court, Preston Farm
Stockton On Tees
Cleveland
TS18 3SH





REGISTERED NUMBER: 02517487 (England and Wales)





AUDITORS: Robson Laidler Accountants Limited
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 4 985,385 956,173
Investment property 5 2,121,456 2,121,456
3,106,841 3,077,629

CURRENT ASSETS
Stocks 52,513 57,954
Debtors 6 254,577 265,199
Cash at bank and in hand 1,162,788 1,044,134
1,469,878 1,367,287
CREDITORS
Amounts falling due within one year 7 639,791 436,908
NET CURRENT ASSETS 830,087 930,379
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,936,928

4,008,008

CREDITORS
Amounts falling due after more than one
year

8

(2,500

)

(7,500

)

PROVISIONS FOR LIABILITIES (295,552 ) (284,270 )
NET ASSETS 3,638,876 3,716,238

CAPITAL AND RESERVES
Called up share capital 9 54,000 54,000
Share premium 10 129,902 129,902
Capital redemption reserve 10 2,631 2,631
Retained earnings 10 3,452,343 3,529,705
SHAREHOLDERS' FUNDS 3,638,876 3,716,238

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2025 and were signed on its behalf by:





A Middlemiss - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property - 2% on cost
Network infrastructure - 33% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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 25 (2023 - 26 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Network and
Property infrastructure fittings
£    £    £   
COST
At 1 January 2024 541,752 919,153 180,965
Additions 2,479 188,294 -
Disposals - - (4,136 )
At 31 December 2024 544,231 1,107,447 176,829
DEPRECIATION
At 1 January 2024 74,309 744,385 143,488
Charge for year 10,836 64,904 7,500
Eliminated on disposal - - (2,961 )
At 31 December 2024 85,145 809,289 148,027
NET BOOK VALUE
At 31 December 2024 459,086 298,158 28,802
At 31 December 2023 467,443 174,768 37,477

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 491,209 220,840 2,353,919
Additions - 1,290 192,063
Disposals - (13,953 ) (18,089 )
At 31 December 2024 491,209 208,177 2,527,893
DEPRECIATION
At 1 January 2024 320,523 115,041 1,397,746
Charge for year 42,672 35,016 160,928
Eliminated on disposal - (13,205 ) (16,166 )
At 31 December 2024 363,195 136,852 1,542,508
NET BOOK VALUE
At 31 December 2024 128,014 71,325 985,385
At 31 December 2023 170,686 105,799 956,173

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 2,121,456
NET BOOK VALUE
At 31 December 2024 2,121,456
At 31 December 2023 2,121,456

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 48,590 69,504
Other debtors 202,482 172,955
251,072 242,459

Amounts falling due after more than one year:
Other debtors 3,505 22,740

Aggregate amounts 254,577 265,199

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 259,628 107,193
Taxation and social security 335,915 286,870
Other creditors 44,248 42,845
639,791 436,908

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 2,500 7,500

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
54,000 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.

Robert R Tindle (Senior Statutory Auditor)
for and on behalf of Robson Laidler Accountants Limited

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 - -