Odin Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07815719 (England and Wales)

Financial Statements for the Year Ended 31 March 2019

for

Odin Solutions Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B.S. Cheema

K.S. Bishop

SECRETARY:

REGISTERED OFFICE:

199 Bishopsgate

Spitalfields

London

EC2M 3TY

REGISTERED NUMBER:

07815719 (England and Wales)

ACCOUNTANTS:

Anchor Accounting Limited

Chartered Accountants

57B Station Approach

West Byfleet

Surrey

KT14 6NE

FIXED ASSETS

Tangible assets

4

102,545

137,141

CURRENT ASSETS

Work in progress

21,300

53,500

Debtors

544,196

696,530

Cash at bank

130,277

134,322

695,773

884,352

CREDITORS

Amounts falling due within one year

491,629

500,843

NET CURRENT ASSETS

204,144

383,509

TOTAL ASSETS LESS CURRENT LIABILITIES

306,689

520,650

PROVISIONS FOR LIABILITIES

-

19,259

NET ASSETS

306,689

501,391

CAPITAL AND RESERVES

Called up share capital

5

100

100

Retained earnings

306,589

501,291

SHAREHOLDERS' FUNDS

306,689

501,391

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 28 November 2019 and were signed on its behalf by:

B.S. Cheema - Director

1.	STATUTORY INFORMATION

Odin Solutions 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.

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.

Office equipment

-

25% on reducing balance

Computer equipment

-

33% on cost

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2018 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

201,314

Additions

15,954

At 31 March 2019

217,268

DEPRECIATION

At 1 April 2018

64,173

Charge for year

50,550

At 31 March 2019

114,723

NET BOOK VALUE

At 31 March 2019

102,545

At 31 March 2018

137,141

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

1

100

100

6.	POST BALANCE SHEET EVENTS

On 26th April 2019, Odin Solutions Limited disposed of its loss-making product business. Odin Solutions

Limited issued loan notes in the sum of £403,500 to the acquiring company, which gained ownership of the

intellectual property relating to specialised products for a similar sum.

During the year ending 31 March 2019, Odin Solutions Limited's product business represented £507,933 of the

total turnover of £3,452,287, and made a net loss before tax of £316,500 which reduced the total net profit

before tax to £30,153. The capital gain on the disposal of the intellectual property will be reflected in the

company's statutory accounts for the year ending 31 March 2020.