Octophie Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC443276 (Scotland)

Octophie Limited

Unaudited Financial Statements

for the Year Ended 29 February 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs C F M Benson

REGISTERED OFFICE:

Barns Sawmill

Kirkton Manor

Peebles

Scottish Borders

EH45 9JL

REGISTERED NUMBER:

SC443276 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

FIXED ASSETS

Tangible assets

4

-

187

CURRENT ASSETS

Stocks

2,945

2,945

Cash at bank

2,856

2,601

5,801

5,546

CREDITORS

Amounts falling due within one year

5

10,032

9,824

NET CURRENT LIABILITIES

(4,231

)

(4,278

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,231

)

(4,091

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(4,331

)

(4,191

)

SHAREHOLDERS' FUNDS

(4,231

)

(4,091

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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

The financial statements were approved by the director and authorised for issue on 6 October 2020 and were signed by:

Mrs C F M Benson - Director

1.	STATUTORY INFORMATION

Octophie Limited is a private company, limited by shares , registered in Scotland. 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 and revenue recognition

Turnover comprises the fair value of product design and interior design consultancy services provided as well as picture framing services

Revenue is recognised when the service has been provided and all obligations to customers have been fulfilled.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery

-

20% on cost

Computer equipment

-

25% on cost

Inventories

Inventories have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, costs includes a relevant proportion of overheads according to the stage of manufacture/ completion.

Financial instruments

Financial instruments comprise financial assets and financial liabilities which are recognised when the company become a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS 102 and are accounted for at amortised cost using the effective interest method.The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial.

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.

Going concern

The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade for the foreseeable future. In order to do so the company will require the continued support of its director. The director's going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant &

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 March 2019

and 29 February 2020

939

2,424

3,363

DEPRECIATION

At 1 March 2019

752

2,424

3,176

Charge for year

187

-

187

At 29 February 2020

939

2,424

3,363

NET BOOK VALUE

At 29 February 2020

-

-

-

At 28 February 2019

187

-

187

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Director's current account

9,492

9,284

Accrued expenses

540

540

10,032

9,824

Other creditors includes the balance owed to the director's current account of £9,284 (£9,076).