Octavia Estates Limited Filleted accounts for Companies House (small and micro)

OCTAVIA ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02647581

Octavia Estates Limited

Filleted Unaudited Financial Statements

31 March 2022

Octavia Estates Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Current assets

Stocks		7,500	–
Debtors	4	17,109	295,458
Cash at bank and in hand		1,394	72
		--------	---------
		26,003	295,530

Creditors: amounts falling due within one year	5	436,657		744,050
		---------		---------
Net current liabilities			410,654	448,520
			---------	---------
Total assets less current liabilities			( 410,654)	( 448,520)

Creditors: amounts falling due after more than one year	6	39,651	–
		---------	---------
Net liabilities		( 450,305)	( 448,520)
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 450,405)	( 448,620)
	---------	---------
Shareholders deficit	( 450,305)	( 448,520)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

Octavia Estates Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 17 November 2022 , and are signed on behalf of the board by:

Mr C D Lockhart
Director

Company registration number: 02647581

Octavia Estates Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 - 8 Dyer Street, Cirencester, Gloucestershire, GL7 2PF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Debtors

	2022	2021
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	17,109	295,458
	--------	---------

5. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	5,719	50,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9,001	10,000
Social security and other taxes	104,472	105,972
Other creditors	317,465	578,078
	---------	---------
	436,657	744,050
	---------	---------

There are fixed and floating charges secured on all assets for the bank loans and overdrafts.

6. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	39,651	–
	--------	----

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr C D Lockhart	( 577,743)	265,828	( 5,000)	( 316,915)
	---------	---------	-------	---------

	2021
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr C D Lockhart	( 975,835)	400,072	( 1,980)	( 577,743)
	---------	---------	-------	---------