Octophie Limited - Accounts to registrar (filleted) - small 18.2
Octophie Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Octophie Limited |
| Unaudited Financial Statements |
| for the Year Ended 28 February 2021 |
| Octophie Limited (Registered number: SC443276) |
| Contents of the Financial Statements |
| for the Year Ended 28 February 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Octophie Limited |
| Company Information |
| for the Year Ended 28 February 2021 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| The Lighthouse |
| Heugh Road |
| North Berwick |
| EH39 5PX |
| Octophie Limited (Registered number: SC443276) |
| Balance Sheet |
| 28 February 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| Octophie Limited (Registered number: SC443276) |
| Balance Sheet - continued |
| 28 February 2021 |
| 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 |
| Octophie Limited (Registered number: SC443276) |
| Notes to the Financial Statements |
| for the Year Ended 28 February 2021 |
| 1. | STATUTORY INFORMATION |
| Octophie Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Plant and machinery etc | - |
| 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. |
| Octophie Limited (Registered number: SC443276) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 March 2020 |
| and 28 February 2021 |
| DEPRECIATION |
| At 1 March 2020 |
| and 28 February 2021 |
| NET BOOK VALUE |
| At 28 February 2021 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other creditors |
| Other creditors includes the balance owed to the director's current account of £9,672 (£9,492). |