Octophie Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC443276 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 29 FEBRUARY 2016

FOR

OCTOPHIE LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Mrs C F M Benson

REGISTERED OFFICE:

Barns Sawmill

Kirkton Manor

Peebles

Scottish Borders

EH45 9JL

REGISTERED NUMBER:

SC443276 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

Glenorchy

15 Glenorchy Road

North Berwick

East Lothian

EH39 4PE

FIXED ASSETS

Tangible assets

2

2,209

1,440

CURRENT ASSETS

Stocks

11,408

10,846

Debtors

120

322

Cash at bank

45

541

11,573

11,709

CREDITORS

Amounts falling due within one year

8,084

28,095

NET CURRENT ASSETS/(LIABILITIES)

3,489

(16,386

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,698

(14,946

)

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

5,598

(15,046

)

SHAREHOLDERS' FUNDS

5,698

(14,946

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 29 November 2016 and were signed by:

Mrs C F M Benson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2015

1,800

Additions

1,563

At 29 February 2016

3,363

DEPRECIATION

At 1 March 2015

360

Charge for year

794

At 29 February 2016

1,154

NET BOOK VALUE

At 29 February 2016

2,209

At 28 February 2015

1,440

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The company is under the direct control of Mrs CFM Benson, sole director and sole shareholder. Included in creditors at 29

February 2016 is an amount due to Mrs CFM Benson of £6,537 (2015: £9,595). This loan is interest free and there are no

specific terms for repayment.