Odussiel Ltd. - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07475453 (England and Wales)

ODUSSIEL LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

J M Puel

Registered office:

69/85 Tabernacle Street

London

EC2A 4RR

Registered number:

07475453 (England and Wales)

Current assets

Debtors

4

22,001

14,501

Cash at bank

28,648

34,123

50,649

48,624

Creditors

Amounts falling due within one year

5

10,215

10,569

Net current assets

40,434

38,055

Total assets less current liabilities

40,434

38,055

Capital and reserves

Called up share capital

6

1

1

Retained earnings

7

40,433

38,054

Shareholders' funds

40,434

38,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 22 May 2018 and were signed by:

J M Puel - Director

1.	Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.	Accounting policies

Basis of preparing the financial statements

Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except as

otherwise stated).

Significant judgements and estimates

In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in

determining the carrying amounts of assets and liabilities. The director's judgements, estimated and assumptions are based

on the best and most reliable evidence available at the time when the decisions are made, and are based on historical

experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such

judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision

and future periods, if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies

The critical judgement that the director has made in the process of applying the Company's accounting policies that have the

most significant effect on the amounts recognised in the statutory financial statements are discussed below:

(i) Assessing indicators of impairment

In assessing whether there have been any indicators or impairment of assets, the director has considered both external and

internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There

have been no indicators of impairment identified during the current financial year.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of

causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed

below.

(ii) Recoverability of receivables

The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability

the directors consider factors such as the ageing of the receivables, past experience and recoverability, and the credit profile

of individual or groups of customers.

Turnover

Turnover represents amounts receivable for services.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the director has

carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12

months from the date of signing the financial statements, and the extent to which they might affect the preparation of the

financial statements on a going concern basis.

Based on assessment, the director considers that the Company maintains an appropriate level of liquidity, sufficient to meet

the demands of the business including any capital and servicing obligations and external debt liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers that the

Company is not exposed to losses on these assets which would affect his decision to adopt the going concern basis.

The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for

the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability

to continue as a going concern. Thus the director has continued to adopt the going concern basis of accounting in preparing

these financial statements

Provisions

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probably

that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the obligation. The

amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end

of the reporting taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the

time value of money is material.

Financial instruments

Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial

instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other

receivables, equity investments, trade and other payables, loans and borrowings. The company has chosen to apply the

provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full.

Financial assets / liabilities - classified as basic financial instruments

(i) Cash and cash equivalents

This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of

three months or less.

(ii) Trade and other receivables

Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently

measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are

receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any

impairment.

At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount

may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able

to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference

between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective

interest rate. The amount of the provision is recognised immediately in profit or loss.

(iii) Trade and other payables and loans and borrowings

Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction

price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method.

3.	Employees and directors

The average number of employees during the year was 2 (2016 - 2 ) .

4.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

17,500

10,000

Other debtors

4,500

4,500

Called up share capital not paid

1

1

22,001

14,501

5.

Creditors: amounts falling due within one year

2017

2016

£

£

Tax

612

845

Social security and other taxes

5,044

5,224

Pension control

59

-

Accruals and deferred income

4,500

4,500

10,215

10,569

6.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

7.

Reserves

Retained

earnings

£

At 1 January 2017

38,054

Profit for the year

2,379

At 31 December 2017

40,433

8.	Ultimate controlling party

The ultimate controlling party is J M Puel, the director of the company.