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

REGISTERED NUMBER: SC443276 (Scotland)

Octophie Limited

Unaudited Financial Statements

for the Year Ended 28 February 2018

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

Glen Orchy

15 Glenorchy Road

North Berwick

EH39 4PE

FIXED ASSETS

Tangible assets

3

742

1,415

CURRENT ASSETS

Stocks

4,377

7,483

Debtors

4

-

1,477

Cash at bank

683

302

5,060

9,262

CREDITORS

Amounts falling due within one year

5

9,616

9,568

NET CURRENT LIABILITIES

(4,556

)

(306

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,814

)

1,109

PROVISIONS FOR LIABILITIES

-

269

NET (LIABILITIES)/ASSETS

(3,814

)

840

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(3,914

)

740

SHAREHOLDERS' FUNDS

(3,814

)

840

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 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 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 November 2018 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 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. 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 and machinery etc

-

25% on cost and 20% 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.

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 forseeable future. In order to do so the company will

require the continued support of its director.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2017

and 28 February 2018

3,363

DEPRECIATION

At 1 March 2017

1,948

Charge for year

673

At 28 February 2018

2,621

NET BOOK VALUE

At 28 February 2018

742

At 28 February 2017

1,415

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

-

1,477

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other creditors

9,616

9,568