Octopus Communications Consultancy Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2020
Company Registration No. 03842600 (England and Wales)
Octopus Communications Consultancy Limited
Company Information
Directors
J Lonsdale
P Muwanga
(Appointed 8 February 2021)
J S Braddick
(Appointed 8 February 2021)
S Hawkey
(Appointed 8 February 2021)
Company number
03842600
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Octopus Communications Consultancy Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Octopus Communications Consultancy Limited
Balance Sheet
As at 31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,026
93,281
Investments
4
2
2
28,028
93,283
Current assets
Debtors
5
1,406,946
2,399,480
Cash at bank and in hand
2,063,285
679,677
3,470,231
3,079,157
Creditors: amounts falling due within one year
6
(2,232,549)
(2,015,831)
Net current assets
1,237,682
1,063,326
Total assets less current liabilities
1,265,710
1,156,609
Provisions for liabilities
(90,569)
(97,819)
Net assets
1,175,141
1,058,790
Capital and reserves
Called up share capital
7
1,520
1,520
Capital redemption reserve
100
100
Profit and loss reserves
1,173,521
1,057,170
Total equity
1,175,141
1,058,790
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
Octopus Communications Consultancy Limited
Balance Sheet (Continued)
As at 31 December 2020
Page 2
The financial statements were approved by the board of directors and authorised for issue on 9 July 2021 and are signed on its behalf by:
J Lonsdale
Director
Company Registration No. 03842600
Octopus Communications Consultancy Limited
Notes to the Financial Statements
For the year ended 31 December 2020
Page 3
1
Accounting policies
Company information
Octopus Communications Consultancy Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Charlotte Building, 17 Gresse Street, London, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors are managing the impact of the Coronavirus upon the
company
. Inevitably, the level of trade has been affected, with the directors taking all reasonable steps to ensure the
company
continues to trade and meet its liabilities as they fall due for at least one year from the date of approval of the financial statements. Such measures include accessing government support with regards to the Job Retention Scheme and tax deferrals, alongside a cost reduction programme across the
company
to ensure profit margins are protected. The directors have prepared cash flow forecasts that demonstrate the company has sufficient cash flow reserves to continue trading for 12 months from the date of signing of the accounts. Accordingly, the financial statements have been drawn up on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the length of the lease
Computers Equipment
33% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Octopus Communications Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 4
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Octopus Communications Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 5
1.10
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 53
(2019 - 53).
Octopus Communications Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 6
3
Tangible fixed assets
Land and buildings
Computer Equipment
Total
£
£
£
Cost
At 1 January 2020
172,453
153,013
325,466
Additions
6,918
6,918
At 31 December 2020
172,453
159,931
332,384
Depreciation and impairment
At 1 January 2020
97,102
135,083
232,185
Depreciation charged in the year
60,158
12,015
72,173
At 31 December 2020
157,260
147,098
304,358
Carrying amount
At 31 December 2020
15,193
12,833
28,026
At 31 December 2019
75,351
17,930
93,281
4
Fixed asset investments
2020
2019
£
£
Investments
2
2
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2020 & 31 December 2020
2
Carrying amount
At 31 December 2020
2
At 31 December 2019
2
Octopus Communications Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 7
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
604,599
1,110,141
Amounts due from group undertakings
386,308
386,485
Other debtors
416,039
902,854
1,406,946
2,399,480
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
152,689
241,535
Amounts due to group undertakings
310,458
362,112
Corporation tax
210,164
156,492
Other taxation and social security
297,405
301,501
Other creditors
1,261,833
954,191
2,232,549
2,015,831
HSBC PLC hold fixed and floating charges over all of the company's assets.
Two charges were satisfied during the year on 1 December 2020. The remaining charge was satisfied post year end on 3 February 2021.
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
152,000 Ordinary of 1p each
1,520
1,520
1,520
1,520
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
90,584
452,945
Octopus Communications Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 8
9
Events after the reporting date
On 8 February 2021 the company was sold to Publicis Groupe.
10
Related party transactions
H. Virdee, is owed £4,349 (2019: owed £27,614) at the year end.
W. Hamilton, is owed £34,914 (2019: owed £140,493) at the year end.
J. Lonsdale, is owed £34,538 (2019: owed £138,965) at the year end.
P. Hendrick, is owed £34,537 (2019: owed £137.728) at the year end.
All were directors of the company at the year end.
The company has taken the exemption under Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.
11
Parent company
TheOctopus Group Limited is the company's immediate parent.
Brandtosales Limited is the company's ultimate controlling party. The directors consider there is no single ultimate controlling party.
2020-12-31
2020-01-01
false
20 July 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
W Hamilton-Stent
P George Hendrick
J Lonsdale
H S Virdee
P Muwanga
P Muwanga
J S Braddick
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