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REGISTERED NUMBER: 03273620 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH JUNE 2023

FOR

OTS LIMITED

OTS LIMITED (REGISTERED NUMBER: 03273620)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


OTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







Directors: D V Phillips
Mrs SE Allen
AJ Stevenson





Secretary: D V Phillips





Registered office: Network House
Thorn Office Centre
Rotherwas
Hereford
HR2 6JT





Registered number: 03273620 (England and Wales)

OTS LIMITED (REGISTERED NUMBER: 03273620)

BALANCE SHEET
30TH JUNE 2023

30.6.23 30.6.22
Notes £ £ £ £
Fixed assets
Tangible assets 4 29,370 28,518

Current assets
Stocks 5 430,723 297,832
Debtors 6 113,579 251,331
Cash at bank and in hand 70,184 209,813
614,486 758,976
Creditors
Amounts falling due within one year 7 204,031 270,608
Net current assets 410,455 488,368
Total assets less current liabilities 439,825 516,886

Creditors
Amounts falling due after more than one
year

8

50,556

40,412
Net assets 389,269 476,474

Capital and reserves
Called up share capital 10 99,600 99,600
Retained earnings 289,669 376,874
Shareholders' funds 389,269 476,474

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

OTS LIMITED (REGISTERED NUMBER: 03273620)

BALANCE SHEET - continued
30TH JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th October 2023 and were signed on its behalf by:





D V Phillips - Director


OTS LIMITED (REGISTERED NUMBER: 03273620)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023


1. Statutory information

OTS Limited is a private company, limited by shares , registered in England and Wales. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost less depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery20% RB
Fixtures, fittings & equipment25% RB & 20% on cost
Motor vehicles25% RB
Computer equipment20% & 10% 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 Statement of Income and Retained Earnings, 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.


OTS LIMITED (REGISTERED NUMBER: 03273620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


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.

Hire purchase commitments
Assets obtained under hire purchase contracts or finance leases are capitalised on the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finances leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs & other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

OTS LIMITED (REGISTERED NUMBER: 03273620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


2. Accounting policies - continued

Financial instruments
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducing all of its liabilities.
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

OTS LIMITED (REGISTERED NUMBER: 03273620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


2. Accounting policies - continued

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

3. Employees (including officers)

The average number of employees during the year was 4 (2022 - 5 ) .

4. Tangible fixed assets
Fixtures,
Plant & fittings & Motor Computer
machinery equipment vehicles equipment Totals
£ £ £ £ £
Cost
At 1st July 2022 4,913 145,498 34,635 70,084 255,130
Additions 1,560 5,883 - 1,482 8,925
At 30th June 2023 6,473 151,381 34,635 71,566 264,055
Depreciation
At 1st July 2022 1,031 144,998 13,106 67,477 226,612
Charge for year 839 1,030 5,382 822 8,073
At 30th June 2023 1,870 146,028 18,488 68,299 234,685
Net book value
At 30th June 2023 4,603 5,353 16,147 3,267 29,370
At 30th June 2022 3,882 500 21,529 2,607 28,518

5. Stocks
30.6.23 30.6.22
£ £
Stocks 430,723 297,832

OTS LIMITED (REGISTERED NUMBER: 03273620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


6. Debtors: amounts falling due within one year
30.6.23 30.6.22
£ £
Trade debtors 106,027 152,534
Other debtors 5,332 -
Owed from related parties 2,220 91,673
Directors' loan account - 7,124
113,579 251,331

7. Creditors: amounts falling due within one year
30.6.23 30.6.22
£ £
Bank loans & overdrafts (see note 9) 5,528 10,000
Hire purchase contracts 4,270 -
Trade creditors 158,629 220,230
Social security & other tax 4,172 15,014
Other creditors 22,747 25,364
Owed to related parties 7,275 -
Directors' loan account 1,410 -
204,031 270,608

8. Creditors: amounts falling due after more than one year
30.6.23 30.6.22
£ £
Bank loans (see note 9) 40,593 40,412
Hire purchase contracts 9,963 -
50,556 40,412

9. Loans

An analysis of the maturity of loans is given below:

30.6.23 30.6.22
£ £
Amounts falling due within one year or on demand:
Bank loans 5,528 10,000

Amounts falling due between two and five years:
Bank loans - two to five years 40,593 40,412

OTS LIMITED (REGISTERED NUMBER: 03273620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £ £
100 Ordinary £1 100 100
99,500 Preference £1 99,500 99,500
99,600 99,600

11. Contingent liabilities & lease commitments

There were no contingent liabilities or lease commitments as at 30th June 2023.

12. Related party disclosures

The directors

During the year, the directors used a current account with the company to record amounts due to them and amounts drawn by them. Loans and advances totalling £484 and repayments of £7,608 were made during the year. The balance at the year end was £1,410 owed by the company (2022: £7,124 owed to the company).

Loans were made interest free and payable on demand.

Transactions with related parties:




Controlling
party
entities
Other
related
party
entities
£   £   
Purchases(96,158)-
Loans47,600(944)
Loans written off(129,715)-
Debtor/(creditor) balance as at 30.6.2023(4,111)(944)


Loans were made interest free and payable on demand.