2022-04-012023-03-312023-03-31false08740546Otiumberg 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Otiumberg Limited

Registered Number
08740546
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Otiumberg Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

Christie Wollenberg
Rosanna Wollenberg

Registered Address

Metal Box Factory
30 Great Guildford Street
London
SE1 0HS

Registered Number

08740546 (England and Wales)
Otiumberg Limited
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets612,6127,376
Tangible assets719,8401,798
32,4529,174
Current assets
Stocks8200,078159,495
Debtors9254,442120,999
Cash at bank and on hand770,9481,097,111
1,225,4681,377,605
Creditors amounts falling due within one year10(181,353)(257,706)
Net current assets (liabilities)1,044,1151,119,899
Total assets less current liabilities1,076,5671,129,073
Provisions for liabilities11(6,166)-
Net assets1,070,4011,129,073
Capital and reserves
Called up share capital1,4301,430
Profit and loss account1,068,9711,127,643
Shareholders' funds1,070,4011,129,073
The financial statements were approved and authorised for issue by the Board of Directors on 14 November 2023, and are signed on its behalf by:
Rosanna Wollenberg
Director
Registered Company No. 08740546
Otiumberg Limited
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company continued to be that of online retail of women's designer accessories and jewellery.
4.Accounting policies
Turnover policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer. This is usually at the point when a tracked parcel has been shipped to the customer.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings10
Office Equipment3
Intangible assets policy
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Development costs are recognised as an intangible asset when all of the following criteria are demonstrated: • The technical feasibility of completing the software so that it will be available for use or sale. • The intention to complete the software and use or sell it. • The ability to use the software or to sell it. • How the software will generate probable future economic benefits. • The availability of adequate technical, financial and other resources to complete the development and to use or sell the software. • The ability to measure reliably the expenditure attributable to the software during its development. Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives: • Software development and website costs 3 years If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price after making an allowance for obsolete and slow-moving items via a provision.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the group. All other leases are classified as operating leases. Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term unless the rental payments are structured to increase in line with expected general inflation, in which case the group recognises annual rent expense equal to amounts owed to the lessor. The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight-line basis.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors, therefore, continue to adopt the going concern basis in preparing its consolidated financial statements.
5.Employee information

20232022
Average number of employees during the year118
6.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 2256,38756,387
Additions8,9008,900
At 31 March 2365,28765,287
Amortisation and impairment
At 01 April 2249,01149,011
Charge for year3,6643,664
At 31 March 2352,67552,675
Net book value
At 31 March 2312,61212,612
At 31 March 227,3767,376
7.Property, plant and equipment

Land & buildings

Office Equipment

Total

£££
Cost or valuation
At 01 April 22-28,00528,005
Additions16,3734,61720,990
At 31 March 2316,37332,62248,995
Depreciation and impairment
At 01 April 22-26,20726,207
Charge for year8912,0572,948
At 31 March 2389128,26429,155
Net book value
At 31 March 2315,4824,35819,840
At 31 March 22-1,7981,798
8.Stocks

2023

2022

££
Finished goods200,078159,495
Total200,078159,495
9.Debtors

2023

2022

££
Trade debtors / trade receivables182,248104,692
Other debtors6,472-
Prepayments and accrued income65,72216,307
Total254,442120,999
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables39,39330,427
Amounts owed to related parties26,97339,332
Taxation and social security114,987108,637
Other creditors-79,310
Total181,353257,706
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)6,166-
Total6,166-