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Registered Number: 07613181
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 March 2023

for

OTTICOM LTD

Chartered Accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Otticom Ltd for the year ended 31 March 2023.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Otticom Ltd for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the companys accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulations.

This report is made solely to the Board of Directors of Otticom Ltd, as a body, in accordance with the terms of our engagement letter dated 21st April 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Otticom Ltd and state those matters that we have agreed to state to the Board of Directors of Otticom Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at http://icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Otticom Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Otticom Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Otticom Ltd. You consider that Otticom Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Otticom Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements for the year ended 31 March 2023.





....................................................
KWSR & CO LTD
136 Merton High Street
London
SW19 1BA
05 July 2023
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 6,343    8,630 
6,343    8,630 
Current assets      
Debtors: amounts falling due within one year 149,876    181,926 
Cash at bank and in hand 268,926    179,174 
418,802    361,100 
Creditors: amount falling due within one year (41,955)   (32,523)
Net current assets 376,847    328,577 
 
Total assets less current liabilities 383,190    337,207 
Net assets 383,190    337,207 
 

Capital and reserves
     
Called up share capital 4 2    2 
Profit and loss account 383,188    337,205 
Shareholder's funds 383,190    337,207 
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 05 July 2023 and were signed on its behalf by:


-------------------------------
Mark Williams
Director
2
General Information
Otticom Ltd is a private company, limited by shares, registered in England and Wales, registration number 07613181, registration address 70 Church Lane, London, SW19 3PB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard) and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 33.33% Reducing Balance
Computer Equipment 33.33% Reducing Balance
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 April 2022 30,518    5,681    2,438    38,637 
Additions      
Disposals      
At 31 March 2023 30,518    5,681    2,438    38,637 
Depreciation
At 01 April 2022 23,442    5,104    1,461    30,007 
Charge for year 1,769    192    326    2,287 
On disposals      
At 31 March 2023 25,211    5,296    1,787    32,294 
Net book values
Closing balance as at 31 March 2023 5,307    385    651    6,343 
Opening balance as at 01 April 2022 7,076    577    977    8,630 


4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
2 Ordinary shares of £1.00 each  
 

5.

Director’s loan

Director's Current Account

At the end of the year, the directors owed £149,876 (2022 : £181,926) to the company.
3