Company No:
Contents
DIRECTORS | Emilie Topley |
Paul Nicholas Topley | |
Alexander Topley |
REGISTERED OFFICE | Otterbourne Manor |
Kiln Lane | |
Otterbourne | |
Winchester | |
SO21 2EN | |
England | |
United Kingdom |
COMPANY NUMBER | 13231993 (England and Wales) |
ACCOUNTANT | Gravita Business Services Limited |
Finsgate | |
5-7 Cranwood Street | |
London | |
EC1V 9EE | |
United Kingdom |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.
It is your duty to ensure that Ottershoot Limited 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 loss of Ottershoot Limited. You consider that Ottershoot Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Ottershoot Limited. 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.
Accountant
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom
Note | 28.02.2023 | 28.02.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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13,788,907 | 13,788,907 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (13,803,247) | (13,791,147) | ||
Total assets less current liabilities | (14,340) | (2,240) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Ottershoot Limited (registered number:
Paul Nicholas Topley
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Ottershoot Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Otterbourne Manor, Kiln Lane, Otterbourne, Winchester, SO21 2EN, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements.
The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements. The directors will continue to support the Company and will not request repayment of the loan within 12 months from the date of these financial statements being signed unless the Company has the funds available to do so. Given the current position, the directors believe that any foreseeable obligations can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The current period is 12 months from 1 March 2022 to 28 February 2023 and the comparative period is 13 months from 27 February 2021 to 28 February 2022. Therefore the periods are not entirely comparable.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Year ended 28.02.2023 |
Period from 27.02.2021 to 28.02.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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The monthly average numbers of employees above are the directors.
Other investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 March 2022 |
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At 28 February 2023 |
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Provisions for impairment | |||
At 01 March 2022 |
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At 28 February 2023 |
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Carrying value at 28 February 2023 |
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Carrying value at 28 February 2022 |
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Other investments comprise unlisted investments in ordinary and preference shares in Ignis TopCo Limited at cost less impairment. The shares represent less than 20% ownership and therefore the investments are not considered to be associate or subsidiary undertakings.
28.02.2023 | 28.02.2022 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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Included within other creditors is a director's loan of £13,787,647 (2022: £13,787,647). The loan is unsecured, interest-free and repayable on demand.
P N Topley is the ultimate controlling party as a result of his significant shareholdings in the shares of the Company.