Silverfin false 28/02/2023 01/03/2022 28/02/2023 Emilie Topley 17/02/2022 Paul Nicholas Topley 27/02/2021 Alexander Topley 17/02/2022 30 November 2023 The principal activity of the Company is to hold investments.

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.
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Company No: 13231993 (England and Wales)

OTTERSHOOT LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

OTTERSHOOT LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

OTTERSHOOT LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2023
OTTERSHOOT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
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

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OTTERSHOOT LIMITED

For the financial year ended 28 February 2023

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OTTERSHOOT LIMITED (continued)

For the financial year ended 28 February 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 Ottershoot Limited for the financial year ended 28 February 2023 which comprise the Balance Sheet and the related notes 1 to 7 from the Company’s accounting records and from information and explanations you have given us.

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.

This report is made solely to the Board of Directors of Ottershoot Limited, as a body, in accordance with the terms of our engagement letter dated 22 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Ottershoot Limited and state those matters that we have agreed to state to the Board of Directors of Ottershoot Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ottershoot Limited and its Board of Directors as a body for our work or for this report.

Gravita Business Services Limited
Accountant

Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

01 December 2023

OTTERSHOOT LIMITED

BALANCE SHEET

As at 28 February 2023
OTTERSHOOT LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 28.02.2023 28.02.2022
£ £
Fixed assets
Investments 3 13,788,907 13,788,907
13,788,907 13,788,907
Creditors: amounts falling due within one year 4 ( 13,803,247) ( 13,791,147)
Net current liabilities (13,803,247) (13,791,147)
Total assets less current liabilities (14,340) (2,240)
Net liabilities ( 14,340) ( 2,240)
Capital and reserves
Called-up share capital 1,260 1,260
Profit and loss account ( 15,600 ) ( 3,500 )
Total shareholders' deficit ( 14,340) ( 2,240)

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ottershoot Limited (registered number: 13231993) were approved and authorised for issue by the Board of Directors on 30 November 2023. They were signed on its behalf by:

Paul Nicholas Topley
Director
OTTERSHOOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
OTTERSHOOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Reporting period length

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.

Taxation

Current tax
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.

Impairment of assets

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
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

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.

Fixed asset investments

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 instruments

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.

2. Employees

Year ended
28.02.2023
Period from
27.02.2021 to
28.02.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

The monthly average numbers of employees above are the directors.

3. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 March 2022 13,788,907 13,788,907
At 28 February 2023 13,788,907 13,788,907
Provisions for impairment
At 01 March 2022 0 0
At 28 February 2023 0 0
Carrying value at 28 February 2023 13,788,907 13,788,907
Carrying value at 28 February 2022 13,788,907 13,788,907

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.

4. Creditors: amounts falling due within one year

28.02.2023 28.02.2022
£ £
Trade creditors 9,000 0
Other creditors 13,794,247 13,791,147
13,803,247 13,791,147

5. Related party transactions

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.

6. Events after the Balance Sheet date

Post year end the investments held were sold for an amount in excess of the value held on the balance sheet at 28 February 2023. No adjustment has been made to reflect the change in fair value in these financial statements as the transaction at 28 February 2023 was uncertain and the directors believe reflected the value at the year end based on information held at the time.

7. Ultimate controlling party

P N Topley is the ultimate controlling party as a result of his significant shareholdings in the shares of the Company.