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Company No: 07373198 (England and Wales)

OTTER (SOUTH WEST) LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

OTTER (SOUTH WEST) LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

OTTER (SOUTH WEST) LIMITED

BALANCE SHEET

As at 30 September 2023
OTTER (SOUTH WEST) LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 350,209 341,526
Investment property 4 195,000 190,000
Investments 5 100 100
545,309 531,626
Current assets
Stocks 6 60,000 60,697
Debtors 7 230,776 161,372
Cash at bank and in hand 931,506 596,808
1,222,282 818,877
Creditors: amounts falling due within one year 8 ( 375,111) ( 250,361)
Net current assets 847,171 568,516
Total assets less current liabilities 1,392,480 1,100,142
Provision for liabilities ( 32,553) ( 29,132)
Net assets 1,359,927 1,071,010
Capital and reserves
Called-up share capital 960 960
Fair value reserve 30,000 26,250
Capital redemption reserve 36 36
Profit and loss account 1,328,931 1,043,764
Total shareholders' funds 1,359,927 1,071,010

For the financial year ending 30 September 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 Otter (South West) Limited (registered number: 07373198) were approved and authorised for issue by the Director on 01 February 2024. They were signed on its behalf by:

L J Forgham
Director
OTTER (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
OTTER (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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 year, unless otherwise stated.

General information and basis of accounting

Otter (South West) 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 13

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 October 2022 260,000 38,502 214,010 15,833 35,803 564,148
Additions 0 1,929 62,070 0 3,311 67,310
Disposals 0 0 ( 87,600) 0 0 ( 87,600)
At 30 September 2023 260,000 40,431 188,480 15,833 39,114 543,858
Accumulated depreciation
At 01 October 2022 0 34,480 146,133 14,550 27,459 222,622
Charge for the financial year 0 1,526 23,155 580 3,866 29,127
Disposals 0 0 ( 58,100) 0 0 ( 58,100)
At 30 September 2023 0 36,006 111,188 15,130 31,325 193,649
Net book value
At 30 September 2023 260,000 4,425 77,292 703 7,789 350,209
At 30 September 2022 260,000 4,022 67,877 1,283 8,344 341,526

4. Investment property

Investment property
£
Valuation
As at 01 October 2022 190,000
Fair value movement 5,000
As at 30 September 2023 195,000

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £195,000 (2022 - £190,000).

The historical cost of the investment properties is £155,000 (2022: £155,000).

5. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 100 100

Investments in subsidiaries

2023
£
Cost
At 01 October 2022 220,000
At 30 September 2023 220,000
Provisions for impairment
At 01 October 2022 219,900
At 30 September 2023 219,900
Carrying value at 30 September 2023 100
Carrying value at 30 September 2022 100

6. Stocks

2023 2022
£ £
Stocks 60,000 60,697

7. Debtors

2023 2022
£ £
Trade debtors 177,960 124,030
Other debtors 52,816 37,342
230,776 161,372

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 102,007 118,975
Taxation and social security 137,044 66,592
Other creditors 136,060 64,794
375,111 250,361

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 22,118 10,784