Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-312022-06-01falseWholesale of dairy products33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11981649 2022-06-01 2023-05-31 11981649 2021-06-01 2022-05-31 11981649 2023-05-31 11981649 2022-05-31 11981649 c:Director1 2022-06-01 2023-05-31 11981649 d:PlantMachinery 2022-06-01 2023-05-31 11981649 d:PlantMachinery 2023-05-31 11981649 d:PlantMachinery 2022-05-31 11981649 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11981649 d:MotorVehicles 2022-06-01 2023-05-31 11981649 d:MotorVehicles 2023-05-31 11981649 d:MotorVehicles 2022-05-31 11981649 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11981649 d:FurnitureFittings 2022-06-01 2023-05-31 11981649 d:FurnitureFittings 2023-05-31 11981649 d:FurnitureFittings 2022-05-31 11981649 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11981649 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11981649 d:CurrentFinancialInstruments 2023-05-31 11981649 d:CurrentFinancialInstruments 2022-05-31 11981649 d:Non-currentFinancialInstruments 2023-05-31 11981649 d:Non-currentFinancialInstruments 2022-05-31 11981649 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 11981649 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 11981649 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 11981649 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 11981649 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 11981649 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-05-31 11981649 d:ShareCapital 2023-05-31 11981649 d:ShareCapital 2022-05-31 11981649 d:RetainedEarningsAccumulatedLosses 2023-05-31 11981649 d:RetainedEarningsAccumulatedLosses 2022-05-31 11981649 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 11981649 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-31 11981649 c:FRS102 2022-06-01 2023-05-31 11981649 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 11981649 c:FullAccounts 2022-06-01 2023-05-31 11981649 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11981649 e:PoundSterling 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 11981649









OTTIES KENT LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

 
OTTIES KENT LTD
REGISTERED NUMBER: 11981649

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
27,842
37,496

  
27,842
37,496

Current assets
  

Debtors: amounts falling due within one year
 5 
23,518
16,800

Cash at bank and in hand
 6 
399
1,574

  
23,917
18,374

Creditors: amounts falling due within one year
 7 
(163,600)
(140,843)

Net current liabilities
  
 
 
(139,683)
 
 
(122,469)

Total assets less current liabilities
  
(111,841)
(84,973)

Creditors: amounts falling due after more than one year
 8 
-
(3,271)

  

Net liabilities
  
(111,841)
(88,244)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(111,941)
(88,344)

  
(111,841)
(88,244)


Page 1

 
OTTIES KENT LTD
REGISTERED NUMBER: 11981649
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 March 2024.




................................................
David Guy
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
OTTIES KENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Otties Kent Ltd is a private company, incorporated in England and Wales, limited by its share capital.  The principal activity of the Company throughout the year was the wholesale of dairy products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts are prepared on a going conern basis, with the support of the directors pledged for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 3

 
OTTIES KENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
OTTIES KENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
3
3

Page 5

 
OTTIES KENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 June 2022
43,824
3,990
1,180
48,994



At 31 May 2023

43,824
3,990
1,180
48,994



Depreciation


At 1 June 2022
8,692
1,996
810
11,498


Charge for the year on owned assets
8,785
499
370
9,654



At 31 May 2023

17,477
2,495
1,180
21,152



Net book value



At 31 May 2023
26,347
1,495
-
27,842



At 31 May 2022
35,132
1,994
370
37,496


5.


Debtors

2023
2022
£
£


Trade debtors
5,477
2,928

Other debtors
17,927
12,198

Prepayments and accrued income
114
1,674

23,518
16,800


Included within other debtors due within one year is a loan to the directors, Stewart Wilson, amounting to £10 (2022 - £10) and Kirsten Wilson amounting to £10 (2022 - £10). 



Page 6

 
OTTIES KENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
399
1,574

399
1,574



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
32,289
29,891

Trade creditors
4,761
7,914

Other creditors
86,032
78,752

Accruals and deferred income
40,518
24,286

163,600
140,843



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
3,271

-
3,271



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
32,289
29,891

Amounts falling due 1-2 years

Bank loans
-
3,271



32,289
33,162


Page 7

 
OTTIES KENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
399
1,574




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


11.


Controlling party

The Company is controlled by the director, David Guy, by virtue of his shareholding, as described in the Directors' report.

 
Page 8