Osteon Lutra Limited 10968686 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of veterinary services. Digita Accounts Production Advanced 6.30.9574.0 true true false false 10968686 2023-04-01 2024-03-31 10968686 2024-03-31 10968686 bus:OrdinaryShareClass1 2024-03-31 10968686 bus:OrdinaryShareClass2 2024-03-31 10968686 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 10968686 core:RetainedEarningsAccumulatedLosses 2024-03-31 10968686 core:ShareCapital 2024-03-31 10968686 core:CurrentFinancialInstruments 2024-03-31 10968686 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 10968686 core:Non-currentFinancialInstruments 2024-03-31 10968686 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 10968686 core:AdditionsToInvestments 2024-03-31 10968686 core:CostValuation 2024-03-31 10968686 core:DisposalsDecreaseInInvestments 2024-03-31 10968686 core:FurnitureFittingsToolsEquipment 2024-03-31 10968686 core:MotorVehicles 2024-03-31 10968686 bus:SmallEntities 2023-04-01 2024-03-31 10968686 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10968686 bus:FullAccounts 2023-04-01 2024-03-31 10968686 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10968686 bus:RegisteredOffice 2023-04-01 2024-03-31 10968686 bus:CompanySecretary1 2023-04-01 2024-03-31 10968686 bus:Director1 2023-04-01 2024-03-31 10968686 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 10968686 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 10968686 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10968686 core:ComputerEquipment 2023-04-01 2024-03-31 10968686 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 10968686 core:MotorVehicles 2023-04-01 2024-03-31 10968686 core:PlantMachinery 2023-04-01 2024-03-31 10968686 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 10968686 core:Subsidiary1 2023-04-01 2024-03-31 10968686 core:Subsidiary1 1 2023-04-01 2024-03-31 10968686 core:Subsidiary1 countries:England 2023-04-01 2024-03-31 10968686 countries:EnglandWales 2023-04-01 2024-03-31 10968686 2023-03-31 10968686 core:CostValuation 2023-03-31 10968686 core:FurnitureFittingsToolsEquipment 2023-03-31 10968686 core:MotorVehicles 2023-03-31 10968686 2021-10-01 2023-03-31 10968686 2023-03-31 10968686 bus:OrdinaryShareClass1 2023-03-31 10968686 bus:OrdinaryShareClass2 2023-03-31 10968686 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10968686 core:RetainedEarningsAccumulatedLosses 2023-03-31 10968686 core:ShareCapital 2023-03-31 10968686 core:CurrentFinancialInstruments 2023-03-31 10968686 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10968686 core:Non-currentFinancialInstruments 2023-03-31 10968686 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10968686 core:FurnitureFittingsToolsEquipment 2023-03-31 10968686 core:MotorVehicles 2023-03-31 10968686 core:Subsidiary1 1 2021-10-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10968686

Prepared for the registrar

Osteon Lutra Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Osteon Lutra Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Osteon Lutra Limited

Company Information

Director

Mr M Hibberd

Company secretary

Miss R Balmer

Registered office

Staverton Court
Staverton
Cheltenham
Gloucestershire
GL51 0UX

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Osteon Lutra Limited

(Registration number: 10968686)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

29,554

25,346

Investments

5

371,300

369,900

 

400,854

395,246

Current assets

 

Debtors

6

7,578

1,251

Cash at bank and in hand

 

113,065

58,783

 

120,643

60,034

Creditors: Amounts falling due within one year

7

(68,089)

(40,649)

Net current assets

 

52,554

19,385

Total assets less current liabilities

 

453,408

414,631

Creditors: Amounts falling due after more than one year

7

(28,300)

(36,387)

Deferred tax liabilities

8

(7,389)

(6,337)

Net assets

 

417,719

371,907

Capital and reserves

 

Called up share capital

10

4

4

Profit and loss account

417,715

371,903

Shareholders' funds

 

417,719

371,907

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 1 September 2024
 


Mr M Hibberd
Director

 

Osteon Lutra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Staverton Court
Staverton
Cheltenham
Gloucestershire
GL51 0UX
England

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Osteon Lutra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Computer equipment

33.33% straight line

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Osteon Lutra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Osteon Lutra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
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 profit or loss as described below.

A non financial 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.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 1).

 

Osteon Lutra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

60,085

4,837

64,922

Additions

2,627

12,386

15,013

Disposals

-

(4,837)

(4,837)

At 31 March 2024

62,712

12,386

75,098

Depreciation

At 1 April 2023

36,522

3,054

39,576

Charge for the period

6,442

2,691

9,133

Eliminated on disposal

-

(3,165)

(3,165)

At 31 March 2024

42,964

2,580

45,544

Carrying amount

At 31 March 2024

19,748

9,806

29,554

At 31 March 2023

23,563

1,783

25,346

 

Osteon Lutra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

5

Investments

2024
£

2023
£

Investments in subsidiaries

371,300

369,900

Subsidiaries

£

Cost

At 1 April 2023

369,900

Additions

2,000

Disposals

(600)

At 31 March 2024

371,300

Provision

Carrying amount

At 31 March 2024

371,300

At 31 March 2023

369,900

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Rata Kararehe Ltd

Churchtown Dairy, St Keyne, Liskeard, Cornwall, England, PL14 4RJ

England

Ordinary

70%

70%

Subsidiary undertakings

Rata Kararehe Ltd

The principal activity of Rata Kararehe Ltd is the provision of veterinary services.

 

6

Debtors

31 March 2024
 £

31 March 2023
 £

Trade debtors

7,359

-

Other debtors

219

1,251

 

7,578

1,251

 

Osteon Lutra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

7

Creditors

Note

31 March 2024
 £

31 March 2023
 £

Due within one year

 

Loans and borrowings

9

8,598

8,598

Amounts due to related parties

11

51,210

4,613

Social security and other taxes

 

6,720

25,708

Accrued expenses

 

1,561

1,730

 

68,089

40,649

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

28,300

36,387

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

7,389

7,389

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

6,337

6,337

 

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

8,598

8,598

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

28,300

36,387

 

Osteon Lutra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

10

Share capital

Allotted, called up and fully paid shares

 

31 March 2024

31 March 2023

 

No.

£

No.

£

A Ordinary of £1 each

3

3

3

3

B Ordinary of £1 each

1

1

1

1

 

4

4

4

4

The different classes of shares referred to above carry separate rights to dividends but, in all other significant aspects, rank pari passu.

 

11

Related party transactions

Summary of transactions with key management

Key management personnel is considered to be the director of the company.

As at the balance sheet date, the company owed the director £51,008 (2023: £4,411). This amount is included within amounts due to related parties. There are no fixed repayment terms and no interest is charged on the outstanding amount.

 

Summary of transactions with other related parties

Rata Kararehe Limited (On 31 March 2022, Osteon Lutra Limited became a shareholder of Rata Kararehe Limited).

As at the balance sheet date, Osteon Lutra Limited owed Rata Kararehe Limited £202 (2023: £202). There are no fixed repayment terms or interest charged. This amount is included within amounts due to related parties. All transactions were on an arms length basis.