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Registration number: 08817498

OTTOPT Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

OTTOPT Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

OTTOPT Ltd

Company Information

Director

Mr Richard Trevarthen

Registered office

11 Yarm Court Road
Leatherhead
Surrey
KT22 8NY

Accountants

Atek Accounting Solutions Ltd
First Floor
111 Queens Road
Weybridge
Surrey
KT13 9UN

 

OTTOPT Ltd

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Mr Richard Trevarthen

Principal activity

The principal activity of the company is import and retail of sports goods for clubs and associations.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 16 September 2024
 

.........................................
Mr Richard Trevarthen
Director

 

OTTOPT Ltd

(Registration number: 08817498)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,025

9,366

Current assets

 

Stocks

5

40,715

22,622

Debtors

6

14,160

14,447

Cash at bank and in hand

 

2,621

993

 

57,496

38,062

Creditors: Amounts falling due within one year

7

(32,721)

(27,160)

Net current assets

 

24,775

10,902

Total assets less current liabilities

 

31,800

20,268

Creditors: Amounts falling due after more than one year

7

(8,667)

(12,667)

Net assets

 

23,133

7,601

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

23,033

7,501

Shareholders' funds

 

23,133

7,601

For the financial year ending 31 December 2023 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 16 September 2024
 

.........................................
Mr Richard Trevarthen
Director

 

OTTOPT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
11 Yarm Court Road
Leatherhead
Surrey
KT22 8NY
UK

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 1 A smaller entities - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

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.

 

OTTOPT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

25% Straight line

Motor Vehicle

25% Reducing balance

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.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

Borrowings

 

OTTOPT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

OTTOPT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

5,356

23,742

29,098

At 31 December 2023

5,356

23,742

29,098

Depreciation

At 1 January 2023

5,356

14,376

19,732

Charge for the year

-

2,341

2,341

At 31 December 2023

5,356

16,717

22,073

Carrying amount

At 31 December 2023

-

7,025

7,025

At 31 December 2022

-

9,366

9,366

5

Stocks

2023
£

2022
£

Other inventories

40,715

22,622

6

Debtors

Current

2023
£

2022
£

Trade debtors

14,160

424

Prepayments

-

14,023

 

14,160

14,447

7

Creditors

Creditors: amounts falling due within one year

 

OTTOPT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors (continued)

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

4,099

4,000

trade creditors

 

9,710

12,293

Taxation and social security

 

4,780

3,947

Accruals and deferred income

 

935

858

Other creditors

 

13,197

6,062

 

32,721

27,160

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8,667

12,667

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Related party transactions

During the period, the company recieved a loan from Corporate Hardware Ltd, a company under common control. The amount of the loan was £2,000 (2022: £5000).The outstanding balance at the year end was £7,000 (2022: 5,000). The loan is interest free.