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OTTO TALENTI LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






OTTO TALENTI LTD (REGISTERED NUMBER: 11518954)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OTTO TALENTI LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J C Rae
Mrs C Rae





REGISTERED OFFICE: Unit 1, Gate Farm
High Street
Sutton Benger
Chippenham
Wiltshire
SN15 4RE





REGISTERED NUMBER: 11518954 (England and Wales)





ACCOUNTANTS: Bowen Accountants Ltd
Chartered Accountants
Unit 1 Gate Farm
High Street
Sutton Benger
Chippenham
Wiltshire
SN15 4RE

OTTO TALENTI LTD (REGISTERED NUMBER: 11518954)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 955 1,432
Investments 5 2,455,964 959,654
2,456,919 961,086

CURRENT ASSETS
Debtors 6 108,531 98,711
Cash at bank 41,488 1,322,943
150,019 1,421,654
CREDITORS
Amounts falling due within one year 7 2,075,967 2,070,038
NET CURRENT LIABILITIES (1,925,948 ) (648,384 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

530,971

312,702

PROVISIONS FOR LIABILITIES 8 (124,220 ) (57,023 )

ACCRUALS AND DEFERRED INCOME (10,179 ) (6,139 )
NET ASSETS 396,572 249,540

CAPITAL AND RESERVES
Called up share capital 250 250
Retained earnings 396,322 249,290
SHAREHOLDERS' FUNDS 396,572 249,540

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OTTO TALENTI LTD (REGISTERED NUMBER: 11518954)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





J C Rae - Director


OTTO TALENTI LTD (REGISTERED NUMBER: 11518954)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Otto Talenti Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to work carried out to date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on reducing balance

Fixed asset investments are initially recorded at cost. Listed investments are measured at fair value with changes in fair value being recognised in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - NIL ) .

OTTO TALENTI LTD (REGISTERED NUMBER: 11518954)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023
and 31 December 2023 3,461
DEPRECIATION
At 1 January 2023 2,029
Charge for year 477
At 31 December 2023 2,506
NET BOOK VALUE
At 31 December 2023 955
At 31 December 2022 1,432

5. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 January 2023 959,654
Additions 1,235,505
Disposals (10,673 )
Revaluations 271,478
At 31 December 2023 2,455,964
NET BOOK VALUE
At 31 December 2023 2,455,964
At 31 December 2022 959,654

Cost or valuation at 31 December 2023 is represented by:

Listed
investments
£   
Valuation in 2019 (6,933 )
Valuation in 2020 304,977
Valuation in 2021 269,019
Valuation in 2022 (248,616 )
Valuation in 2023 271,478
Cost 1,866,039
2,455,964

OTTO TALENTI LTD (REGISTERED NUMBER: 11518954)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. FIXED ASSET INVESTMENTS - continued

If the fixed asset investments had not been revalued they would have been included at the following historical cost:

2023 2022
as restated
£    £   
Cost 1,866,039 632,314

Fixed asset investments were valued on an open market basis basis on 31 December 2023 by the investment portfolio managers. .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 12,320 2,500
Other debtors 96,211 96,211
108,531 98,711

Other debtors includes an amount of £96,211 representing tax deducted in error from investments managed in Italy. A claim has been made to the Italian tax authorities to recover these monies.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Taxation and social security 4,516 4,038
Other creditors 2,071,451 2,066,000
2,075,967 2,070,038

8. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax 124,220 57,023

Deferred
tax
£   
Balance at 1 January 2023
Prior year adjustment 57,023
As restated 57,023
Revaluation of investments 67,197
Balance at 31 December 2023 124,220