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REGISTERED NUMBER: SC121260 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Otterburn Mills Limited

Otterburn Mills Limited (Registered number: SC121260)






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


Otterburn Mills Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: N Owen
E J Pringle





SECRETARY: N Owen





REGISTERED OFFICE: 12 Hope Street
Edinburgh
EH2 4DB





REGISTERED NUMBER: SC121260 (England and Wales)





ACCOUNTANTS: Inspire Chartered Accountants
6 Queens Court
Third Avenue
Team Valley
Gateshead
Tyne and Wear
NE11 0BU

Otterburn Mills Limited (Registered number: SC121260)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,725 7,560
Tangible assets 5 166,942 166,841
Investments 6 8,000 14,525
179,667 188,926

CURRENT ASSETS
Stocks 322,532 306,930
Debtors 7 298,288 261,854
Cash at bank and in hand 800 5,697
621,620 574,481
CREDITORS
Amounts falling due within one year 8 533,652 485,208
NET CURRENT ASSETS 87,968 89,273
TOTAL ASSETS LESS CURRENT
LIABILITIES

267,635

278,199

CREDITORS
Amounts falling due after more than one
year

9

98,531

115,375
NET ASSETS 169,104 162,824

Otterburn Mills Limited (Registered number: SC121260)

Balance Sheet - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 15,639 15,639
Share premium 209,066 209,066
Retained earnings (55,601 ) (61,881 )
169,104 162,824

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





E J Pringle - Director


Otterburn Mills Limited (Registered number: SC121260)

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

1. STATUTORY INFORMATION

Otterburn Mills Limited 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 5% on cost
Plant and machinery etc - at varying rates on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Otterburn Mills Limited (Registered number: SC121260)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 28 ) .

Otterburn Mills Limited (Registered number: SC121260)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1,000 14,175 15,175
AMORTISATION
At 1 January 2023 1,000 6,615 7,615
Charge for year - 2,835 2,835
At 31 December 2023 1,000 9,450 10,450
NET BOOK VALUE
At 31 December 2023 - 4,725 4,725
At 31 December 2022 - 7,560 7,560

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 54,270 938,623 992,893
Additions - 31,394 31,394
At 31 December 2023 54,270 970,017 1,024,287
DEPRECIATION
At 1 January 2023 13,350 812,702 826,052
Charge for year 5,109 26,184 31,293
At 31 December 2023 18,459 838,886 857,345
NET BOOK VALUE
At 31 December 2023 35,811 131,131 166,942
At 31 December 2022 40,920 125,921 166,841

Otterburn Mills Limited (Registered number: SC121260)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 52,053
DEPRECIATION
At 1 January 2023 17,618
Charge for year 6,091
At 31 December 2023 23,709
NET BOOK VALUE
At 31 December 2023 28,344
At 31 December 2022 34,435

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 14,525
Disposals (6,525 )
At 31 December 2023 8,000
NET BOOK VALUE
At 31 December 2023 8,000
At 31 December 2022 14,525

Otterburn Mills Limited (Registered number: SC121260)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 31,568 7,503
Amounts owed by group undertakings 252,359 230,006
Other debtors 3,992 13,976
287,919 251,485

Amounts falling due after more than one year:
Other debtors 10,369 10,369

Aggregate amounts 298,288 261,854

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 125,578 116,739
Hire purchase contracts and finance leases 14,388 14,934
Trade creditors 200,926 216,035
Taxation and social security 37,284 39,193
Other creditors 155,476 98,307
533,652 485,208

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 80,098 100,000
Hire purchase contracts and finance leases 18,433 12,054
Other creditors - 3,321
98,531 115,375

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst - 10,000

Otterburn Mills Limited (Registered number: SC121260)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 95,578 86,739
Bank loans 110,098 130,000
205,676 216,739

The bank overdraft and loans are secured by way of a debenture over the company's assets.

11. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £24,000 (2022:£25,407).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
E J Pringle
Balance outstanding at start of year 748 -
Amounts advanced - 748
Amounts repaid (748 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 748

13. ULTIMATE CONTROLLING PARTY

The controlling party is E J Pringle.

The company's immediate parent undertaking is Otterburn Holdings Limited, by way of its 100% ownership of Otterburn Mills Limited.

Mr E J Pringle is considered the ultimate controlling part by virtue of his controlling interest in Otterburn Holdings Limited.