Osotto Limited 09010164 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the import of electrical items for resale. Digita Accounts Production Advanced 6.30.9574.0 true true 09010164 2023-02-01 2024-01-31 09010164 2024-01-31 09010164 bus:OrdinaryShareClass1 2024-01-31 09010164 core:CurrentFinancialInstruments 2024-01-31 09010164 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 09010164 core:Non-currentFinancialInstruments 2024-01-31 09010164 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 09010164 bus:SmallEntities 2023-02-01 2024-01-31 09010164 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 09010164 bus:FilletedAccounts 2023-02-01 2024-01-31 09010164 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09010164 bus:RegisteredOffice 2023-02-01 2024-01-31 09010164 bus:Director1 2023-02-01 2024-01-31 09010164 bus:Director2 2023-02-01 2024-01-31 09010164 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 09010164 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09010164 countries:EnglandWales 2023-02-01 2024-01-31 09010164 2022-02-01 2023-01-31 09010164 2023-01-31 09010164 bus:OrdinaryShareClass1 2023-01-31 09010164 core:CurrentFinancialInstruments 2023-01-31 09010164 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 09010164 core:Non-currentFinancialInstruments 2023-01-31 09010164 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09010164

Osotto Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Osotto Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Osotto Limited

Company Information

Directors

Mr Malcolm Mark Smiley

Mr Malcolm Elwood

Registered office

5 High Street
Pontypridd
Mid Glamorgan
CF37 1QJ

Accountants

Smart Accountants (Small Business Centre) Limited
113-115 Belvoir Road
Coalville
Leicestershire
LE67 3PH

 

Osotto Limited

(Registration number: 09010164)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

2,275

2,275

Debtors

5

55,502

55,374

Cash at bank and in hand

 

36,264

44,151

 

94,041

101,800

Creditors: Amounts falling due within one year

6

(5,472)

(5,417)

Total assets less current liabilities

 

88,569

96,383

Creditors: Amounts falling due after more than one year

6

(29,183)

(34,654)

Net assets

 

59,386

61,729

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

59,286

61,629

Shareholders' funds

 

59,386

61,729

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

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

.........................................
Mr Malcolm Elwood
Director

 

Osotto Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
5 High Street
Pontypridd
Mid Glamorgan
CF37 1QJ

These financial statements were authorised for issue by the Board on 3 October 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Osotto Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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. 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

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.

 

Osotto Limited

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

3

Staff numbers

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

4

Stocks

2024
£

2023
£

Other inventories

2,275

2,275

5

Debtors

Current

2024
£

2023
£

Trade debtors

720

720

Prepayments

157

154

Other debtors

54,625

54,500

 

55,502

55,374

 

Osotto Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,472

5,472

Trade creditors

 

-

(55)

 

5,472

5,417

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

29,183

34,654

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,183

34,654

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,472

5,472