REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Otek Property Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Otek Property Investments Limited |
Otek Property Investments Limited (Registered number: 11633352) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
Otek Property Investments Limited (Registered number: 11633352) |
Statement of Financial Position |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Fair value reserve | 9 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
Otek Property Investments Limited (Registered number: 11633352) |
Statement of Financial Position - continued |
31 October 2023 |
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 |
Otek Property Investments Limited (Registered number: 11633352) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Otek Property Investments Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the fair value of rent received or receivable from the investment properties, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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 statement of financial position date. |
Otek Property Investments Limited (Registered number: 11633352) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 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 statement of financial position 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
Additions |
Revaluations | 98,456 |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2022 | 15,372 |
Valuation in 2023 | 98,456 |
Cost | 1,396,172 |
1,510,000 |
Otek Property Investments Limited (Registered number: 11633352) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
4. | INVESTMENT PROPERTY - continued |
Investment property situated at 28 Croft Close, Chislehurst, Kent BR7 6EY is under a charge from The Mortgage Works (UK) PLC. The charge was created on 22nd March 2022. |
Investment property situated at 29 Harleyford, Upper Park Road, Bromley BR1 3HW is under a charge from The Mortgage Works (UK) PLC. The charge was created on 06th April 2022. |
Investment property situated at Flat A, 97 Widmore Road, Bromley, BR1 3AD is under a charge from The Mortgage Works (UK) PLC. The charge was created on 21st July 2023. |
Investment property situated at 78 Cranmore Road, Chislehurst BR7 6ET is under a charge from Nottingham Building Society. The charge was created on 24th July 2023. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Taxation and social security |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Otek Property Investments Limited (Registered number: 11633352) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans |
The loan amounting to £204,495 is secured by the way of charge on the property situated at 28 Croft Close, Chislehurst, Kent BR7 6EY (disclosed as investment property). The charge was created in the name of The Mortgage Works (UK) PLC on 22nd March 2022. |
The loan amounting to £217,620 is secured by the way of charge on the property situated at 29 Harleyford, Upper Park Road, Bromley BR1 3HW (disclosed as investment property). The charge was created in the name of The Mortgage Works (UK) PLC on 06th April 2022. |
The loan amounting to £245,245 is secured by the way of charge on the property situated at Flat A, 97 Widmore Road, Bromley, BR1 3AD (disclosed as investment property). The charge was created in the name of The Mortgage Works (UK) PLC on 21st July 2023. |
The loan amounting to £340,000 is secured by the way of charge on the property situated at 78 Cranmore Road, Chislehurst BR7 6ET (disclosed as investment property). The charge was created in the name of Nottingham Building Society on 24th July 2023. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 November 2022 |
Transfer to/from reserves | 79,720 |
At 31 October 2023 |
Otek Property Investments Limited (Registered number: 11633352) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
10. | RELATED PARTY DISCLOSURES |
The company owes £87,808 (2022: £20,148) to its director, Ms Nayomi Anushka Hapuarachchi who is also a 25% shareholder of the company as at accounting year end date. |
The company owes £87,808 (2022: £20,148) to its director, Mr Ramitha Kuruppu who is also a 75% shareholder of the company as at accounting year end date. |
The company owes £160,000 as at accounting year end date to Otek Limited, a company registered in United Kingdom (Company registered number: 08359397). Mr Ramitha Kuruppu is also a director and a sole shareholder of this company. |