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REGISTERED NUMBER: 11633352 (England and Wales)















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 1,510,000 640,000

CURRENT ASSETS
Cash at bank 10,393 1,232

CREDITORS
Amounts falling due within one year 5 345,567 204,190
NET CURRENT LIABILITIES (335,174 ) (202,958 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,174,826

437,042

CREDITORS
Amounts falling due after more than
one year

6

(1,051,360

)

(422,115

)

PROVISIONS FOR LIABILITIES (21,627 ) (2,892 )
NET ASSETS 101,839 12,035

CAPITAL AND RESERVES
Called up share capital 8 100 100
Fair value reserve 9 92,200 12,480
Retained earnings 9,539 (545 )
SHAREHOLDERS' FUNDS 101,839 12,035

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

Otek Property Investments Limited (Registered number: 11633352)

Statement of Financial Position - continued
31 October 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





Ms Nayomi Anushka Hapuarachchi - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11633352

Registered office: 01 Meadlake Place
Thorpe Lea Road
Egham
Surrey
TW20 8HE

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 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 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 640,000
Additions 771,544
Revaluations 98,456
At 31 October 2023 1,510,000
NET BOOK VALUE
At 31 October 2023 1,510,000
At 31 October 2022 640,000

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 2,330 -
Other creditors 343,237 204,190
345,567 204,190

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 1,051,360 422,115

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,051,360 422,115

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 1,051,360 422,115

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: £    £   
100 Ordinary £1 100 100

9. RESERVES
Fair
value
reserve
£   
At 1 November 2022 12,480
Transfer to/from reserves 79,720

At 31 October 2023 92,200

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.