Acorah Software Products - Accounts Production 15.0.600 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 10548665 Mr Martin Wood Mrs Wendy Guilloneau iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10548665 2023-06-30 10548665 2024-06-30 10548665 2023-07-01 2024-06-30 10548665 frs-core:CurrentFinancialInstruments 2024-06-30 10548665 frs-core:Non-currentFinancialInstruments 2024-06-30 10548665 frs-core:PlantMachinery 2024-06-30 10548665 frs-core:PlantMachinery 2023-07-01 2024-06-30 10548665 frs-core:PlantMachinery 2023-06-30 10548665 frs-core:ShareCapital 2024-06-30 10548665 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 10548665 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10548665 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 10548665 frs-bus:SmallEntities 2023-07-01 2024-06-30 10548665 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10548665 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10548665 frs-core:UnlistedNon-exchangeTraded 2024-06-30 10548665 frs-core:UnlistedNon-exchangeTraded 2023-06-30 10548665 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-06-30 10548665 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-06-30 10548665 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-06-30 10548665 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-06-30 10548665 frs-bus:Director1 2023-07-01 2024-06-30 10548665 frs-bus:CompanySecretary1 2023-07-01 2024-06-30 10548665 frs-core:CurrentFinancialInstruments 1 2024-06-30 10548665 frs-countries:EnglandWales 2023-07-01 2024-06-30 10548665 2022-06-30 10548665 2023-06-30 10548665 2022-07-01 2023-06-30 10548665 frs-core:CurrentFinancialInstruments 2023-06-30 10548665 frs-core:Non-currentFinancialInstruments 2023-06-30 10548665 frs-core:ShareCapital 2023-06-30 10548665 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 10548665 frs-core:CurrentFinancialInstruments 1 2023-06-30
Registered number: 10548665
Otium Lake Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10548665
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,358 6,370
Investments 5 202 202
4,560 6,572
CURRENT ASSETS
Stocks 6 1,539,403 8,494,052
Debtors 7 3,110,572 915,170
Cash at bank and in hand 582,411 13,779
5,232,386 9,423,001
Creditors: Amounts Falling Due Within One Year 8 (1,539,540 ) (2,092,835 )
NET CURRENT ASSETS (LIABILITIES) 3,692,846 7,330,166
TOTAL ASSETS LESS CURRENT LIABILITIES 3,697,406 7,336,738
Creditors: Amounts Falling Due After More Than One Year 9 (3,470,000 ) (6,855,907 )
NET ASSETS 227,406 480,831
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 227,306 480,731
SHAREHOLDERS' FUNDS 227,406 480,831
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Martin Wood
Director
07/11/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Otium Lake Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10548665 . The registered office is Innovation Centre, Maidstone Road, Chatham, Kent, ME5 9FD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 July 2023 13,410
As at 30 June 2024 13,410
Depreciation
As at 1 July 2023 7,040
Provided during the period 2,012
As at 30 June 2024 9,052
Net Book Value
As at 30 June 2024 4,358
As at 1 July 2023 6,370
5. Investments
Unlisted
£
Cost
As at 1 July 2023 202
As at 30 June 2024 202
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 202
As at 1 July 2023 202
6. Stocks
2024 2023
£ £
Work in progress 1,539,403 8,494,052
Page 4
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 448 4,014
Other debtors 17,570 53,854
Intercompany 3,081,271 816,043
Deferred tax current asset 503 503
VAT 10,780 40,756
3,110,572 915,170
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 82,328 322,759
Other creditors 15,000 89,418
Inter-company 1,075,725 1,198,864
Accruals and deferred income 4,500 72,190
Directors' loan accounts 361,987 409,604
1,539,540 2,092,835
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 6,855,907
Other loans 3,470,000 -
3,470,000 6,855,907
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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11. Related Party Transactions
Included in the Other Debtors are the following amounts owed to the following companies, all of which are under the control of the director Mr M Wood. No repayments terms have been set and no interest is to be charged.
- Hibau Developments Ltd - £100 (2023 - £100)
- DMR Civil Engineering Ltd - £450,000 (2023 - £420,000)
- Hibau Living Ltd - £2,218,651 (2023 - £386,914)
- Hibau Group Ltd - £403,491 (2023 - £123,139)
- Riverwood Homes (Kent) Ltd - £7,975 (2023 - £7,975)
- Riverwood Consultancy Ltd - £398 (2023 - £398)
- Crabtree (Hothfield) Ltd - £580 (2023 - £580)
Included in the Other Creditors is an amount of £1,075,725 (2023 - £1,075,725) owed to Bauvill Ltd, a company under the control of the director Mr D South. No repayments terms have been set and no interest is to be charged.
Included in the Other Debtors is an amount of £76 (2023 - £76) owed to Riverwood (Pluckley) Ltd, a company under the control of the director Mr M Wood. No repayments terms have been set and no interest is to be charged.
During the year the company received services from the following companies, all of which are under the control of the directors Mr D South & Mr M Wood.
- Hibau Living Ltd - £1,955,278 of which £23,370 is outstanding
- Hibau Group Ltd - £236,320 of which £0 is outstanding
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