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Company Registration No. SC653815 (Scotland)
Ottoline Properties Ltd Unaudited accounts for the year ended 29 February 2024
Ottoline Properties Ltd Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
598 
1,023 
Investment property
1,583,734 
1,770,771 
1,584,332 
1,771,794 
Current assets
Debtors
247,017 
90,560 
Cash at bank and in hand
6,512 
120,285 
253,529 
210,845 
Creditors: amounts falling due within one year
(747,592)
(752,276)
Net current liabilities
(494,063)
(541,431)
Total assets less current liabilities
1,090,269 
1,230,363 
Creditors: amounts falling due after more than one year
(1,146,700)
(1,281,750)
Net liabilities
(56,431)
(51,387)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(56,531)
(51,487)
Shareholders' funds
(56,431)
(51,387)
For the year ending 29 February 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by
Lee Michael O'Donoghue Director Company Registration No. SC653815
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Ottoline Properties Ltd Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Ottoline Properties Ltd is a private company, limited by shares, registered in Scotland, registration number SC653815. The registered office is 4c Citadel House, Citadel Place, Ayr, KA7 1JN, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Going concern
The directors have prepared the financial statements on the going concern basis and have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £56,431. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Finance costs
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:
Plant & machinery
25 % reducing balance
Computer equipment
3 years straight line
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Ottoline Properties Ltd Notes to the Accounts for the year ended 29 February 2024
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Investment property
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Ottoline Properties Ltd Notes to the Accounts for the year ended 29 February 2024
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
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Ottoline Properties Ltd Notes to the Accounts for the year ended 29 February 2024
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 March 2023
820 
1,627 
2,447 
At 29 February 2024
820 
1,627 
2,447 
Depreciation
At 1 March 2023
205 
1,219 
1,424 
Charge for the year
154 
271 
425 
At 29 February 2024
359 
1,490 
1,849 
Net book value
At 29 February 2024
461 
137 
598 
At 28 February 2023
615 
408 
1,023 
5
Investment property
2024 
£ 
Fair value at 1 March 2023
1,770,771 
Additions
2,246 
Disposals
(189,283)
At 29 February 2024
1,583,734 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
510 
1,045 
Accrued income and prepayments
3,492 
- 
Other debtors
243,015 
89,515 
247,017 
90,560 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Taxes and social security
5 
(674)
Other creditors
9,015 
12,751 
Loans from directors
736,942 
735,083 
Accruals
600 
5,116 
Deferred income
1,030 
- 
747,592 
752,276 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
1,146,700 
1,281,750 
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Ottoline Properties Ltd Notes to the Accounts for the year ended 29 February 2024
9
Transactions with related parties
Amounts owed to key management personnel £736,942 (2023: £736,099) Amounts owed by related parties £234,000 (2023: £80,000) Amounts owed to other related parties £0 (2023: £5,000)
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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