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REGISTERED NUMBER: 13257008 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Ottley Estates Limited

Ottley Estates Limited (Registered number: 13257008)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ottley Estates Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: E J Ottley
Mrs S Ottley





REGISTERED OFFICE: Eldo House
Kempson Way
Bury St Edmunds
Suffolk
IP32 7AR





REGISTERED NUMBER: 13257008 (England and Wales)





ACCOUNTANTS: Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Ottley Estates Limited (Registered number: 13257008)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 873
Investment property 5 5,492,000 5,492,000
5,492,000 5,492,873

CURRENT ASSETS
Debtors 6 113,690 34,133
Cash at bank 50,083 29,644
163,773 63,777
CREDITORS
Amounts falling due within one year 7 41,891 26,815
NET CURRENT ASSETS 121,882 36,962
TOTAL ASSETS LESS CURRENT LIABILITIES 5,613,882 5,529,835

CREDITORS
Amounts falling due after more than one
year

8

3,913,639

3,913,639
NET ASSETS 1,700,243 1,616,196

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Share premium 1,630,522 1,630,522
Retained earnings 68,721 (15,326 )
SHAREHOLDERS' FUNDS 1,700,243 1,616,196

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Ottley Estates Limited (Registered number: 13257008)

Balance Sheet - continued
31 March 2024


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 14 November 2024 and were signed on its behalf by:




E J Ottley - Director



Mrs S Ottley - Director


Ottley Estates Limited (Registered number: 13257008)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Ottley Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the Company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimated and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if revision affects only that and future periods.

The following are critical judgements including those involving estimations, that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Revaluation of investment properties
The Company carries investment properties at fair value, with changes in fair value being recognised in the income statement and transferred to a non-distributable reserve. The Directors have determined fair values on a property by property basis at open market value based on assumptions on expected yield given the location and nature of the property comparable to other known sales or potential sales in the region. Where considered appropriate, the directors seek formal or informal valuations by land and estate agents.

Turnover
Turnover represents rental income, excluding value added tax. Where rents are received from customers in advance, the amounts are recorded as deferred income and included within creditors due within one year. Where rents are received after the period to which they relate to, an amount is recognised in trade debtors to accrue outstanding rents.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Investment property
Investment properties are shown at current market values on the balance sheet. Any aggregate surplus or deficit arising from changes in fair value are recognised in the income statement and transferred to an non-distributable reserve.

Ottley Estates Limited (Registered number: 13257008)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Ottley Estates Limited (Registered number: 13257008)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 1,022
Disposals (1,022 )
At 31 March 2024 -
DEPRECIATION
At 1 April 2023 149
Eliminated on disposal (149 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 873

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 5,492,000
NET BOOK VALUE
At 31 March 2024 5,492,000
At 31 March 2023 5,492,000

In line with the provisions of FRS 102 Section 16 relating to investment properties, investment properties are shown at market value as estimated by the directors. Revaluations are shown through the income statement and deferred tax is calculated on these as appropriate. Any unrealised gains/losses on the revaluation of properties are shown in a non-distributable reserve on the balance sheet.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 850 -
Other debtors 112,840 34,133
113,690 34,133

Ottley Estates Limited (Registered number: 13257008)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,125 1,600
Taxation and social security 28,360 1,773
Other creditors 10,406 23,442
41,891 26,815

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Mortgages 3,913,639 3,913,639

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgages 3,913,639 3,913,639

The mortgages are secured over the properties financed.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary A £1 500 500
500 Ordinary B £1 500 500
1,000 1,000