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Registration number: 03330456

Otter Trades & Management Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Otter Trades & Management Services Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 8

 

Otter Trades & Management Services Ltd

(Registration number: 03330456)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,181

5,226

Current assets

 

Debtors

5

566,266

578,753

Cash at bank and in hand

 

148,915

130,215

 

715,181

708,968

Creditors: Amounts falling due within one year

6

(121,558)

(165,332)

Net current assets

 

593,623

543,636

Total assets less current liabilities

 

597,804

548,862

Provisions for liabilities

(1,108)

(993)

Net assets

 

596,696

547,869

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

596,694

547,867

Shareholders' funds

 

596,696

547,869

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 25 November 2024
 


Mr I F Chick
Director

 

Otter Trades & Management Services Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Country House Estate
Strete Raleigh
Whimple
Exeter
Devon
EX5 2NL

Principal activity

The principal activity of the company is that of construction.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Otter Trades & Management Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Otter Trades & Management Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

12.5% reducing balance

Office equipment

12.5% reducing balance

Motor vehicles

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Otter Trades & Management Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 8).

 

Otter Trades & Management Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

8,800

8,800

At 31 March 2024

8,800

8,800

Depreciation

At 1 April 2023

3,574

3,574

Charge for the year

1,045

1,045

At 31 March 2024

4,619

4,619

Carrying amount

At 31 March 2024

4,181

4,181

At 31 March 2023

5,226

5,226

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

158,494

187,718

Other debtors

 

365,578

348,708

Prepayments

 

277

410

Corporation tax recoverable

41,917

41,917

 

566,266

578,753

 

Otter Trades & Management Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

8,017

65,376

Trade creditors

 

1,940

1,283

Taxation and social security

 

106,934

95,371

Accruals and deferred income

 

4,667

3,302

 

121,558

165,332

Invoice Discounting: Balance of £8,017 (2023: £65,376) is secured on the assets of the company and assets held in the name of the director.

The provider of the invoice discounting facility is not obliged to support any losses, nor does it intend to do so. It has agreed in writing that the principle interest will only be repaid to the extent that sufficient funds are generated by the specific item it has financed, and that it will not seek further recourse in any form.

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Otter Trades & Management Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Invoice Discounting

8,017

65,376

9

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Director

198,339

49,449

(44,000)

203,788

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Director

199,110

38,629

(39,400)

198,339

 


Directors’ loans are repayable on demand and subject to interest on overdrawn balances at the official rate.