Registration number:
Otter Properties Limited
for the Year Ended 31 March 2024
Otter Properties Limited
(Registration number: 01740391)
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Otter Properties Limited
(Registration number: 01740391)
Company Information
Directors |
N P Graham D Phillips S Graham |
Company secretary |
D Phillips |
Registered office |
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Accountants |
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Otter Properties Limited
(Registration number: 01740391)
Balance Sheet as at 31 March 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Creditors: Amounts falling due within one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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.
Directors' responsibilities:
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The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Otter Properties Limited
(Registration number: 01740391)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Going concern
The company is at present not a going concern due to the herd of cattle and flock of sheep having been slaughtered on the instructions of the Ministry of Agriculture in the contiguous cull of Foot and Mouth 2001. However, in the next five years the company will start selling timber from the 50,000 native hardwood trees which were planted after 2001. The value of the assets on the balance sheet are not considered to be greatly different from their recoverable value.
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 sales/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.
Tangible assets
Tangible assets are stated in the balance sheet 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 Properties Limited
(Registration number: 01740391)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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:
No depreciation is provided in respect of freehold buildings. The directors consider that in view of the age and nature of the farmhouse and the fact that the buildings represent a minor portion of the value of the farm, the residual value would be so high that any depreciation would be insignificant, and in any event will be compensated by the company's policy of keeping all the buildings in a continual state of sound repair and making additions thereto from time to time.
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
20% reducing balance |
Tractors |
25% reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 profit and loss account 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.
Otter Properties Limited
(Registration number: 01740391)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Otter Properties Limited
(Registration number: 01740391)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Tractors |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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Disposals |
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- |
( |
At 31 March 2024 |
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- |
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Depreciation |
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At 1 April 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 March 2024 |
- |
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- |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Included within the net book value of land and buildings above is £484,257 (2023 - £484,257) in respect of freehold land and buildings.
Otter Properties Limited
(Registration number: 01740391)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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- |
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Accrued expenses |
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Loans and borrowings |
2024 |
2023 |
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Current loans and borrowings |
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Bank overdrafts |
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Other borrowings |
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