Otter Properties Limited 01740391 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is a woodland nature reserve and the production of hardwood timber. From November 1983 to April 2001 the company ran a livestock farm. In April 2001, the herd of cattle and flock of sheep were slaughtered on the instructions of the Ministry of Agriculture in the contiguous cull of Foot and Mouth. In 2002, 50,000 native hardwood trees were planted and the property is now a woodland nature reserve. In the next five years the company will begin selling hardwood timber as the trees mature. The areas which have been felled will be replanted in order to maintain a constant supply of timber for sale. The company is also undertaking garden landscaping works. Digita Accounts Production Advanced 6.30.9574.0 true false 01740391 2023-04-01 2024-03-31 01740391 2024-03-31 01740391 core:RetainedEarningsAccumulatedLosses 2024-03-31 01740391 core:ShareCapital 2024-03-31 01740391 core:CurrentFinancialInstruments 2024-03-31 01740391 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01740391 core:FurnitureFittingsToolsEquipment 2024-03-31 01740391 core:LandBuildings 2024-03-31 01740391 core:MotorVehicles 2024-03-31 01740391 core:OtherPropertyPlantEquipment 2024-03-31 01740391 bus:SmallEntities 2023-04-01 2024-03-31 01740391 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01740391 bus:FullAccounts 2023-04-01 2024-03-31 01740391 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01740391 bus:RegisteredOffice 2023-04-01 2024-03-31 01740391 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 01740391 bus:Director1 2023-04-01 2024-03-31 01740391 bus:Director3 2023-04-01 2024-03-31 01740391 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01740391 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01740391 core:LandBuildings 2023-04-01 2024-03-31 01740391 core:MotorVehicles 2023-04-01 2024-03-31 01740391 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 01740391 core:OtherVehicles 2023-04-01 2024-03-31 01740391 countries:EnglandWales 2023-04-01 2024-03-31 01740391 2023-03-31 01740391 core:FurnitureFittingsToolsEquipment 2023-03-31 01740391 core:LandBuildings 2023-03-31 01740391 core:MotorVehicles 2023-03-31 01740391 core:OtherPropertyPlantEquipment 2023-03-31 01740391 2022-04-01 2023-03-31 01740391 2023-03-31 01740391 core:RetainedEarningsAccumulatedLosses 2023-03-31 01740391 core:ShareCapital 2023-03-31 01740391 core:CurrentFinancialInstruments 2023-03-31 01740391 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01740391 core:FurnitureFittingsToolsEquipment 2023-03-31 01740391 core:LandBuildings 2023-03-31 01740391 core:MotorVehicles 2023-03-31 01740391 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 01740391

Otter Properties Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Otter Properties Limited
(Registration number: 01740391)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Otter Properties Limited
(Registration number: 01740391)

Company Information

Directors

N P Graham

D Phillips

S Graham

Company secretary

D Phillips

Registered office

Higher Fonstone Wildwood
Warbstow
Launceston
Cornwall
PL15 8UW

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Otter Properties Limited
(Registration number: 01740391)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

490,241

493,148

Creditors: Amounts falling due within one year

5

(587,195)

(588,672)

Net liabilities

 

(96,954)

(95,524)

Capital and reserves

 

Called up share capital

160,000

160,000

Profit and loss account

(256,954)

(255,524)

Total equity

 

(96,954)

(95,524)

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:

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 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 Board on 2 December 2024 and signed on its behalf by:
 

.........................................
S Graham
Director

 

Otter Properties Limited
(Registration number: 01740391)

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:
Higher Fonstone Wildwood
Warbstow
Launceston
Cornwall
PL15 8UW

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Otter Properties Limited
(Registration number: 01740391)

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Tractors
£

Total
£

Cost or valuation

At 1 April 2023

484,257

10,621

3,000

24,453

522,331

Additions

-

1,300

-

-

1,300

Disposals

-

-

(3,000)

-

(3,000)

At 31 March 2024

484,257

11,921

-

24,453

520,631

Depreciation

At 1 April 2023

-

8,175

750

20,258

29,183

Charge for the year

-

107

94

1,850

2,051

Eliminated on disposal

-

-

(844)

-

(844)

At 31 March 2024

-

8,282

-

22,108

30,390

Carrying amount

At 31 March 2024

484,257

3,639

-

2,345

490,241

At 31 March 2023

484,257

2,446

2,250

4,195

493,148

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

5

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

584,615

587,472

Trade creditors

 

1,380

-

Accrued expenses

 

1,200

1,200

 

587,195

588,672

6

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

126

130

Other borrowings

584,489

587,342

584,615

587,472