Registered number
SC647109
Open Transport Technology Ltd
Filleted Accounts
30 November 2024
Open Transport Technology Ltd
Registered number: SC647109
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Current assets
Cash at bank and in hand 193 616
Creditors: amounts falling due within one year 3 (373) (769)
Net current liabilities (180) (153)
Net liabilities (180) (153)
Capital and reserves
Called up share capital 1 1
Profit and loss account (181) (154)
Shareholder's funds (180) (153)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H Sutherland, Esq
Director
Approved by the board on 13 January 2025
Open Transport Technology Ltd
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned the rendering of services. 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 373 769
Included in creditors is £337 (2023:£337) owing to the director. The loan is interest-free and there is no fixed date of repayment. The director has confirmed that the loan will only be repaid as and when cash flow permits.
4 Controlling party
The company is controlled by the director, who owns the entire share capital of the company.
5 Other information
Open Transport Technology Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
6 Crosshill Wynd
Bishopton
Scotland
PA7 5QH
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