Acorah Software Products - Accounts Production 16.1.300 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 08359397 Mr Ramitha Kuruppu iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08359397 2023-01-31 08359397 2024-01-31 08359397 2023-02-01 2024-01-31 08359397 frs-core:CurrentFinancialInstruments 2024-01-31 08359397 frs-core:Non-currentFinancialInstruments 2024-01-31 08359397 frs-core:ComputerEquipment 2024-01-31 08359397 frs-core:ComputerEquipment 2023-02-01 2024-01-31 08359397 frs-core:ComputerEquipment 2023-01-31 08359397 frs-core:FurnitureFittings 2024-01-31 08359397 frs-core:FurnitureFittings 2023-02-01 2024-01-31 08359397 frs-core:FurnitureFittings 2023-01-31 08359397 frs-core:MotorVehicles 2024-01-31 08359397 frs-core:MotorVehicles 2023-02-01 2024-01-31 08359397 frs-core:MotorVehicles 2023-01-31 08359397 frs-core:ShareCapital 2024-01-31 08359397 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 08359397 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08359397 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 08359397 frs-bus:SmallEntities 2023-02-01 2024-01-31 08359397 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 08359397 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08359397 frs-core:CostValuation 2023-01-31 08359397 frs-core:DisposalsRepaymentsInvestments 2024-01-31 08359397 frs-core:CostValuation 2024-01-31 08359397 frs-core:ProvisionsForImpairmentInvestments 2023-01-31 08359397 frs-core:ProvisionsForImpairmentInvestments 2024-01-31 08359397 frs-bus:Director1 2023-02-01 2024-01-31 08359397 frs-countries:EnglandWales 2023-02-01 2024-01-31 08359397 2022-01-31 08359397 2023-01-31 08359397 2022-02-01 2023-01-31 08359397 frs-core:CurrentFinancialInstruments 2023-01-31 08359397 frs-core:Non-currentFinancialInstruments 2023-01-31 08359397 frs-core:ShareCapital 2023-01-31 08359397 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 08359397
OTEK Limited
Financial Statements
For The Year Ended 31 January 2024
Outsourced ACC Ltd
High Street Centre, 137-139 High Street
Beckenham
Kent
BR3 1AG
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08359397
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 88,394 21,922
Investments 5 30,002 222,426
118,396 244,348
CURRENT ASSETS
Stocks 6 455,124 312,810
Debtors 7 988,502 3,392,645
Cash at bank and in hand 13,842 211,736
1,457,468 3,917,191
Creditors: Amounts Falling Due Within One Year 8 (434,880 ) (3,043,543 )
NET CURRENT ASSETS (LIABILITIES) 1,022,588 873,648
TOTAL ASSETS LESS CURRENT LIABILITIES 1,140,984 1,117,996
Creditors: Amounts Falling Due After More Than One Year 9 (127,780 ) (175,000 )
NET ASSETS 1,013,204 942,996
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 1,013,104 942,896
SHAREHOLDERS' FUNDS 1,013,204 942,996
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ramitha Kuruppu
Director
18th December 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
OTEK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08359397 . The registered office is 78 Cranmore Road, Chislehurst, Kent, BR7 6ET.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% Reducing Balance Method
Fixtures & Fittings 20% Reducing Balance Method
Computer Equipment 20% Reducing Balance Method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 2)
3 2
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 - 26,541 17,316 43,857
Additions 71,955 565 11,093 83,613
As at 31 January 2024 71,955 27,106 28,409 127,470
Depreciation
As at 1 February 2023 - 12,242 9,693 21,935
Provided during the period 11,000 2,948 3,193 17,141
As at 31 January 2024 11,000 15,190 12,886 39,076
Net Book Value
As at 31 January 2024 60,955 11,916 15,523 88,394
As at 1 February 2023 - 14,299 7,623 21,922
5. Investments
Other
£
Cost
As at 1 February 2023 222,426
Disposals (192,424 )
As at 31 January 2024 30,002
Provision
As at 1 February 2023 -
As at 31 January 2024 -
Net Book Value
As at 31 January 2024 30,002
As at 1 February 2023 222,426
6. Stocks
2024 2023
£ £
Stock 455,124 312,810
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 345,441 1,626,020
Other debtors 643,061 1,766,625
988,502 3,392,645
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 67,579 2,122,957
Bank loans and overdrafts 105,310 -
Other creditors 238,784 831,409
Taxation and social security 23,207 89,177
434,880 3,043,543
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2-5 years 127,780 175,000
127,780 175,000
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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