7 June 2023 v2025.12.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activity0falsetruexbrli:purexbrli:sharesiso4217:GBP149214422023-06-072024-05-31149214422024-05-3114921442core:WithinOneYear2024-05-3114921442core:ShareCapital2024-05-3114921442core:RetainedEarningsAccumulatedLosses2024-05-3114921442bus:Director12023-06-072024-05-3114921442bus:RegisteredOffice2023-06-072024-05-3114921442core:OtherResidualIntangibleAssets2023-06-072024-05-3114921442core:IntangibleAssetsOtherThanGoodwill2023-06-072024-05-3114921442core:IntangibleAssetsOtherThanGoodwill2024-05-311492144212023-06-072024-05-3114921442countries:EnglandWales2023-06-072024-05-3114921442bus:AuditExemptWithAccountantsReport2023-06-072024-05-3114921442bus:PrivateLimitedCompanyLtd2023-06-072024-05-3114921442bus:SmallEntities2023-06-072024-05-3114921442bus:FullAccounts2023-06-072024-05-31
Company registration number:
14921442
OTS Online Ltd
Unaudited Filleted Financial Statements for the period ended
31 May 2024
OTS Online Ltd
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of OTS Online Ltd
Period ended
31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
OTS Online Ltd
for the period ended
31 May 2024
which comprise the income statement, statement of financial position, statement of changes in equity and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
OTS Online Ltd
, as a body, in accordance with the terms of my engagement letter dated 13 June 2024. My work has been undertaken solely to prepare for your approval the
financial statements
of
OTS Online Ltd
and state those matters that I have agreed to state to the Board of Directors of
OTS Online Ltd
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
OTS Online Ltd
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
OTS Online Ltd
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and loss of
OTS Online Ltd
. You consider that
OTS Online Ltd
is exempt from the statutory audit requirement for the period.
I have not been instructed to carry out an audit or a review of the financial statements of OTS Online Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Real Time Accountants
Anson House
1 Cae'r Llynen
Llandudno Junction
Conwy
LL31 9LS
United Kingdom
Date:
14 February 2025
OTS Online Ltd
Statement of Financial Position
31 May 2024
31 May 2024
Note£
Fixed assets  
Intangible assets 5
13,565
 
Creditors: amounts falling due within one year 6
(16,277
)
Net current liabilities
(16,277
)
Total assets less current liabilities (2,712 )
Capital and reserves  
Called up share capital
100
 
Profit and loss account
(2,812
)
Shareholders deficit
(2,712
)
For the period ending
31 May 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 financial statements for the period in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
14 February 2025
, and are signed on behalf of the board by:
Mr C Morgan-Gervis
Director
Company registration number:
14921442
OTS Online Ltd
Notes to the Financial Statements
Period ended
31 May 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Ty-Mawr Unit 5
,
Brecon Enterprise Park
,
Brecon
,
LD3 8BT
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Other intangible assets
Straight line over 10 years

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the period was Nil.

5 Intangible assets

Other intangible assets
£
Cost  
At
7 June 2023
-  
Additions
15,072
 
At
31 May 2024
15,072
 
Amortisation  
At
7 June 2023
-  
Charge
1,507
 
At
31 May 2024
1,507
 
Carrying amount  
At
31 May 2024
13,565
 

6 Creditors: amounts falling due within one year

31 May 2024
£
Other creditors
16,277
 

7 Director's advances, credit and guarantees

The following directors loan accounts are included in other creditors:
- Mr Cai Gervis owed £262 by the company as at 31 May 2024 (2023: £NIL owed by the company). During the year, the amount advanced was £50 and the amount repaid was £312.
- Ms Kathryn Joyce Morgan-Gervis was owed £15,515 by the company as at 31 May 2024 (2023: £NIL owed by the company). During the year, the amount advanced was £50 and the amount repaid was £15,565.
The loans are unsecured, interest free and repayable on demand.