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Registered number: 03512213
The Tranquil Otter Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
MoynanSmith
Chartered Accountants & Tax Advisers
Unit 4 Clifford Court
Cooper Way
Carlisle
Cumbria
CA3 0JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03512213
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 768,037 737,234
768,037 737,234
CURRENT ASSETS
Debtors 5 513,896 447,687
Cash at bank and in hand 111,074 216,873
624,970 664,560
Creditors: Amounts Falling Due Within One Year 6 (631,471 ) (655,071 )
NET CURRENT ASSETS (LIABILITIES) (6,501 ) 9,489
TOTAL ASSETS LESS CURRENT LIABILITIES 761,536 746,723
Creditors: Amounts Falling Due After More Than One Year 7 (24,622 ) (30,094 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (49,414 ) (40,669 )
NET ASSETS 687,500 675,960
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 687,400 675,860
SHAREHOLDERS' FUNDS 687,500 675,960
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For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Nicholas Kittoe
Director
Ms Tazeem Abbas
Director
25 February 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The Tranquil Otter Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03512213 . The registered office is The Lough, Thurstonfield, Carlisle, Cumbria, CA5 6HB.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Freehold 2% straight Line
Plant & Machinery 3% straight line to 20% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
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 year 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 6)
10 6
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 December 2023 782,094 320,971 1,103,065
Additions 8,875 62,297 71,172
As at 30 November 2024 790,969 383,268 1,174,237
Depreciation
As at 1 December 2023 207,472 158,359 365,831
Provided during the period 13,119 27,250 40,369
As at 30 November 2024 220,591 185,609 406,200
Net Book Value
As at 30 November 2024 570,378 197,659 768,037
As at 1 December 2023 574,622 162,612 737,234
5. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 513,896 447,687
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,210 7,435
Bank loans and overdrafts 5,472 5,472
Other taxes and social security 12,586 23,412
Other creditors 492,509 319,562
Accruals and deferred income 108,996 112,605
Directors' loan accounts 2,698 186,585
631,471 655,071
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 24,622 30,094
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Off-Balance Sheet Arrangements
The company has a debenture with Lloyds TSB Bank Plc secured against the borrowings of its Parent company The Tranquil Otter Investments Limited (Company Number 07258443). The total amount of guarantees not included in the balance sheet is £407,062 (2023: £473,530).
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