Registered number
09732721
OTS7 LTD
Report and Accounts
31 August 2024
www.chartered.org
OTS7 LTD
Company Information
Directors
Adam Ots
Anna Ots
Accountants
Abell Limited
128 Cannon Workshops
Cannon Drive
London E14 4AS
Bankers
Barclays Bank plc
Registered office
6 Beaufort Court
Admirals Way
London
E14 9XL
Registered number
09732721
OTS7 LTD
Accountants' Report
for the year ended 31 August 2024
Accountants' report to the directors of
OTS7 LTD
You consider that the company is exempt from an audit for the year ended 31 August 2024. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Abell Limited
Chartered Accountants
128 Cannon Workshops
Cannon Drive
London E14 4AS
22 May 2025
OTS7 LTD
Registered number: 09732721
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 19,865 20,105
Current assets
Debtors 4 612 544
Cash at bank and in hand 1,416 3,291
2,028 3,835
Creditors: amounts falling due within one year 5 (34,759) (28,935)
Net current liabilities (32,731) (25,100)
Net liabilities (12,866) (4,995)
Capital and reserves
Called up share capital 200 200
Profit and loss account (13,066) (5,195)
Shareholders' funds (12,866) (4,995)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Adam Ots
Director
Approved by the board on 22 May 2025
OTS7 LTD
Notes to the Accounts
for the year ended 31 August 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 from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 4 years (wdv basis)
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. The direct
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Equipment Motor vehicles Total
£ £ £
Cost
At 1 September 2023 52,320 25,120 77,440
Additions 6,381 - 6,381
At 31 August 2024 58,701 25,120 83,821
Depreciation
At 1 September 2023 35,987 21,348 57,335
Charge for the year 5,678 943 6,621
At 31 August 2024 41,665 22,291 63,956
Net book value
At 31 August 2024 17,036 2,829 19,865
At 31 August 2023 16,333 3,772 20,105
4 Debtors 2024 2023
£ £
Trade debtors 612 544
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 5,955 1,983
Corporation tax (383) 5,837
Other taxes and social security costs (326) (180)
Other creditors 29,513 21,295
34,759 28,935
6 Other information
OTS7 LTD is a private company limited by shares and incorporated in England. Its registered office is:
6 Beaufort Court
Admirals Way
London
E14 9XL
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