Registered number
12823311
Otley Homes Limited
Filleted Accounts
31 October 2024
Otley Homes Limited
Registered number: 12823311
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 37,126 50,945
Current assets
Stocks 855,000 855,000
Debtors 4 45,629 68,014
Cash at bank and in hand 1,514 9,112
902,143 932,126
Creditors: amounts falling due within one year 5 (987,145) (927,359)
Net current (liabilities)/assets (85,002) 4,767
Total assets less current liabilities (47,876) 55,712
Creditors: amounts falling due after more than one year 6 (21,994) (33,990)
Provisions for liabilities (7,054) (9,679)
Net (liabilities)/assets (76,924) 12,043
Capital and reserves
Called up share capital 101 101
Profit and loss account (77,025) 11,942
Shareholders' funds (76,924) 12,043
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 members have 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.
Mr S Johnson
Director
Approved by the board on 29 May 2025
Otley Homes Limited
Notes to the Accounts
for the year ended 31 October 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
1 Accounting policies (cont'd)
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2023 25,530 29,990 55,520
At 31 October 2024 25,530 29,990 55,520
Depreciation
At 1 November 2023 3,950 625 4,575
Charge for the year 6,322 7,497 13,819
At 31 October 2024 10,272 8,122 18,394
Net book value
At 31 October 2024 15,258 21,868 37,126
At 31 October 2023 21,580 29,365 50,945
4 Debtors 2024 2023
£ £
Trade debtors 37,200 -
Prepayments and accrued income 5,417 7,917
Other debtors 3,012 60,097
45,629 68,014
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 667,212 613,212
Obligations under finance lease and hire purchase contracts 11,996 15,995
Trade creditors 1,978 -
Taxation and social security costs 556 1,312
Director's loan account 301,089 295,010
Accruals and deferred income 605 1,830
Other creditors 3,709 -
987,145 927,359
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 21,994 33,990
7 Related party transactions
During the year, the company made sales amounting to £224,196 (2023 – £28,819) to Mrs K Johnson, the spouse of Mr S Johnson, a director and the controlling party. The sales were made on an arm's length basis. An amount of £37,200 (2023 - £0) was outstanding from the company at the period end.
During the year, the company made sales amounting to £118,933 (2023 – £62,000) to Otley Homes SVP Limited, which is a company under common control. The sales were made on an arm's length basis. In relation to the sales no amounts were outstanding from the company at the period end.
During the year the company loaned £3,709 to Otley Homes SVP Limited, a company under common control. No interest has been charged and the loan is repayable on demand. At 31 October 2024 the company was owed £3,709 (2023 - £0) by Otley Homes SVP Limited.
8 Controlling party
By virtue of his shareholding, Mr S Johnson is the controlling party.
9 Other information
Otley Homes Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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