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Registered number: 03511068
Otter Homes Ltd.
Unaudited Financial Statements
For The Year Ended 28 February 2025
HAP Accountancy Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03511068
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,358 14,780
Investment Properties 5 734,237 687,499
Investments 6 231,100 231,100
978,695 933,379
CURRENT ASSETS
Debtors 7 26,365 55,069
Cash at bank and in hand 50,922 55,935
77,287 111,004
Creditors: Amounts Falling Due Within One Year 8 (362,134 ) (300,808 )
NET CURRENT ASSETS (LIABILITIES) (284,847 ) (189,804 )
TOTAL ASSETS LESS CURRENT LIABILITIES 693,848 743,575
PROVISIONS FOR LIABILITIES
Deferred Taxation (54,963 ) (43,279 )
NET ASSETS 638,885 700,296
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 164,428 129,375
Profit and Loss Account 474,357 570,821
SHAREHOLDERS' FUNDS 638,885 700,296
Page 1
Page 2
For the year ending 28 February 2025 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 Michael Oliver
Director
5 June 2025
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
Otter Homes Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03511068 . The registered office is The Barn Lower Corry Farm, Dalwood, Axminster, Devon, EX13 7HJ.
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. 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 20%
Plant & Machinery 25%
Motor Vehicles 25%
Computer Equipment 25%
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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 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.
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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 March 2024 61,533 37,542 33,160 4,538 136,773
Additions - 1,218 13,595 2,101 16,914
Disposals - - (18,495 ) - (18,495 )
As at 28 February 2025 61,533 38,760 28,260 6,639 135,192
Depreciation
As at 1 March 2024 61,533 37,417 19,289 3,754 121,993
Provided during the period - 348 8,023 718 9,089
Disposals - - (9,248 ) - (9,248 )
As at 28 February 2025 61,533 37,765 18,064 4,472 121,834
Net Book Value
As at 28 February 2025 - 995 10,196 2,167 13,358
As at 1 March 2024 - 125 13,871 784 14,780
5. Investment Property
2025
£
Fair Value
As at 1 March 2024 687,499
Revaluations 46,738
As at 28 February 2025 734,237
6. Investments
Listed
£
Cost
As at 1 March 2024 231,100
As at 28 February 2025 231,100
Provision
As at 1 March 2024 -
As at 28 February 2025 -
Net Book Value
As at 28 February 2025 231,100
As at 1 March 2024 231,100
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Page 5
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 16,870 9,993
Prepayments and accrued income 3,475 3,057
Other debtors 6,020 41,574
VAT - 445
26,365 55,069
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 270 1,815
Other taxes and social security - 1,334
VAT 4,697 -
Other creditors 257,800 182,970
Accruals and deferred income 11,116 9,438
Directors' loan accounts 88,251 105,251
362,134 300,808
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Fair Value Reserve
£
As at 1 March 2024 129,375
Movements in fair value reserve 35,053
As at 28 February 2025 164,428
Page 5