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Registration number: 07063735

Otoni Projects Limited
(formerly Asset Handling Limited)

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Otoni Projects Limited
(formerly Asset Handling Limited)

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 11

 

Otoni Projects Limited
(formerly Asset Handling Limited)

Company Information

Directors

Mr S R Harrison

Mr D Nash

Mr M S Janikiewicz

Registered office

9 Carisbrooke Close
Wirral
Merseyside
CH48 2LQ

 

Otoni Projects Limited
(formerly Asset Handling Limited)

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

 

1,216,483

1,258,505

Cost of sales

 

(565,815)

(478,927)

Gross profit

 

650,668

779,578

Administrative expenses

 

(835,904)

(898,854)

Operating loss

 

(185,236)

(119,276)

Other interest receivable and similar income

 

5,424

5,789

Interest payable and similar expenses

 

(15,607)

(22,021)

   

(10,183)

(16,232)

Loss before tax

(195,419)

(135,508)

Tax on loss

 

17,912

40,446

Loss for the financial year

 

(177,507)

(95,062)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Otoni Projects Limited
(formerly Asset Handling Limited)

(Registration number: 07063735)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

39,292

73,843

Current assets

 

Stocks

5

11,330

37,711

Debtors

6

271,183

414,024

Cash at bank and in hand

 

184,980

249,666

 

467,493

701,401

Creditors: Amounts falling due within one year

7

(465,072)

(483,907)

Net current assets

 

2,421

217,494

Total assets less current liabilities

 

41,713

291,337

Creditors: Amounts falling due after more than one year

7

(65,092)

(137,209)

Net (liabilities)/assets

 

(23,379)

154,128

Capital and reserves

 

Called up share capital

8

402

402

Capital redemption reserve

200

200

Retained earnings

(23,981)

153,526

Shareholders' (deficit)/funds

 

(23,379)

154,128

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 August 2025 and signed on its behalf by:
 

.........................................
Mr S R Harrison
Director

 

Otoni Projects Limited
(formerly Asset Handling Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Asset Handling Limited.

The address of its registered office is:
9 Carisbrooke Close
Wirral
Merseyside
CH48 2LQ
United Kingdom

These financial statements were authorised for issue by the Board on 7 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Otoni Projects Limited
(formerly Asset Handling Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% reducing balance

Motor vehicles

Over the term of the lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Otoni Projects Limited
(formerly Asset Handling Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Otoni Projects Limited
(formerly Asset Handling Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

38,823

132,796

171,619

At 31 December 2024

38,823

132,796

171,619

Depreciation

At 1 January 2024

32,732

65,044

97,776

Charge for the year

2,030

32,521

34,551

At 31 December 2024

34,762

97,565

132,327

Carrying amount

At 31 December 2024

4,061

35,231

39,292

At 31 December 2023

6,091

67,752

73,843

5

Stocks

2024
£

2023
£

Other inventories

11,330

37,711

 

Otoni Projects Limited
(formerly Asset Handling Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

104,334

193,594

Prepayments

15,113

2,403

Other debtors

151,736

218,027

 

271,183

414,024

 

Otoni Projects Limited
(formerly Asset Handling Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

72,677

75,233

Trade creditors

 

20,328

41,891

Taxation and social security

 

91,777

102,812

Accruals and deferred income

 

277,231

261,455

Other creditors

 

3,059

2,516

 

465,072

483,907

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

65,092

137,209

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary B of £1 each

134

134

134

134

Ordinary E of £1 each

134

134

134

134

Ordinary F of £1 each

134

134

134

134

402

402

402

402

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

65,092

76,474

Other borrowings

-

60,735

65,092

137,209

 

Otoni Projects Limited
(formerly Asset Handling Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

11,382

11,382

Other borrowings

61,295

63,851

72,677

75,233

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £7.46) per each Ordinary B

-

1,000

Interim dividend of £Nil (2023 - £7.46) per each Ordinary E

-

1,000

Interim dividend of £Nil (2023 - £7.46) per each Ordinary F

-

1,000

-

3,000

11

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Mr M S Janikiewicz

Loan to director, repayable on demand, interest charged at 3%

35,021

1,207

-

36,228

Mr D Nash

Loan to director, repayable on demand, interest charged at 3%

30,063

902

-

30,965

Mr S R Harrison

Loan to director, repayable on demand, interest charged at 3%

45,279

6,358

(45,000)

6,637

 

Otoni Projects Limited
(formerly Asset Handling Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr M S Janikiewicz

Loan to director, repayable on demand, interest charged at 3%

34,972

1,049

(1,000)

35,021

Mr D Nash

Loan to director, repayable on demand, interest charged at 3%

30,159

905

(1,000)

30,063

Mr S R Harrison

Loan to director, repayable on demand, interest charged at 3%

30,368

15,911

(1,000)

45,279