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Registration number: 09865754

Otter Motors Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2025

 

Otter Motors Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Otter Motors Ltd

(Registration number: 09865754)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

1,514

6,645

Current assets

 

Stocks

5

-

304,576

Debtors

6

327

265,265

Cash at bank and in hand

 

1,629

49,378

 

1,956

619,219

Creditors: Amounts falling due within one year

7

(35,410)

(497,003)

Net current (liabilities)/assets

 

(33,454)

122,216

Total assets less current liabilities

 

(31,940)

128,861

Creditors: Amounts falling due after more than one year

7

(23,106)

(42,627)

Net (liabilities)/assets

 

(55,046)

86,234

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(55,048)

86,232

Shareholders' (deficit)/funds

 

(55,046)

86,234

 

Otter Motors Ltd

(Registration number: 09865754)
Balance Sheet as at 31 March 2025

For the financial year ending 31 March 2025 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 16 August 2025 and signed on its behalf by:
 

Mr T Cook
Director

   
     
 

Otter Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

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

The address of its registered office is:
Exeter Road
Ottery St Mary
Exeter
Devon
EX1 1RE

These financial statements were authorised for issue by the Board on 16 August 2025.

2

Accounting policies

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.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

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.

Going concern

Despite the company having another difficult year the directors have reviewed the company's ability to cover its debts as they fall due and consider it able to do so for the foreseeable future. The directors will support the business if required and therefore have prepared the accounts on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

Government grants

Grants are credited to deferred income. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

 

Otter Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises 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.

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

Equipment

15% reducing balance basis

Computer equipment

50% reducing balance basis

Motor vehicles

25% reducing balance basis

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 stocks 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.

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.

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.

 

Otter Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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

A 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2024 - 4).

 

Otter Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Tangible assets

Equipment
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

4,904

5,442

7,450

17,796

Disposals

(1,125)

-

(7,450)

(8,575)

At 31 March 2025

3,779

5,442

-

9,221

Depreciation

At 1 April 2024

2,921

4,970

3,260

11,151

Charge for the year

225

236

970

1,431

Eliminated on disposal

(645)

-

(4,230)

(4,875)

At 31 March 2025

2,501

5,206

-

7,707

Carrying amount

At 31 March 2025

1,278

236

-

1,514

At 31 March 2024

1,983

472

4,190

6,645

5

Stocks

2025
£

2024
£

Other inventories

-

304,576

The carrying amount of stocks pledged as security for liabilities amounted to £Nil (2024 - £212,777).

6

Debtors

2025
£

2024
£

Prepayments

327

256

Other debtors

-

265,009

327

265,265

 

Otter Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Due within one year

Note

2025
£

2024
£

 

Loans and borrowings

8

4,712

132,129

Trade creditors

 

251

269,589

Social security and other taxes

 

6,005

18,275

Other creditors

 

16,648

72,432

Accruals

 

7,794

4,578

 

35,410

497,003

Due after one year

 

Loans and borrowings

8

23,106

42,627


Creditors include finance loans which are secured of £Nil (2024 - £257,353).

8

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Bank borrowings

4,712

4,712

Other borrowings

-

127,417

4,712

132,129

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

23,106

28,044

Other borrowings

-

14,583

23,106

42,627

9

Related party transactions

Summary of transactions with other related parties

During the year the company was repaid a substantial amount of the loan it had provided to a company under common control. The remainder of the balance was written off. The loan was interest free, repayable on demand and had a balance of £Nil (2024 - £261,105).