Registration number: 10150338

OTEC Services Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

OTEC Services Ltd

Company Information

Directors

Mr Paul Owen Mrs Hannah Owen

Registered office

1st Floor 8/12 London Street Southport Merseyside PR9 0UE

Accountants

GMR Accountants Ltd 1st Floor 8/12 London Street Southport Merseyside PR9 0UE

OTEC Services Ltd

(Registration number: 10150338)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	9,082	13,019
Current assets
Stocks	5	39,880	18,680
Debtors	6	458,903	564,692
Cash at bank and in hand		311,268	261,213
		810,051	844,585
Creditors: Amounts falling due within one year	7	(310,063)	(373,515)
Net current assets		499,988	471,070
Total assets less current liabilities		509,070	484,089
Creditors: Amounts falling due after more than one year	7	(4,947)	(14,164)
Net assets		504,123	469,925
Capital and reserves
Called up share capital		100	100
Retained earnings		504,023	469,825
Shareholders' funds		504,123	469,925

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 24 September 2025 and signed on its behalf by:
 

......................................... Mr Paul Owen Director

OTEC Services Ltd

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.

The address of its registered office is:
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

These financial statements were authorised for issue by the Board on 24 September 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

OTEC Services Ltd

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

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	25% reducing balance
Motor vehicles	25% reducing balance

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.

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

OTEC Services Ltd

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

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

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 (2023 - 3).

OTEC Services Ltd

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

4	Tangible assets

	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	9,418	32,619	42,037
Additions	158	-	158
At 31 December 2024	9,576	32,619	42,195
Depreciation
At 1 January 2024	6,147	22,871	29,018
Charge for the year	1,658	2,437	4,095
At 31 December 2024	7,805	25,308	33,113
Carrying amount
At 31 December 2024	1,771	7,311	9,082
At 31 December 2023	3,271	9,748	13,019

5

Stocks

	2024 £	2023 £
Other inventories	39,880	18,680

6

Debtors

Current	2024 £	2023 £
Trade debtors	342,047	483,342
Prepayments	93	279
Other debtors	116,763	81,071
	458,903	564,692

OTEC Services Ltd

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

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	37,535	32,451
Trade creditors		202,636	237,360
Taxation and social security		68,196	96,127
Accruals and deferred income		2,189	2,188
Other creditors		(493)	5,389
		310,063	373,515

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	8	4,947	14,164

8	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	4,947	14,164

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	9,999	10,000
Bank overdrafts	27,536	22,451
	37,535	32,451