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Registered number: 10234575 OTIUM PARKS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 28 DECEMBER 2023
OTIUM PARKS LIMITED REGISTERED NUMBER: 10234575 BALANCE SHEET AS AT 28 DECEMBER 2023
|  | 2023 |  | 2022
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Fixed asset investments | 4 |  | 201,300 |  | 201,300
|  |  | 201,300 |  | 201,300
Current assets |  |  |  |  |
Stocks |  | 809,516 |  | 925,161 |
Debtors: amounts falling due within one year | 5 | 1,581,290 |  | 1,332,007 |
Bank and cash balances |  | 1,226 |  | 7,867 |
|  | 2,392,032 |  | 2,265,035 |
Creditors: amounts falling due within one year | 6 | (5,315,998) |  | (5,593,491) |
Net current liabilities |  |  | (2,923,966) |  | (3,328,456)
Total assets less current liabilities |  |  | (2,722,666) |  | (3,127,156)
Creditors: amounts falling due after more than one year | 7 |  | (2,031,005) |  | (1,342,120)
Net liabilities |  |  | (4,753,671) |  | (4,469,276)
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 400 |  | 400
Share premium account |  |  | 1,199,900 |  | 1,199,900
Profit and loss account |  |  | (5,953,971) |  | (5,669,576)
|  |  | (4,753,671) |  | (4,469,276)
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OTIUM PARKS LIMITED REGISTERED NUMBER: 10234575 BALANCE SHEET (CONTINUED) AS AT 28 DECEMBER 2023 The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr Chek Whyte
Director
Date: 1 December 2025
The notes on pages 3 to 8 form part of these financial statements. Page 2
OTIUM PARKS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 DECEMBER 2023
1. | General information
Otium Parks Limited is a private Company limited by shares and incorporated in England and Wales, within the United Kingdom. The Company's registered office is Queens Offices, 2 Arkwright Street, Nottingham, England, NG2 2GD. The principal activity of the Company continued to be that of a holding company and property developer. This company is part of a group. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The group is small and the accounts are prepared on an individual basis. The Company's functional and presentational currency is Pounds sterling. The financial statements have been rounded to the nearest £. The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Going concern
The Director has considered the going concern basis in preparing these financial statements. He has concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading by the Company and the director will continue to support the Company for a period of at least twelve months from the date of the approval of these financial statements to enable the Company to meet its liabilities as they arise. The financial statements do not include any adjustments that would be result from the withdrawal of this support.
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 3
OTIUM PARKS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 DECEMBER 2023 2.Accounting policies (continued)
| 2.6 | Corporation and deferred taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
| 2.9 | Debtors
Short term debtors are measured at transaction price, less any impairment.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.11 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objectives evidence of impairment is found an impairment loss is recognised in the Statement of Comprehensive Income.
3. | Employees
| The average monthly number of employees, including directors, during the period was 1 (2022 - 1).
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OTIUM PARKS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 DECEMBER 2023
4. | Investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 29 December 2022 | 5,704,808
| At 28 December 2023 | 5,704,808
| Impairment |
| At 29 December 2022 | 5,503,508
| At 28 December 2023 | 5,503,508
| Net book value |
| At 28 December 2023 | 201,300
| At 28 December 2022 | 201,300
| On 16 July 2024, Atherfield Bay Limited, a subsidiary of Otium Parks Limited, was struck off the register. As a result, the investment cost of £1.2 million has been fully provided for. This was recognised in year ended December 2022.
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OTIUM PARKS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 DECEMBER 2023
5. | Debtors
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 1,498,697 | 1,274,007
| Amounts owed by joint ventures and associated undertakings | 70,632 | 45,000
| Other debtors | 1,035 | -
| Called up share capital not paid | 100 | 100
| Prepayments and accrued income | 10,826 | 12,900
|  | 1,581,290 | 1,332,007
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Bank loans | - | 350,409
| Trade creditors | 8,615 | 2,827
| Amounts owed to group undertakings | 2,398,912 | 2,381,955
| Corporation tax | 2,876 | 1,865
| Other taxation and social security | 48,565 | 24,593
| Other creditors | 2,848,830 | 2,822,842
| Accruals and deferred income | 8,200 | 9,000
|  | 5,315,998 | 5,593,491
| Other creditors consist of unsecured loan notes which were due to mature in March 2023. Although they have matured in the year, they remain unpaid at the year end. Interest should be charged at the greater of 3.5% and 3.5% above the bank base rate but the loan note holder has agreed to waive this and therefore no interest has been charged previously and this will continue going forward.
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OTIUM PARKS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 DECEMBER 2023
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Bank loans | 2,031,005 | 1,342,120
| The following liabilities were secured:
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Amounts falling due within one year | - | 350,409
| Amounts falling due after more than one year | 2,031,005 | 1,342,120
|  | 2,031,005 | 1,692,529
| Details of security provided:
The loans are secured over the company's assets. Page 7
OTIUM PARKS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 DECEMBER 2023
8. | Share capital
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 400 (2022 - 400) Ordinary shares of £1.00 each | 400 | 400
9. | Related party transactions
| During the year the Company continued its intercompany loan with its subsidiaries. The balance is interest free and repayable on demand. The net balance of the intercompany loan is £900,215 owed by the Company (2022 - £1,107,948) and is shown within debtors and creditors. During the year the Company continued its loans with Companies under common control. The balance is interest free and repayable on demand. The balance of the loans is £70,632 (2022 - £45,000) owed to the Company) and shown within debtors. During the year the company continued a loan account with it's director, Chek Whyte. The balance is interest free and repayable on demand. The balance owed to the director is £2,000 (2022 - £2,000) and is shown within creditors. As set out in note 7 the loan notes held by the director are unsecured loan notes which were due to mature in March 2023. Although they have matured in the year, they remain unpaid at the year end. Interest should be charged at the greater of 3.5% and 3.5% above the bank base rate but the loan note holder has agreed to waive this and therefore no interest has been charged.
10. | Controlling party
The ultimate controlling party is Mr Chek Whyte by virtue of his 100% shareholding in Otium Parks Limited.
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