Otoro Limited 28/02/2019 iXBRL

Otoro Limited 28/02/2019 iXBRL

OTORO LTD - Company Information

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28/02/2019 2019-02-28 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-03-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 06505887 2018-03-01 2019-02-28 06505887 2019-02-28 06505887 2018-02-28 06505887 2017-03-01 2018-02-28 06505887 2018-02-28 06505887 core:FurnitureFittingsToolsEquipment 2018-03-01 2019-02-28 06505887 bus:Director1 2018-03-01 2019-02-28 06505887 core:FurnitureFittingsToolsEquipment 2018-02-28 06505887 core:FurnitureFittingsToolsEquipment 2019-02-28 06505887 core:WithinOneYear 2019-02-28 06505887 core:WithinOneYear 2018-02-28 06505887 core:ShareCapital 2019-02-28 06505887 core:ShareCapital 2018-02-28 06505887 core:RetainedEarningsAccumulatedLosses 2019-02-28 06505887 core:RetainedEarningsAccumulatedLosses 2018-02-28 06505887 core:FurnitureFittingsToolsEquipment 2018-02-28 06505887 bus:Director1 2018-02-28 06505887 bus:Director1 2019-02-28 06505887 bus:Director1 2017-02-28 06505887 bus:Director1 2018-02-28 06505887 bus:Director1 2017-03-01 2018-02-28 06505887 bus:SmallEntities 2018-03-01 2019-02-28 06505887 bus:AuditExempt-NoAccountantsReport 2018-03-01 2019-02-28 06505887 bus:FullAccounts 2018-03-01 2019-02-28 06505887 bus:SmallCompaniesRegimeForAccounts 2018-03-01 2019-02-28 06505887 bus:PrivateLimitedCompanyLtd 2018-03-01 2019-02-28 06505887 core:Associate1 2017-03-01 2018-02-28 06505887 core:Associate1 2019-02-28 06505887 core:Associate1 2018-02-28 06505887 core:Associate1 2018-03-01 2019-02-28 06505887 2 2018-03-01 2019-02-28
Company registration number: 06505887
Otoro Limited
Unaudited filleted financial statements
28 February 2019
Otoro Limited
Contents
Statement of financial position
Notes to the financial statements
Otoro Limited
Statement of financial position
28 February 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 7 1,104 1,428
_______ _______
1,104 1,428
Current assets
Debtors 8 219,681 227,773
Cash at bank and in hand 19,564 46,450
_______ _______
239,245 274,223
Creditors: amounts falling due
within one year 9 ( 57,401) ( 69,255)
_______ _______
Net current assets 181,844 204,968
_______ _______
Total assets less current liabilities 182,948 206,396
Provisions for liabilities ( 210) ( 271)
_______ _______
Net assets 182,738 206,125
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 182,737 206,124
_______ _______
Shareholders funds 182,738 206,125
_______ _______
For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2019 , and are signed on behalf of the board by:
Mr T Vanderzalm
Director
Company registration number: 06505887
Otoro Limited
Notes to the financial statements
Year ended 28 February 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office FF10, Brooklands House, 58 Marlborough Road, Lancing, West Sussex, RH14 9SG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating loss
Operating loss is stated after charging/(crediting):
2019 2018
£ £
Depreciation of tangible assets 514 571
Cost of stocks recognised as an expense 21,501 5,038
Impairment of trade debtors 7,810 -
_______ _______
6. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2019 2018
£ £
Remuneration 8,200 10,667
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 March 2018 4,986 4,986
Additions 190 190
_______ _______
At 28 February 2019 5,176 5,176
_______ _______
Depreciation
At 1 March 2018 3,558 3,558
Charge for the year 514 514
_______ _______
At 28 February 2019 4,072 4,072
_______ _______
Carrying amount
At 28 February 2019 1,104 1,104
_______ _______
At 28 February 2018 1,428 1,428
_______ _______
8. Debtors
2019 2018
£ £
Trade debtors 165,130 173,645
Other debtors 54,551 54,128
_______ _______
219,681 227,773
_______ _______
9. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 4,609 18,962
Amounts owed to group undertakings and undertakings in which the company has a participating interest 9,446 11,946
Social security and other taxes 186 -
Other creditors 43,160 38,347
_______ _______
57,401 69,255
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
28 February 2019Year ended
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr T Vanderzalm ( 36,237) ( 6,584) 1,411 ( 41,410)
_______ _______ _______ _______
28 February 2018Period ended
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr T Vanderzalm ( 1,557) ( 34,680) - ( 36,237)
_______ _______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2019 2018 2019 2018
£ £ £ £
Palmerluxe Development Limited 2,500 ( 7,147) ( 9,446) ( 11,946)
_______ _______ _______ _______
At 28 February 2019, Palmerluxe Developments Limited, an associated company was owed £9,446, (2018:£11,946) by Otoro Limited
12. Controlling party
The company is under the control of the director.