Otobo Corp Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC382262 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

FOR

OTOBO CORP LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr I Otobo

Mrs J Otobo

REGISTERED OFFICE:

3 Coates Place

Edinburgh

EH3 7AA

REGISTERED NUMBER:

SC382262 (Scotland)

ACCOUNTANTS:

James Fraser & Co.

Chartered Accountants

3 Coates Place

Edinburgh

EH3 7AA

FIXED ASSETS

Tangible assets

4

1,683

3,075

CURRENT ASSETS

Debtors

9,288

5,990

Cash at bank

57,562

32,980

66,850

38,970

CREDITORS

Amounts falling due within one year

8,305

6,110

NET CURRENT ASSETS

58,545

32,860

TOTAL ASSETS LESS CURRENT LIABILITIES

60,228

35,935

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

60,128

35,835

SHAREHOLDERS' FUNDS

60,228

35,935

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 7 November 2019 and were signed on its behalf by:

Mr I Otobo - Director

1.	STATUTORY INFORMATION

Otobo Corp Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% reducing balance

Computer equipment

-

25% straight line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2018

10,226

Additions

613

At 31 July 2019

10,839

DEPRECIATION

At 1 August 2018

7,150

Charge for year

2,006

At 31 July 2019

9,156

NET BOOK VALUE

At 31 July 2019

1,683

At 31 July 2018

3,076

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2019 and 31 July 2018:

2019

2018

£

£

Mr I Otobo and Mrs J Otobo

Balance outstanding at start of year

(1,483

)

(617

)

Amounts advanced

1,461

-

Amounts repaid

-

(866

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(22

)

(1,483

)