Otoro Limited 28/02/2020 iXBRL
Otoro Limited 28/02/2020 iXBRL
Company registration number:
06505887
Contents
Statement of financial position
Notes to the financial statements
Statement of financial position
28 February 2020
2020 | 2019 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 7 |
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Current assets | |||||||||
Debtors | 8 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 9 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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Director's responsibilities:
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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;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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
27 November 2020
, and are signed on behalf of the board by:
Director
Company registration number:
06505887
Notes to the financial statements
Year ended 28 February 2020
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
3.
Accounting policies
Basis of preparation
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
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 | - |
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Impairment
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):
2020 | 2019 | ||||
£ | £ | ||||
Depreciation of tangible assets |
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Impairment of trade debtors | - | 7,810 | |||
_______ | _______ | ||||
6.
Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2020 | 2019 | |||
£ | £ | |||
Remuneration | - |
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_______ | _______ | |||
7.
Tangible assets
Fixtures, fittings and equipment | Total | ||
£ | £ | ||
Cost | |||
At 1 March 2019 and 28 February 2020 |
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Depreciation | |||
At 1 March 2019 |
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Charge for the year |
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At 28 February 2020 |
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Carrying amount | |||
At 28 February 2020 |
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At 28 February 2019 |
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8.
Debtors
2020 | 2019 | |||
£ | £ | |||
Trade debtors |
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Other debtors |
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_______ | _______ | |||
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9.
Creditors: amounts falling due within one year
2020 | 2019 | |||
£ | £ | |||
Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Social security and other taxes |
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Other creditors |
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10.
Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company: | |||||
Year ended 28 February 2020 | Balance brought forward | Advances /(credits) to the director | Amounts repaid | Balance o/standing | |
£ | £ | £ | £ | ||
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Year ended 28 February 2019 | Balance brought forward | Advances /(credits) to the director | Amounts repaid | Balance o/standing | |
£ | £ | £ | £ | ||
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11.
Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value | Balance owed by/(owed to) | ||||
2020 | 2019 | 2020 | 2019 | ||
£ | £ | £ | £ | ||
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12.
Controlling party