Oato Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12166940 (England and Wales)

FINANCIAL STATEMENTS FOR THE PERIOD 21 AUGUST 2019 TO 31 DECEMBER 2020

FOR

OATO LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C S W Hopwood

SECRETARY:

REGISTERED OFFICE:

11 Kentmere Brow

Kendal

Cumbria

LA9 6JS

REGISTERED NUMBER:

12166940 (England and Wales)

ACCOUNTANTS:

MBE Accountancy Ltd

Chartered Certified Practice

10 High Street

Windermere

Cumbria

LA231AF

FIXED ASSETS

Intangible assets

4

780

Tangible assets

5

106,625

107,405

CURRENT ASSETS

Stocks

24,434

Debtors

6

58,739

Cash at bank

78,132

161,305

CREDITORS

Amounts falling due within one year

7

22,664

NET CURRENT ASSETS

138,641

TOTAL ASSETS LESS CURRENT LIABILITIES

246,046

CREDITORS

Amounts falling due after more than one year

8

(82,323

)

PROVISIONS FOR LIABILITIES

(20,259

)

NET ASSETS

143,464

CAPITAL AND RESERVES

Called up share capital

11

Share premium

60,004

Retained earnings

83,449

SHAREHOLDERS' FUNDS

143,464

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 25 February 2021 and were signed by:

C S W Hopwood - Director

1.	STATUTORY INFORMATION

Oato Ltd is a private company, limited by shares , registered in England and Wales. 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

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

-

5% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the period 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 period was 3 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

975

At 31 December 2020

975

AMORTISATION

Charge for period

195

At 31 December 2020

195

NET BOOK VALUE

At 31 December 2020

780

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

Additions

94,056

16,600

110,656

At 31 December 2020

94,056

16,600

110,656

DEPRECIATION

Charge for period

2,796

1,235

4,031

At 31 December 2020

2,796

1,235

4,031

NET BOOK VALUE

At 31 December 2020

91,260

15,365

106,625

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

44,182

Other debtors

14,557

58,739

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

15,103

Taxation and social security

569

Other creditors

6,992

22,664

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Other creditors

82,323

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2020:

£

C S W Hopwood

Balance outstanding at start of period

-

Amounts repaid

(32,323

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

(32,323

)

10.	ULTIMATE CONTROLLING PARTY

The controlling party is C S W Hopwood.