Otoro Limited 28/02/2022 iXBRL

Otoro Limited 28/02/2022 iXBRL

OTORO LTD - Company Information

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1 28/02/2022 2022-02-28 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-03-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06505887 2021-03-01 2022-02-28 06505887 2022-02-28 06505887 2021-02-28 06505887 2020-03-01 2021-02-28 06505887 2021-02-28 06505887 core:FurnitureFittingsToolsEquipment 2021-03-01 2022-02-28 06505887 bus:Director1 2021-03-01 2022-02-28 06505887 core:FurnitureFittingsToolsEquipment 2021-02-28 06505887 core:FurnitureFittingsToolsEquipment 2022-02-28 06505887 core:WithinOneYear 2022-02-28 06505887 core:WithinOneYear 2021-02-28 06505887 core:ShareCapital 2022-02-28 06505887 core:ShareCapital 2021-02-28 06505887 core:RetainedEarningsAccumulatedLosses 2022-02-28 06505887 core:RetainedEarningsAccumulatedLosses 2021-02-28 06505887 core:FurnitureFittingsToolsEquipment 2021-02-28 06505887 bus:Director1 2021-02-28 06505887 bus:Director1 2022-02-28 06505887 bus:Director1 2020-02-29 06505887 bus:Director1 2021-02-28 06505887 bus:Director1 2020-03-01 2021-02-28 06505887 bus:SmallEntities 2021-03-01 2022-02-28 06505887 bus:AuditExempt-NoAccountantsReport 2021-03-01 2022-02-28 06505887 bus:FullAccounts 2021-03-01 2022-02-28 06505887 bus:SmallCompaniesRegimeForAccounts 2021-03-01 2022-02-28 06505887 bus:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28 06505887 core:AllAssociates 2022-02-28 06505887 core:AllAssociates 2021-02-28 06505887 core:Associate1 2021-03-01 2022-02-28 06505887 1 2021-03-01 2022-02-28
Company registration number: 06505887
Otoro Limited
Unaudited filleted financial statements
28 February 2022
Otoro Limited
Contents
Statement of financial position
Notes to the financial statements
Otoro Limited
Statement of financial position
28 February 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 7 1,722 1,974
_______ _______
1,722 1,974
Current assets
Debtors 8 58,730 156,192
Cash at bank and in hand 74,251 25,554
_______ _______
132,981 181,746
Creditors: amounts falling due
within one year 9 ( 30,022) ( 40,361)
_______ _______
Net current assets 102,959 141,385
_______ _______
Total assets less current liabilities 104,681 143,359
Provisions for liabilities ( 327) ( 375)
_______ _______
Net assets 104,354 142,984
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 104,353 142,983
_______ _______
Shareholder funds 104,354 142,984
_______ _______
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 Section 1A of 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 29 July 2022 , 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 2022
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.
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
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):
2022 2021
£ £
Depreciation of tangible assets 484 615
_______ _______
6. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
7. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 March 2021 7,175 7,175
Additions 232 232
_______ _______
At 28 February 2022 7,407 7,407
_______ _______
Depreciation
At 1 March 2021 5,201 5,201
Charge for the year 484 484
_______ _______
At 28 February 2022 5,685 5,685
_______ _______
Carrying amount
At 28 February 2022 1,722 1,722
_______ _______
At 28 February 2021 1,974 1,974
_______ _______
8. Debtors
2022 2021
£ £
Trade debtors 37,400 113,994
Other debtors 21,330 42,198
_______ _______
58,730 156,192
_______ _______
9. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 642 300
Amounts owed to group undertakings and undertakings in which the company has a participating interest 27,284 28,284
Social security and other taxes - 10,027
Other creditors 2,096 1,750
_______ _______
30,022 40,361
_______ _______
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 2022 Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr T Vanderzalm 9,198 ( 9,544) - ( 346)
_______ _______ _______ _______
Year ended 28 February 2021 Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr T Vanderzalm ( 31,089) - 40,287 9,198
_______ _______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2022 2021 2022 2021
£ £ £ £
Palmerluxe Development Limited 1,000 1,760 ( 27,284) ( 28,284)
_______ _______ _______ _______
At 28 February 2021, Palmerluxe Developments Limited, an associated company was owed £28284, (2020:£30,044) by Otoro Limited
12. Controlling party
The company is under the control of the director.