Ortus Estates Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07395825 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Ortus Estates Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D A Bridge

D S Bridge

Mrs B Bridge

SECRETARY:

REGISTERED OFFICE:

c/o Langham Walsh

BVIC, Central Boulevard,

Blythe Valley Business Park

Solihull

West Midlands

B90 8AJ

REGISTERED NUMBER:

07395825 (England and Wales)

ACCOUNTANTS:

Langham Walsh

c/o Langham Walsh

BVIC, Central Boulevard,

Blythe Valley Business Park

Solihull

West Midlands

B90 8AJ

FIXED ASSETS

Tangible assets

4

2,530

3,368

CURRENT ASSETS

Stocks

3,181,147

3,523,768

Debtors

85,013

52,248

Cash at bank

214,716

280,563

3,480,876

3,856,579

CREDITORS

Amounts falling due within one year

530,779

532,832

NET CURRENT ASSETS

2,950,097

3,323,747

TOTAL ASSETS LESS CURRENT LIABILITIES

2,952,627

3,327,115

CREDITORS

Amounts falling due after more than one year

(2,168,000

)

(2,608,000

)

PROVISIONS FOR LIABILITIES

(372

)

(507

)

NET ASSETS

784,255

718,608

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

784,155

718,508

SHAREHOLDERS' FUNDS

784,255

718,608

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2022 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 and authorised for issue on 22 December 2022 and were signed on its behalf by:

D S Bridge - Director

1.	STATUTORY INFORMATION

Ortus Estates Limited 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.

Turnover represents amounts derived from property stocksales, rental income, service charges and insurance.

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 etc

-

25% on reducing balance

Stocks

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

Completed and let properties which are held for resale and properties in the course of development are stated at the lower of cost and the Director's estimate of net realisable value. Cost includes the purchase price of the property plus all development costs incurred including planning fees, survey fees and attributable interest to the date of completion of the development (where appropriate).

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.

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 year 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2021

and 31 March 2022

11,864

DEPRECIATION

At 1 April 2021

8,496

Charge for year

838

At 31 March 2022

9,334

NET BOOK VALUE

At 31 March 2022

2,530

At 31 March 2021

3,368

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.22

31.3.21

£

£

Development Property loans

2,268,000

2,708,000

Mortgage loans amounting to £2,268,000 (2021: £2,708,000) are secured against all of the development properties owned by the Company. The amount due at the Balance Sheet date is fully repayable by January 2027..

A general mortgage debenture is also held by the Company's Bankers against all of the Company's assets.

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other creditors is a joint loan amounting to £152,919 (2021: £180,010) from Directors, D A Bridge Esq and Mrs B Bridge. Interest amounting to £1,000 has been paid in respect of this loan. No security is held for this loan and there is no repayment date.

Other Creditors also includes £45,206 (2021: £40,216) owed to D S Bridge Esq who is also a Director of the Company.. Interest amounting to £500 has been paid in respect of this loan. No security is held for this loan and there is no repayment date.

7.	ULTIMATE CONTROLLING PARTY

The controlling party is D A Bridge.