Otter Financial Services Limited - Period Ending 2021-06-30
Otter Financial Services Limited - Period Ending 2021-06-30
COMPANY REGISTRATION NUMBER:
Otter Financial Services Limited
for the Year Ended 30 June 2021
Otter Financial Services Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Otter Financial Services Limited
Company Information
Director |
Mr D R Clyburn |
Registered office |
|
Accountants |
|
Otter Financial Services Limited
(Registration number: 03576260)
Balance Sheet as at 30 June 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Otter Financial Services Limited
(Registration number: 03576260)
Balance Sheet as at 30 June 2021
For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the profit and loss has been taken.
Approved and authorised for issue by the
.........................................
Director
Otter Financial Services Limited
Notes to the Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling and are rounded to the nearest £.
The directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements. In addition, the directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.
The company recognises revenue when commissions are earned.
Government grants
The company has received government grants due to the impact of COVID-19 to support staff via the furlough scheme.
Otter Financial Services Limited
Notes to the Financial Statements for the Year Ended 30 June 2021
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
All borrowings are interest free.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distributions to the company’s shareholders are recognised in the financial statements of the reporting period in which the dividends are declared.
Otter Financial Services Limited
Notes to the Financial Statements for the Year Ended 30 June 2021
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Fixtures and fittings |
Total |
|
Cost or valuation |
||
At 1 July 2020 |
|
|
Additions |
|
|
At 30 June 2021 |
|
|
Depreciation |
||
At 1 July 2020 |
|
|
Charge for the year |
|
|
At 30 June 2021 |
|
|
Carrying amount |
||
At 30 June 2021 |
|
|
At 30 June 2020 |
|
|
Otter Financial Services Limited
Notes to the Financial Statements for the Year Ended 30 June 2021
Debtors |
Note |
2021 |
2020 |
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
|
|
Total current trade and other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
|
Due within one year |
|||
Loans and borrowings |
- |
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
750 |
|
750 |
|
|
500 |
|
500 |
|
|
|
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Otter Financial Services Limited
Notes to the Financial Statements for the Year Ended 30 June 2021
Related party transactions |
Transactions with directors |
2021 |
At 1 July 2020 |
Movement |
At 30 June 2021 |
Amount owed from the company to the director – Interest free |
|
(3,294) |
- |
Summary of transactions with parent
The intercompany loan was interest free and has no fixed repayment date.
At the balance sheet date, the amount due from the parent company was £60,000 (2020 - £48,000).