Otium Lake Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10548665 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2022

for

OTIUM LAKE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D South

M Wood

SECRETARY:

Mrs W Guilloneau

REGISTERED OFFICE:

Innovation Centre

Maidstone Road

Chatham

Kent

ME5 9FD

REGISTERED NUMBER:

10548665 (England and Wales)

ACCOUNTANTS:

Riddingtons Ltd

The Old Barn

off Wood Street

Swanley Village

Kent

BR8 7PA

FIXED ASSETS

Tangible assets

4

8,381

10,393

Investments

5

202

202

8,583

10,595

CURRENT ASSETS

Stocks

10,066,693

7,450,723

Debtors

6

120,830

31,654

Cash at bank

98,642

13,736

10,286,165

7,496,113

CREDITORS

Amounts falling due within one year

7

10,260,527

7,513,870

NET CURRENT ASSETS/(LIABILITIES)

25,638

(17,757

)

TOTAL ASSETS LESS CURRENT LIABILITIES

34,221

(7,162

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

34,121

(7,262

)

SHAREHOLDERS' FUNDS

34,221

(7,162

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 23 March 2023 and were signed on its behalf by:

M Wood - Director

1.	STATUTORY INFORMATION

Otium Lake 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.

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

-

15% on reducing balance

Stocks

Stocks is valued at the lower of cost and net realisable value.

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 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 NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2021

and 30 June 2022

13,410

DEPRECIATION

At 1 July 2021

3,017

Charge for year

2,012

At 30 June 2022

5,029

NET BOOK VALUE

At 30 June 2022

8,381

At 30 June 2021

10,393

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2021

and 30 June 2022

202

NET BOOK VALUE

At 30 June 2022

202

At 30 June 2021

202

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

120,830

31,654

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

8,254,229

5,693,106

Trade creditors

54,843

162

Other creditors

1,951,455

1,820,602

10,260,527

7,513,870

8.	RELATED PARTY DISCLOSURES

Included in the Other Debtors are the following amounts owed to the following companies, all of which are under the control of the directors Mr D South & Mr M Wood. No repayments terms have been set and no interest is to be charged.

- Hibau Developments Ltd - £100 (2021 - £100)

- DMR Civil Engineering Ltd - £100,000

Included in the Other Creditors are the following amounts owed to the following companies, both of which are under the control of the directors Mr D South & Mr M Wood. No repayments terms have been set and no interest is to be charged.

- Hibau Group Ltd - £140,840

- Hibau Living Ltd - £12,934

Included in the Other Debtors are the following amounts owed to the following companies, all of which are under the control of the director Mr M Wood. No repayments terms have been set and no interest is to be charged.

- Riverwood Homes (Kent) Ltd - £7,735 (2021 - £7,385)

- Riverwood Consultancy Ltd - £198 (2021 - £2 creditor)

- Crabtree (Hothfield) Ltd - £250

Included in the Other Creditors is an amount of £1,075,725 (2021 - £1,075,725) owed to Bauvill Ltd, a company under the control of the director Mr D South. No repayments terms have been set and no interest is to be charged.

Included in the Other Creditors is an amount of £4 (2021 - £100) owed to Riverwood (Pluckley) Ltd, a company under the control of the director Mr M Wood. No repayments terms have been set and no interest is to be charged.

During the year the company received services from the following companies, all of which are under the control of the directors Mr D South & Mr M Wood.

- DMR Civil Engineering Ltd - £1,050 of which £0 is outstanding

- Hibau Living Ltd - £4,347,676 of which £0 is outstanding

- Hibau Group Ltd - £148,505 of which £18,892 is outstanding

During the year the company received services from Bauvill Ltd amounting to £110,000, a company under the control of the director Mr D South, of which £0 is outstanding.