Otis and the Wolf Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11660070 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Otis and the Wolf Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTORS:

O J Herington

Mrs L F Herington

REGISTERED OFFICE:

20-22 Wenlock Road

London

N1 7GU

REGISTERED NUMBER:

11660070 (England and Wales)

ACCOUNTANTS:

A W Associates London LLP

Regus

Building 2

Guildford Business Park Road

Guildford

Surrey

GU2 8XG

FIXED ASSETS

Tangible assets

4

28,110

29,074

CURRENT ASSETS

Stocks

60,000

77,415

Debtors

5

7,653

-

Cash at bank

80

2,237

67,733

79,652

CREDITORS

Amounts falling due within one year

6

99,142

92,203

NET CURRENT LIABILITIES

(31,409

)

(12,551

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,299

)

16,523

CREDITORS

Amounts falling due after more than one year

7

14,018

13,000

NET (LIABILITIES)/ASSETS

(17,317

)

3,523

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(17,318

)

3,522

SHAREHOLDERS' FUNDS

(17,317

)

3,523

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 19 December 2023 and were signed on its behalf by:

Mrs L F Herington - Director

1.	STATUTORY INFORMATION

Otis and the Wolf 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

-

20% on cost and Straight line over 25 years

Stocks

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

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.

Going concern

The financial statements have been prepared on the going concern basis, despite the fact that liabilities exceed assets. The Directors continue to support the company and have made appropriate changes to the business model to facilitate the company returning to a net asset position.

The directors are of the opinion that the above is sufficient to conclude that it is appropriate to prepare the accounts on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

31,239

Additions

692

At 31 March 2023

31,931

DEPRECIATION

At 1 April 2022

2,165

Charge for year

1,656

At 31 March 2023

3,821

NET BOOK VALUE

At 31 March 2023

28,110

At 31 March 2022

29,074

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other debtors

7,653

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

2,460

4,000

Trade creditors

33,079

19,245

Taxation and social security

(620

)

1,757

Other creditors

64,223

67,201

99,142

92,203

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

14,018

13,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,177

-

8.	RELATED PARTY DISCLOSURES

As at 31 March 2023 the company owed L Herington £29,975 (2022 £21,497). L Herington is a director and shareholder of the company. The amount is interest free and repayable on demand.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Otis and the Wolf Ltd for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Otis and the Wolf Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Otis and the Wolf Ltd and state those matters that we have agreed to state to the Board of Directors of Otis and the Wolf Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Otis and the Wolf Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Otis and the Wolf Ltd. You consider that Otis and the Wolf Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Otis and the Wolf Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

A W Associates London LLP

Regus

Building 2

Guildford Business Park Road

Guildford

Surrey

GU2 8XG

19 December 2023