ACCOUNTS - Final Accounts preparation

OTLEY INVESTMENTS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-12-312017-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-09-12 10370334 2016-09-11 10370334 2016-09-12 2017-12-31 10370334 2017-12-31 10370334 c:Director1 2016-09-12 2017-12-31 10370334 c:Director2 2016-09-12 2017-12-31 10370334 d:CurrentFinancialInstruments 2017-12-31 10370334 d:Non-currentFinancialInstruments 2017-12-31 10370334 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 10370334 d:ShareCapital 2017-12-31 10370334 d:OtherMiscellaneousReserve 2017-12-31 10370334 d:RetainedEarningsAccumulatedLosses 2017-12-31 10370334 c:OrdinaryShareClass1 2016-09-12 2017-12-31 10370334 c:OrdinaryShareClass1 2017-12-31 10370334 c:OrdinaryShareClass2 2016-09-12 2017-12-31 10370334 c:OrdinaryShareClass2 2017-12-31 10370334 c:OrdinaryShareClass3 2016-09-12 2017-12-31 10370334 c:OrdinaryShareClass3 2017-12-31 10370334 c:FRS102 2016-09-12 2017-12-31 10370334 c:AuditExempt-NoAccountantsReport 2016-09-12 2017-12-31 10370334 c:FullAccounts 2016-09-12 2017-12-31 10370334 c:PrivateLimitedCompanyLtd 2016-09-12 2017-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10370334

OTLEY INVESTMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2017


OTLEY INVESTMENTS LIMITED REGISTERED NUMBER:10370334

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2017

		2017
Note		£

Fixed assets
Investments	4		7,943,520
			7,943,520
Current assets
Debtors: amounts falling due within one year	5	27
Cash at bank and in hand	6	7,784
		7,811
Creditors: amounts falling due within one year	7	(4,970,565)
Net current (liabilities)/assets			(4,962,754)
Total assets less current liabilities			2,980,766

Net assets			2,980,766

Capital and reserves
Called up share capital	9	118,602
Other reserves	10	1,114,605
Profit and loss account		1,747,559
		2,980,766

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OTLEY INVESTMENTS LIMITED REGISTERED NUMBER:10370334

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2017

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................ R W Key	................................................ Mrs C J Key
Director	Director

Date: 11 July 2018

The notes on pages 3 to 6 form part of these financial statements.

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OTLEY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2017

1.	General information

Otley Investments Limited is a private company limited by shares registered in England and Wales, registration number 10370334. The registered office is Rysa Lodge, School Street, Seething, Norwich, NR15 1DL.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

2.2

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.3

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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OTLEY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.8

Borrowing costs

All borrowing costs are recognised in the Income Statement in the period in which they are incurred.

Employees

The average monthly number of employees, including directors, during the period was 5.

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	7,943,520
	At 31 December 2017	7,943,520

	Net book value
	At 31 December 2017	7,943,520

Debtors

					2017
					£


	Called up share capital not paid	27
		27

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OTLEY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2017

6.	Cash and cash equivalents
		2017
		£

	Cash at bank and in hand	7,784
		7,784

7.	Creditors: Amounts falling due within one year
		2017
		£

	Bank loans	3,500,000
	Amounts owed to group undertakings	1,470,565
		4,970,565

8.	Loans
	Analysis of the maturity of loans is given below:
		2017
		£

	Amounts falling due within one year
	Bank loans	3,500,000
		3,500,000

Bank loans are secured against:
- a first legal charge over land and property owned by Rysa Lodge Residential Properties Limited.
- a debenture over the company's assets and undertaking.
- a debenture over the assets and undertaking of Rysa Lodge Residential Properties Limited.
- a guarantee from Rysa Lodge Residential Properties Limited.

9.	Share capital
		2017
		£

Allotted, called up and fully paid

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OTLEY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2017

9.Share capital (continued)


		17,787 Ordinary A shares of £1 each	17,787
		17,787 Ordinary B shares of £1 each	17,787
		83,001 Ordinary C shares of £1 each	83,001

			118,575

		Allotted, called up and partly paid

		6 Ordinary A shares of £1 each	6
		6 Ordinary B shares of £1 each	6
		15 Ordinary C shares of £1 each	15

			27

On 25 November 2016, the company issued 17,787 Ordinary A shares, 17,787 Ordinary B shares and 83,001 Ordinary C shares in consideration for 118,575 Ordinary shares in Rysa Lodge Residential Properties Limited. The nominal value of each alloted share was £1 and the price paid per share was £10.40. The provisions of merger relief under section 612 of the Companies Act 2006 were applied and as a consequence no share premium is recorded in respect of the shares issued.

10.

Reserves

Other reserves

Other reserves consists of the premium paid on the acquisition of 118,575 shares in Rysa Lodge Residential Properties Limited. The provisions of merger relief under section 612 of the Companies Act 2006 were applied and as a consequence no share premium is recorded in respect of the shares purchased.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

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