Otoro Limited 28/02/2018 iXBRL
Otoro Limited 28/02/2018 iXBRL
Company registration number:
06505887
Unaudited filleted financial statements
Contents
Statement of financial position
Notes to the financial statements
Statement of financial position
28 February 2018
2018 | 2017 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 7 |
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Current assets | |||||||||
Debtors | 8 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 9 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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_______ | _______ | ||||||||
Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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_______ | _______ | ||||||||
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
13 June 2018
, and are signed on behalf of the board by:
Director
Company registration number:
06505887
Notes to the financial statements
Year ended 28 February 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Buckingham House, Myrtle Lane, Billingshurst, West Sussex, RH14 9SG.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment | - |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating loss
Operating loss is stated after charging/(crediting):
2018 | 2017 | ||||
£ | £ | ||||
Depreciation of tangible assets |
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Cost of stocks recognised as an expense |
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6.
Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2018 | 2017 | |||
£ | £ | |||
Remuneration |
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_______ | _______ | |||
7.
Tangible assets
Fixtures, fittings and equipment | Total | ||
£ | £ | ||
Cost | |||
At 1 March 2017 and 28 February 2018 |
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_______ | _______ | ||
Depreciation | |||
At 1 March 2017 |
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Charge for the year |
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At 28 February 2018 |
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Carrying amount | |||
At 28 February 2018 |
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At 28 February 2017 |
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8.
Debtors
2018 | 2017 | |||
£ | £ | |||
Trade debtors |
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Other debtors |
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_______ | _______ | |||
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9.
Creditors: amounts falling due within one year
2018 | 2017 | |||
£ | £ | |||
Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Social security and other taxes | - |
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Other creditors |
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_______ | _______ | |||
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10.
Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company: | ||||
2018 | ||||
Balance brought forward | Advances /(credits) to the director | Balance o/standing | ||
£ | £ | £ | ||
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2017 | ||||
Balance brought forward | Advances /(credits) to the director | Balance o/standing | ||
£ | £ | £ | ||
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_______ | _______ | _______ | ||
11.
Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value | Balance owed by/(owed to) | ||||
2018 | 2017 | 2018 | 2017 | ||
£ | £ | £ | £ | ||
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_______ | _______ | _______ | _______ | ||
At 28 February 2018, Palmerluxe Developments Limited, an associated company was owed £11,946, (2017: £4,799) by
Otoro Limited
12.
Controlling party