REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 30 April 2021 |
|
for |
|
O-Teas Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 30 April 2021 |
|
for |
|
O-Teas Limited |
O-Teas Limited (Registered number: 08888580) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the year ended 30 April 2021 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Chartered Accountants' Report | 8 |
O-Teas Limited |
|
Company Information |
for the year ended 30 April 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
St George's Court |
Winnington Avenue |
Northwich |
Cheshire |
CW8 4EE |
O-Teas Limited (Registered number: 08888580) |
|
Balance Sheet |
30 April 2021 |
|
30.4.21 | 30.4.20 |
as restated |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) |
|
( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 11 |
|
|
Share premium |
|
|
Retained earnings | ( |
) | (542,764 | ) |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
O-Teas Limited (Registered number: 08888580) |
|
Balance Sheet - continued |
30 April 2021 |
|
|
|
|
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
|
|
|
|
|
|
|
|
O-Teas Limited (Registered number: 08888580) |
|
Notes to the Financial Statements |
for the year ended 30 April 2021 |
|
1. | STATUTORY INFORMATION |
|
O-Teas Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Preparation of consolidated financial statements |
The financial statements contain information about O-Teas Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Interest and dividends receivable |
Interest income is recognised using the effective interest method and dividend income is recognised as the company’s right to receive payment is established. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
|
Development costs are capitalised as intangible fixed assets where, the project to which the expenditure relates, is considered commercially viable and technically feasible. |
|
Development costs are being amortised evenly over their expected life of 8 years. |
|
Expenditure on research and development, which doesn't meet this criteria, is written off in the year in which it is incurred. |
|
Patents and licences, along with associated costs, are being amortised evenly over their expected life of 8 years. |
|
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. |
|
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
|
Plant and machinery | - 12.5% on cost |
Office equipment | - 15% on cost |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease. |
O-Teas Limited (Registered number: 08888580) |
|
Notes to the Financial Statements - continued |
for the year ended 30 April 2021 |
|
2. | ACCOUNTING POLICIES - continued |
|
Share capital |
Ordinary shares are classed as equity. |
|
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement. |
|
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
|
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | INTANGIBLE FIXED ASSETS |
Patents and | Development |
licences | costs | Totals |
£ | £ | £ |
COST |
At 1 May 2020 |
and 30 April 2021 |
|
|
|
AMORTISATION |
At 1 May 2020 |
|
|
|
Amortisation for year |
|
|
|
At 30 April 2021 |
|
|
|
NET BOOK VALUE |
At 30 April 2021 |
|
|
|
At 30 April 2020 |
|
|
|
|
5. | TANGIBLE FIXED ASSETS |
Plant and | Office |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2020 |
|
|
|
Additions |
|
|
|
At 30 April 2021 |
|
|
|
DEPRECIATION |
At 1 May 2020 |
|
|
|
Charge for year |
|
|
|
At 30 April 2021 |
|
|
|
NET BOOK VALUE |
At 30 April 2021 |
|
|
|
At 30 April 2020 |
|
|
|
O-Teas Limited (Registered number: 08888580) |
|
Notes to the Financial Statements - continued |
for the year ended 30 April 2021 |
|
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2020 |
and 30 April 2021 |
|
NET BOOK VALUE |
At 30 April 2021 |
|
At 30 April 2020 |
|
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.21 | 30.4.20 |
as restated |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
VAT |
|
|
Prepayments |
|
|
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.21 | 30.4.20 |
as restated |
£ | £ |
Bank loans and overdrafts |
|
|
Other loans |
|
|
Trade creditors |
|
|
Social security & other taxes |
|
|
Other creditors |
|
|
Trade finance | 66,970 | 310,889 |
Directors' current accounts | - | 12,517 |
Accrued expenses |
|
|
|
|
|
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.21 | 30.4.20 |
as restated |
£ | £ |
Bank loans - 1-2 years |
|
|
Other loans | 621,429 | 21,429 |
Directors' loan accounts | 442,333 | 604,574 |
|
|
O-Teas Limited (Registered number: 08888580) |
|
Notes to the Financial Statements - continued |
for the year ended 30 April 2021 |
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
30.4.21 | 30.4.20 |
as restated |
£ | £ |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
The bank hold a fixed and floating charge is held over the assets of the company. Amounts owed to the bank are also secured by way of two separate personal guarantees from P Thakkar of £120,000 and £70,000. |
|
Ultimate Finance hold a charge over all assets debenture, all present and future freehold and leasehold land, all present and future intellectual property and all present and future aircraft. |
|
11. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.21 | 30.4.20 |
value: | as restated |
£ | £ |
|
Ordinary | £0.000001 | 24 | 24 |
|
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
At the reporting date, the company owed D Evans £442,333 (2020: £604,574). The loan attracts no interest and is provided on a rolling facility to be reviewed 13 months after the balance sheet date. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
O-Teas Limited |
|
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 O-Teas Limited for the year ended 30 April 2021 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
|
This report is made solely to the Board of Directors of O-Teas Limited, 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 O-Teas Limited and state those matters that we have agreed to state to the Board of Directors of O-Teas Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than O-Teas Limited and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that O-Teas Limited 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 O-Teas Limited. You consider that O-Teas Limited 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 O-Teas Limited. 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. |
|
|
|
|
|
|
|
Chartered Accountants |
St George's Court |
Winnington Avenue |
Northwich |
Cheshire |
CW8 4EE |
|
|
|