22
false
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No description of principal activity
2021-10-01
Sage Accounts Production Advanced 2023 - FRS102_2023
258,249
113,133
162,206
209,176
6,783
37,917
44,700
164,476
251,466
34,485
73
34,558
34,558
34,485
xbrli:pure
xbrli:shares
iso4217:GBP
11389551
2021-10-01
2022-09-30
11389551
2022-09-30
11389551
2021-09-30
11389551
2020-04-01
2021-09-30
11389551
2021-09-30
11389551
2020-03-31
11389551
bus:Director3
2021-10-01
2022-09-30
11389551
core:PatentsTrademarksLicencesConcessionsSimilar
2021-09-30
11389551
core:PatentsTrademarksLicencesConcessionsSimilar
2022-09-30
11389551
core:FurnitureFittings
2021-09-30
11389551
core:MotorVehicles
2021-09-30
11389551
core:FurnitureFittings
2022-09-30
11389551
core:MotorVehicles
2022-09-30
11389551
core:PatentsTrademarksLicencesConcessionsSimilar
2021-10-01
2022-09-30
11389551
core:FurnitureFittings
2021-10-01
2022-09-30
11389551
core:MotorVehicles
2021-10-01
2022-09-30
11389551
core:WithinOneYear
2022-09-30
11389551
core:WithinOneYear
2021-09-30
11389551
core:AfterOneYear
2022-09-30
11389551
core:AfterOneYear
2021-09-30
11389551
core:ShareCapital
2022-09-30
11389551
core:ShareCapital
2021-09-30
11389551
core:SharePremium
2022-09-30
11389551
core:SharePremium
2021-09-30
11389551
core:OtherReservesSubtotal
2022-09-30
11389551
core:OtherReservesSubtotal
2021-09-30
11389551
core:RetainedEarningsAccumulatedLosses
2022-09-30
11389551
core:RetainedEarningsAccumulatedLosses
2021-09-30
11389551
core:PatentsTrademarksLicencesConcessionsSimilar
2021-09-30
11389551
core:CostValuation
core:Non-currentFinancialInstruments
2021-09-30
11389551
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2022-09-30
11389551
core:CostValuation
core:Non-currentFinancialInstruments
2022-09-30
11389551
core:Non-currentFinancialInstruments
2022-09-30
11389551
core:Non-currentFinancialInstruments
2021-09-30
11389551
core:FurnitureFittings
2021-09-30
11389551
core:MotorVehicles
2021-09-30
11389551
bus:SmallEntities
2021-10-01
2022-09-30
11389551
bus:AuditExempt-NoAccountantsReport
2021-10-01
2022-09-30
11389551
bus:SmallCompaniesRegimeForAccounts
2021-10-01
2022-09-30
11389551
bus:PrivateLimitedCompanyLtd
2021-10-01
2022-09-30
11389551
bus:FullAccounts
2021-10-01
2022-09-30
COMPANY REGISTRATION NUMBER:
11389551
OTO International Limited |
|
Filleted Unaudited Financial Statements |
|
OTO International Limited |
|
Statement of Financial Position |
|
30 September 2022
Fixed assets
Intangible assets |
5 |
164,476 |
251,466 |
Tangible assets |
6 |
41,602 |
45,962 |
Investments |
7 |
34,558 |
34,485 |
|
--------- |
--------- |
|
240,636 |
331,913 |
|
|
|
|
Current assets
Stocks |
730,797 |
568,104 |
Debtors |
8 |
1,424,905 |
705,196 |
Cash at bank and in hand |
21,859 |
577,536 |
|
------------ |
------------ |
|
2,177,561 |
1,850,836 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
1,613,964 |
650,575 |
|
------------ |
------------ |
Net current assets |
563,597 |
1,200,261 |
|
--------- |
------------ |
Total assets less current liabilities |
804,233 |
1,532,174 |
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
540,993 |
19,800 |
|
--------- |
------------ |
Net assets |
263,240 |
1,512,374 |
|
--------- |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
30,269 |
25,774 |
Share premium account |
6,372,591 |
3,522,323 |
Other reserves |
1,503,671 |
1,766,558 |
Profit and loss account |
(
7,643,291) |
(
3,802,281) |
|
------------ |
------------ |
Shareholders funds |
263,240 |
1,512,374 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
OTO International Limited |
|
Statement of Financial Position (continued) |
|
30 September 2022
These financial statements were approved by the
board of directors
and authorised for issue on
22 September 2023
, and are signed on behalf of the board by:
Company registration number:
11389551
OTO International Limited |
|
Notes to the Financial Statements |
|
Year ended 30 September 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company continues to meet its liabilities with the support of the shareholders. The Directors have concluded that there is a reasonable expectation that the company has adequate resources to continue to operate for at least 12 months from the date of signing these financial statements. The Directors therefore consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Patents, trademarks and licences |
- |
4 Years straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Fixtures and fittings |
- |
4 Years straight line
|
|
Motor vehicles |
- |
5 Years straight line
|
|
Equipment |
- |
3 Years straight line
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
22
(2021:
15
).
5.
Intangible assets
|
Other |
|
£ |
Cost |
|
At 1 October 2021 |
258,249 |
Additions |
113,133 |
Disposals |
(
162,206) |
|
--------- |
At 30 September 2022 |
209,176 |
|
--------- |
Amortisation |
|
At 1 October 2021 |
6,783 |
Charge for the year |
37,917 |
|
--------- |
At 30 September 2022 |
44,700 |
|
--------- |
Carrying amount |
|
At 30 September 2022 |
164,476 |
|
--------- |
At 30 September 2021 |
251,466 |
|
--------- |
|
|
6.
Tangible assets
|
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 October 2021 |
2,901 |
46,700 |
|
51,849 |
Additions |
– |
– |
|
2,726 |
|
------- |
-------- |
------- |
-------- |
At 30 September 2022 |
2,901 |
46,700 |
|
54,575 |
|
------- |
-------- |
------- |
-------- |
Depreciation |
|
|
|
|
At 1 October 2021 |
979 |
3,560 |
|
5,887 |
Charge for the year |
967 |
5,340 |
|
7,086 |
|
------- |
-------- |
------- |
-------- |
At 30 September 2022 |
1,946 |
8,900 |
|
12,973 |
|
------- |
-------- |
------- |
-------- |
Carrying amount |
|
|
|
|
At 30 September 2022 |
955 |
37,800 |
|
41,602 |
|
------- |
-------- |
------- |
-------- |
At 30 September 2021 |
1,922 |
43,140 |
|
45,962 |
|
------- |
-------- |
------- |
-------- |
|
|
|
|
|
7.
Investments
|
Shares in participating interests |
|
£ |
Cost |
|
At 1 October 2021 |
34,485 |
Additions |
73 |
|
-------- |
At 30 September 2022 |
34,558 |
|
-------- |
Impairment |
|
At 1 October 2021 and 30 September 2022 |
– |
|
-------- |
|
|
Carrying amount |
|
At 30 September 2022 |
34,558 |
|
-------- |
At 30 September 2021 |
34,485 |
|
-------- |
|
|
8.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
479,229 |
244,864 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
494,274 |
217,223 |
Other debtors |
451,402 |
243,109 |
|
------------ |
--------- |
|
1,424,905 |
705,196 |
|
------------ |
--------- |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
5,400 |
5,400 |
Trade creditors |
1,286,772 |
505,935 |
Corporation tax |
710 |
– |
Social security and other taxes |
234,830 |
40,763 |
Other creditors |
86,252 |
98,477 |
|
------------ |
--------- |
|
1,613,964 |
650,575 |
|
------------ |
--------- |
|
|
|
10.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
14,400 |
19,800 |
Other creditors |
526,593 |
– |
|
--------- |
-------- |
|
540,993 |
19,800 |
|
--------- |
-------- |
|
|
|
11.
Share-based payments
During the period, the company recognised total share-based payment expenses of £129,980 (2021: £152,436) which related to equity settled share based payment transactions. The options outstanding at 30 September 2022 had an exercise price of £0.01.
12.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2022 |
2021 |
|
£ |
£ |
Not later than 1 year |
84,800 |
195,700 |
|
-------- |
--------- |
|
|
|
13.
Events after the end of the reporting period
In the period after the reporting date the company acquired 100% of the share capital of South West Brands Limited.
14.
Directors' advances, credits and guarantees
Included in Other debtors are amounts due from the directors. At the period end G J N Colao owed the company £4,765 (2021:£65), these loans are interest free and repayable on demand.
J H Bagley
owed the company £64,040 (2021:£0), these loans are at HMRC's official interest rate and repayable on demand.
15.
Controlling party
The controlling party is G J N Colao by virtue of their majority shareholding.