Registration number:
OTR (Exeter) Limited
for the Year Ended 30 June 2018
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
OTR (Exeter) Limited
(Registration number: 03567252)
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
OTR (Exeter) Limited
(Registration number: 03567252)
Company Information
Directors |
J Gadston A I Doble P Carter D J Newbery J F Tagg M S Vandale |
Company secretary |
R N Lock |
Registered office |
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Accountants |
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Page 1 |
OTR (Exeter) Limited
(Registration number: 03567252)
Balance Sheet as at 30 June 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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OTR (Exeter) Limited
(Registration number: 03567252)
Balance Sheet as at 30 June 2018
Approved and authorised by the
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Director
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Director
Page 3 |
OTR (Exeter) Limited
(Registration number: 03567252)
Notes to the Financial Statements for the Year Ended 30 June 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
St. James' Park
Exeter
Devon
EX4 6PX
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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OTR (Exeter) Limited
(Registration number: 03567252)
Notes to the Financial Statements for the Year Ended 30 June 2018
Asset class |
Depreciation method and rate |
Investment properties |
Not depreciated |
Fixtures and fittings |
15% straight line basis |
Investment property
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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OTR (Exeter) Limited
(Registration number: 03567252)
Notes to the Financial Statements for the Year Ended 30 June 2018
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2017 |
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At 30 June 2018 |
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Depreciation |
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At 1 July 2017 |
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At 30 June 2018 |
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Carrying amount |
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At 30 June 2018 |
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At 30 June 2017 |
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Included within the net book value of land and buildings above is £650,000 (2017 - £650,000) in respect of freehold land and buildings.
Revaluation
The fair value of the company's Land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Debtors |
2018 |
2017 |
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Other debtors |
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Total current trade and other debtors |
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OTR (Exeter) Limited
(Registration number: 03567252)
Notes to the Financial Statements for the Year Ended 30 June 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Page 7 |