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REGISTERED NUMBER: 08575493 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

OPTALYSYS LTD

OPTALYSYS LTD (REGISTERED NUMBER: 08575493)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OPTALYSYS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: Dr N J New
Ms B J Hurley
A M Howard
D S R Ward
T J Beese
R Todd
A W Ward





SECRETARY:





REGISTERED OFFICE: 7D Platform
New Station Street
Leeds
West Yorkshire
LS1 4JB





REGISTERED NUMBER: 08575493 (England and Wales)





ACCOUNTANTS: Quinneys
Chartered Certified Accountants
Saxon House
Hellesdon Park Road
Norwich
Norfolk
NR6 5DR

OPTALYSYS LTD (REGISTERED NUMBER: 08575493)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,655,193 2,079,267
Tangible assets 5 56,468 69,448
Investments 6 1 1
1,711,662 2,148,716

CURRENT ASSETS
Debtors 7 423,543 648,514
Cash at bank 133,548 711,887
557,091 1,360,401
CREDITORS
Amounts falling due within one year 8 4,915,162 4,325,416
NET CURRENT LIABILITIES (4,358,071 ) (2,965,015 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,646,409 ) (816,299 )

CAPITAL AND RESERVES
Called up share capital 490 487
Share premium 4,091,925 4,091,925
Retained earnings (6,738,824 ) (4,908,711 )
SHAREHOLDERS' FUNDS (2,646,409 ) (816,299 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

OPTALYSYS LTD (REGISTERED NUMBER: 08575493)

BALANCE SHEET - continued
31 DECEMBER 2021


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

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 9 August 2022 and were signed on its behalf by:





Dr N J New - Director


OPTALYSYS LTD (REGISTERED NUMBER: 08575493)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Optalysys Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

Patents are being amortised evenly over their estimated useful life of five years.

Research and development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & Machinery - 15% reducing balance
Fixtures & Fittings - 20% on cost
Motor Vehicles - 20% on cost
Computer Equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


OPTALYSYS LTD (REGISTERED NUMBER: 08575493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2021 5,282,246
Additions 685,222
At 31 December 2021 5,967,468
AMORTISATION
At 1 January 2021 3,202,979
Charge for year 1,109,296
At 31 December 2021 4,312,275
NET BOOK VALUE
At 31 December 2021 1,655,193
At 31 December 2020 2,079,267

OPTALYSYS LTD (REGISTERED NUMBER: 08575493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2021
and 31 December 2021 217,692
DEPRECIATION
At 1 January 2021 148,244
Charge for year 12,980
At 31 December 2021 161,224
NET BOOK VALUE
At 31 December 2021 56,468
At 31 December 2020 69,448

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2021
and 31 December 2021 1
NET BOOK VALUE
At 31 December 2021 1
At 31 December 2020 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Amounts owed by group undertakings 310,320 310,320
Other debtors 113,223 338,194
423,543 648,514

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 2 2
Other creditors 4,915,160 4,325,414
4,915,162 4,325,416

Included within other creditors are convertible loan notes of £4,845,672 (2020:£4,274,395).

OPTALYSYS LTD (REGISTERED NUMBER: 08575493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

9. RELATED PARTY DISCLOSURES

At the year end the company was owed £408,334 including interest (2020:£404,858) by its US subsidiary, Optalysys Inc.

During the period consultancy fees in total of £18,000 (2020:£16,582) were charged by Ms B J Hurley, and Mr D Ward T Beese, who are directors of the company.

10. ULTIMATE CONTROLLING PARTY

The company is controlled on an operational basis by Dr N New.

There is no ultimate controlling party.