Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-3018The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-12-01falseNo description of principal activity19truetrue 00995561 2021-12-01 2022-11-30 00995561 2020-12-01 2021-11-30 00995561 2022-11-30 00995561 2021-11-30 00995561 c:Director1 2021-12-01 2022-11-30 00995561 d:Buildings d:LongLeaseholdAssets 2021-12-01 2022-11-30 00995561 d:Buildings d:ShortLeaseholdAssets 2021-12-01 2022-11-30 00995561 d:Buildings d:ShortLeaseholdAssets 2022-11-30 00995561 d:Buildings d:ShortLeaseholdAssets 2021-11-30 00995561 d:MotorVehicles 2021-12-01 2022-11-30 00995561 d:FurnitureFittings 2021-12-01 2022-11-30 00995561 d:OfficeEquipment 2021-12-01 2022-11-30 00995561 d:ComputerEquipment 2021-12-01 2022-11-30 00995561 d:OtherPropertyPlantEquipment 2021-12-01 2022-11-30 00995561 d:OtherPropertyPlantEquipment 2022-11-30 00995561 d:OtherPropertyPlantEquipment 2021-11-30 00995561 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 00995561 d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 00995561 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 00995561 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-11-30 00995561 d:Goodwill 2022-11-30 00995561 d:Goodwill 2021-11-30 00995561 d:CurrentFinancialInstruments 2022-11-30 00995561 d:CurrentFinancialInstruments 2021-11-30 00995561 d:Non-currentFinancialInstruments 2022-11-30 00995561 d:Non-currentFinancialInstruments 2021-11-30 00995561 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 00995561 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 00995561 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 00995561 d:Non-currentFinancialInstruments d:AfterOneYear 2021-11-30 00995561 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 00995561 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-11-30 00995561 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 00995561 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-11-30 00995561 d:ShareCapital 2022-11-30 00995561 d:ShareCapital 2021-11-30 00995561 d:RetainedEarningsAccumulatedLosses 2022-11-30 00995561 d:RetainedEarningsAccumulatedLosses 2021-11-30 00995561 c:FRS102 2021-12-01 2022-11-30 00995561 c:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 00995561 c:FullAccounts 2021-12-01 2022-11-30 00995561 c:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 00995561 d:WithinOneYear 2022-11-30 00995561 d:WithinOneYear 2021-11-30 00995561 d:BetweenOneFiveYears 2022-11-30 00995561 d:BetweenOneFiveYears 2021-11-30 00995561 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2021-12-01 2022-11-30 00995561 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2021-12-01 2022-11-30 00995561 d:ExternallyAcquiredIntangibleAssets 2021-12-01 2022-11-30 00995561 d:Goodwill d:OwnedIntangibleAssets 2021-12-01 2022-11-30 00995561 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure

Registered number: 00995561









OPTIKINETICS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2022

 
OPTIKINETICS LIMITED
REGISTERED NUMBER: 00995561

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2022

2022
2021
£
£

Fixed assets
  

Tangible fixed assets
 6 
18,592
41,508

Intangible Assets
 5 
12,786
12,911

  
31,378
54,419

Current assets
  

Stocks
  
157,274
31,976

Debtors: amounts falling due within one year
 7 
640,623
627,377

Cash at bank and in hand
  
674,228
943,191

  
1,472,125
1,602,544

Creditors: amounts falling due within one year
 8 
(959,340)
(904,601)

Net current assets
  
 
 
512,785
 
 
697,943

Total assets less current liabilities
  
544,163
752,362

Creditors: amounts falling due after more than one year
 9 
(35,000)
(45,000)

  

Net assets
  
509,163
707,362


Capital and reserves
  

Called up share capital 
  
25,000
25,000

Profit and loss account
  
484,163
682,362

  
509,163
707,362

Page 1

 
OPTIKINETICS LIMITED
REGISTERED NUMBER: 00995561
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2022

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 November 2023.




R A Stitcher
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1.


General information

Optikinetics Limited is a private company limited by shares incorporated and registered in the United Kingdom. The address of its registered office is 38 Cromwell Road, Luton, Bedfordshire, LU3 1DN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover comprises revenue recognised on dispatch of goods by the company relating to lighting effects equipment and aluminium support structures supplied during the year and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue  can be reliably measured. Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method.

Page 3

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

  
2.8

Intangible fixed assets and amortisation

Goodwill is the difference between amounts paid on the acquistion of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life.

Website development costs are capitalised and amortised to the profit and loss account over their estimated economic life.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property improvements
-
10% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% straight line
Office equipment
-
33% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

Creditors

Short term creditors are measured at the transaction price.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.16

Pensions

The company makes contributions into personal pension schemes for the benfit of certain employees. The pension charge represent the amounts payable by the company to the schemes in the year.

  
2.17

Operating leases

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Page 5

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

  
2.18

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2021 - 19).


4.


Dividends

2022
2021
£
£


Dividends paid
270,000
204,000

270,000
204,000

Page 6

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

5.


Intangible assets




Website development
Goodwill
Total

£
£
£



Cost


At 1 December 2021
30,082
7,526
37,608


Additions
900
-
900



At 30 November 2022

30,982
7,526
38,508



Amortisation


At 1 December 2021
24,697
-
24,697


Charge for the year on owned assets
1,025
-
1,025



At 30 November 2022

25,722
-
25,722



Net book value



At 30 November 2022
5,260
7,526
12,786



At 30 November 2021
5,385
7,526
12,911



Page 7

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

6.


Tangible fixed assets





Short-term leasehold property
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 December 2021
30,009
354,980
384,989


Additions
-
1,300
1,300


Disposals
-
(3,600)
(3,600)



At 30 November 2022

30,009
352,680
382,689



Depreciation


At 1 December 2021
20,758
322,723
343,481


Charge for the year on owned assets
4,251
19,365
23,616


Disposals
-
(3,000)
(3,000)



At 30 November 2022

25,009
339,088
364,097



Net book value



At 30 November 2022
5,000
13,592
18,592



At 30 November 2021
9,251
32,257
41,508

Page 8

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

7.


Debtors

2022
2021
£
£


Trade debtors
345,616
395,464

Amounts owed by group undertakings
246,154
172,957

Other debtors
12,563
933

Prepayments and accrued income
36,290
58,023

640,623
627,377



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
12,427
13,134

Trade creditors
235,134
187,638

Amounts owed to group undertakings
41,768
291,684

Corporation tax
86,190
74,322

Other taxation and social security
55,934
76,087

Other creditors
470,175
238,572

Accruals and deferred income
57,712
23,164

959,340
904,601


Bank loans and overdrafts are secured by floating charges over certain assets of the company. 


9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
35,000
45,000

35,000
45,000


Page 9

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

10.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
12,427
13,134


12,427
13,134

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
25,000
35,000


25,000
35,000


47,427
58,134



11.


Commitments under operating leases

At 30 November 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Within 1 year
76,782
76,119

Within 2 and 5 years
79,652
147,925

156,434
224,044


12.


Related party transactions

The company is exempt from disclosing other related party transactions as they are with companies that are wholly owed within the group.

 
Page 10