Registered number
09126337
OPTIK MIZEN LTD
Filleted Accounts
31 July 2023
OPTIK MIZEN LTD
Registered number: 09126337
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,753 11,069
Current assets
Stocks 160 316
Debtors 4 16,292 20,308
Cash at bank and in hand 230,740 182,975
247,192 203,599
Creditors: amounts falling due within one year 5 (66,453) (64,895)
Net current assets 180,739 138,704
Net assets 191,492 149,773
Capital and reserves
Called up share capital 1,315 1,315
Profit and loss account 190,177 148,458
Shareholders' funds 191,492 149,773
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J I Holoran
Director
Approved by the board on 15 November 2023
OPTIK MIZEN LTD
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Reducing Balance
Fixtures, fittings, tools and equipment 25% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 51,473
Additions 3,269
At 31 July 2023 54,742
Depreciation
At 1 August 2022 40,404
Charge for the year 3,585
At 31 July 2023 43,989
Net book value
At 31 July 2023 10,753
At 31 July 2022 11,069
4 Debtors 2023 2022
£ £
Trade debtors 16,292 20,308
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 22,413 11,579
Taxation and social security costs 42,840 51,416
Accruals 1,200 1,900
66,453 64,895
6 Other information
OPTIK MIZEN LTD is a private company limited by shares and incorporated in England. Its registered office is:
Raydean House
15 Western Parade
Barnet
Herts
EN5 1AH
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