IRIS Accounts Production v23.3.0.418 10424768 Board of Directors Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false Ordinary 'A' shares 1.00000 Ordinary 'B' shares 1.00000 Ordinary 'C' shares 1.00000 Ordinary 'D' shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure104247682022-03-31104247682023-03-31104247682022-04-012023-03-31104247682021-03-31104247682021-04-012022-03-31104247682022-03-3110424768ns16:EnglandWales2022-04-012023-03-3110424768ns15:PoundSterling2022-04-012023-03-3110424768ns11:Director12022-04-012023-03-3110424768ns11:Director22022-04-012023-03-3110424768ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3110424768ns11:SmallEntities2022-04-012023-03-3110424768ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-3110424768ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3110424768ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3110424768ns11:FullAccounts2022-04-012023-03-3110424768ns11:OrdinaryShareClass22022-04-012023-03-3110424768ns11:OrdinaryShareClass32022-04-012023-03-3110424768ns11:OrdinaryShareClass42022-04-012023-03-3110424768ns11:OrdinaryShareClass52022-04-012023-03-3110424768ns11:RegisteredOffice2022-04-012023-03-3110424768ns6:CurrentFinancialInstruments2023-03-3110424768ns6:CurrentFinancialInstruments2022-03-3110424768ns6:Non-currentFinancialInstruments2023-03-3110424768ns6:Non-currentFinancialInstruments2022-03-3110424768ns6:ShareCapital2023-03-3110424768ns6:ShareCapital2022-03-3110424768ns6:RetainedEarningsAccumulatedLosses2023-03-3110424768ns6:RetainedEarningsAccumulatedLosses2022-03-311042476812022-04-012023-03-3110424768ns6:FurnitureFittings2022-03-3110424768ns6:ComputerEquipment2022-03-3110424768ns6:FurnitureFittings2022-04-012023-03-3110424768ns6:ComputerEquipment2022-04-012023-03-3110424768ns6:FurnitureFittings2023-03-3110424768ns6:ComputerEquipment2023-03-3110424768ns6:FurnitureFittings2022-03-3110424768ns6:ComputerEquipment2022-03-3110424768ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3110424768ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3110424768ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2023-03-3110424768ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-03-3110424768ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2023-03-3110424768ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2022-03-3110424768ns6:HirePurchaseContracts2023-03-3110424768ns6:HirePurchaseContracts2022-03-3110424768ns6:WithinOneYear2023-03-3110424768ns6:WithinOneYear2022-03-3110424768ns6:BetweenOneFiveYears2023-03-3110424768ns6:BetweenOneFiveYears2022-03-3110424768ns6:AllPeriods2023-03-3110424768ns6:AllPeriods2022-03-3110424768ns11:OrdinaryShareClass22023-03-3110424768ns11:OrdinaryShareClass32023-03-3110424768ns11:OrdinaryShareClass42023-03-3110424768ns11:OrdinaryShareClass52023-03-3110424768ns11:Director112022-03-3110424768ns11:Director112021-03-3110424768ns11:Director112022-04-012023-03-3110424768ns11:Director112021-04-012022-03-3110424768ns11:Director112023-03-3110424768ns11:Director112022-03-31104247682ns11:Director22022-03-31104247682ns11:Director22021-03-31104247682ns11:Director22022-04-012023-03-31104247682ns11:Director22021-04-012022-03-31104247682ns11:Director22023-03-31104247682ns11:Director22022-03-31
REGISTERED NUMBER: 10424768 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

OPTIME GROUP LIMITED

OPTIME GROUP LIMITED (REGISTERED NUMBER: 10424768)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OPTIME GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: M Young
A Young





REGISTERED OFFICE: 35a High Street
Crawley
West Sussex
RH10 1BQ





REGISTERED NUMBER: 10424768 (England and Wales)





ACCOUNTANTS: Watson Associates (Professional Services) Limited
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

OPTIME GROUP LIMITED (REGISTERED NUMBER: 10424768)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 107,169 80,213

CURRENT ASSETS
Debtors 5 3,736,554 2,008,657
Cash at bank 55,700 165,568
3,792,254 2,174,225
CREDITORS
Amounts falling due within one year 6 (2,380,343 ) (1,780,960 )
NET CURRENT ASSETS 1,411,911 393,265
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,519,080

473,478

CREDITORS
Amounts falling due after more than one
year

7

(156,840

)

(167,074

)

PROVISIONS FOR LIABILITIES (26,792 ) (15,240 )
NET ASSETS 1,335,448 291,164

CAPITAL AND RESERVES
Called up share capital 9 10 10
Retained earnings 1,335,438 291,154
SHAREHOLDERS' FUNDS 1,335,448 291,164

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

OPTIME GROUP LIMITED (REGISTERED NUMBER: 10424768)

BALANCE SHEET - continued
31 MARCH 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:




A Young - Director



M Young - Director


OPTIME GROUP LIMITED (REGISTERED NUMBER: 10424768)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Optime Group Limited 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.

Critical accounting judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and when it is probable that future economic benefits will flow to the entity.

In respect of the rendering of services, turnover represents revenue measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Tangible fixed assets
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings - 25% reducing balance
Computer equipment - 25% reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

OPTIME GROUP LIMITED (REGISTERED NUMBER: 10424768)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

Interest income
Interest income is recognised using the effective interest method.

OPTIME GROUP LIMITED (REGISTERED NUMBER: 10424768)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

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 the profit and loss account 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 "other income" within profit or loss in the same period as the related expenditure.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 720 (2022 - 290 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 57,662 47,039 104,701
Additions 35,462 27,218 62,680
At 31 March 2023 93,124 74,257 167,381
DEPRECIATION
At 1 April 2022 3,278 21,210 24,488
Charge for year 22,462 13,262 35,724
At 31 March 2023 25,740 34,472 60,212
NET BOOK VALUE
At 31 March 2023 67,384 39,785 107,169
At 31 March 2022 54,384 25,829 80,213

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,578,077 1,718,325
Other debtors 1,158,477 290,332
3,736,554 2,008,657

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 227,936 928,188
Hire purchase contracts (see note 8) 9,342 7,656
Trade creditors 53,005 32,964
Taxation and social security 1,664,422 583,266
Other creditors 425,638 228,886
2,380,343 1,780,960

OPTIME GROUP LIMITED (REGISTERED NUMBER: 10424768)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 123,333 123,500
Hire purchase contracts (see note 8) 33,507 43,574
156,840 167,074

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 9,342 7,656
Between one and five years 33,507 43,574
42,849 51,230

Non-cancellable operating leases
2023 2022
£    £   
Within one year 71,138 99,938
Between one and five years 196,992 268,130
268,130 368,068

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4 Ordinary 'A' shares £1 4 4
4 Ordinary 'B' shares £1 4 4
1 Ordinary 'C' shares £1 1 1
1 Ordinary 'D' shares £1 1 1
10 10

OPTIME GROUP LIMITED (REGISTERED NUMBER: 10424768)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
A Young
Balance outstanding at start of year 47,389 -
Amounts advanced 479,162 47,389
Amounts repaid (107,500 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 419,051 47,389

M Young
Balance outstanding at start of year (137 ) -
Amounts advanced 96,702 -
Amounts repaid (36,000 ) (137 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 60,565 (137 )

The Directors loan balances remain outstanding as at the date the financial statements were approved. No interest is charged on the loan balances.

11. RELATED PARTY DISCLOSURES

As at the year end 31 March 2023, a balance of £121,637 (2022: £146,303) remained due from a related company.