Company Registration No. 06998763 (England and Wales)
Optimized Routing Solutions UK Ltd.
Unaudited accounts
for the year ended 28 February 2023
Optimized Routing Solutions UK Ltd.
Unaudited accounts
Contents
Optimized Routing Solutions UK Ltd.
Company Information
for the year ended 28 February 2023
Directors
Udesh Inderlal
Larry Paslovsky
Company Number
06998763 (England and Wales)
Registered Office
86-90 Paul Street
London
EC2A 4NE
England
Optimized Routing Solutions UK Ltd.
Statement of financial position
as at 28 February 2023
Creditors: amounts falling due within one year
(1,000)
(1,320)
Net current assets
73,517
70,178
Called up share capital
1
1
Revaluation reserve
11,297
3,479
Profit and loss account
62,219
66,698
Shareholders' funds
73,517
70,178
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2024 and were signed on its behalf by
Udesh Inderlal
Director
Company Registration No. 06998763
Optimized Routing Solutions UK Ltd.
Notes to the Accounts
for the year ended 28 February 2023
Optimized Routing Solutions UK Ltd. is a private company, limited by shares, registered in England and Wales, registration number 06998763. The registered office is 86-90 Paul Street, London, EC2A 4NE, England .
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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) and the Companies Act 2006.
The company’s functional currency is the US Dollar ($). The presentation currency used to prepare the financial statements is the Pound Sterling (£). Foreign exchange gains and losses arising on conversion from the company’s functional currency to the presentation currency are charged to the revaluation reserve in equity.
Significant judgements and estimates
There are no significant judgements and estimates applied to the numbers contained within these financial statements.
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 rendering of services.
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.
Optimized Routing Solutions UK Ltd.
Notes to the Accounts
for the year ended 28 February 2023
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
(i) Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and
investments in commercial paper, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Income Statement.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in, the Income Statement, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, loans from fellow Group Companies that are classified as debt, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.
If the arrangement constitutes a financing transaction, the debt instrument is measured, initially at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. These financial instruments are then subsequently measured at fair value and any changes in fair value are recognised in, the Income Statement.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished; that is, when the contractual obligation is discharged, cancelled or expires.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Current and deferred tax 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 Statement of Financial Position date.
Optimized Routing Solutions UK Ltd.
Notes to the Accounts
for the year ended 28 February 2023
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 the Income Statement.
The company incurred trading losses for the year under review. The parent company will continue to provide financial support, if and when needed, so that the company may meet its future obligations. Directors are therefore of the opinion that they should continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Amounts falling due within one year
Amounts due from group undertakings etc.
74,063
67,882
5
Creditors: amounts falling due within one year
2023
2022
Other creditors
1,000
1,320
The immediate controlling Parent is Optimized Routing Solutions (Proprietary) Limited, a company incorporated in South Africa with its registered offices situated at 129 Ivy Road, Norwood, Johannesburg, 2192.
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Average number of employees
During the year the average number of employees was 0 (2022: 0).