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Registration number: 08733481

Optimum Skills Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Optimum Skills Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Optimum Skills Limited

(Registration number: 08733481)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

8,150

3,306

Current assets

 

Debtors

7

509,593

350,626

Investments

6,500

6,500

Cash at bank and in hand

 

1,002

53,271

 

517,095

410,397

Creditors: Amounts falling due within one year

8

(130,637)

(58,725)

Net current assets

 

386,458

351,672

Total assets less current liabilities

 

394,608

354,978

Creditors: Amounts falling due after more than one year

8

(181,819)

(203,007)

Net assets

 

212,789

151,971

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

212,689

151,871

Shareholders' funds

 

212,789

151,971

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 February 2024
 

 

Optimum Skills Limited

(Registration number: 08733481)
Balance Sheet as at 31 July 2023

.........................................
Ms Diane Shakespeare
Director

 

Optimum Skills Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 23, Parsons Court
Welbury Way
Aycliffe Business Park
Newton Aycliffe
County Durham
DL5 6ZE
United Kingdom

These financial statements were authorised for issue by the director on 21 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Optimum Skills Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are classified as current liabilities if the company does not have an
unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve
months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months
after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost
using the effective interest method.

Borrowings

 

Optimum Skills Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 50 (2022 - 50).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,546

1,230

 

Optimum Skills Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

5

tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

8,764

8,764

Additions

6,390

6,390

At 31 July 2023

15,154

15,154

Depreciation

At 1 August 2022

5,458

5,458

Charge for the year

1,546

1,546

At 31 July 2023

7,004

7,004

Carrying amount

At 31 July 2023

8,150

8,150

At 31 July 2022

3,306

3,306

6

stocks

2023
£

2022
£

7

debtors

Current

2023
£

2022
£

Trade debtors

212,168

344,048

Prepayments

273,368

-

Other debtors

24,057

6,578

 

509,593

350,626

8

Creditors

Creditors: amounts falling due within one year

 

Optimum Skills Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

46,791

35,748

Trade creditors

 

42,305

-

Taxation and social security

 

41,541

22,977

 

130,637

58,725

 

Optimum Skills Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

181,819

203,007

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share Capital of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

34,200

-

Other borrowings

147,619

203,007

181,819

203,007

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

14,555

-

Other borrowings

32,236

35,748

46,791

35,748

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £157.69 (2022 - £120.00) per each Ordinary Shares

 

15,769

 

12,000