Caseware UK (AP4) 2022.0.179 2022.0.179 2022-04-061falsetrueNo description of principal activity1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 2815943 2022-04-06 2023-04-05 2815943 2021-04-06 2022-04-05 2815943 2023-04-05 2815943 2022-04-05 2815943 c:Director1 2022-04-06 2023-04-05 2815943 d:OfficeEquipment 2022-04-06 2023-04-05 2815943 d:OfficeEquipment 2023-04-05 2815943 d:OfficeEquipment 2022-04-05 2815943 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-06 2023-04-05 2815943 d:CurrentFinancialInstruments 2023-04-05 2815943 d:CurrentFinancialInstruments 2022-04-05 2815943 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-05 2815943 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-05 2815943 d:ShareCapital 2023-04-05 2815943 d:ShareCapital 2022-04-05 2815943 d:RetainedEarningsAccumulatedLosses 2023-04-05 2815943 d:RetainedEarningsAccumulatedLosses 2022-04-05 2815943 c:FRS102 2022-04-06 2023-04-05 2815943 c:AuditExempt-NoAccountantsReport 2022-04-06 2023-04-05 2815943 c:FullAccounts 2022-04-06 2023-04-05 2815943 c:PrivateLimitedCompanyLtd 2022-04-06 2023-04-05 2815943 d:AcceleratedTaxDepreciationDeferredTax 2023-04-05 2815943 d:AcceleratedTaxDepreciationDeferredTax 2022-04-05 2815943 2 2022-04-06 2023-04-05 2815943 6 2022-04-06 2023-04-05 iso4217:GBP xbrli:pure

Registered number: 2815943










OPTIMUM CORPORATION LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 5 April 2023

 
OPTIMUM CORPORATION LIMITED
Registered number: 2815943

STATEMENT OF FINANCIAL POSITION
As at 5 April 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
427
854

Investments
 5 
175
350

  
602
1,204

Current assets
  

Debtors: amounts falling due within one year
 6 
445
387

Cash at bank and in hand
  
128,972
138,017

  
129,417
138,404

Creditors: amounts falling due within one year
 7 
(4,156)
(8,791)

Net current assets
  
 
 
125,261
 
 
129,613

Total assets less current liabilities
  
125,863
130,817

Provisions for liabilities
  

Deferred tax
 8 
(107)
(214)

Net assets
  
125,756
130,603


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
125,754
130,601

  
125,756
130,603


Page 1

 
OPTIMUM CORPORATION LIMITED
Registered number: 2815943
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 5 April 2023

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 income and retained earnings 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 by: 






E T Lovett
Director

Date: 5 February 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
OPTIMUM CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 5 April 2023

1.


General information

Optimum Corporation Limited, 02815943, is a private Company limited by shares. It is incorporated in England & Wales. The registered office is Linley Hall, Linley Road, Talke, Stoke-On-Trent, Staffordshire, ST7 1TZ.

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

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:

Office equipment
-
25% 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.

 
2.3

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.4

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.5

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 3

 
OPTIMUM CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 5 April 2023

2.Accounting policies (continued)


2.5
Financial instruments (continued)

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
OPTIMUM CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 5 April 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
OPTIMUM CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 5 April 2023

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 6 April 2022
6,637



At 5 April 2023

6,637



Depreciation


At 6 April 2022
5,783


Charge for the year on owned assets
427



At 5 April 2023

6,210



Net book value



At 5 April 2023
427



At 5 April 2022
854

Page 6

 
OPTIMUM CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 5 April 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 6 April 2022
350


Disposals
(175)



At 5 April 2023
175




Page 7

 
OPTIMUM CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 5 April 2023

6.


Debtors

2023
2022
£
£


Other debtors
347
342

Prepayments and accrued income
98
45

445
387



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
2,866
7,501

Accruals and deferred income
1,290
1,290

4,156
8,791



8.


Deferred taxation




2023


£






At beginning of year
(214)


Charged to profit or loss
107



At end of year
(107)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(107)
(214)

 
Page 8