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REGISTERED NUMBER: 11468744 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

OPTIfarm Ltd

OPTIfarm Ltd (Registered number: 11468744)

Contents of the Financial Statements
for the Year Ended 31 July 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OPTIfarm Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Mr D J Speller
Mr M S Redshaw
Mr P Soschinski
Mr T S Stokes
Mr A K Jones





REGISTERED OFFICE: Lewis House
Great Chesterford Court
Great Chesterford
Essex
CB10 1PF





BUSINESS ADDRESS: Ground Floor West Block
Raincliffe House
Barker Lane, Brampton
CHESTERFIELD
Derbyshire
S40 1DY





REGISTERED NUMBER: 11468744 (England and Wales)

OPTIfarm Ltd (Registered number: 11468744)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 58,115 52,929

CURRENT ASSETS
Debtors 6 106,623 55,174
Cash at bank 773,169 783,802
879,792 838,976
CREDITORS
Amounts falling due within one year 7 217,409 299,116
NET CURRENT ASSETS 662,383 539,860
TOTAL ASSETS LESS CURRENT
LIABILITIES

720,498

592,789

CREDITORS
Amounts falling due after more than one
year

8

36,720

43,850
NET ASSETS 683,778 548,939

CAPITAL AND RESERVES
Called up share capital 151 132
Share premium 3,482,709 2,482,728
Retained earnings (2,799,082 ) (1,933,921 )
SHAREHOLDERS' FUNDS 683,778 548,939

OPTIfarm Ltd (Registered number: 11468744)

Balance Sheet - continued
31 July 2023


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

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

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2024 and were signed on its behalf by:




Mr D J Speller - Director Mr M S Redshaw - Director




Mr P Soschinski - Director Mr T S Stokes - Director




Mr A K Jones - Director


OPTIfarm Ltd (Registered number: 11468744)

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


1. STATUTORY INFORMATION

OPTIfarm Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The Directors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. The Directors have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the Directors have considered the company’s forecasts and projections and have taken account of pressures on income. After making enquiries the Directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

As such the company can expect to be able to meet its liabilities as they fall due in the period of at least 12 months from the date of approval of these accounts. However, there can be no certainty in relation to these matters.

On this basis the Directors have concluded that the company is a going concern. The financial statements do not include any adjustments that would result from the company not being able to meet its liabilities as they fall due.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

OPTIfarm Ltd (Registered number: 11468744)

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


3. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Convertible loans
On initial recognition, convertible loans are split into two components, one of which is recognised as a financial liability and the other is recognised as equity within other reserves.

The financial liability component is initially measured at the present value of the future payments discounted at a market rate of interest for a similar loan that is not convertible.

The financial liability component is subsequently measured at amortised cost.

The equity component is initially measured at the difference between the transaction price and the initial value of the liability component.

The equity component is not subsequently remeasured.

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.

OPTIfarm Ltd (Registered number: 11468744)

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


3. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 19 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 80,215
Additions 17,924
At 31 July 2023 98,139
DEPRECIATION
At 1 August 2022 27,286
Charge for year 12,738
At 31 July 2023 40,024
NET BOOK VALUE
At 31 July 2023 58,115
At 31 July 2022 52,929

OPTIfarm Ltd (Registered number: 11468744)

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


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 59,773
DEPRECIATION
At 1 August 2022 16,587
Charge for year 6,478
At 31 July 2023 23,065
NET BOOK VALUE
At 31 July 2023 36,708
At 31 July 2022 43,186

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 41,598 52,633
Other debtors 65,025 2,541
106,623 55,174

Other debtors consist of prepaid expenses of £7,414 (2022 - £2,541), accrued income of £33,374 (2022 - £nil), and taxes of £24,237 (2022 - £nil).

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 7,130 5,138
Trade creditors 26,461 37,207
Taxation and social security 17,055 36,371
Other creditors 166,763 220,400
217,409 299,116

Other creditors consist of accrued expenses of £35,280 (2022 - £48,369), deferred income of £84,992 (2022 - £153,841), directors' loan accounts of £2,701 (2022 - £178), pension contributions payable of £2,175 (2022 - £1,686), employee loans of £34 (2022 - £15), and inter company loans of £41,581 (2022 - £16,311).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 36,720 43,850

OPTIfarm Ltd (Registered number: 11468744)

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


9. CONVERTIBLE LOANS

During the year ended 31 July 2022, convertible loan notes matured and were converted into shares.

These convertible were originally issued during the years ended 31 July 2022 and 31 July 2021.

Prior to conversion, they had been accounted for under the policy for convertible loans outlined in note 3, and had been subject to an interest rate of 8% per annum.