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COMPANY REGISTRATION NUMBER: 02111728
OPTIONCOOL LIMITED
Filleted Unaudited Financial Statements
30 September 2022
OPTIONCOOL LIMITED
Statement of Financial Position
30 September 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
4
450,000
450,000
Current assets
Debtors
5
491,565
491,565
Cash at bank and in hand
200,994
163,294
---------
---------
692,559
654,859
Creditors: amounts falling due within one year
6
269,219
259,898
---------
---------
Net current assets
423,340
394,961
---------
---------
Total assets less current liabilities
873,340
844,961
---------
---------
Net assets
873,340
844,961
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Fair value reserve
146,088
146,088
Profit and loss account
726,252
697,873
---------
---------
Shareholders funds
873,340
844,961
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2022 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OPTIONCOOL LIMITED
Statement of Financial Position (continued)
30 September 2022
These financial statements were approved by the board of directors and authorised for issue on 24 December 2023 , and are signed on behalf of the board by:
Mr H Last
Director
Company registration number: 02111728
OPTIONCOOL LIMITED
Notes to the Financial Statements
Year ended 30 September 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 ODH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises rent receivable for the year. The whole of the turnover relates to the rental income received within the United Kingdom.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Tangible assets
Land and buildings
£
Cost
At 1 October 2021 and 30 September 2022
450,000
---------
Depreciation
At 1 October 2021 and 30 September 2022
---------
Carrying amount
At 30 September 2022
450,000
---------
At 30 September 2021
450,000
---------
The company's investment properties were revalued by the director at open market value.
5. Debtors
2022
2021
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
462,065
462,065
Other debtors
29,500
29,500
---------
---------
491,565
491,565
---------
---------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
225,710
225,709
Corporation tax
13,655
6,735
Other creditors
29,854
27,454
---------
---------
269,219
259,898
---------
---------