Silverfin false 31/05/2023 01/06/2022 31/05/2023 Keith Stephen Sheers 15 February 2024 The principal activity of the company in the year was that of the sale of computer hardware and software to Opticians. 02582940 2023-05-31 02582940 2022-05-31 02582940 core:CurrentFinancialInstruments 2023-05-31 02582940 core:CurrentFinancialInstruments 2022-05-31 02582940 core:ShareCapital 2023-05-31 02582940 core:ShareCapital 2022-05-31 02582940 core:CapitalRedemptionReserve 2023-05-31 02582940 core:CapitalRedemptionReserve 2022-05-31 02582940 core:RetainedEarningsAccumulatedLosses 2023-05-31 02582940 core:RetainedEarningsAccumulatedLosses 2022-05-31 02582940 core:OtherResidualIntangibleAssets 2022-05-31 02582940 core:OtherResidualIntangibleAssets 2023-05-31 02582940 core:PlantMachinery 2022-05-31 02582940 core:Vehicles 2022-05-31 02582940 core:FurnitureFittings 2022-05-31 02582940 core:PlantMachinery 2023-05-31 02582940 core:Vehicles 2023-05-31 02582940 core:FurnitureFittings 2023-05-31 02582940 core:ListedExchangeTraded core:WithinOneYear 2023-05-31 02582940 core:ListedExchangeTraded core:WithinOneYear 2022-05-31 02582940 core:DeferredTaxation 2022-05-31 02582940 core:DeferredTaxation 2023-05-31 02582940 core:AcceleratedTaxDepreciationDeferredTax 2023-05-31 02582940 core:AcceleratedTaxDepreciationDeferredTax 2022-05-31 02582940 2021-05-31 02582940 bus:OrdinaryShareClass1 2023-05-31 02582940 2022-06-01 2023-05-31 02582940 bus:FullAccounts 2022-06-01 2023-05-31 02582940 bus:SmallEntities 2022-06-01 2023-05-31 02582940 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 02582940 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 02582940 bus:Director1 2022-06-01 2023-05-31 02582940 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-06-01 2023-05-31 02582940 core:PlantMachinery 2022-06-01 2023-05-31 02582940 core:Vehicles 2022-06-01 2023-05-31 02582940 core:FurnitureFittings 2022-06-01 2023-05-31 02582940 2021-06-01 2022-05-31 02582940 core:DeferredTaxation 2022-06-01 2023-05-31 02582940 1 2022-06-01 2023-05-31 02582940 1 2021-06-01 2022-05-31 02582940 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 02582940 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02582940 (England and Wales)

OPTISOFT LTD

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

OPTISOFT LTD

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

OPTISOFT LTD

COMPANY INFORMATION

For the financial year ended 31 May 2023
OPTISOFT LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2023
DIRECTOR Keith Stephen Sheers
REGISTERED OFFICE 7 Alpha Court
Monks Cross Drive Huntington
York
YO32 9WN
United Kingdom
COMPANY NUMBER 02582940 (England and Wales)
ACCOUNTANT Morrell Middleton Auditors Ltd
Chartered Certified Accountants
Wellington House
Aviator Court
York
YO30 4UZ
BANKERS National Westminster Bank Plc
49 High Street
Wetherby
West Yorkshire
LS22 4LS
OPTISOFT LTD

BALANCE SHEET

As at 31 May 2023
OPTISOFT LTD

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 24,193 30,724
24,193 30,724
Current assets
Stocks 5 7,424 7,601
Debtors 6 37,681 25,921
Investments 7 265,911 269,613
Cash at bank and in hand 784,574 598,601
1,095,590 901,736
Creditors: amounts falling due within one year 8 ( 291,823) ( 224,634)
Net current assets 803,767 677,102
Total assets less current liabilities 827,960 707,826
Provision for liabilities 9, 10 ( 4,593) ( 5,832)
Net assets 823,367 701,994
Capital and reserves
Called-up share capital 11 172,500 172,500
Capital redemption reserve 77,500 77,500
Profit and loss account 573,367 451,994
Total shareholder's funds 823,367 701,994

For the financial year ending 31 May 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 financial statements of Optisoft Ltd (registered number: 02582940) were approved and authorised for issue by the Director on 15 February 2024. They were signed on its behalf by:

Keith Stephen Sheers
Director
OPTISOFT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
OPTISOFT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Optisoft Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 7 Alpha Court, Monks Cross Drive Huntington, York, YO32 9WN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 33 % reducing balance
Vehicles 30 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 14 13

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 June 2022 8,570 8,570
At 31 May 2023 8,570 8,570
Accumulated amortisation
At 01 June 2022 8,570 8,570
At 31 May 2023 8,570 8,570
Net book value
At 31 May 2023 0 0
At 31 May 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 June 2022 16,853 44,841 52,927 114,621
Additions 7,409 0 0 7,409
Disposals ( 8,409) ( 14,573) 0 ( 22,982)
At 31 May 2023 15,853 30,268 52,927 99,048
Accumulated depreciation
At 01 June 2022 7,968 35,588 40,341 83,897
Charge for the financial year 3,625 1,401 1,888 6,914
Disposals ( 6,257) ( 9,699) 0 ( 15,956)
At 31 May 2023 5,336 27,290 42,229 74,855
Net book value
At 31 May 2023 10,517 2,978 10,698 24,193
At 31 May 2022 8,885 9,253 12,586 30,724

5. Stocks

2023 2022
£ £
Stocks 7,424 7,601

Stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Amounts recoverable on work in progress are included in debtors at the net sales value of the work completed, after provision for contingencies and anticipated future losses, less any stage payments received.

6. Debtors

2023 2022
£ £
Trade debtors 17,189 10,567
Prepayments 17,316 15,354
Other debtors 3,176 0
37,681 25,921

7. Current asset investments

2023 2022
£ £
Listed investments – at fair value 265,549 269,613

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 23,937 22,982
Taxation and social security 35,763 25,939
Other creditors 232,123 175,713
291,823 224,634

9. Provision for liabilities

2023 2022
£ £
Deferred tax 4,593 5,832
Deferred taxation Total
£ £
At 01 June 2022 5,832 5,832
Credited to the Profit and Loss Account ( 1,239) ( 1,239)
At 31 May 2023 4,593 4,593

Deferred tax

2023 2022
£ £
Accelerated capital allowances 4,593 5,832
Provision for deferred tax 4,593 5,832

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 5,832) ( 6,673)
Credited to the Profit and Loss Account 1,239 841
0 0
At the end of financial year ( 4,593) ( 5,832)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
172,500 Ordinary shares of £ 1.00 each 172,500 172,500

12. Ultimate controlling party

Keith Stephen Sheers is the ultimate controlling part having significant shares in the shareholdings of the Company.