Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30true2022-07-01falseNo description of principal activity86falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04499863 2022-07-01 2023-06-30 04499863 2021-07-01 2022-06-30 04499863 2023-06-30 04499863 2022-06-30 04499863 c:Director1 2022-07-01 2023-06-30 04499863 d:ComputerEquipment 2022-07-01 2023-06-30 04499863 d:ComputerEquipment 2023-06-30 04499863 d:ComputerEquipment 2022-06-30 04499863 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04499863 d:CurrentFinancialInstruments 2023-06-30 04499863 d:CurrentFinancialInstruments 2022-06-30 04499863 d:Non-currentFinancialInstruments 2023-06-30 04499863 d:Non-currentFinancialInstruments 2022-06-30 04499863 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 04499863 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 04499863 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 04499863 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 04499863 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 04499863 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 04499863 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 04499863 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 04499863 d:ShareCapital 2023-06-30 04499863 d:ShareCapital 2022-06-30 04499863 d:RetainedEarningsAccumulatedLosses 2023-06-30 04499863 d:RetainedEarningsAccumulatedLosses 2022-06-30 04499863 c:FRS102 2022-07-01 2023-06-30 04499863 c:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 04499863 c:FullAccounts 2022-07-01 2023-06-30 04499863 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04499863 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 04499863 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 04499863 4 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 04499863









OPTIMAL RISK GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
OPTIMAL RISK GROUP LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OPTIMAL RISK GROUP LIMITED
FOR THE YEAR ENDED 30 JUNE 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Optimal Risk Group limited for the year ended 30 June 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Optimal Risk Group limited in accordance with the terms of our engagement letter dated 17 March 2020Our work has been undertaken solely to prepare for your approval the financial statements of Optimal Risk Group limited  and state those matters that we have agreed to state to the director of Optimal Risk Group limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Optimal Risk Group limited and its director for our work or for this report. 

It is your duty to ensure that Optimal Risk Group limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Optimal Risk Group limited. You consider that Optimal Risk Group limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Optimal Risk Group limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



The Wiggin Partnership Ltd
 
Chartered Accountants
  
Fountain House
2 Queens Walk
Reading
Berkshire
RG1 7QF
1 December 2023
Page 1

 
OPTIMAL RISK GROUP LIMITED
REGISTERED NUMBER: 04499863

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,915
1,329

  
2,915
1,329

Current assets
  

Debtors: amounts falling due within one year
 5 
821,474
773,835

Cash at bank and in hand
 6 
-
92,896

  
821,474
866,731

Creditors: amounts falling due within one year
 7 
(444,501)
(454,547)

Net current assets
  
 
 
376,973
 
 
412,184

Total assets less current liabilities
  
379,888
413,513

Creditors: amounts falling due after more than one year
 8 
(18,998)
(29,074)

Provisions for liabilities
  

Deferred tax
  
(554)
(252)

  
 
 
(554)
 
 
(252)

Net assets
  
360,336
384,187


Capital and reserves
  

Called up share capital 
  
130
130

Profit and loss account
  
360,206
384,057

  
360,336
384,187


Page 2

 
OPTIMAL RISK GROUP LIMITED
REGISTERED NUMBER: 04499863
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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 profit and loss account 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 on 1 December 2023.




M C O'Neill
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Optimal Risk Group Limited, a private company limited by shares, is incorporated and domiciled in England and Wales and has its registered office and principle place of business at Reading Business Centre, Fountain House, 2 Queens Walk, RG1 7QF.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 5

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

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 balance sheet 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 balance sheet 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 balance sheet date.

Page 6

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

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:

Computer equipment
-
3 year 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.

 
2.11

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.

 
2.12

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.

 
2.13

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 7

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.14

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 balance sheet 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 Balance sheet.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
Page 8

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 6).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2022
14,783


Additions
3,201



At 30 June 2023

17,984



Depreciation


At 1 July 2022
13,454


Charge for the year on owned assets
1,615



At 30 June 2023

15,069



Net book value



At 30 June 2023
2,915



At 30 June 2022
1,329

Page 9

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Debtors

2023
2022
£
£


Trade debtors excluding factored debts
296,923
297,742

Factored debts
2,000
-

Other debtors
521,178
472,825

Prepayments and accrued income
1,373
3,268

821,474
773,835



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
-
92,896

Less: bank overdrafts
(12,568)
-

(12,568)
92,896



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
12,568
-

Bank loans
10,172
10,095

Trade creditors
45,085
57,844

Corporation tax
105,348
87,305

Other taxation and social security
146,664
205,075

Other creditors
105,959
79,078

Accruals and deferred income
18,705
15,150

444,501
454,547


Page 10

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
18,998
29,074

18,998
29,074



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,172
10,095


10,172
10,095

Amounts falling due 1-2 years

Bank loans
10,256
10,174


10,256
10,174

Amounts falling due 2-5 years

Bank loans
8,742
18,900


8,742
18,900


29,170
39,169



10.


Deferred taxation

Page 11

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
10.Deferred taxation (continued)




2023


£






At beginning of year
(253)


Charged to profit or loss
(301)



At end of year
(554)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(555)
(253)

(555)
(253)


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,581.95 (2022 - £2,750). Contributions totalling £1,331 (2022 - £588) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

During the year the company made the following advances to Mr M C O'Neill the director: Other advances totalling £23,736. Repayments made during the year of £75,000. At the balance sheet date the company was owed £24,464.43 (2022: £74,499.25) which is included in other debtors. Interest has been charged at the official rate of interest and the loan is repayable on demand.

During the year the company paid for expenses of £61,681 (2022: £92,318) on behalf of Optimal Risk Training Limited, a company in which Mr M C O'Neill is both a director and shareholder. At the balance sheet date the intercompany balance owed from Optimal Risk Training Limited was £361,790 (2022: £300,311).
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    During the year the company paid for expenses of £3,998 (2022: 17,034) on behalf of Enfortis Limited, a company in which Mr M C O'Neil is both a director and shareholder. At the balance sheet date the intercompany balanced owed from Enfortis Limited was £21,787.

During the period the company issued management support charges of £25,500 to Enfortis Limited, a company in which Mr C O'Neill is both a director and shareholder.
 
Page 12