Company Registration No. 05355973 (England and Wales)
OPTICAL TOOLS FOR INDUSTRY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
OPTICAL TOOLS FOR INDUSTRY LIMITED
COMPANY INFORMATION
Directors
Mr J.M. Meelan
Mr J.E. Davies
Company number
05355973
Registered office
Crown Chert Quarry
Trelogan
Flintshire
CH8 9BD
Accountants
Gareth Hughes & Company Limited
The Round House
Glan-y-Mor Road
Llandudno Junction
Conwy
LL31 9SN
OPTICAL TOOLS FOR INDUSTRY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
OPTICAL TOOLS FOR INDUSTRY LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
664,203
725,453
Current assets
Stocks
8,000
8,000
Debtors
5
172,111
94,275
Cash at bank and in hand
310,596
68,318
490,707
170,593
Creditors: amounts falling due within one year
6
(190,553)
(78,875)
Net current assets
300,154
91,718
Total assets less current liabilities
964,357
817,171
Creditors: amounts falling due after more than one year
7
(250,509)
(293,252)
Provisions for liabilities
(70,032)
(78,149)
Net assets
643,816
445,770
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
642,816
444,770
Total equity
643,816
445,770
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OPTICAL TOOLS FOR INDUSTRY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 March 2024 and are signed on its behalf by:
Mr J.M. Meelan
Director
Company Registration No. 05355973
OPTICAL TOOLS FOR INDUSTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Optical Tools For Industry Limited is a private company limited by shares incorporated in England and Wales. The registered office is Crown Chert Quarry, Trelogan, Flintshire, CH8 9BD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets - goodwill
Acquired goodwill was written off in equal instalments over its estimated useful economic life of ten years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line
Plant and machinery
15% reducing balance
Computer equipment
25% straight line
Motor vehicles
25% straight line
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.
1.6
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
OPTICAL TOOLS FOR INDUSTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Defined Contribution plans
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
9
OPTICAL TOOLS FOR INDUSTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
35,000
Amortisation and impairment
At 1 August 2022 and 31 July 2023
35,000
Carrying amount
At 31 July 2023
At 31 July 2022
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
390,962
923,876
1,314,838
Additions
4,200
4,200
At 31 July 2023
390,962
928,076
1,319,038
Depreciation and impairment
At 1 August 2022
35,998
553,387
589,385
Depreciation charged in the year
7,820
57,630
65,450
At 31 July 2023
43,818
611,017
654,835
Carrying amount
At 31 July 2023
347,144
317,059
664,203
At 31 July 2022
354,964
370,489
725,453
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
98,732
43,541
Other debtors
73,379
50,734
172,111
94,275
OPTICAL TOOLS FOR INDUSTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
21,172
21,755
Trade creditors
16,242
21,184
Taxation and social security
126,517
8,682
Other creditors
26,622
27,254
190,553
78,875
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
155,326
175,915
Other creditors
95,183
117,337
250,509
293,252
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
106,390
136,162
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
70,032
78,149
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr J.M. Meelan
2.00
35,703
56,812
751
(36,712)
56,554
Mr J.E. Davies
2.00
15,031
17,390
316
(15,912)
16,825
OPTICAL TOOLS FOR INDUSTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
10
Directors' transactions
(Continued)
- 7 -
50,734
74,202
1,067
(52,624)
73,379