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Registration number: 02383612

PRP Optoelectronics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

PRP Optoelectronics Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

PRP Optoelectronics Limited

(Registration number: 02383612)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

856,698

1,055,265

Tangible assets

5

505,049

397,832

 

1,361,747

1,453,097

Current assets

 

Stocks

6

718,818

835,958

Debtors

7

747,785

781,517

Cash at bank and in hand

 

1,476,820

1,750,652

 

2,943,423

3,368,127

Creditors: Amounts falling due within one year

8

(697,786)

(1,279,836)

Net current assets

 

2,245,637

2,088,291

Total assets less current liabilities

 

3,607,384

3,541,388

Creditors: Amounts falling due after more than one year

8

(16,297)

(149,112)

Provisions for liabilities

(221,786)

-

Net assets

 

3,369,301

3,392,276

Capital and reserves

 

Called up share capital

9

218,888

218,888

Share premium reserve

83,174

83,174

Capital redemption reserve

67,000

67,000

Retained earnings

3,000,239

3,023,214

Shareholders' funds

 

3,369,301

3,392,276

 

PRP Optoelectronics Limited

(Registration number: 02383612)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 May 2024 and signed on its behalf by:
 

.........................................
Mr A J McKerrow
Director

 

PRP Optoelectronics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Western Gate
Hillmead Enterprise Park
Langley Road
Swindon
Wiltshire
SN5 5WN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Revenue recognition

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from development orders is recognised when the significant risks and rewards of ownership of the development work have passed to the buyer (usually on inspection by the buyer on-site or acceptance of samples received), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

PRP Optoelectronics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted and substantively enacted by the reporting date in the countries there the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial satements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

straight line basis over the remaining term of the lease

Plant and machinery

straight line basis over 2 to 10 years

Development costs

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally generated development costs

over the useful life of the project once production commences.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

PRP Optoelectronics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

PRP Optoelectronics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2022 - 34).

4

Intangible assets

Internally generated development costs
£

Total
£

Cost or valuation

At 1 January 2023

1,799,677

1,799,677

At 31 December 2023

1,799,677

1,799,677

Amortisation

At 1 January 2023

744,412

744,412

Amortisation charge

198,567

198,567

At 31 December 2023

942,979

942,979

Carrying amount

At 31 December 2023

856,698

856,698

At 31 December 2022

1,055,265

1,055,265

 

PRP Optoelectronics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Short leasehold property improvements
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

354,373

1,703,803

2,058,176

Additions

-

213,295

213,295

Disposals

-

(44,725)

(44,725)

At 31 December 2023

354,373

1,872,373

2,226,746

Depreciation

At 1 January 2023

199,367

1,460,976

1,660,343

Charge for the year

22,992

83,087

106,079

Eliminated on disposal

-

(44,725)

(44,725)

At 31 December 2023

222,359

1,499,338

1,721,697

Carrying amount

At 31 December 2023

132,014

373,035

505,049

At 31 December 2022

155,006

242,826

397,832

6

Stocks

2023
£

2022
£

Work in progress

134,523

114,254

Other inventories

584,295

721,704

718,818

835,958

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

550,458

424,763

Amounts owed by related parties

1,103

1,103

Prepayments

 

196,224

355,651

   

747,785

781,517

 

PRP Optoelectronics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

128,516

494,844

Trade creditors

188,190

281,550

Payments on account

59,329

213,569

Taxation and social security

58,590

34,148

Other creditors

52,883

55,138

Accrued expenses

210,278

200,587

697,786

1,279,836

Loans and borrowings include hire purchase contracts of £nil (2022 - £21,699) and bank loans of £6,016 (2022 - £5,645) which are secured.
Hire purchase liabilities are secured on the assets concerned.
Bank borrowings are secured by H M Government.

Unsecured loans and borrowings of £122,500 (2022 - £467,500) are a Local Enterprise Partnership loan which is fully repayable by 31 January 2024. The loan is repayable by installments and interest is charged at a fixed rate of 3.5% for the duration of the loan.

 

PRP Optoelectronics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

16,297

149,112


 

Loans and borrowings include bank loans of £16,297 (2022 - £26,612) which are secured by H M Government.

Unsecured loans and borrowings of £nil (2022 - £122,500) are a Local Enterprise Partnership loan which is fully repayable by 31 January 2024. The loan is repayable by installments and interest is charged at a fixed rate of 3.5% for the duration of the loan.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

218,888

218,888

218,888

218,888

         
 

PRP Optoelectronics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £933,837 (2022 - £1,167,837). These consist entirely of outstanding commitments for future minimum lease payments under non-cancellable operating leases.

Premises

Equipment and vehicles

Total

£

£

£

Payable within 1 Year

145,000

37,817

182,817

Payable 2-5 years

580,000

7,895

587,895

Payable after 5 years

163,125

-

163,125

At 31 December 2023

888,125

45,712

933,837

At 31 December 2022

1,033,125

134,712

1,167,837

11

Parent and ultimate parent undertaking

The company's immediate parent is Hillmead Technology Limited. It is a private company limited by shares incorporated in England and Wales: Registered Number 09557787.
The registered office is Unit 2 Western Gate, Hillmead Enterprise Park, Langley Road, Swindon, Wiltshire, SN5 5WN.