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REGISTERED NUMBER: 09713539 (England and Wales)











Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Optical Fiber Packaging Ltd

Optical Fiber Packaging Ltd (Registered number: 09713539)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Optical Fiber Packaging Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R C E Durrant
I P Radford
I G Stouklov





SECRETARY: I P Radford





REGISTERED OFFICE: NTA Management
38 High Street
Newmarket
Suffolk
CB8 8LB





REGISTERED NUMBER: 09713539 (England and Wales)





AUDITORS: Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Optical Fiber Packaging Ltd (Registered number: 09713539)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of a designer, developer and manufacturer of optical and optoelectronic products for the telecom and data communications, medical and other industrial markets.

REVIEW OF BUSINESS
OFP's sales in FY2023 were strong to industrial, science and the energy markets, and the company also benefitted from a strengthening of its sales to new defense applications. There was a continued decline in lower margin, higher volume product sales to telecommunications customers, due to their overstock positions. The resultant shift in the customer focus in 2023 delivered improved profits for the company, despite a reduction in overall sales.

OFP's outlook for FY2024 is good, with further sales growth anticipated from multi-year contract opportunities, where the company has unique qualification positions.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

R C E Durrant
I P Radford
I G Stouklov

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Knights Lowe Limited, have been deemed re-appointed under section 487 of the Companies Act 2006.


Optical Fiber Packaging Ltd (Registered number: 09713539)

Report of the Directors
for the Year Ended 31 December 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





I P Radford - Director


27 July 2024

Report of the Independent Auditors to the Members of
Optical Fiber Packaging Ltd

Opinion
We have audited the financial statements of Optical Fiber Packaging Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Optical Fiber Packaging Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Optical Fiber Packaging Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the companies operating sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions;
- performed detailed and tailored substantive testing in relation to the company's stock valuation and any obsolete stock provision;
- substantive testing also performed on the year-end work in progress total on the company.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Report of the Independent Auditors to the Members of
Optical Fiber Packaging Ltd

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Knights ACA BSc (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

27 July 2024

Optical Fiber Packaging Ltd (Registered number: 09713539)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 4,348,866 5,077,139

Cost of sales 2,713,378 3,660,503
GROSS PROFIT 1,635,488 1,416,636

Selling and distribution costs 660,713 651,018
Administrative expenses 857,823 788,299
1,518,536 1,439,317
116,952 (22,681 )

Other operating income 1,288 3,138
OPERATING PROFIT/(LOSS) 6 118,240 (19,543 )


Interest payable and similar expenses 83,920 88,938
PROFIT/(LOSS) BEFORE TAXATION 34,320 (108,481 )

Tax on profit/(loss) 7 11,836 (157,863 )
PROFIT FOR THE FINANCIAL YEAR 22,484 49,382

Optical Fiber Packaging Ltd (Registered number: 09713539)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 304,009 383,112

CURRENT ASSETS
Stocks 554,796 605,689
Debtors 9 1,603,634 1,287,628
Cash at bank and in hand 5,465 70,489
2,163,895 1,963,806
CREDITORS
Amounts falling due within one year 10 1,106,464 964,632
NET CURRENT ASSETS 1,057,431 999,174
TOTAL ASSETS LESS CURRENT LIABILITIES 1,361,440 1,382,286

CREDITORS
Amounts falling due after more than one
year

11

66,081

109,411
NET ASSETS 1,295,359 1,272,875

CAPITAL AND RESERVES
Called up share capital 14 5,000 5,000
Retained earnings 1,290,359 1,267,875
SHAREHOLDERS' FUNDS 1,295,359 1,272,875

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2024 and were signed on its behalf by:





I P Radford - Director


Optical Fiber Packaging Ltd (Registered number: 09713539)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 5,000 1,218,493 1,223,493

Changes in equity
Total comprehensive income - 49,382 49,382
Balance at 31 December 2022 5,000 1,267,875 1,272,875

Changes in equity
Total comprehensive income - 22,484 22,484
Balance at 31 December 2023 5,000 1,290,359 1,295,359

Optical Fiber Packaging Ltd (Registered number: 09713539)

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

1. STATUTORY INFORMATION

Optical Fiber Packaging Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The level of rounding is to the nearest pound.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, exclusive of value added tax and trade discounts and is recorded at the fair value of the consideration received or receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 5 years straight line
Plant and machinery - 5 years straight line
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost and 25% on cost

It is company policy to capitalise assets that have a cost over £500 and a useful economic life of over one year.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

Financial instruments
Financial assets and financial liabilities are recognised in accordance with FRS 102 Section 1A when the company becomes a party to the contractual provisions of the instrument.

Currently all financial liabilities are basic financial instruments as defined by section 11 of FRS 102 which are recognised at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Optical Fiber Packaging Ltd (Registered number: 09713539)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research development and patent costs
Expenditure on research and development projects and processes and the underlying costs of acquiring and maintaining associated patents are not capitalised; such expenditure is recognised in the income statement in the period in which it is incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution scheme on behalf of its staff the assets of which are held separately from those of the company. Contributions payable to the scheme are charged to profit and loss in the period to which they relate.

Optical Fiber Packaging Ltd (Registered number: 09713539)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on, group standard procedures, historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimated and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are critical judgements including those involving estimations, that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Depreciation of tangible fixed assets
Tangible fixed assets are recognised at cost and depreciated on the basis appropriate to charge to the profit and loss the economic consumption of those assets during the accounting period. The charge is calculated as described below and is based on, group policy and the directors knowledge of the reduction in the residual value of plant and machinery and other fixed assets on average over the investment cycle of each class of asset. The rates of depreciation are kept under review such that assets are written down to the residual value of nil at the end of the economic lives of those assets.

Stock obsolescence provision
Provision is made against slow moving stock dependant on the age of the stock line and the usage of stock line anticipated in the next 12 months to give a net stock figure. This is then provided against using the following percentages: 10% write down is 3-6 months old, 25% if 6-12 months old and 100% if more than 12 months old.

5. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2022 - 83 ) .

6. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 109,496 115,387
Depreciation - assets on hire purchase contracts 21,697 50,542
Auditors' remuneration 11,410 10,900
Auditors' remuneration for non audit work 1,680 2,400
Foreign exchange differences 33,734 11,363

Optical Fiber Packaging Ltd (Registered number: 09713539)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - (112,000 )

Deferred tax 11,836 (45,863 )
Tax on profit/(loss) 11,836 (157,863 )

UK corporation tax has been charged at 25% (2022 - 19%).

The UK standard corporation tax rate at the year end was 25% (2022: 19%). After a Research and Development claim for a taxable loss was made both this year, and in the prior year so there is no tax charge.

In 2022 due to the tax and cashflow advantage and losses already built, a tax credit has been claimed relating to Research & Development generating an expected tax repayment. In 2023 carried forward losses have been utilised against taxable profits to reduce the corporation tax liability to nil. A Research and Development claim will again be made, this is again likely to be on a tax credit basis, but as the credit has yet to be finalised it has not be recognised in the 2023 accounts.

Total taxable losses carried forward still to utilise amount to £680,727 (2022: £572,581).

8. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 21,806 1,159,742 1,181,548
Additions 13,601 38,489 52,090
Reclassification/transfer - 142,105 142,105
At 31 December 2023 35,407 1,340,336 1,375,743
DEPRECIATION
At 1 January 2023 16,973 781,463 798,436
Charge for year 4,808 126,385 131,193
Reclassification/transfer - 142,105 142,105
At 31 December 2023 21,781 1,049,953 1,071,734
NET BOOK VALUE
At 31 December 2023 13,626 290,383 304,009
At 31 December 2022 4,833 378,279 383,112

Optical Fiber Packaging Ltd (Registered number: 09713539)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 495,722
Transfer to ownership (300,828 )
At 31 December 2023 194,894
DEPRECIATION
At 1 January 2023 263,372
Charge for year 21,697
Transfer to ownership (266,166 )
At 31 December 2023 18,903
NET BOOK VALUE
At 31 December 2023 175,991
At 31 December 2022 232,350

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,413,544 1,116,481
Other debtors 190,090 171,147
1,603,634 1,287,628

Deferred tax asset
2023 2022
£    £   
Accelerated capital allowances (75,430 ) (36,558 )
Tax losses carried forward 170,182 143,146
94,752 106,588

Other debtors includes prepayments of £39,734 (2022: £41,708).

Optical Fiber Packaging Ltd (Registered number: 09713539)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 452,928 454,411
Hire purchase contracts (see note 12) 52,033 57,320
Trade creditors 314,157 184,227
Taxation and social security (68,242 ) (72,752 )
Other creditors 355,588 341,426
1,106,464 964,632

Other creditors includes accruals of £157,461 (2022: £134,676).

Bank loans includes invoice financing of £441,697 (2022: £443,180).

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 12) 66,081 109,411

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 52,033 57,320
Between one and five years 66,081 109,411
118,114 166,731

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 24,161

Optical Fiber Packaging Ltd (Registered number: 09713539)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 441,697 443,180
Bank loans 11,231 11,231
Hire purchase contracts 118,114 166,731
571,042 621,142

The bank loan is secured by a debenture including a fixed charge over all present freehold and leasehold property and a first fixed charge over book and other debts, chattels, goodwill and uncalled capital and over all assets and undertaking both present and future in favour of the company's bankers.

The bank overdraft is secured on book debts of the company.

Invoicing financing creditors are secured by a fixed and floating charge covering all the property and undertaking of the company.

Hire purchase obligations are secured on the assets to which they relate.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 Ordinary £1 5,000 5,000

15. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 3,204

16. RELATED PARTY DISCLOSURES

During the year purchases were made from a company under common control totalling £451,672 (2022: £387,014). At year-end the company owed the related party £2,763 (2022: £1,350).