2022-11-012023-10-312023-10-31false11620416IL-OPTIMUM 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IL-OPTIMUM LTD

Registered Number
11620416
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

IL-OPTIMUM LTD
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

LYTTLETON, Lesley Caroline
MADIGAN, Robert Edward

Registered Address

Trinder House Free Street
Bishops Waltham
Southampton
SO32 1EE

Registered Number

11620416 (England and Wales)
IL-OPTIMUM LTD
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets37,8625,788
7,8625,788
Current assets
Stocks2,000-
Debtors7,3257,010
Cash at bank and on hand3,4143,379
12,73910,389
Creditors amounts falling due within one year4(43,462)(27,615)
Net current assets (liabilities)(30,723)(17,226)
Total assets less current liabilities(22,861)(11,438)
Net assets(22,861)(11,438)
Capital and reserves
Called up share capital11
Profit and loss account(22,862)(11,439)
Shareholders' funds(22,861)(11,438)
The financial statements were approved and authorised for issue by the Board of Directors on 23 July 2024, and are signed on its behalf by:
LYTTLETON, Lesley Caroline
Director
MADIGAN, Robert Edward
Director

Registered Company No. 11620416
IL-OPTIMUM LTD
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The major part of the company's working capital requirements are provided by the director which is repayable on demand. Director has indicated that he will not demand repayment; however no formal agreement is in place. Support has been provided by a loan from a director who has indicated that this support will continue for the foreseeable future. The director, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future. Tobolster the working capital reserves the director has secured new overdraft facilities with their bank, this will be provided on a rolling basis and reviewed by the directors and bank every 24 months.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year107
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 November 227,435
Additions4,695
At 31 October 2312,130
Depreciation and impairment
At 01 November 221,647
Charge for year2,621
At 31 October 234,267
Net book value
At 31 October 237,862
At 31 October 225,788
4.Creditors: amounts due within one year

2023

2022

££
Taxation and social security5,0622,321
Other creditors38,40025,294
Total43,46227,615
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.