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REGISTERED NUMBER: 01033081 (England and Wales)










STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024


FOR



OPTIMA PRODUCTS LIMITED


OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024












Page



Company Information  

1



Strategic Report  

2


to


5


Report of the Directors  

6


to


7


Report of the Independent Auditors  

8


to


11


Income Statement  

12



Other Comprehensive Income  

13



Statement of Financial Position  

14



Statement of Changes in Equity  

15



Statement of Cash Flows  

16



Notes to the Statement of Cash Flows  

17



Notes to the Financial Statements

18


to


32



OPTIMA PRODUCTS LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 31 JANUARY 2024









DIRECTORS:

Mr N W Caley


Mr C M Mabey


Mr A G Wood





SECRETARY:

Mr N W Caley





REGISTERED OFFICE:

First Floor North


40 Oxford Road


High Wycombe


Buckinghamshire


HP11 2EE





REGISTERED NUMBER:

01033081 (England and Wales)





AUDITORS:

Seymour Taylor Limited, Statutory Auditor


First Floor North


40 Oxford Road


High Wycombe


Buckinghamshire


HP11 2EE





BANKERS:

Barclays Bank plc


1 Churchill Place


London


E14 5HP


OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2024



The directors present their strategic report for the year ended 31 January 2024.


GROUP STRUCTURE AND PRINCIPAL ACTIVITIES

Optima Products Limited is a wholly-owned subsidiary of Optima Contracting Limited. Its principal activity is the development, manufacture and distribution of 'Optima' partitioning systems through an international network of group companies and authorised dealers.


Optima Products Asia SDN BHD, which is incorporated in Malaysia, is a wholly-owned subsidiary of Optima Products Limited and its principal activity is the manufacture and distribution of 'Optima' partitioning systems in Asia and Oceania through an international network of group companies and authorised dealers.


PurOptima Inc, which is incorporated in Delaware USA, is a wholly owned subsidiary of Optima Products Limited and its principal activity is the sale and distribution of 'Optima' partitioning systems in the USA through a network of authorised dealers.


Optima Systems Asia Pacific PTE Ltd, which is incorporated in Singapore, is a wholly owned subsidiary of Optima Products Ltd and its principal activity is the sale and distribution of 'Optima' partitioning systems in Asia and Oceania through an international network of group companies and authorised dealers.


Curtis Steel Limited, Optima Glass Installations Limited, Optima Partitioning Systems Limited, PurOptima Limited and Optima Systems Australia Pty Limited are wholly-owned subsidiaries of Optima Products Limited which are dormant.



OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2024


REVIEW OF THE BUSINESS

The results for the period and financial position of the business are as shown in the annexed financial statements.


Key Performance Indicators

The company operates a number of Key Performance Indicators (KPI) to monitor and control the business which are measured and reviewed by the management on a regular basis.  The KPI include but are not limited to:



31 January 2024


31 January 2023


Turnover


£18.2m


£18.5m


Gross Profit %


40.6%


39.6%


Operating Profit


£1.1m


£1.4m


Debtors


£2.1m


£2.2m


Cash at bank and in hand


£3.2m


£2.8m




Review of the Business

General market pressures resulting from a period of high inflation and uncertain interest rates have caused fluctuating revenue volumes as end-user clients seek to achieve budgetary constraints through re-design of their projects. Overall this led to a slight revenue reduction for the year when compared to the previous period. Average margins were maintained, with some easing of inflationary pressure on materials, and a reduction in energy costs following commissioning of our new solar system.


Administration costs increased during the year due to expenditure incurred in establishing the necessary infrastructure to support our expansion into North American markets. Overall, the business achieved a good financial result for the year.


Our robust balance sheet, including a strong liquidity position, will provide the necessary support to ensure our various future strategies for developing and expanding the business can be achieved without reliance on any sources of external funding.


Future Strategy

We continue to invest in product development to ensure all our products meet the exacting requirements of our clients and are third party tested and certified as necessary.


During the year we made significant progress with expanding our activities into Asia and North America. We have now secured our first orders from our clients in North America and are optimistic about the potential for this new venture.


In 2022 we adopted a unique grade of aluminium with the lowest commercially available embodied carbon per kg, this has been well-received by clients seeking to achieve their own carbon reduction targets. We continue to introduce new initiatives across all of our manufacturing operations to further reduce the embodied carbon in our products and the introduction of our solar energy system is supporting this and also reducing our total energy costs.



OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2024


PRINCIPAL RISKS AND UNCERTAINTIES

Key risk factors

In line with our internal control policy and procedures, key risk factors are reviewed frequently and detailed analysis undertaken where there is a requirement to do so. Mitigating controls or plans are implemented where necessary and during the year ended 31 January 2024 and no significant risks materialised within the business.


Credit Risk

Company credit policy requires that suitable credit checks be carried out on all potential customers before quotations are submitted and again before an order is accepted to ensure that appropriate payment terms are negotiated. Company exposure to individual organisations is regularly monitored and reviewed to ensure that an acceptable level of risk is maintained.


Foreign Currency Risk

The company has some exposure to foreign currency risk on its purchase of materials denominated in foreign currencies, principally Euros, and through its overseas subsidiaries which operate using US Dollars and Malaysian Ringgit. This risk is mitigated through a detailed review of our intercompany balances and forecasts to maximise the use of local currencies held in our bank accounts. The company does not hedge against any future transactions.


Cyber Security Risk

As our business, suppliers and customers becomes increasingly digitalised, we are inherently exposed to the risk that third parties may seek to disrupt our business. A cyber event may cause significant reputational and financial loss. We have mitigated this risk by creating a secure and robust IT environment with systems that are Cyber Essentials Plus certified and partnering with a third-party security operation centre to proactively monitor and respond to emerging cyber security threats.


Health, Safety, and Quality

We are wholly committed to ensuring the health, safety, and welfare of all our employees and recognise our responsibility towards other people who may be affected by our activities.


ISO9001: 2015 - Our offices, manufacturing facilities and installation sites operate a Quality Management System (QMS) that is certified to ISO9001 by an independent UKAS accredited certification body. We have undergone a process of identifying our key quality targets; setting objectives and developing actions to continually address and improve quality.


ISO45001: 2018 - Our offices, manufacturing facilities and installation sites operate an Occupational Health and Safety Management System that is certified to ISO45001 by an independent UKAS accredited certification body. We have undergone a process of identifying our key safety targets; setting objectives and developing actions to continually address and improve health and safety.


Environment

Improving the environmental and sustainability performance of our products and business operations is a key operational agenda, and we continually work to minimise our impact on the environment in every area of our business.


ISO14001:2015 - Our offices, manufacturing facilities and installation sites operate a third-party approved Environmental Management System (EMS) certified by an independent UKAS accredited certification body. We have undergone a process of identifying our significant environmental impacts; setting objectives and developing actions to continually address and improve our environmental performance.


We believe in the responsible sourcing of materials and give preference to product and material suppliers certified to IS014001. We have established a Carbon Consortium, inviting our key suppliers to benefit from knowledge transfer relating to decarbonisation and carbon reporting. Additionally we have a Sustainable Procurement Policy and a Supplier Code of Conduct to enhance partnerships with our supply chain.



OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2024


In line with our company policy, all timber used in our products is sourced solely from FSC® (Forest Stewardship Council) certified suppliers with full Chain of Custody records. Our factory is also FSC® certified ensuring every product installation can be traced back to responsibly managed forests.


We actively promote the circular economy for our products by providing a take-back & re-use scheme to reclaim materials and divert waste from landfill. Working with our clients and suppliers we are able to maximise recovery and enable re-use and recycling of materials.


In line with the Government's 2050 Net Zero Carbon target, we have developed our own NZC Strategy and are undertaking actions to identify, report and minimise greenhouse gas emissions throughout the business.


CULTURE AND EMPLOYEES

Diversity and Inclusion

We are committed to promoting equal employment opportunities throughout the company.


Job applicants and employees will receive equal treatment regardless of age, disability, gender reassignment, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation (protected characteristics). This includes opportunities for training to upskill employees and provide pathways for career development. We will make any appropriate reasonable adjustments necessary to support and retain our employees.


We are proud to benefit from having a diverse workforce across all of our businesses and we provide opportunities for training and advancement for all.


Our Employee Handbook contains up to date policies including equal opportunities, anti-harassment & bullying, whistleblowing, flexible working and training & development. Awareness training has been rolled out across the organisation to support the Employee Handbook and to ensure understanding of key issues. Compulsory training includes the topics of modern slavery, whistleblowing and HR compliance (anti-bribery, equality and diversity, bullying and harassment, wellbeing).


Communication and Engagement

We provide an open environment for employees to engage with the business through employee briefings, regular team meetings, individual appraisals, one-to-one meetings and regular communication from the Board on business performance and direction. We recently conducted an employee engagement survey and have implemented some changes as a direct result of feedback from employees (e.g. an improved appraisal process, additional annual leave for long serving employees and more social activities).


STREAMLINED ENERGY AND CARBON REPORTING

Disclosure in respect of greenhouse gas emissions, energy consumption and energy efficiency has not been included within this report as the company does not exceed the thresholds to disclose.


ON BEHALF OF THE BOARD:






Mr N W Caley - Director



2 August 2024


OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JANUARY 2024



The directors present their report with the financial statements of the company for the year ended 31 January 2024.  


DIVIDENDS

An interim dividend of 11.67976p per share was paid on 17 January 2024. The directors recommend that no final dividend be paid.


The total distribution of dividends for the year ended 31 January 2024 will be £ 100,000 .


DIRECTORS

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


Mr N W Caley

Mr C M Mabey

Mr A G Wood


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, 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). 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;
-state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
-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.


OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JANUARY 2024



AUDITORS

The auditors, Seymour Taylor Limited, Statutory Auditor, will be re-appointed in accordance with section 487(2) of the Companies Act 2006.


ON BEHALF OF THE BOARD:






Mr N W Caley - Director



2 August 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

OPTIMA PRODUCTS LIMITED



Opinion

We have audited the financial statements of Optima Products Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 January 2024 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

OPTIMA PRODUCTS LIMITED



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 Strategic Report or 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.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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

OPTIMA PRODUCTS LIMITED



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.


Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:

- the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having made enquiries of management about their policies and procedures relating to:


identifying, evaluating and complying with laws and regulations and whether they were aware of any

instances of noncompliance;




detecting and responding to the risks of fraud and whether they have knowledge of any actual,

suspected or alleged fraud;




the internal controls established to mitigate risks of fraud or non-compliance with laws and

regulations;



- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.


As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.


We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.


In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate.


Audit response to risks identified

As a result of performing the above our procedures to respond to the risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with  provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management and external legal advisors about actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

OPTIMA PRODUCTS LIMITED



We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.


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.





Timothy Fulker BSc FCA (Senior Statutory Auditor)

for and on behalf of Seymour Taylor Limited, Statutory Auditor

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE


2 August 2024


OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


INCOME STATEMENT

FOR THE YEAR ENDED 31 JANUARY 2024



2024


2023


Notes

£   

£   



TURNOVER

3

18,190,675


18,475,274




Cost of sales

10,799,996


11,164,976



GROSS PROFIT

7,390,679


7,310,298




Administrative expenses

6,435,499


6,023,910



955,180


1,286,388




Other operating income

4

109,092


114,296



OPERATING PROFIT

6

1,064,272


1,400,684




Interest receivable and similar income

22,938


-



1,087,210


1,400,684




Interest payable and similar expenses

7

(10,595

)

(5,181

)


PROFIT BEFORE TAXATION

1,097,805


1,405,865




Tax on profit

8

260,063


80,472



PROFIT FOR THE FINANCIAL YEAR

837,742


1,325,393




OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JANUARY 2024



2024


2023


Notes

£   

£   



PROFIT FOR THE YEAR

837,742


1,325,393





OTHER COMPREHENSIVE INCOME  


Actuarial gain/(loss) on pension scheme

(212,000

)

(207,000

)


Income tax relating to other

comprehensive income

-


-



OTHER COMPREHENSIVE INCOME

FOR THE YEAR, NET OF INCOME TAX

(212,000

)

(207,000

)


TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

625,742


1,118,393




OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


STATEMENT OF FINANCIAL POSITION

31 JANUARY 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

10

3,994,814


4,180,390



Investments

11

133,854


133,854



4,128,668


4,314,244




CURRENT ASSETS

Stocks

12

3,072,713


3,145,912



Debtors

13

2,100,380


2,232,975



Cash at bank

3,240,164


2,837,551



8,413,257


8,216,438



CREDITORS

Amounts falling due within one year

14

2,194,274


2,218,836



NET CURRENT ASSETS

6,218,983


5,997,602



TOTAL ASSETS LESS CURRENT

LIABILITIES

10,347,651


10,311,846




PROVISIONS FOR LIABILITIES

16

(334,523

)

(324,460

)


NET ASSETS

10,013,128


9,987,386




CAPITAL AND RESERVES

Called up share capital

17

856,182


856,182



Share premium

18

34,256


34,256



Capital contribution

18

1,500,000


2,000,000



Retained earnings

18

7,622,690


7,096,948



SHAREHOLDERS' FUNDS

10,013,128


9,987,386




The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2024  and were signed on its behalf by:






Mr N W Caley - Director



OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2024



Called up



share


Retained


Share


capital


earnings


premium

£   

£   

£   


Balance at 1 February 2022

856,182


6,112,555


34,256




Changes in equity

Dividends

-


(250,000

)

-



Total comprehensive income

-


1,234,393


-



Balance at 31 January 2023

856,182


7,096,948


34,256




Changes in equity

Dividends

-


(100,000

)

-



Total comprehensive income

-


625,742


-



Balance at 31 January 2024

856,182


7,622,690


34,256




Fair



value


Capital


Total


reserve


contribution


equity

£   

£   

£   


Balance at 1 February 2022

116,000


2,000,000


9,118,993




Changes in equity

Dividends

-


-


(250,000

)


Total comprehensive income

(116,000

)

-


1,118,393



Balance at 31 January 2023

-


2,000,000


9,987,386




Changes in equity

Dividends

-


-


(100,000

)


Total comprehensive income

-


-


625,742



Capital contribution repayment

-


(500,000

)

(500,000

)


Balance at 31 January 2024

-


1,500,000


10,013,128




OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JANUARY 2024



2024


2023


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

1,500,499


2,401,139



Interest paid

(1,405

)

(1,819

)


Finance costs paid

12,000


7,000



Tax paid

(55,000

)

48,537



Net cash from operating activities

1,456,094


2,454,857




Cash flows from investing activities

Purchase of tangible fixed assets

(476,819

)

(383,139

)


Purchase of fixed asset investments

-


(1

)


Sale of tangible fixed assets

400


-



Sale of investment property

-


445,744



Interest received

22,938


-



Net cash from investing activities

(453,481

)

62,604




Cash flows from financing activities

Capital contribution repayment

(500,000

)

-



Equity dividends paid

(100,000

)

(250,000

)


Net cash from financing activities

(600,000

)

(250,000

)



Increase in cash and cash equivalents

402,613


2,267,461



Cash and cash equivalents at

beginning of year

2

2,837,551


570,090




Cash and cash equivalents at end of

year

2

3,240,164


2,837,551




OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JANUARY 2024



1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


2024


2023

£   

£   



Profit before taxation

1,097,805


1,405,865




Depreciation charges

662,395


616,206




Profit on disposal of fixed assets

(400

)

(45,744

)



Payments to company pension scheme

(200,000

)

(200,000

)



Unwinding of discount

(12,000

)

(7,000

)



Finance costs

(10,595

)

(5,181

)



Finance income

(22,938

)

-



1,514,267


1,764,146




Decrease/(increase) in stocks

73,199


(308,435

)



Decrease in trade and other debtors

132,595


1,539,393




Decrease in trade and other creditors

(219,562

)

(593,965

)



Cash generated from operations

1,500,499


2,401,139




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:



Year ended 31 January 2024


31.1.24


1.2.23

£   

£   



Cash and cash equivalents

3,240,164


2,837,551




Year ended 31 January 2023


31.1.23


1.2.22

£   

£   



Cash and cash equivalents

2,837,551


570,090





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.2.23

Cash flow

At 31.1.24

£   

£   

£   



Net cash



Cash at bank

2,837,551


402,613


3,240,164



2,837,551


402,613


3,240,164




Total

2,837,551


402,613


3,240,164




OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024



1.

GENERAL INFORMATION



Optima Products Limited is a company limited by shares and incorporated in England and Wales.  The Registered Office is First Floor North, 40 Oxford Road, High Wycombe, Bucks, HP11 2EE.  The principal place of business is Courtyard House, West End Road, High Wycombe, Buckinghamshire, HP11 2QB.  The principal activity of the company during the year was that of the manufacture and distribution of "Optima" partitioning systems through a network of authorised dealers.



The presentation currency of these financial statements is sterling (£), being the currency of the primary economic environment in which the company operates, its functional currency. All amounts in the financial statements have been rounded to the nearest £1 unless otherwise stated.



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


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis and in accordance with applicable accounting standards. The financial statements have been prepared on a going concern basis.


Preparation of consolidated financial statements

The financial statements contain information about Optima Products Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Optima Contracting Limited, .


Significant judgements and estimates

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on management's best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change.

Stock provisioning
Stocks are carried at the lower of cost and net realisable value. Management review stock lines for evidence of impairment and make due allowance in respect of items identified as being obsolete or slow moving items.

Depreciation of tangible fixed assets
Depreciation is provided in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Management reassess the depreciation methods, useful lives and residual values where there is an indication of a significant change in the pattern by which the company expects to consume an asset's future economic benefits.


OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



2.

ACCOUNTING POLICIES - continued



Turnover

Turnover represents the total amount receivable for goods and services supplied excluding Value Added Tax.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

When the outcome of a transaction can be estimated reliably, turnover from from the rendering of services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to agreements with the customer.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.


Tangible fixed assets

Tangible fixed assets are stated at cost, or deemed cost, less accumulated depreciation and accumulated impairment losses. Certain items of tangible fixed assets that had been revalued to fair value on or prior to the date of transition to FRS 102, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation.

Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land is treated separately from buildings.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life:

Freehold property-straight line - 2%
Refurbishments of freehold
property

-

straight line - 11% or 20%
Plant and machinery-straight line - 10% ; 20% or 25%
Motor vehicles-straight line - 20%

Freehold land is not depreciated

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.


Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.


OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



2.

ACCOUNTING POLICIES - continued



Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise, and no depreciation is provided in respect of investment properties applying the fair value model.

If a reliable measure is not available without undue cost or effort for an item of investment property, this item is accounted for as tangible fixed assets until a reliable measure of fair value becomes available.


Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.


Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.

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


OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



2.

ACCOUNTING POLICIES - continued



Foreign currencies

Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities at the year end denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Exchange differences are taken into account in arriving at the operating profit.


Pension costs and other post-retirement benefits

The company operates a combined defined contribution and defined benefit pension scheme. The assets of the scheme are held separately from those of the company.

The contributions payable in respect of the defined contribution section of the scheme are charged to the profit and loss account.

The defined benefit section of the scheme closed to new members on 31 December 2003 and defined benefits are no longer accruing.

A liability for the company's obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis.

Where the present value of the defined benefit obligation is less than the fair value of the plan assets, the plan has a surplus. In accordance with FRS102 para 28.22 a plan surplus is only recognised as a defined benefit plan asset to the extent that the company is able to recover the surplus either through reduced contributions in the future or through refunds from the plan.

Actuarial valuations are obtained at least triennially and are updated at each balance sheet date.


Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. 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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.


OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



2.

ACCOUNTING POLICIES - continued



Financial instruments issued by the company

Financial instruments issued by the company are treated as equity only to the extent that they meet the following two conditions:

(a) they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and

(b) where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.

To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.


Basic financial instruments

Trade and other debtors and creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Interest-bearing borrowings classified as basic financial instruments
Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

Investments in subsidiaries
Investments in subsidiary undertakings are carried at cost less any provision for impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

3.

TURNOVER



The turnover and profit before taxation are attributable to the one principal activity of the company.



An analysis of turnover by geographical market is given below:



2024


2023

£   

£   



United Kingdom

13,490,879


14,022,470




Overseas

4,699,796


4,452,804



18,190,675


18,475,274




OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



4.

OTHER OPERATING INCOME


2024


2023

£   

£   



Rents receivable

-


5,205




Management charges receivable

109,092


109,091



109,092


114,296




5.

EMPLOYEES AND DIRECTORS


2024


2023

£   

£   



Wages and salaries

4,419,573


4,540,742




Social security costs

438,671


466,067




Other pension costs

61,455


62,606



4,919,699


5,069,415





The average number of employees during the year was as follows:


2024


2023



Number of production staff

75


80




Number of administrative staff

60


61



135


141





2024


2023

£   

£   



Directors' remuneration

-


-




Directors' pension contributions to money purchase schemes  

2,400


2,400





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

1


1




6.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):



2024


2023

£   

£   



Depreciation - owned assets

662,395


616,206




Profit on disposal of fixed assets

(400

)

(45,744

)



Auditors' remuneration

32,300


27,500




Foreign exchange differences

21,037


41,728




Auditors' remuneration for services other than audit is disclosed in the consolidated group financial statements.


OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



7.

INTEREST PAYABLE AND SIMILAR EXPENSES



2024


2023

£   

£   



Bank interest

1,405


1,819




Discount on payments under


pension recovery plan

(12,000

)

(7,000

)


(10,595

)

(5,181

)



8.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2024


2023

£   

£   



Current tax:


UK corporation tax

250,000


130,000




Over/under provision in prior year

-


(113,537

)



Total current tax

250,000


16,463





Deferred tax:


Origination and reversal of


timing differences

10,063


64,009




Tax on profit

260,063


80,472





UK corporation tax has been charged at 25% (2023 - 19%).



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2024


2023

£   

£   



Profit before tax

1,097,805


1,405,865




Profit multiplied by the standard rate of corporation tax in the UK of

25% (2023 - 19%)  

274,451


267,114





Effects of:


Expenses not deductible for tax purposes

(38,337

)

(23,435

)



Capital allowances in excess of depreciation

-


(7,803

)



Depreciation in excess of capital allowances

34,597


-




Adjustments to tax charge in respect of previous periods

-


(8,537

)



Changes in rates of taxation  

(10,648

)

77,826




Research and development enhanced relief  

-


(128,440

)



Gain on disposal of investment properties  

-


8,747




Group loss relief  

-


(105,000

)



Total tax charge

260,063


80,472




OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



8.

TAXATION - continued



Tax effects relating to effects of other comprehensive income




2024



Gross


Tax


Net


£   

£   

£   



Actuarial gain/(loss) on pension scheme

(212,000

)

-


(212,000

)




2023



Gross


Tax


Net


£   

£   

£   



Actuarial gain/(loss) on pension scheme

(207,000

)

-


(207,000

)



Factors that may affect future tax charges
For periods commencing 1 April 2023 the corporation tax main rate increased to 25%, with the small profits rate remaining at 19%.

Deferred tax balances have been recognised at the rate at which it is expected that the future benefit will be received.

9.

DIVIDENDS


2024


2023

£   

£   



Interim

100,000


250,000




10.

TANGIBLE FIXED ASSETS


Refurbishments



of



Freehold


freehold


Plant and


Motor



property


property


machinery


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1 February 2023

2,285,924


2,911,372


4,191,294


97,657


9,486,247




Additions

301,024


-


113,968


30,074


445,066




Disposals

(951

)

-


-


(15,175

)

(16,126

)



Transfer to ownership

-


-


34,669


-


34,669




At 31 January 2024

2,585,997


2,911,372


4,339,931


112,556


9,949,856




DEPRECIATION


At 1 February 2023

851,773


1,218,962


3,196,881


38,241


5,305,857




Charge for year

130,551


149,497


359,836


22,511


662,395




Eliminated on disposal

-


-


-


(15,175

)

(15,175

)



Transfer to ownership

-


-


1,965


-


1,965




At 31 January 2024

982,324


1,368,459


3,558,682


45,577


5,955,042




NET BOOK VALUE


At 31 January 2024

1,603,673


1,542,913


781,249


66,979


3,994,814




At 31 January 2023

1,434,151


1,692,410


994,413


59,416


4,180,390




OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



10.

TANGIBLE FIXED ASSETS - continued



Included in cost of land and buildings is freehold land of £ 450,000 (2023 - £ 450,000 ) which is not depreciated.



11.

FIXED ASSET INVESTMENTS


Shares in


group


undertakings

£   



COST


At 1 February 2023


and 31 January 2024

133,854




NET BOOK VALUE


At 31 January 2024

133,854




At 31 January 2023

133,854




The above investments are unlisted

At 31 January 2024 the company had the following subsidiary undertakings. Unless otherwise stated all companies are incorporated in England and Wales. The registered office for all companies unless otherwise stated is First Floor North, 40 Oxford Road, High Wycombe, Bucks, HP11 2EE

Optima Products Asia SDN BHD, which is incorporated in Malaysia, is a wholly-owned subsidiary of Optima Products Limited and its principal activity is the manufacture and distribution of 'Optima' partitioning systems in Asia and Oceania through an international network of group companies and authorised dealers. The registered office is 1st Floor, 8 Avenue Business Centre, Jalan Sungai Jernih 8/1, Seksyen 8, 46050 Petaling Jaya, Selangor Darul Ehsan, Malaysia.

Optima Systems Asia Pacific PTE Ltd, which is incorporated in Singapore, is a wholly owned subsidiary of Optima Products Limited and its principal activity is the sale and distribution of 'Optima' partitioning systems in Asia and Oceania through an international network of group companies and authorised dealers. The registered office is 16 Raffles Quay, 32-03 Hong Leong Building, 048581, Singapore.

PurOptima Inc, which is incorporated in Delaware USA, is a wholly owned subsidiary of Optima Products Limited and its principal activity is the sale and distribution of 'Optima' partitioning systems in the USA through a network of authorised dealers. The registered office is 251 Little Falls Drive, Wilmington, DE 19808, New Castle County, United States of America.

Curtis Steel Limited, Optima Glass Installations Limited, Optima Partitioning Systems Limited, Optima Systems Australia Pty Limited and Puroptima Limited are wholly-owned subsidiaries of Optima Products Limited which are dormant.

12.

STOCKS

2024

2023


£   

£   



Raw materials

2,679,644


2,651,982




Work-in-progress

393,069


493,930



3,072,713


3,145,912




OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Trade debtors

397,336


621,708




Amounts owed by group undertakings

1,515,689


1,466,057




VAT

6,012


19,292




Prepayments and accrued income

181,343


125,918



2,100,380


2,232,975




14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Trade creditors

1,717,797


1,778,435




Amounts owed to group undertakings

3


5,615




Corporation tax

220,000


25,000




Social security and other taxes

107,428


102,411




Accruals and deferred income

149,046


307,375



2,194,274


2,218,836




15.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023


£   

£   



Within one year

15,598


15,598




Between one and five years

16,898


32,496



32,496


48,094




16.

PROVISIONS FOR LIABILITIES

2024

2023


£   

£   



Deferred tax


Excess of tax allowances


over depreciation

334,523


325,460




Other timing differences

-


(1,000

)


334,523


324,460





Deferred



tax


£   



Balance at 1 February 2023

324,460




Charge to Income Statement during year

10,063




Balance at 31 January 2024

334,523




OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



17.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



856,182

Ordinary

£1

856,182


856,182




18.

RESERVES


Retained


Share


Capital



earnings


premium


contribution


Totals

£   

£   

£   

£   




At 1 February 2023

7,096,948


34,256


2,000,000


9,131,204




Profit for the year

837,742


837,742




Dividends

(100,000

)

(100,000

)



Actuarial gains/losses

(212,000

)

-


-


(212,000

)



Capital contribution repayment

-


-


(500,000

)

(500,000

)



At 31 January 2024

7,622,690


34,256


1,500,000


9,156,946




Retained earnings is a distributable reserve records retained earnings and accumulated losses.

The share premium account is a non-distributable reserve and represents the amounts received by the company for a share issue in excess of the nominal value of the shares.

The fair value reserve is a non-distributable reserve and represents unrealised gains on the revaluation of the company's investment properties.

Capital contribution reserve is a distributable reserve in additional to the permanent capital of the company.


OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



19.

EMPLOYEE BENEFIT OBLIGATIONS


Until 31 December 2003 the company provided pension arrangements to the majority of its full time employees through a defined benefit scheme, when the scheme was closed to new members.

On 1 January 2004 a new defined contribution section of the scheme was brought into operation, and thus the scheme has become a combined defined benefit and defined contribution scheme.

Defined benefits are no longer accruing within the scheme and no further contributions by employees are to be made to the defined benefit section of the scheme.

A liability for the company's obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis.

The latest actuarial valuation as at 31 March 2022 showed the scheme to be underfunded, and the company agreed with the Trustees and on the advice of the actuary a schedule of contributions which it was anticipated would achieve full funding. Under the agreement employer contributions in respect of the defined benefit section of £200,000 were paid in May 2023.

The next actuarial valuation is due to be prepared as at 31 March 2025.

The disclosures set out below are based on calculations prepared as of 31 January 2024 by a qualified independent actuary.

The calculations show that the present value of the defined benefit obligation is less than the fair value of the plan assets, and therefore the plan has a surplus. In accordance with FRS102 para 28.22 the plan surplus has not been recognised as a defined benefit plan asset as the directors consider it unlikely the company will be able to recover the surplus, either through reduced contributions in the future or through refunds from the plan. Due to the level of market volatility at present, the directors anticipate the probability of the scheme returning to a scheme deficit in the near future to be very high.


The amounts recognised in the balance sheet are as follows:



Defined benefit



pension plans


2024

2023


£   

£   



Present value of funded obligations

(4,545,000

)

(4,849,000

)



Fair value of plan assets

4,894,000


5,040,000



349,000


191,000




Present value of unfunded obligations

-


-




Surplus

349,000


191,000




Restriction on recoverable surplus

(349,000

)

(191,000

)



Net liability

-


-




OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



19.

EMPLOYEE BENEFIT OBLIGATIONS - continued



The amounts recognised in profit or loss are as follows:



Defined benefit



pension plans


2024

2023


£   

£   



Current service cost

-


-




Net interest from net defined benefit

asset/liability  

(12,000)


(7,000)




Past service cost

-


-



(12,000)


(7,000)





Actual return on plan assets

-


-





Changes in the present value of the defined benefit obligation are as follows:



Defined benefit



pension plans


2024

2023


£   

£   



Opening defined benefit obligation

4,849,000


6,656,000




Interest cost

204,000


144,000




Benefits paid

(217,000

)

(194,000

)



Remeasurements:


Effect of chances in


assumptions

(336,000

)

(1,780,000

)



Effect of experience


adjustments

45,000


23,000



4,545,000


4,849,000





Changes in the fair value of scheme assets are as follows:



Defined benefit



pension plans


2024

2023


£   

£   



Opening fair value of scheme assets

5,040,000


6,855,000




Interest income on plan assets

216,000


151,000




Contributions by employer

200,000


200,000




Benefits paid

(217,000

)

(194,000

)



Return on plan assets (excluding interest

income)

(345,000

)

(1,972,000

)


4,894,000


5,040,000




OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



19.

EMPLOYEE BENEFIT OBLIGATIONS - continued



The amounts recognised in other comprehensive income are as follows:



Defined benefit



pension plans


2024

2023


£   

£   



Effect of chances in


assumptions

336,000


1,780,000




Effect of experience


adjustments

(45,000

)

(23,000

)



Return on plan assets (excluding interest

income)

(345,000

)

(1,972,000

)


(54,000

)

(215,000

)




The major categories of scheme assets as amounts of total scheme assets are as follows:



Defined benefit



pension plans


2024

2023


£   

£   



Equities

1,895,000


2,041,000




Bonds

2,737,000


2,676,000




Cash or other

262,000


323,000



4,894,000


5,040,000





Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):


2024

2023



Discount rate

4.70%

4.30%



Future RPI inflation

3.10%

3.00%



Future CPI inflation

2.50%

2.60%



Rate of increase in future pension payments

2.50%

2.60%



20.

CONTINGENT LIABILITIES


Cross guarantee
This company, Hexa Group Holdings Limited, Optima Investments Limited, Optima Contracting Limited and Optima Installations Limited have entered into a composite accounting agreement, dated 18 October 2019, in which each participating company has provided a guarantee to the bank. Under the terms of the agreement and the guarantees, the bank is authorised to allow set-off of balances between the companies involved.


OPTIMA PRODUCTS LIMITED (REGISTERED NUMBER: 01033081)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



21.

RELATED PARTY DISCLOSURES



Group companies

This company is a wholly-owned subsidiary within the group. It has therefore taken advantage of the exemptions, provided within Financial Reporting Standard 102, from disclosure of transactions entered into with other members of the group.




Transactions with key management personnel



2024


2023





£


£




Total compensation of key management personnel, including

directors


1,901


2,783





Other related party transactions


There were no other transactions that require disclosure under Financial Reporting Standard 102.


22.

ULTIMATE PARENT COMPANY



The directors consider Optima Contracting Limited to be the company's immediate parent company

and Hexa Group Holdings Limited to be the company's ultimate parent company.



The largest group, in which this company's information is consolidated is that of Hexa Group Holdings Limited .  This company is incorporated in England and Wales and will be drawing up consolidated

financial statements to 31 January 2024.  The principal place of business for this company is:


Courtyard House
West End Road
High Wycombe
Buckinghamshire
HP11 2QB


The smallest group, in which this company's information is consolidated is that of Optima Contracting Limited .  This company is incorporated in England and Wales and will be drawing up its consolidated

financial statements to 31 January 2024.  The principal place of business for this company is:


Courtyard House
West End Road
High Wycombe
Buckinghamshire
HP11 2QB


Copies of the consolidated financial statements of Hexa Group Holdings Limited and Optima

Contracting Limited can be obtained from:



First Floor North


40 Oxford Road


High Wycombe


Buckinghamshire


HP11 2EE