CROSSBOWS OPTICAL LIMITED

Company Registration Number:
NI020335 (Northern Ireland)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

CROSSBOWS OPTICAL LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

CROSSBOWS OPTICAL LIMITED

Directors' report period ended 31 December 2023

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

Principal activities of the company

The principal activities of Crossbows Optical Limited are facilitating the manufacture of plastic ophthalmic lenses by means of software for freeform machining lenses and moulds for casting lenses.

Political and charitable donations

The Company made no political contributions in the current financial year (2022: Nil)



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Patrick McCollum
Richard McRoberts


Secretary David Fegan

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
28 June 2024

And signed on behalf of the board by:
Name: Patrick McCollum
Status: Director

CROSSBOWS OPTICAL LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 10,298,780 9,626,618
Cost of sales: ( 577,037 ) ( 480,220 )
Gross profit(or loss): 9,721,743 9,146,398
Distribution costs: ( 191,311 )
Administrative expenses: ( 1,539,426 ) ( 1,402,587 )
Other operating income: 199,947
Operating profit(or loss): 7,991,006 7,943,758
Interest receivable and similar income: 970,308 152,811
Profit(or loss) before tax: 8,961,314 8,096,569
Tax: ( 2,110,735 ) ( 1,119,972 )
Profit(or loss) for the financial year: 6,850,579 6,976,597

CROSSBOWS OPTICAL LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 75,640 147,640
Tangible assets: 4 784,060 781,734
Total fixed assets: 859,700 929,374
Current assets
Stocks: 5 177,304 105,153
Debtors: 6 26,449,956 20,728,971
Cash at bank and in hand: 983,635 1,032,487
Total current assets: 27,610,895 21,866,611
Creditors: amounts falling due within one year: 7 ( 586,157 ) ( 1,762,126 )
Net current assets (liabilities): 27,024,738 20,104,485
Total assets less current liabilities: 27,884,438 21,033,859
Total net assets (liabilities): 27,884,438 21,033,859
Capital and reserves
Called up share capital: 500,000 500,000
Profit and loss account: 27,384,438 20,533,859
Total Shareholders' funds: 27,884,438 21,033,859

The notes form part of these financial statements

CROSSBOWS OPTICAL LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 28 June 2024
and signed on behalf of the board by:

Name: Patrick McCollum
Status: Director

The notes form part of these financial statements

CROSSBOWS OPTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    3.2 RevenueRevenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other salestaxes. The following criteria must also be met before revenue is recognised:Sale of goodsRevenue from the sale of goods is recognised when all of the following conditions are satisfied:the Company has transferred the significant risks and rewards of ownership to the buyer;the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;the amount of revenue can be measured reliably;it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

    Tangible fixed assets depreciation policy

    3.11 Tangible fixed assetsTangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.Depreciation is provided on the following basis:Buildings - 3.33%Plant and machinery - 10-50%Motor vehicles - 20-33.3%Fixtures and fittings - 25%The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

    Intangible fixed assets amortisation policy

    3.10 Intangible assetsAll Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated mortisation and any accumulated impairment losses.All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.The estimated useful lives range as follows:Patents - 10%Software - 20%

    Valuation information and policy

    3.12 StocksStocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.3.13 DebtorsShort term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.3.14 Cash and cash equivalentsCash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.3.15 CreditorsShort term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.3.16 Financial instrumentsThe Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small Company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.3.17 Resear ch and developmentIn the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

    Other accounting policies

    4. Judgments in applying accounting policies and key sour ces of estimation uncertaintyThe Company made judgements, estimates and assumptions about the carrying amounts of assets and liabilities that were not readily apparent from other sources in the application of the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered to be reasonable under the circumstances. Actual results may differ from the estimates.Critical judgments made in applying the Company's accounting policy Management is of the opinion that there are no critical judgements (other than those involving estimates)that have a significant effect on the amounts recognised in the financial statements.Key sources of estimation uncertaintyThe estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:Going ConcernThe directors have prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the Company’s ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. In making this assessment, the directors have considered the potential and continued impact of COVID 19 and do not consider the impact will be so significant as to cast doubt on the ability of the Company to continue as a going concern. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the Company was unable to continue as a going concern.Useful economic lives of tangible fixed assetsThe Company depreciates the tangible fixed assets over their estimated useful lives after taking into account of their estimated residual values. The estimated useful life reflects management’s estimate of the period that the Company intends to derive future economic benefits from the use of the Company's tangible fixed assets. The residual value reflects management’s estimated amount that the Company would currently obtain from the disposal of the asset, after deducting the estimated costs of disposal, as if the asset were already of the age and in the condition expected at the end of its useful life. Changes in the expected level of usage and technological developments could affect the economic life, useful lifeand the residual values of these assets which could then consequentially impact future depreciation charges. The carrying amount of the tangible fixed assets of the Company at 31 December 2023 £784,060 (2022: £781,734).Stocks provisionStock is valued at the lower of cost and net realisable value. Management reviews the stock levels in order to identify slow-moving and obsolete stocks and identifies items of stock which have a market price, being the selling price quoted from the market of similar items that is lower than it’s carrying amount. Management then estimates the amount of stock loss as a provision on stock. Changes in demand levels, technological developments and pricing competition could affect the saleability and values of the stock which could then consequentially impact the results, cash flows and financial position. The carrying amount of stocks including work-in-progress as at 31 December 2023 was £177,304 (2022: £105,153) (note 14).Impairment of trade debtorsThe Company assesses its trade debtors on a continuous basis for any objective evidence of impairment by considering factors, including the ageing profile, the creditworthiness and the past collection history of each debtor. If the financial conditions of these debtors were to deteriorate, resulting in an impairment of their ability to make payments, additional provisions may be required. The Company's trade debtors carrying amounts as at 31 December 2023 were £54,307 (2022: £106,053) (note 15).5. TurnoverTurnover, which is stated net of value added tax, represents the invoice value of goods and services supplied by the Company. Turnover relates to the Company’s main activity which is carried out in the United Kingdom, the United States, mainland Europe and the Far East.

CROSSBOWS OPTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 30 31

CROSSBOWS OPTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2023 819,944 61,915 881,859
Additions
Disposals
Revaluations
Transfers
At 31 December 2023 819,944 61,915 881,859
Amortisation
At 1 January 2023 672,304 61,915 734,219
Charge for year 72,000 72,000
On disposals
Other adjustments
At 31 December 2023 744,304 61,915 806,219
Net book value
At 31 December 2023 75,640 0 75,640
At 31 December 2022 147,640 0 147,640

CROSSBOWS OPTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 1,040,712 2,306,192 151,777 10,437 3,509,118
Additions 31,416 17,651 49,067
Disposals
Revaluations
Transfers
At 31 December 2023 1,040,712 2,337,608 169,428 10,437 3,558,185
Depreciation
At 1 January 2023 388,977 2,198,299 129,671 10,437 2,727,384
Charge for year 29,060 7,505 10,176 46,741
On disposals
Other adjustments
At 31 December 2023 418,037 2,205,804 139,847 10,437 2,774,125
Net book value
At 31 December 2023 622,675 131,804 29,581 0 784,060
At 31 December 2022 651,735 107,893 22,106 0 781,734

CROSSBOWS OPTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Stocks

2023 2022
£ £
Stocks 177,304 105,153
Total 177,304 105,153

CROSSBOWS OPTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Debtors

2023 2022
£ £
Trade debtors 54,307 106,053
Prepayments and accrued income 325,801 741,205
Other debtors 26,069,848 19,881,713
Total 26,449,956 20,728,971
Debtors due after more than one year: 0 0

CROSSBOWS OPTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 33,992 43,026
Taxation and social security 121,485 40,780
Accruals and deferred income 237,835 448,669
Other creditors 192,845 1,229,651
Total 586,157 1,762,126