Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30true2022-12-01falseNo description of principal activity2318trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00995561 2022-12-01 2023-11-30 00995561 2021-12-01 2022-11-30 00995561 2023-11-30 00995561 2022-11-30 00995561 c:Director1 2022-12-01 2023-11-30 00995561 d:Buildings d:LongLeaseholdAssets 2022-12-01 2023-11-30 00995561 d:Buildings d:ShortLeaseholdAssets 2022-12-01 2023-11-30 00995561 d:Buildings d:ShortLeaseholdAssets 2023-11-30 00995561 d:Buildings d:ShortLeaseholdAssets 2022-11-30 00995561 d:MotorVehicles 2022-12-01 2023-11-30 00995561 d:FurnitureFittings 2022-12-01 2023-11-30 00995561 d:OfficeEquipment 2022-12-01 2023-11-30 00995561 d:ComputerEquipment 2022-12-01 2023-11-30 00995561 d:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 00995561 d:OtherPropertyPlantEquipment 2023-11-30 00995561 d:OtherPropertyPlantEquipment 2022-11-30 00995561 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 00995561 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 00995561 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-01 2023-11-30 00995561 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 00995561 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 00995561 d:Goodwill 2022-12-01 2023-11-30 00995561 d:Goodwill 2023-11-30 00995561 d:Goodwill 2022-11-30 00995561 d:CurrentFinancialInstruments 2023-11-30 00995561 d:CurrentFinancialInstruments 2022-11-30 00995561 d:Non-currentFinancialInstruments 2023-11-30 00995561 d:Non-currentFinancialInstruments 2022-11-30 00995561 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 00995561 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 00995561 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 00995561 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 00995561 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 00995561 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 00995561 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 00995561 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 00995561 d:ShareCapital 2023-11-30 00995561 d:ShareCapital 2022-11-30 00995561 d:RetainedEarningsAccumulatedLosses 2023-11-30 00995561 d:RetainedEarningsAccumulatedLosses 2022-11-30 00995561 c:FRS102 2022-12-01 2023-11-30 00995561 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 00995561 c:FullAccounts 2022-12-01 2023-11-30 00995561 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 00995561 d:WithinOneYear 2023-11-30 00995561 d:WithinOneYear 2022-11-30 00995561 d:BetweenOneFiveYears 2023-11-30 00995561 d:BetweenOneFiveYears 2022-11-30 00995561 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 00995561 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 00995561 d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 00995561 d:Goodwill d:OwnedIntangibleAssets 2022-12-01 2023-11-30 00995561 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-12-01 2023-11-30 00995561 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 00995561









OPTIKINETICS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
OPTIKINETICS LIMITED
REGISTERED NUMBER: 00995561

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible fixed assets
 6 
36,736
18,592

Intangible Assets
 5 
10,451
12,786

  
47,187
31,378

Current assets
  

Stocks
  
162,409
157,274

Debtors: amounts falling due within one year
 7 
789,241
640,623

Cash at bank and in hand
  
1,002,663
674,228

  
1,954,313
1,472,125

Creditors: amounts falling due within one year
 8 
(1,525,616)
(959,340)

Net current assets
  
 
 
428,697
 
 
512,785

Total assets less current liabilities
  
475,884
544,163

Creditors: amounts falling due after more than one year
 9 
(25,000)
(35,000)

  

Net assets
  
450,884
509,163


Capital and reserves
  

Called up share capital 
  
25,000
25,000

Profit and loss account
  
425,884
484,163

  
450,884
509,163


Page 1

 
OPTIKINETICS LIMITED
REGISTERED NUMBER: 00995561
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2024.




R A Stitcher
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Optikinetics Limited is a private company limited by shares incorporated and registered in the United Kingdom. The address of its registered office is 38 Cromwell Road, Luton, Bedfordshire, LU3 1DN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover comprises revenue recognised on dispatch of goods by the company relating to lighting effects equipment and aluminium support structures supplied during the year and 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. Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Finance costs

Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

  
2.7

Intangible fixed assets and amortisation

Goodwill is the difference between amounts paid on the acquistion of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life.

Website development costs are capitalised and amortised to the profit and loss account over their estimated economic life.

 
2.8

Tangible fixed assets

Tangible 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:

Leasehold property improvements
-
10% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% straight line
Office equipment
-
33% straight line
Computer equipment
-
33% straight line

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.

Page 4

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.9

Stocks

Stocks 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 reporting 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.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

Creditors

Short term creditors are measured at the transaction price.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.14

Pensions

The company makes contributions into personal pension schemes for the benfit of certain employees. The pension charge represent the amounts payable by the company to the schemes in the year.

  
2.15

Operating leases

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

  
2.16

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 5

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2022 - 18).


4.


Dividends

2023
2022
£
£


Dividends paid
50,000
270,000

50,000
270,000


5.


Intangible assets




Website development
Goodwill
Total

£
£
£



Cost


At 1 December 2022
30,982
7,526
38,508


Additions
2,700
-
2,700


Disposals
(30,082)
-
(30,082)



At 30 November 2023

3,600
7,526
11,126



Amortisation


At 1 December 2022
25,722
-
25,722


Charge for the year on owned assets
525
-
525


On disposals
(25,572)
-
(25,572)



At 30 November 2023

675
-
675



Net book value



At 30 November 2023
2,925
7,526
10,451



At 30 November 2022
5,260
7,526
12,786



Page 6

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Tangible fixed assets





Short-term leasehold property
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 December 2022
30,009
352,680
382,689


Additions
464
32,345
32,809


Disposals
(5,815)
(259,982)
(265,797)



At 30 November 2023

24,658
125,043
149,701



Depreciation


At 1 December 2022
25,009
339,088
364,097


Charge for the year on owned assets
3,190
16,358
19,548


Disposals
(5,815)
(264,865)
(270,680)



At 30 November 2023

22,384
90,581
112,965



Net book value



At 30 November 2023
2,274
34,462
36,736



At 30 November 2022
5,000
13,592
18,592

Page 7

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
506,788
345,616

Amounts owed by group undertakings
246,154
246,154

Other debtors
7,882
12,563

Prepayments and accrued income
28,417
36,290

789,241
640,623



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
11,367
12,427

Trade creditors
200,280
235,134

Amounts owed to group undertakings
185,113
41,768

Corporation tax
32,749
86,190

Other taxation and social security
61,569
55,934

Other creditors
987,978
470,175

Accruals and deferred income
46,560
57,712

1,525,616
959,340


Bank loans and overdrafts are secured by floating charges over certain assets of the company. 


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
25,000
35,000

25,000
35,000


Page 8

 
OPTIKINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
11,367
12,427

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
15,000
25,000


36,367
47,427



11.


Commitments under operating leases

At 30 November 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Within 1 year
76,782
76,782

Within 2 and 5 years
11,379
79,652

88,161
156,434


12.


Related party transactions

The company is exempt from disclosing other related party transactions as they are with companies that are wholly owed within the group.

 
Page 9