IRIS Accounts Production v24.1.4.33 04149457 director 1.9.22 31.8.23 31.8.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh041494572022-08-31041494572023-08-31041494572022-09-012023-08-31041494572021-08-31041494572021-09-012022-08-31041494572022-08-3104149457ns15:EnglandWales2022-09-012023-08-3104149457ns14:PoundSterling2022-09-012023-08-3104149457ns10:Director12022-09-012023-08-3104149457ns10:PrivateLimitedCompanyLtd2022-09-012023-08-3104149457ns10:SmallEntities2022-09-012023-08-3104149457ns10:AuditExempt-NoAccountantsReport2022-09-012023-08-3104149457ns10:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-3104149457ns10:SmallCompaniesRegimeForAccounts2022-09-012023-08-3104149457ns10:FullAccounts2022-09-012023-08-3104149457ns5:CurrentFinancialInstruments2023-08-3104149457ns5:CurrentFinancialInstruments2022-08-3104149457ns5:Non-currentFinancialInstruments2023-08-3104149457ns5:Non-currentFinancialInstruments2022-08-3104149457ns5:ShareCapital2023-08-3104149457ns5:ShareCapital2022-08-3104149457ns5:RetainedEarningsAccumulatedLosses2023-08-3104149457ns5:RetainedEarningsAccumulatedLosses2022-08-3104149457ns10:RegisteredOffice2022-09-012023-08-3104149457ns5:LandBuildings2022-08-3104149457ns5:PlantMachinery2022-08-3104149457ns5:LandBuildings2022-09-012023-08-3104149457ns5:PlantMachinery2022-09-012023-08-3104149457ns5:LandBuildings2023-08-3104149457ns5:PlantMachinery2023-08-3104149457ns5:LandBuildings2022-08-3104149457ns5:PlantMachinery2022-08-3104149457ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3104149457ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-08-31
REGISTERED NUMBER: 04149457 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

OPTICLEAR LIMITED

OPTICLEAR LIMITED (REGISTERED NUMBER: 04149457)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 AUGUST 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


OPTICLEAR LIMITED (REGISTERED NUMBER: 04149457)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 96,742 104,767

CURRENT ASSETS
Inventories 31,029 28,617
Debtors 5 323,301 351,762
Cash in hand 224 32
354,554 380,411
CREDITORS
Amounts falling due within one year 6 273,062 270,809
NET CURRENT ASSETS 81,492 109,602
TOTAL ASSETS LESS CURRENT
LIABILITIES

178,234

214,369

CREDITORS
Amounts falling due after more than one
year

7

129,507

145,807
NET ASSETS 48,727 68,562

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 48,627 68,462
48,727 68,562

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:





Mr S Notta - Director


OPTICLEAR LIMITED (REGISTERED NUMBER: 04149457)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 AUGUST 2023

1. STATUTORY INFORMATION

Opticlear Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04149457

Registered office: 1 Kings Avenue
London
N21 3NA

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


2. ACCOUNTING POLICIES

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

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

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

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Leasehold Land & building - Over the term of 5 years.
Property, plant & equipment - 10% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised.

OPTICLEAR LIMITED (REGISTERED NUMBER: 04149457)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

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

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

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

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

OPTICLEAR LIMITED (REGISTERED NUMBER: 04149457)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 AUGUST 2023

4. PROPERTY, PLANT AND EQUIPMENT
Leasehold
Land and Plant and
buildings machinery Totals
£    £    £   
COST
At 1 September 2022 73,139 316,107 389,246
Additions 3,741 164 3,905
At 31 August 2023 76,880 316,271 393,151
DEPRECIATION
At 1 September 2022 58,612 225,867 284,479
Charge for year 2,906 9,024 11,930
At 31 August 2023 61,518 234,891 296,409
NET BOOK VALUE
At 31 August 2023 15,362 81,380 96,742
At 31 August 2022 14,527 90,240 104,767

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 19,034 24,298
Amounts owed by group undertakings 278,844 294,677
Other debtors 25,423 32,787
323,301 351,762

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 31,768 30,711
Trade creditors 108,861 117,454
Taxation and social security 101,091 98,911
Other creditors 31,342 23,733
273,062 270,809

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 129,507 145,807

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 48,324

OPTICLEAR LIMITED (REGISTERED NUMBER: 04149457)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 AUGUST 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan 108,832 123,670

The loans are secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

9. LEASE AGREEMENTS

The company has an annual lease commitment of £60,000 (2022: £60,000) payable for the next 5 years.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.