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Company Registration No. SC346607 (Scotland)
Optimal Financial Solutions Ltd Abbreviated accounts for the year ended 31 December 2023
Optimal Financial Solutions Ltd Abbreviated accounts Contents
Page
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Optimal Financial Solutions Ltd Company Information for the year ended 31 December 2023
Directors
T J Price Lesley A Price
Company Number
SC346607 (Scotland)
Registered Office
64 Edgehead Road Edgehead Pathhead Midlothian EH37 5RJ
Accountants
Rosebery Accountants & Business Advisors 23 Melville Street Edinburgh EH3 7PE
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Optimal Financial Solutions Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
12,117 
15,749 
Current assets
Debtors
32,446 
33,919 
Cash at bank and in hand
9,913 
6,366 
42,359 
40,285 
Creditors: amounts falling due within one year
(13,392)
(35,610)
Net current assets
28,967 
4,675 
Total assets less current liabilities
41,084 
20,424 
Creditors: amounts falling due after more than one year
(8,956)
(14,838)
Net assets
32,128 
5,586 
Capital and reserves
Called up share capital
1,800 
1,800 
Profit and loss account
30,328 
3,786 
Shareholders' funds
32,128 
5,586 
For the year ending 31 December 2023 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2024 and were signed on its behalf by
T J Price Director Company Registration No. SC346607
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Optimal Financial Solutions Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Optimal Financial Solutions Ltd is a private company, limited by shares, registered in Scotland, registration number SC346607. The registered office is 64 Edgehead Road, Edgehead, Pathhead, Midlothian, EH37 5RJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% reducing balance
4
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2023
11,527 
25,468 
36,995 
Additions
- 
407 
407 
At 31 December 2023
11,527 
25,875 
37,402 
Depreciation
At 1 January 2023
7,845 
13,401 
21,246 
Charge for the year
920 
3,119 
4,039 
At 31 December 2023
8,765 
16,520 
25,285 
Net book value
At 31 December 2023
2,762 
9,355 
12,117 
At 31 December 2022
3,682 
12,067 
15,749 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
- 
973 
Other debtors
32,446 
32,946 
32,446 
33,919 
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Optimal Financial Solutions Ltd Notes to the Accounts for the year ended 31 December 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
5,875 
6,157 
Taxes and social security
9,733 
22,065 
Other creditors
153 
153 
Loans from directors
(3,170)
6,434 
Accruals
801 
801 
13,392 
35,610 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
8,956 
14,838 
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
T J Price
Director's loan account
9,081 
4 
5,400 
3,685 
Lesley A Price
Director's loan account
(15,515)
15,000 
- 
(515)
(6,434)
15,004 
5,400 
3,170 
The directors' loans are interest free and have no set terms of repayment. Balances in parentheses indicate a balance owed by the company to the director. The amounts owed by the director were cleared by means of a dividend in the new financial year.
9
Transactions with related parties
At the end of the financial year the company was owed £32,446 (2022 - £32,946) by Tim Price Associates, a firm in which the company's directors are both partners. This loan is interest free and has no set terms of repayment.
10
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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