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
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
Optimal Financial Solutions Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
12,117
15,749
Cash at bank and in hand
9,913
6,366
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)
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
Optimal Financial Solutions Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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
At 31 December 2023
11,527
25,875
37,402
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
At 31 December 2023
2,762
9,355
12,117
At 31 December 2022
3,682
12,067
15,749
Amounts falling due within one year
Accrued income and prepayments
-
973
Other debtors
32,446
32,946
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
Loans from directors
(3,170)
6,434
7
Creditors: amounts falling due after more than one year
2023
2022
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan account
9,081
4
5,400
3,685
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).