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REGISTERED NUMBER: 06740713 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 DECEMBER 2022 TO 29 NOVEMBER 2023

FOR

OPTIMAL SOLICITORS LTD

PREVIOUSLY KNOWN AS
OPTIMAL CLAIM LIMITED

OPTIMAL SOLICITORS LTD (REGISTERED NUMBER: 06740713)
PREVIOUSLY KNOWN AS OPTIMAL CLAIM LIMITED






CONTENTS OF THE FINANCIAL STATEMENTS
For The Period 1 DECEMBER 2022 TO 29 NOVEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


OPTIMAL SOLICITORS LTD (REGISTERED NUMBER: 06740713)
PREVIOUSLY KNOWN AS OPTIMAL CLAIM LIMITED

BALANCE SHEET
29 NOVEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 89,928 121,269

CURRENT ASSETS
Debtors 5 3,027,125 3,152,213
Cash at bank and in hand 844,584 1,150,725
3,871,709 4,302,938
CREDITORS
Amounts falling due within one year 6 2,100,985 2,518,313
NET CURRENT ASSETS 1,770,724 1,784,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,860,652

1,905,894

CREDITORS
Amounts falling due after more than one
year

7

(236,111

)

(319,445

)

PROVISIONS FOR LIABILITIES 10 (21,377 ) (18,327 )
NET ASSETS 1,603,164 1,568,122

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,603,064 1,568,022
SHAREHOLDERS' FUNDS 1,603,164 1,568,122

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 November 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

OPTIMAL SOLICITORS LTD (REGISTERED NUMBER: 06740713)
PREVIOUSLY KNOWN AS OPTIMAL CLAIM LIMITED

BALANCE SHEET - continued
29 NOVEMBER 2023


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 Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





Mr P P Oltuszyk - Director


OPTIMAL SOLICITORS LTD (REGISTERED NUMBER: 06740713)
PREVIOUSLY KNOWN AS OPTIMAL CLAIM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
For The Period 1 DECEMBER 2022 TO 29 NOVEMBER 2023

1. STATUTORY INFORMATION

Optimal Solicitors Ltd 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: 06740713

Registered office: Fortunata House Wellington Road
Eccles
Manchester
M30 0DR

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 is recognised when services are rendered to the customers.

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..

Plant and machinery - 20% on reducing balance and 15-20% straight line
Leasehold improvements - straight line over the term of the lease

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.


OPTIMAL SOLICITORS LTD (REGISTERED NUMBER: 06740713)
PREVIOUSLY KNOWN AS OPTIMAL CLAIM LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 1 DECEMBER 2022 TO 29 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 period was 80 (2022 - 84 ) .

OPTIMAL SOLICITORS LTD (REGISTERED NUMBER: 06740713)
PREVIOUSLY KNOWN AS OPTIMAL CLAIM LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 1 DECEMBER 2022 TO 29 NOVEMBER 2023

4. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 December 2022 49,021 221,239 15,750 286,010
Additions 4,420 15,952 - 20,372
Disposals - - (15,750 ) (15,750 )
Impairments (49,021 ) - - (49,021 )
At 29 November 2023 4,420 237,191 - 241,611
DEPRECIATION
At 1 December 2022 34,499 115,542 14,700 164,741
Charge for period 14,524 36,141 - 50,665
Eliminated on disposal - - (14,700 ) (14,700 )
Impairments (49,023 ) - - (49,023 )
At 29 November 2023 - 151,683 - 151,683
NET BOOK VALUE
At 29 November 2023 4,420 85,508 - 89,928
At 30 November 2022 14,522 105,697 1,050 121,269

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 1,983,411 2,261,443
Other debtors 1,043,714 890,770
3,027,125 3,152,213

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 83,334 83,333
Hire purchase contracts and finance leases (see note 8)
28,098

37,451
Trade creditors 1,632,581 1,938,036
Taxation and social security 323,870 386,844
Other creditors 33,102 72,649
2,100,985 2,518,313

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans 236,111 319,445

OPTIMAL SOLICITORS LTD (REGISTERED NUMBER: 06740713)
PREVIOUSLY KNOWN AS OPTIMAL CLAIM LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 1 DECEMBER 2022 TO 29 NOVEMBER 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2023 2022 2023 2022
as restated as restated
£    £    £    £   
Net obligations repayable:
Within one year 9,113 9,113 18,985 28,338

Non-cancellable operating leases
2023 2022
as restated
£    £   
Within one year 60,000 28,431
Between one and five years 235,000 26,359
295,000 54,790

The lease relates to the business premises.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank loans 319,445 402,778

The bank loan is secured by way of a negative pledge, a fixed charge and a floating charge over all the property or undertaking of the company.

10. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax 21,377 18,327

Deferred
tax
£   
Balance at 1 December 2022 18,327
Provided during period 3,050
Balance at 29 November 2023 21,377

OPTIMAL SOLICITORS LTD (REGISTERED NUMBER: 06740713)
PREVIOUSLY KNOWN AS OPTIMAL CLAIM LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 1 DECEMBER 2022 TO 29 NOVEMBER 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 29 November 2023 and the year ended 30 November 2022:

2023 2022
as restated
£    £   
Mr P P Oltuszyk
Balance outstanding at start of period 63,827 83,213
Amounts advanced 51,007 20,000
Amounts repaid (51,007 ) (39,386 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 63,827 63,827

Included in the other debtors due within one year is an amount of £63,827 (2022: £63,827) due from the directors of the company. Interest at the rate of 2.25% has been charged on the overdrawn balance.

12. RELATED PARTY DISCLOSURES

Included in the other debtors is an amount of £842,806 (2022: £630,687) due from the connected companies with common directorship and shareholdings.The loan remains interest free and repayable on demand.