Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false102023-01-01technology services10truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03788490 2022-12-31 03788490 2023-01-01 2023-12-31 03788490 2021-10-01 2022-09-30 03788490 2023-12-31 03788490 2022-09-30 03788490 c:Director1 2023-01-01 2023-12-31 03788490 c:Director2 2023-01-01 2023-12-31 03788490 c:Director3 2023-01-01 2023-12-31 03788490 c:Director4 2023-01-01 2023-12-31 03788490 c:Director5 2023-01-01 2023-12-31 03788490 c:Director6 2023-01-01 2023-12-31 03788490 c:RegisteredOffice 2023-01-01 2023-12-31 03788490 d:PlantMachinery 2023-01-01 2023-12-31 03788490 d:PlantMachinery 2023-12-31 03788490 d:PlantMachinery 2022-09-30 03788490 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03788490 d:MotorVehicles 2023-01-01 2023-12-31 03788490 d:MotorVehicles 2023-12-31 03788490 d:MotorVehicles 2022-09-30 03788490 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03788490 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03788490 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 03788490 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 03788490 d:PatentsTrademarksLicencesConcessionsSimilar 2022-09-30 03788490 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 03788490 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 03788490 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-30 03788490 d:Goodwill 2023-01-01 2023-12-31 03788490 d:Goodwill 2023-12-31 03788490 d:Goodwill 2022-09-30 03788490 d:CurrentFinancialInstruments 2023-12-31 03788490 d:CurrentFinancialInstruments 2022-09-30 03788490 d:Non-currentFinancialInstruments 2023-12-31 03788490 d:Non-currentFinancialInstruments 2022-09-30 03788490 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03788490 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 03788490 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 03788490 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-09-30 03788490 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 03788490 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 03788490 d:ShareCapital 2023-12-31 03788490 d:ShareCapital 2022-09-30 03788490 d:RevaluationReserve 2023-12-31 03788490 d:RevaluationReserve 2022-09-30 03788490 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 03788490 d:OtherMiscellaneousReserve 2023-12-31 03788490 d:OtherMiscellaneousReserve 2022-09-30 03788490 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03788490 d:RetainedEarningsAccumulatedLosses 2023-12-31 03788490 d:RetainedEarningsAccumulatedLosses 2022-09-30 03788490 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03788490 c:OrdinaryShareClass1 2023-12-31 03788490 c:OrdinaryShareClass1 2022-09-30 03788490 c:FRS102 2023-01-01 2023-12-31 03788490 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03788490 c:FullAccounts 2023-01-01 2023-12-31 03788490 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03788490 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 03788490 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 03788490 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 03788490 5 2023-01-01 2023-12-31 03788490 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 03788490 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 03788490 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 03788490 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 03788490 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 03788490












OPTIMAL MONITORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

 

OPTIMAL MONITORING LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 13


 

OPTIMAL MONITORING LIMITED
 
COMPANY INFORMATION


Directors
Mr M A Lawson 
Mr B K Thakrar 
Mr D J Everett 
Mr M S Prager 
Dr S D Cook 
Mr D F Hobbs 




Registered number
03788490



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:03788490
OPTIMAL MONITORING LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December 2023
30 September 2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
861,229
1,046,900

Tangible assets
 5 
1,918
1,677

  
863,147
1,048,577

Current assets
  

Debtors: amounts falling due within one year
 6 
28,216
15,448

Cash at bank and in hand
  
9,520
34,369

  
37,736
49,817

  

Total assets
  
900,883
1,098,394


Capital and reserves
  

Called up share capital 
 10 
100
100

Revaluation reserve
 11 
-
450,000

Other reserves
 11 
100,000
100,000

Profit and loss account
 11 
(239,991)
(363,781)

Total capital and reserves
  
(139,891)
186,319

  

Creditors: Amounts Falling Due Within One Year
 7 
83,352
79,871

Creditors: Amounts Falling Due After More Than One Year
 8 
957,422
832,204

Total capital, reserves and liabilities
  
900,883
1,098,394


Page 2


 
REGISTERED NUMBER:03788490
OPTIMAL MONITORING LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 profit and loss account 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 by: 




Mr M S Prager
Director

Date: 2 September 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 

OPTIMAL MONITORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Optimal Monitoring Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company changed its financial year from 30 September 2023 to 31 December 2023, so these financial statements represent a period longer than a year.

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

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The directors consider this basis to be appropriate as the company has received a letter of financial support from its parent company.

Page 4

 

OPTIMAL MONITORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives of 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 5

 

OPTIMAL MONITORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

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.

Page 6

 

OPTIMAL MONITORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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:

Plant and machinery
-
33%
Motor vehicles
-
33%

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.


2.12

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 7

 

OPTIMAL MONITORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 8

 

OPTIMAL MONITORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.16

Taxation

The tax expense for the year comprises current. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the period was 10 (2022 -10).

Page 9

 

OPTIMAL MONITORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Intangible assets




Patents
Development expenditure
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
3,250,000
1,054,124
2,917,622
7,221,746


Additions
-
269,514
-
269,514



At 31 December 2023

3,250,000
1,323,638
2,917,622
7,491,260



Amortisation


At 1 January 2023
2,890,000
367,224
2,917,622
6,174,846


Charge for the period on owned assets
-
95,185
-
95,185


Impairment charge
360,000
-
-
360,000



At 31 December 2023

3,250,000
462,409
2,917,622
6,630,031



Net book value



At 31 December 2023
-
861,229
-
861,229



At 31 December 2022
360,000
686,900
-
1,046,900



Page 10

 

OPTIMAL MONITORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 January 2023
5,923
3,650
9,573


Additions
2,158
-
2,158



At 31 December 2023

8,081
3,650
11,731



Depreciation


At 1 January 2023
4,817
3,079
7,896


Charge for the period on owned assets
1,346
571
1,917



At 31 December 2023

6,163
3,650
9,813



Net book value



At 31 December 2023
1,918
-
1,918



At 31 December 2022
1,106
571
1,677


6.


Debtors

31 December 2023
30 September 2022
£
£


Trade debtors
27,640
8,917

Other debtors
300
300

Prepayments
276
6,231

28,216
15,448


Page 11

 

OPTIMAL MONITORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

31 December 2023
30 September 2022
£
£

Bank loans
10,139
9,828

Trade creditors
24,984
16,193

Other taxation and social security
34,532
37,985

Other creditors
2,553
11,933

Accruals and deferred income
11,144
3,932

83,352
79,871



8.


Creditors: Amounts falling due after more than one year

31 December 2023
30 September 2022
£
£

Bank loans
14,820
27,454

Other loans
772,112
633,000

Amounts owed to group undertakings
170,490
171,750

957,422
832,204



9.


Loans


Analysis of the maturity of loans is given below:


31 December 2023
30 September 2022
£
£

Amounts falling due within one year

Bank loans
10,139
9,828

Amounts falling due 1-2 years

Bank loans
14,820
10,075

Other loans
772,112
633,000


786,932
643,075

Amounts falling due 2-5 years

Bank loans
-
17,379


797,071
670,282


Page 12

 

OPTIMAL MONITORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Share capital

31 December 2023
30 September 2022
£
£
Allotted, called up and fully paid



100 (2022 -100) Ordinary shares of £1.00 each
100
100



11.


Reserves

Other reserves

Other reserves are comprised of the capital contribution reserve. This reserve relates to amounts advanced to the company without interest charges or any fixed date of repayment which have been treated as equity. The reserve is not distributible.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


12.


Pension commitments

The company contributes to a defined contribution plan for its staff and directors. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £24,787 (2022: £12,442). As at the balance sheet date the company owed £2,553 (2022: £1,933) to the fund and these are included in creditors.


13.


Related party transactions

As at the balance sheet date the company owed its parent company £170,490 (2022: £171,750).
As at the balance sheet date the company owed the director £583,000 (2022: £583,000).

 
Page 13