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REGISTERED NUMBER: 03460570 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

OPTIMUM DESIGN (UK) LIMITED

OPTIMUM DESIGN (UK) LIMITED (REGISTERED NUMBER: 03460570)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


OPTIMUM DESIGN (UK) LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: P Moran



SECRETARY: Mrs R Moran



REGISTERED OFFICE: Units 26 - 28
Cinnamon Brow Business Park
Makerfield Way, Higher Ince
Wigan
Lancashire
WN2 2PR



REGISTERED NUMBER: 03460570 (England and Wales)



ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Natwest Bank
4 Standishgate
Wigan
Lancashire
WN1 1UJ

OPTIMUM DESIGN (UK) LIMITED (REGISTERED NUMBER: 03460570)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 360,886 370,108

CURRENT ASSETS
Stocks 625,911 673,386
Debtors 5 233,095 273,835
Cash at bank and in hand 1,245,856 1,112,763
2,104,862 2,059,984
CREDITORS
Amounts falling due within one year 6 120,895 79,231
NET CURRENT ASSETS 1,983,967 1,980,753
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,344,853

2,350,861

PROVISIONS FOR LIABILITIES 7 10,000 10,000
NET ASSETS 2,334,853 2,340,861

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,334,753 2,340,761
SHAREHOLDERS' FUNDS 2,334,853 2,340,861

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

OPTIMUM DESIGN (UK) LIMITED (REGISTERED NUMBER: 03460570)

STATEMENT OF FINANCIAL POSITION - continued
31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 September 2024 and were signed by:





P Moran - Director


OPTIMUM DESIGN (UK) LIMITED (REGISTERED NUMBER: 03460570)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Optimum Design (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the significant risks and rewards of ownership have transferred to the buyer. This is usually when the customer takes delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

Tangible fixed assets are stated at cost less depreciation and impairment.

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
Short term financial assets, including trade and other debtors and cash and bank balances, are measured at the transaction price.Financial assets that have no stated interest rate and are recoverable within one year shall be measured at the undiscounted amount due.

Short term financial liabilities, including trade and other creditors, are measured at the transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Related party loans have no stated interest rate, are payable on demand and are measured at the undiscounted amount due.


OPTIMUM DESIGN (UK) LIMITED (REGISTERED NUMBER: 03460570)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity

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

Deferred tax
Deferred tax is recognised in respect of all 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Short term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

OPTIMUM DESIGN (UK) LIMITED (REGISTERED NUMBER: 03460570)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 452,227 37,358 45,236 81,376 616,197
Additions - - - 2,125 2,125
At 31 December 2023 452,227 37,358 45,236 83,501 618,322
DEPRECIATION
At 1 January 2023 104,430 27,652 36,538 77,469 246,089
Charge for year 6,955 830 1,304 2,258 11,347
At 31 December 2023 111,385 28,482 37,842 79,727 257,436
NET BOOK VALUE
At 31 December 2023 340,842 8,876 7,394 3,774 360,886
At 31 December 2022 347,797 9,706 8,698 3,907 370,108

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 25,771 52,428
Other debtors 108,316 110,107
Tax - 4,314
Prepayments and accrued income 99,008 106,986
233,095 273,835

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 27,202 26,000
Tax 1,731 1
Social security and other taxes 52,259 33,563
Other creditors 6,857 10,208
Directors' current accounts 685 1,169
Accrued expenses 32,161 8,290
120,895 79,231

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 10,000 10,000

OPTIMUM DESIGN (UK) LIMITED (REGISTERED NUMBER: 03460570)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 10,000
Balance at 31 December 2023 10,000

8. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company had total lease commitments at the year end of £38,654 (2022: 41,453)