Registered number
09272776
OPTIMISM LIMITED
Filleted Accounts
31 December 2023
OPTIMISM LIMITED
Registered number: 09272776
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 8,050 9,803
Current assets
Stocks 37,035 37,035
Debtors 4 21,507 3,484
Cash at bank and in hand 165,165 286,598
223,707 327,117
Creditors: amounts falling due within one year 5 (11,767) (39,866)
Net current assets 211,940 287,251
Net assets 219,990 297,054
Capital and reserves
Called up share capital 1 1
Profit and loss account 219,989 297,053
Shareholder's funds 219,990 297,054
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Stone
Director
Approved by the board on 18 March 2024
OPTIMISM LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% Straight Line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Furniture, Fittings and Equipment
£
Cost
At 1 January 2023 32,758
Additions 1,600
At 31 December 2023 34,358
Depreciation
At 1 January 2023 22,955
Charge for the year 3,353
At 31 December 2023 26,308
Net book value
At 31 December 2023 8,050
At 31 December 2022 9,803
4 Debtors 2023 2022
£ £
Trade debtors 21,112 3,484
Other debtors 395 -
21,507 3,484
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 4,503 32,245
Other creditors 7,264 7,621
11,767 39,866
6 Cryptocurrency Holdings
The Company's cryptocurrency holdings are initially recognised at cost then subsequently measured at fair value. Gains or losses arising from changes in fair value of cryptocurrency holdings are recognised in the profit and loss statement.
The fair value of cryptocurrency holdings is determined using quoted market prices from reputable cryptocurrency exchanges.
7 Risks Associated with Cryptocurrency Holdings
The Company acknowledges that its cryptocurrency holdings are subject to various risks, including market volatility, regulatory changes, and cybersecurity risks. These risks could materially impact the fair value of the cryptocurrency holdings and the Company's financial performance.
8 Future Developments
The Company is closely monitoring developments in accounting standards related to cryptocurrencies and will adjust its accounting policies and disclosures as necessary to remain compliant with emerging standards.
9 Other information
OPTIMISM LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
Middlesex
HA7 1JS
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