Registration number:
Optimold Limited
for the Year Ended 31 December 2023
Optimold Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Optimold Limited
Company Information
Directors |
Mr Gary Edward Clark Mr Alisdair Watson |
Registered office |
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Optimold Limited
(Registration number: 04949109)
Balance Sheet as at 31 December 2023
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2023 |
2022 |
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Fixed Assets |
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Tangible Assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and Reserves |
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Called up share capital |
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Retained Earnings |
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Shareholders' funds |
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For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Optimold Limited
(Registration number: 04949109)
Balance Sheet as at 31 December 2023
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Optimold Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is Great Britain pounds sterling.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Optimold Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold Property |
25% straight line basis |
Plant and Machinery |
20% reducing balance basis |
Office Equipment |
20% straight line basis |
IT Equipment - Software |
33.33% straight line basis |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Other intangible asset internally developed |
20% straight line |
Optimold Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Classification
Recognition and measurement
Trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment.
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Optimold Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible Assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Included within the net book value of land and buildings above is £154,292 (2022 - £144,856) in respect of short leasehold land and buildings.
Stocks |
2023 |
2022 |
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Raw materials and consumables |
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Production supplies |
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Finished goods and goods for resale |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Optimold Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade Creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include net obligations under finance lease and hire purchase contracts which are secured of £284,953 (2022 - £167,539).
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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HP and finance lease liabilities |
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Other borrowings |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings include net obligations under finance lease and hire purchase contracts which are secured of £579,337 (2022 - £295,596).
Optimold Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Dividends |
Interim dividends paid
2023 |
2022 |
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Interim dividend of £ |
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Interim dividend of £ |
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Interim dividend of £ |
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Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are pensions of £9,378 (2022 - £7,540).
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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HP and finance lease liabilities |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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HP and finance lease liabilities |
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Other borrowings |
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100,000 |
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