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Registration number: 04949109

Optimold Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Optimold Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Optimold Limited

Company Information

Directors

Mr Gary Edward Clark

Mr Alisdair Watson

Registered office

120 Golborne Enterprise Park
Golborne
Warrington
Cheshire
WA3 3GR

 

Optimold Limited

(Registration number: 04949109)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

1,652,053

1,206,721

Current assets

 

Stocks

5

564,420

640,381

Debtors

6

1,018,052

440,782

Cash at bank and in hand

 

47,171

42,392

 

1,629,643

1,123,555

Creditors: Amounts falling due within one year

7

(850,637)

(678,991)

Net current assets

 

779,006

444,564

Total assets less current liabilities

 

2,431,059

1,651,285

Creditors: Amounts falling due after more than one year

7

(602,670)

(328,929)

Provisions for liabilities

(336,703)

(247,775)

Net assets

 

1,491,686

1,074,581

Capital and Reserves

 

Called up share capital

250

250

Retained Earnings

1,491,436

1,074,331

Shareholders' funds

 

1,491,686

1,074,581

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr Alisdair Watson
Director

   
     
 

Optimold Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
120 Golborne Enterprise Park
Golborne
Warrington
Cheshire
WA3 3GR
England

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and related company loans.
 Recognition and measurement
Related company loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

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
If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 47 (2022 - 44).

 

Optimold Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

254,377

8,297

1,965,886

2,228,560

Additions

52,062

3,566

745,983

801,611

At 31 December 2023

306,439

11,863

2,711,869

3,030,171

Depreciation

At 1 January 2023

109,521

3,890

908,428

1,021,839

Charge for the year

42,626

2,236

311,417

356,279

At 31 December 2023

152,147

6,126

1,219,845

1,378,118

Carrying amount

At 31 December 2023

154,292

5,737

1,492,024

1,652,053

At 31 December 2022

144,856

4,407

1,057,458

1,206,721

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.
 

5

Stocks

2023
£

2022
£

Raw materials and consumables

112,531

113,872

Production supplies

66,369

50,139

Finished goods and goods for resale

385,520

476,370

564,420

640,381


 

6

Debtors

Current

2023
£

2022
£

Trade debtors

797,277

181,261

Prepayments

13,026

9,271

Other debtors

207,749

250,250

 

1,018,052

440,782

 

Optimold Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

413,987

325,339

Trade Creditors

 

256,680

135,621

Taxation and social security

 

124,825

76,661

Accruals and deferred income

 

45,749

133,556

Other creditors

 

9,396

7,814

 

850,637

678,991

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £284,953 (2022 - £167,539).

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

119,034

47,800

HP and finance lease liabilities

284,953

167,539

Other borrowings

-

100,000

413,987

325,339

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

602,670

328,929

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

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £100.00 (2022 - £400.00) per each A Ordinary Shares

 

10,000

 

40,000

Interim dividend of £100.00 (2022 - £400.00) per each B Ordinary Shares

 

10,000

 

40,000

Interim dividend of £200.00 (2022 - £800.00) per each C Ordinary Shares

 

10,000

 

40,000

   

30,000

 

120,000

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £9,378 (2022 - £7,540).

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,333

33,333

HP and finance lease liabilities

579,337

295,596

602,670

328,929

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

119,034

47,800

HP and finance lease liabilities

284,953

167,539

Other borrowings

-

100,000

413,987

325,339