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Logo On Report
Registered Number: 08393734
England and Wales

 

 

 

OPTIMISE RISK LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 22,733    28,607 
22,733    28,607 
Current assets      
Debtors 178,893    95,153 
Cash at bank and in hand 52,403    97,282 
231,296    192,435 
Creditors: amount falling due within one year (227,520)   (199,137)
Net current assets 3,776    (6,702)
 
Total assets less current liabilities 26,509    21,905 
Creditors: amount falling due after more than one year (12,736)   (18,995)
Provisions for liabilities (2,569)   (2,901)
Net assets 11,204    9 
 

Capital and reserves
     
Called up share capital 4 8    8 
Profit and loss account 11,196    1 
Shareholders' funds 11,204    9 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 24 September 2024 and were signed on its behalf by:


-------------------------------
Paul Sutcliffe
Director
1
General Information
Optimise Risk Limited is a private company, limited by shares, registered in England and Wales, registration number 08393734, registration address Bank House, 6-8 Church Street, Adlington, Chorley, PR7 4EX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Preference dividends
Where preference shares are classed as liabilities rather than equity any preference dividends paid are included in interest payable and similar charges within the income statement.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 18% Reducing Balance
Computer Equipment 33% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Preference shares
The company's preference shares are treated as a financial liability since they are subject to mandatory redemption for a fixed or determinable amount at a fixed or determinable time and are thus included in creditors in the balance sheet rather than as part of the company's issued share capital.
2.

Average number of employees

Average number of employees during the year was 12 (2023 : 9).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Motor Vehicles   Total
  £   £   £
At 01 April 2023 19,346    70,680    90,026 
Additions 7,671      7,671 
Disposals    
At 31 March 2024 27,017    70,680    97,697 
Depreciation
At 01 April 2023 13,234    49,193    62,427 
Charge for year 8,669    3,868    12,537 
On disposals    
At 31 March 2024 21,903    53,061    74,964 
Net book values
Closing balance as at 31 March 2024 5,114    17,619    22,733 
Opening balance as at 01 April 2023 7,120    21,487    28,607 

The net book value of Motor Vehicles includes £ 17,619 (2023 £21,487) in respect of assets leased under finance leases or hire purchase contracts.

4.

Share Capital

Authorised
8 Class A shares of £1.00 each
40 Class B shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
8 Class A shares of £1.00 each  
40 Class B shares of £1.00 each 40    40 
48    48 

2