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REGISTERED NUMBER: 09961851 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Optiat Ltd

Optiat Ltd (Registered number: 09961851)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Optiat Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Anna Brightman
William Brightman





REGISTERED OFFICE: Railway Arch
316 Blucher Road
London
SE5 0LH





REGISTERED NUMBER: 09961851 (England and Wales)





ACCOUNTANTS: Ramon Lee Ltd
93 Tabernacle Street
London
EC2A 4BA

Optiat Ltd (Registered number: 09961851)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 19,452 -
Property, plant and equipment 5 20,810 12,437
Investments 6 963 931
41,225 13,368

CURRENT ASSETS
Inventories 493,270 203,689
Debtors 7 1,482,587 1,023,822
Cash at bank and in hand 110,489 21,219
2,086,346 1,248,730
CREDITORS
Amounts falling due within one year 8 (1,810,865 ) (1,176,154 )
NET CURRENT ASSETS 275,481 72,576
TOTAL ASSETS LESS CURRENT
LIABILITIES

316,706

85,944

CREDITORS
Amounts falling due after more than one year 9 (13,091 ) (23,274 )
NET ASSETS 303,615 62,670

CAPITAL AND RESERVES
Called up share capital 10 116 114
Share premium 892,424 657,461
Retained earnings (588,925 ) (594,905 )
303,615 62,670

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Optiat Ltd (Registered number: 09961851)

Balance Sheet - continued
31 March 2024


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 October 2024 and were signed on its behalf by:





William Brightman - Director


Optiat Ltd (Registered number: 09961851)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Optiat Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about Optiat Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes for the goods sold in the normal course of business.

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Fixtures and fittings 25% net book value.
Computers 25% SLM

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.


Optiat Ltd (Registered number: 09961851)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

EQUITY INSTRUMENTS
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

CASH AND CASH EQUIVALENT
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CLASSIFICATION OF FINANCIAL LIABILITIES
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BASIC FINANCIAL LIABILITIES
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Optiat Ltd (Registered number: 09961851)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

EMPLOYEE BENEFIT
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

GOING CONCERN
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 20,500
At 31 March 2024 20,500
AMORTISATION
Charge for year 1,048
At 31 March 2024 1,048
NET BOOK VALUE
At 31 March 2024 19,452

Optiat Ltd (Registered number: 09961851)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 - 4,203 16,686 20,889
Additions 11,350 1,221 778 13,349
At 31 March 2024 11,350 5,424 17,464 34,238
DEPRECIATION
At 1 April 2023 - 2,080 6,372 8,452
Charge for year 130 675 4,171 4,976
At 31 March 2024 130 2,755 10,543 13,428
NET BOOK VALUE
At 31 March 2024 11,220 2,669 6,921 20,810
At 31 March 2023 - 2,123 10,314 12,437

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST OR VALUATION
At 1 April 2023 931
Additions 32
At 31 March 2024 963
NET BOOK VALUE
At 31 March 2024 963
At 31 March 2023 931

Cost or valuation at 31 March 2024 is represented by:

Shares in
group
undertaking
£   
Valuation in 2023 963

Optiat Ltd (Registered number: 09961851)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Upcircle Beauty Inc
Registered office: 8, The Green Ste. B, Dover, Delaware, 19901, USA
Nature of business: Beauty skin-care wholesale and online
%
Class of shares: holding
Shares 100.00
2024 2023
£    £   
Aggregate capital and reserves - (45,742 )

Upcircle Beauty Europe Ltd
Registered office: Unit B3, Deerpark Industrial Estate, Oranmore, Galway, H91 D452, Ireland
Nature of business: Beauty skin-care wholesale and online
%
Class of shares: holding
Shares 100.00
2024 2023
£    £   
Aggregate capital and reserves - 204,805

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 280,803 160,663
Other debtors 13,709 9,034
Amount owed by connected party 1,165,595 840,750
Prepayments and accrued income 22,480 13,375
1,482,587 1,023,822

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 175,764 23,200
Trade creditors 787,464 328,874
PAYE Control Account 20,152 14,250
VAT 73,096 54,412
Other creditors 746,904 749,471
Pension Fund 3,345 2,384
Accruals and deferred income 4,140 3,563
1,810,865 1,176,154

Optiat Ltd (Registered number: 09961851)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank Loan 13,091 23,274

10. CALLED UP SHARE CAPITAL

2023 2022
£    £   
Ordinary share capital
Issued and fully paid
10,600,050 A Ordinary Shares of £0.00001 each 106 106
487,450 B investment Shares of £0.00001 each 5 5
During the year
80,076 A Ordinary Shares of £0.00001 each 1
190,895 B investment Shares of £0.00001 each 2

114 111