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Registration number: 11161133

Optimum Properties Group Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Optimum Properties Group Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Optimum Properties Group Limited

Company Information

Directors

L P Crehan

J F Crehan

Registered office

Woodside
75 Copthorne Road
Croxley Green
Rickmansworth, Herts
WD3 4AH

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Optimum Properties Group Limited

Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,698

2,010

Investment property

5

3,100,000

2,232,716

Investments

6

570,186

525,050

 

3,671,884

2,759,776

Current assets

 

Debtors

7

982,147

548,549

Cash at bank and in hand

 

107,138

579,477

 

1,089,285

1,128,026

Creditors: Amounts falling due within one year

8

(3,839,357)

(3,970,763)

Net current liabilities

 

(2,750,072)

(2,842,737)

Total assets less current liabilities

 

921,812

(82,961)

Creditors: Amounts falling due after more than one year

8

(1,350,181)

(251,831)

Net liabilities

 

(428,369)

(334,792)

Capital and reserves

 

Called up share capital

100

1

Retained earnings

(428,469)

(334,793)

Shareholders' deficit

 

(428,369)

(334,792)

For the financial year ending 31 January 2024 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.

 

Optimum Properties Group Limited

Statement of Financial Position as at 31 January 2024

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 25 October 2024 and signed on its behalf by:
 

.........................................

L P Crehan

Director

Company registration number: 11161133

 

Optimum Properties Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Woodside
75 Copthorne Road
Croxley Green
Rickmansworth, Herts
WD3 4AH

The principal activity of the company is that of buying and selling of own real estate..

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a loss for the year ended 31 January 2024 and had net liabilities of £428,369 at that date, including cash at bank of £107,138.

The company purchased two additional investment properties in the year. Due to these large capital outlays, the company has continued to make losses in the current year. One of the properties now generates rental income, and it is expected that the remaining properties will generate income in the year ending 31 January 2025. Furthermore, the directors have the personal finances to continue investment into the company.

The company now has mortgages secured over four of the six investment properties. These mortgages have provided the company with additional working capital to fund its day to day operations.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

Optimum Properties Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rents charged to tenants of the investment properties in the ordinary course of the company’s activities on a time apportioned basis.
Turnover is shown net of 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 the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive 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 statement of financial position 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

Furniture, fittings and equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers and the directors ("the valuers"). The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Optimum Properties Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 income statement 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Optimum Properties Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company during the year, was 2 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

2,328

2,328

Additions

515

515

At 31 January 2024

2,843

2,843

Depreciation

At 1 February 2023

318

318

Charge for the year

827

827

At 31 January 2024

1,145

1,145

Carrying amount

At 31 January 2024

1,698

1,698

At 31 January 2023

2,010

2,010

5

Investment properties

2024
£

At 1 February

2,232,716

Additions

1,038,746

Fair value adjustments

(171,462)

At 31 January

3,100,000


The directors' fair value assessment of its six investment properties is based on the purchase price of each property. Two properties have been purchased during the year.

The directors have considered the current market and they believe that market prices have not significantly changed since they originally purchased their portfolio of properties and consider their purchase price to be an
appropriate fair value at the end of the current year.

 

Optimum Properties Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

275,050

275,050

Investments in associates

295,136

250,000

570,186

525,050

Subsidiaries

£

Cost or valuation

At 1 February 2023

275,050

Carrying amount

At 31 January 2024

275,050

At 31 January 2023

275,050

Associates

£

Cost

At 1 February 2023

250,000

Additions

45,136

At 31 January 2024

295,136

Carrying amount

At 31 January 2024

295,136

At 31 January 2023

250,000

During the year the company invested further funds into Above The Coconuts PMA, an overseas property development company of which it owns 25%.

7

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

822,729

521,714

Other debtors

 

14,759

26,835

Deferred tax assets

 

144,659

-

 

982,147

548,549

 

Optimum Properties Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

54

-

Taxation and social security

2,794

2,446

Accruals and deferred income

14,475

24,351

Other creditors

3,822,034

3,943,966

3,839,357

3,970,763

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

9

1,350,181

251,831

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,350,181

251,831

The bank borrowings relate to mortgages secured on investment properties held by the company.

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

6,222

6,222

Later than one year and not later than five years

5,704

11,926

11,926

18,148

The amount of non-cancellable operating lease payments recognised as an expense during the year was £7,086 (2023 - £591).