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Registered number: 02931957









OPTIMAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
OPTIMAL LIMITED
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 9

 
OPTIMAL LIMITED
REGISTERED NUMBER: 02931957

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
627
836

Investment property
 5 
8,800,000
8,800,000

  
8,800,627
8,800,836

Current assets
  

Debtors: amounts falling due within one year
 6 
131,966
193,411

Cash at bank and in hand
  
17,534
75,164

  
149,500
268,575

Current liabilities
  

Creditors: Amounts Falling Due Within One Year
 7 
(46,738)
(90,729)

Net current assets
  
 
 
102,762
 
 
177,846

Total assets less current liabilities
  
8,903,389
8,978,682

Creditors: amounts falling due after more than one year
 8 
(3,592,367)
(3,587,215)

Provisions for liabilities
  

Deferred tax
 9 
(1,061,607)
(1,061,607)

  
 
 
(1,061,607)
 
 
(1,061,607)

Net assets
  
4,249,415
4,329,860


Capital and reserves
  

Called up share capital 
 10 
2
2

Revaluation reserve
 11 
4,016,362
4,016,362

Profit and loss account
 11 
233,051
313,496

  
4,249,415
4,329,860

Page 1

 
OPTIMAL LIMITED
REGISTERED NUMBER: 02931957
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2024.




M A Lench
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
OPTIMAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Optimal Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Commonwood Farm, Commonwood, Kings Langley, Hertfordshire, WD4 9BB. 
The principal activity of the business is letting and operating real estate. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover represents rental income and ground rent receivable from investment properties and is measured at fair value. Rental income is recognised in the period to which it arises on an accrual basis and in accordance with the terms of the lease. It is included within operating profit.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
straight line

Page 3

 
OPTIMAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

  
2.5

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised through the profit and loss. 

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

Page 4

 
OPTIMAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to/from related parties.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable.

  
2.12

Functional and presentation currency

The company's functional and presentational currency is GBP.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
OPTIMAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost 


At 1 November 2022
12,614
670
13,284



At 31 October 2023

12,614
670
13,284



Depreciation


At 1 November 2022
11,778
670
12,448


Charge for the year on owned assets
209
-
209



At 31 October 2023

11,987
670
12,657



Net book value



At 31 October 2023
627
-
627



At 31 October 2022
836
-
836

Page 6

 
OPTIMAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
8,800,000



At 31 October 2023
8,800,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.





Page 7

 
OPTIMAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Debtors

2023
2022
£
£

Other debtors
131,966
193,411



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
25,800

Trade creditors
6,000
-

Other taxation and social security
4,636
30,979

Other creditors
5,000
20,614

Accruals and deferred income
21,102
13,336

46,738
90,729


The bank loans are secured by fixed and floating charges over the assets of the company.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
3,592,367
3,587,215


 The bank loans are secured by fixed and floating charges over the assets of the company.


9.


Deferred taxation




2023


£






At beginning of year
(1,061,607)



At end of year
(1,061,607)

Page 8

 
OPTIMAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value of investment properties
1,061,607
1,061,607


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



11.


Reserves

Other reserve

Includes amounts revalued on properties. This unrealised revaluation surplus does not form part of profits available for distribution. Provision for deferred tax on the surplus on revaluation of properties has been made in the financial statements and is included within this account.

Profit and loss account

The profit and loss surplus forms part of profits available for distribution.


12.


Related party transactions

At the reporting date, the director owed the company £50,656 (2022: £90,101) which is included in other debtors and was cleared by way of dividend within 9 months of the year end.  Interest has been charged at the official rate of interest. 
At the reporting date, the company owed £5,000 (2022: £16,466) to Goodwin (Redbourn) Limited, a company controlled by M Lench, a director of this company.
 

 
Page 9