15
true
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
288,610
288,610
288,610
xbrli:pure
xbrli:shares
iso4217:GBP
03101124
2023-02-01
2024-01-31
03101124
2024-01-31
03101124
2023-01-31
03101124
2022-02-01
2023-01-31
03101124
2023-01-31
03101124
2022-01-31
03101124
bus:Director1
2023-02-01
2024-01-31
03101124
bus:Director2
2023-02-01
2024-01-31
03101124
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-31
03101124
core:PlantMachinery
2023-01-31
03101124
core:FurnitureFittingsToolsEquipment
2023-01-31
03101124
core:MotorVehicles
2023-01-31
03101124
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-01-31
03101124
core:PlantMachinery
2024-01-31
03101124
core:FurnitureFittingsToolsEquipment
2024-01-31
03101124
core:MotorVehicles
2024-01-31
03101124
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-02-01
2024-01-31
03101124
core:PlantMachinery
2023-02-01
2024-01-31
03101124
core:FurnitureFittingsToolsEquipment
2023-02-01
2024-01-31
03101124
core:MotorVehicles
2023-02-01
2024-01-31
03101124
core:WithinOneYear
2024-01-31
03101124
core:WithinOneYear
2023-01-31
03101124
core:AfterOneYear
2024-01-31
03101124
core:AfterOneYear
2023-01-31
03101124
core:ShareCapital
2024-01-31
03101124
core:ShareCapital
2023-01-31
03101124
core:RetainedEarningsAccumulatedLosses
2024-01-31
03101124
core:RetainedEarningsAccumulatedLosses
2023-01-31
03101124
core:BetweenOneFiveYears
2024-01-31
03101124
core:BetweenOneFiveYears
2023-01-31
03101124
core:CostValuation
core:Non-currentFinancialInstruments
2024-01-31
03101124
core:Non-currentFinancialInstruments
2024-01-31
03101124
core:Non-currentFinancialInstruments
2023-01-31
03101124
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-31
03101124
core:PlantMachinery
2023-01-31
03101124
core:FurnitureFittingsToolsEquipment
2023-01-31
03101124
core:MotorVehicles
2023-01-31
03101124
bus:SmallEntities
2023-02-01
2024-01-31
03101124
bus:AuditExemptWithAccountantsReport
2023-02-01
2024-01-31
03101124
bus:SmallCompaniesRegimeForAccounts
2023-02-01
2024-01-31
03101124
bus:PrivateLimitedCompanyLtd
2023-02-01
2024-01-31
03101124
bus:FullAccounts
2023-02-01
2024-01-31
03101124
core:FurnitureFittings
2023-02-01
2024-01-31
03101124
core:ComputerEquipment
2023-01-31
03101124
core:ComputerEquipment
2023-02-01
2024-01-31
03101124
core:ComputerEquipment
2024-01-31
03101124
core:OfficeEquipment
2023-02-01
2024-01-31
COMPANY REGISTRATION NUMBER:
03101124
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
STATEMENT OF FINANCIAL POSITION |
|
31 January 2024
FIXED ASSETS
Tangible assets |
5 |
|
230,943 |
278,853 |
Investments |
6 |
|
288,610 |
288,610 |
|
|
--------- |
--------- |
|
|
519,553 |
567,463 |
|
|
|
|
|
CURRENT ASSETS
Stocks |
71,918 |
|
110,790 |
Debtors |
7 |
271,165 |
|
391,161 |
Cash at bank and in hand |
237,627 |
|
26,605 |
|
--------- |
|
--------- |
|
580,710 |
|
528,556 |
|
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
733,431 |
|
627,280 |
|
--------- |
|
--------- |
NET CURRENT LIABILITIES |
|
152,721 |
98,724 |
|
|
--------- |
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
366,832 |
468,739 |
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
9 |
|
13,447 |
25,851 |
|
|
|
|
|
PROVISIONS |
|
47,887 |
59,236 |
|
|
--------- |
--------- |
NET ASSETS |
|
305,498 |
383,652 |
|
|
--------- |
--------- |
|
|
|
|
CAPITAL AND RESERVES
Called up share capital fully paid |
|
1,000 |
1,000 |
Profit and loss account |
|
304,498 |
382,652 |
|
|
--------- |
--------- |
SHAREHOLDERS FUNDS |
|
305,498 |
383,652 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 January 2024
These financial statements were approved by the
board of directors
and authorised for issue on
29 October 2024
, and are signed on behalf of the board by:
Mr I Askew |
Mrs W Askew |
Director |
Director |
|
|
Company registration number:
03101124
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 JANUARY 2024
1.
GENERAL INFORMATION
Optical Sciences Limited is a private company, limited by shares and registered in England and Wales. The company's registration number is
03101124
. The registered office address is Unit 3 Charter Gate, Clayfield Close, Northampton, England, NN3 6QF.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Property improvements |
- |
over the length of the lease |
|
Plant and machinery |
- |
5-7 years straight line on cost |
|
Fixtures and fittings |
- |
3-10 years straight line on cost |
|
Motor vehicles |
- |
3 years straight line on cost |
|
Office equipment |
- |
5 years straight line on cost |
|
Computer equipment |
- |
3 years straight line on cost |
|
|
|
|
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
15
(2023:
14
).
5.
TANGIBLE ASSETS
|
Property improvements |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Computer equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
|
At 1 Feb 2023 |
302,187 |
260,341 |
123,008 |
46,920 |
63,235 |
795,691 |
Additions |
2,143 |
16,641 |
1,045 |
– |
8,689 |
28,518 |
Disposals |
– |
(
27,740) |
– |
– |
– |
(
27,740) |
|
--------- |
--------- |
--------- |
-------- |
-------- |
--------- |
At 31 Jan 2024 |
304,330 |
249,242 |
124,053 |
46,920 |
71,924 |
796,469 |
|
--------- |
--------- |
--------- |
-------- |
-------- |
--------- |
Depreciation |
|
|
|
|
|
|
At 1 Feb 2023 |
115,158 |
191,570 |
119,496 |
36,381 |
54,233 |
516,838 |
Charge for the year |
30,285 |
4,796 |
2,014 |
10,539 |
6,747 |
54,381 |
Disposals |
– |
(
5,693) |
– |
– |
– |
(
5,693) |
|
--------- |
--------- |
--------- |
-------- |
-------- |
--------- |
At 31 Jan 2024 |
145,443 |
190,673 |
121,510 |
46,920 |
60,980 |
565,526 |
|
--------- |
--------- |
--------- |
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
|
|
At 31 Jan 2024 |
158,887 |
58,569 |
2,543 |
– |
10,944 |
230,943 |
|
--------- |
--------- |
--------- |
-------- |
-------- |
--------- |
At 31 Jan 2023 |
187,029 |
68,771 |
3,512 |
10,539 |
9,002 |
278,853 |
|
--------- |
--------- |
--------- |
-------- |
-------- |
--------- |
|
|
|
|
|
|
|
6.
INVESTMENTS
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 February 2023 and 31 January 2024 |
288,610 |
|
--------- |
Impairment |
|
At 1 February 2023 and 31 January 2024 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 January 2024 |
288,610 |
|
--------- |
At 31 January 2023 |
288,610 |
|
--------- |
|
|
7.
DEBTORS
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
232,392 |
307,211 |
Amounts owed by group undertakings |
– |
48,615 |
Other debtors |
38,773 |
35,335 |
|
--------- |
--------- |
|
271,165 |
391,161 |
|
--------- |
--------- |
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
10,425 |
9,915 |
Trade creditors |
143,854 |
118,376 |
Amounts owed to group undertakings |
48,149 |
30,000 |
Corporation tax |
42,199 |
25,351 |
Social security and other taxes |
70,745 |
47,595 |
Other creditors |
418,059 |
396,043 |
|
--------- |
--------- |
|
733,431 |
627,280 |
|
--------- |
--------- |
|
|
|
Bank loans are secured on the assets of the company and hire purchase and finance lease agreements are secured over the assets to which they relate.
9.
CREDITORS:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
13,447 |
24,127 |
Other creditors |
– |
1,724 |
|
-------- |
-------- |
|
13,447 |
25,851 |
|
-------- |
-------- |
|
|
|
Bank loans are secured on the assets of the company and hire purchase and finance lease agreements are secured over the assets to which they relate.
10.
OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
50,129 |
70,110 |
Later than 1 year and not later than 5 years |
166,250 |
216,379 |
|
--------- |
--------- |
|
216,379 |
286,489 |
|
--------- |
--------- |
|
|
|
11.
RELATED PARTY TRANSACTIONS
During the year ending 31 January 2024 the Company had the following transactions with a company in which it holds a participating interest: sales of £27,179 (2023: £6,042) and management charges of £41,946 (2023 - £41,496) were charged by the Company. Dividends of £269,972 (2023 - £209,590) were received by the Company. Purchases of £18,325 (2023 - £5,607) were made by the Company and payments of £147,564 (2023 - £35,148) were received by the Company. As at 31 January 2024 the Company owed £48,149 (2023 was owed - £39,026) to a company in which it holds a participating interest, and the Company owed £nil (2023 - £30,000) on a loan received from a company in which it holds a participating interest.