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
OPTICAL SCIENCES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
OPTICAL SCIENCES LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
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 .
OPTICAL SCIENCES LIMITED
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
OPTICAL SCIENCES LIMITED
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.