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Registered number: 10745542
Optimum Safety Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Access Accounts Services Ltd
Office 11 Navigation Business Centre
Mill Gate
Newark
Nottinghamshire
NG24 4TS
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10745542
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,152 11,012
12,152 11,012
CURRENT ASSETS
Debtors 5 35,335 46,554
Cash at bank and in hand 71,904 56,899
107,239 103,453
Creditors: Amounts Falling Due Within One Year 6 (43,687 ) (38,805 )
NET CURRENT ASSETS (LIABILITIES) 63,552 64,648
TOTAL ASSETS LESS CURRENT LIABILITIES 75,704 75,660
Creditors: Amounts Falling Due After More Than One Year 7 (4,570 ) (8,393 )
NET ASSETS 71,134 67,267
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 71,034 67,167
SHAREHOLDERS' FUNDS 71,134 67,267
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Christopher Owen
Director
22 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Optimum Safety Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10745542 . The registered office is Greetwell Place, Lime Kiln Way, Lincoln, LN2 4US.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15% per annum
Plant & Machinery 25% per annum/reducing balance
Motor Vehicles 25% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 6)
5 6
Page 3
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 May 2023 2,400 15,547 2,724 20,671
Additions - 5,030 - 5,030
As at 30 April 2024 2,400 20,577 2,724 25,701
Depreciation
As at 1 May 2023 926 8,052 681 9,659
Provided during the period 221 3,158 511 3,890
As at 30 April 2024 1,147 11,210 1,192 13,549
Net Book Value
As at 30 April 2024 1,253 9,367 1,532 12,152
As at 1 May 2023 1,474 7,495 2,043 11,012
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 33,224 44,815
Other debtors 2,111 1,739
35,335 46,554
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,446 4,521
Bank loans and overdrafts 4,000 4,000
Corporation tax 7,541 11,713
Other taxes and social security 24,221 16,975
Other creditors 1,515 370
Accruals and deferred income 725 725
Director's loan account 239 501
43,687 38,805
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,570 8,393
4,570 8,393
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5