Registered number
10139002
Optimum Commercial Interiors Limited
Filleted Accounts
30 April 2024
Optimum Commercial Interiors Limited
Registered number: 10139002
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 77,235 56,612
Current assets
Stock and work in progress 273,282 222,762
Debtors 4 971,934 617,679
Cash at bank and in hand 527,655 354,082
1,772,871 1,194,523
Creditors: amounts falling due within one year 5 (854,648) (506,486)
Net current assets 918,223 688,037
Total assets less current liabilities 995,458 744,649
Creditors: amounts falling due after more than one year 6 (20,971) (44,536)
Provisions for liabilities Deferred taxation (15,979) (10,487)
Net assets 958,508 689,626
Capital and reserves
Called up share capital 30 30
Profit and loss account 958,478 689,596
Shareholders' funds 958,508 689,626
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Highton
Director
Approved by the board on 26 November 2024
Optimum Commercial Interiors Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 5 years
Fixtures, fittings, tools and equipment over 3-5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 13
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 5,919 78,040 83,959
Additions 1,300 36,740 38,040
At 30 April 2024 7,219 114,780 121,999
Depreciation
At 1 May 2023 5,287 22,060 27,347
Charge for the year 761 16,656 17,417
At 30 April 2024 6,048 38,716 44,764
Net book value
At 30 April 2024 1,171 76,064 77,235
At 30 April 2023 632 55,980 56,612
4 Debtors 2024 2023
£ £
Trade debtors 831,623 525,406
Other debtors 140,311 92,273
971,934 617,679
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,648 10,648
Obligations under finance lease and hire purchase contracts 19,956 14,405
Trade creditors 633,590 336,894
Taxation and social security costs 136,581 102,399
Other creditors 53,873 42,140
854,648 506,486
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,789 21,740
Obligations under finance lease and hire purchase contracts 9,182 22,796
20,971 44,536
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
P Highton
Loan account 37,263 25,542 4,026 58,779
J Neill
Loan account 19,742 15,391 - 35,133
57,005 40,933 4,026 93,912
8 Other information
Optimum Commercial Interiors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 33 Gerards Park
College Street
St.Helens
WA10 1FZ
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