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Registered number: 10423050









OPTIMAL TECHNOLOGIES HOLDINGS LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
OPTIMAL TECHNOLOGIES HOLDINGS LIMITED
REGISTERED NUMBER: 10423050

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
7,806,854
7,806,854

Current assets
  

Cash at bank and in hand
  
561,294
81,742

Creditors: amounts falling due within one year
 5 
(7,605,654)
(6,681,574)

Net current liabilities
  
 
 
(7,044,360)
 
 
(6,599,832)

Total assets less current liabilities
  
762,494
1,207,022

Creditors: amounts falling due after more than one year
 6 
(750,000)
(1,200,547)

  

Net assets
  
12,494
6,475


Capital and reserves
  

Called up share capital 
 8 
125
125

Profit and loss account
  
12,369
6,350

  
12,494
6,475


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 statement of comprehensive income 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 28 January 2025.




D Thompson
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
OPTIMAL TECHNOLOGIES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Optimal Technologies Holdings Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office address is Leytonstone House, 3 Hanbury Drive, Leytonstone, E11 1GA.

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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The directors have confirmed that they will continue to be supported by their trading subsidiary who continues to be profitable. The directors have forecasted that the company will be profitable in the coming year and will be able to meets its obligations in the coming twelve months. The Company therefore continues to adopt the going concern basis in preparing the financial statements. 

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 2

 
OPTIMAL TECHNOLOGIES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 



If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Page 3

 
OPTIMAL TECHNOLOGIES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
7,806,854



At 30 April 2024
7,806,854




Page 4

 
OPTIMAL TECHNOLOGIES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
453,556
414,508

Amounts owed to group undertakings
6,387,921
5,641,678

Other creditors
15,000
12,500

Accruals
749,177
612,888

7,605,654
6,681,574



6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
450,547

Other creditors
750,000
750,000

750,000
1,200,547


A guarantee is provided from a director to the sum of £500,000 for the obligations of Optimal Technologies Holdings Limited. 
A debenture from Optimal Technologies Holding Limited is held by the bank over all assets and undertaking of the Company.
A cross guarantee is provided by Optimal Technologies Limited to the sum of £1,103,556 for the obligations of Optimal Technologies Holdings Limited, supported by a debenture from Optimal Technologies Limited held by the bank over all assets of Optimal Technologies Limited.
A debenture from Optimal Technologies Holding Limited is held by a director over all assets and undertaking of the Company.

Page 5

 
OPTIMAL TECHNOLOGIES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
453,556
414,508

Amounts falling due 1-2 years

Bank loans
-
450,547


453,556
865,055



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



75 (2023 - 75) Ordinary A shares of £1.00 each
75
75
50 (2023 - 50) Ordinary B shares of £1.00 each
50
50

125

125



9.


Related party transactions

At the year end, a balance of £750,000 (2023 - £750,000) was owed to the Directors.
Interest amounting to £749,177 
(2023 - £612,888) has been accrued on the balance but not paid. 


10.


Auditor's information

The auditor's report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 28 January 2025 by Mehmet Hussein FCA (senior statutory auditor) on behalf of Barnes Roffe LLP.

Page 6