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Registration number: 01608093

Optichrome Computer Systems Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Optichrome Computer Systems Limited

Contents

Section

Page

Company Information

1

Directors' Report

2

Statement of Income and Retained Earnings

3

Balance sheet

4

Notes to the Unaudited Financial Statements

5 to 10

Accountants' Report

11

 

Optichrome Computer Systems Limited

Company Information

Directors

H V Esch

N J Tyler

G R Richens

L A Hutchinson

S G Richardson

N Bisset

L A Sage

Company secretary

S L Mordey

Registered office

96-103 Maybury Road
Woking
Surrey
GU21 5HX

Accountants

Shaw Gibbs Limited
79a High Street
Teddington
Middlesex
TW11 8HG

 

Optichrome Computer Systems Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their annual report on the affairs of Optichrome Computer Systems Limited, together with the financial statements for the year ended 30 April 2024.

Principal activity

The principal activity of the company is the development, sale and maintenance of computer software

Directors of the company

The directors who served throughout the year and up to date of authorisation of this report were as follows:

H V Esch

N J Tyler

G R Richens

L A Hutchinson

S G Richardson

N Bisset

L A Sage

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors' report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

The directors' report was approved by the board on 23 January 2025 and signed on its behalf by:

.........................................
G R Richens
Director

 

Optichrome Computer Systems Limited

Statement of income and retained earnings
for the Year Ended 30 April 2024

Note

2024
 £

2023
 £

Turnover

730,577

615,422

Cost of sales

 

(418,054)

(382,230)

Gross profit

 

312,523

233,192

Administrative expenses

 

(292,390)

(226,827)

Operating profit

20,133

6,365

Profit before tax

 

20,133

6,365

Taxation

3

(119)

88

Profit for the financial year

 

20,014

6,453

Retained earnings brought forward

 

1,204,904

1,198,451

Retained earnings carried forward

 

1,224,918

1,204,904


Continuing operations
All results are derived wholly from continuing operations.
 

 

Optichrome Computer Systems Limited

(Registration number: 01608093)
Balance sheet as at 30 April 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible fixed assets

4

6,408

5,778

Current assets

 

Debtors

5

1,901,203

1,891,874

Cash at bank and in hand

5,136

8,131

 

1,906,339

1,900,005

Creditors: Amounts falling due within one year

6

(647,936)

(624,622)

Net current assets

 

1,258,403

1,275,383

Total assets less current liabilities

 

1,264,811

1,281,161

Payables: Amounts falling due after more than one year

6

(39,393)

(75,757)

Net assets

 

1,225,418

1,205,404

Share capital and reserves

 

Called up share capital

7

500

500

Retained earnings

7

1,224,918

1,204,904

Total equity

 

1,225,418

1,205,404

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of Optichrome Computer Systems Limited were approved and authorised for issue by the board on 23 January 2025. and signed on its behalf by:
 

.........................................

G R Richens

Director

 

Optichrome Computer Systems Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

1

General information

Optichrome Computer Systems Limited (the 'company') is a private company limited by share capital incorporated in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of software and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax and after eliminating sales within the company. The revenue is recognised as follows:
1. Software licences:- revenue is recognised upon the delivery of the software.
2. Support and maintenance:- revenue is spread evenly over the support period.

 

Optichrome Computer Systems Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:

Asset class

Depreciation method and rate

Equipment, fixtures and fittings

15-25%

Plant and machinery

20-33.33%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Optichrome Computer Systems Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for software sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Taxation

2024
 £

2023
 £

Deferred taxation

Arising from origination and reversal of timing differences

119

(88)

 

Optichrome Computer Systems Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024 (continued)

4

Tangible fixed assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Property, plant and equipment
 £

Total
£

Cost

At 1 May 2023

52,578

2,850

144,597

200,025

Additions

1,627

-

3,126

4,753

At 30 April 2024

54,205

2,850

147,723

204,778

Depreciation

At 1 May 2023

49,981

2,850

141,416

194,247

Charge for the year

729

-

3,394

4,123

At 30 April 2024

50,710

2,850

144,810

198,370

Carrying amount

At 30 April 2024

3,495

-

2,913

6,408

At 30 April 2023

2,597

-

3,181

5,778

5

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

243,204

257,310

Amounts owed by group undertakings

10

1,649,901

1,625,736

Prepayments

 

8,098

8,828

 

1,901,203

1,891,874

 

Optichrome Computer Systems Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024 (continued)

6

Creditors

2024
 £

2023
 £

Due within one year

Loans and borrowings

47,308

36,364

Trade creditors

17,228

18,647

Corporation tax

1,218

59,552

Social security and other taxes

88,219

83,700

Other creditors

7,675

11,222

Deferred income

480,941

410,202

Accrued expenses

5,347

4,935

647,936

624,622

Due after one year

Loans and borrowings

39,393

75,757

7

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

500

500

500

500

         

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

8

Loans and borrowings

2024
 £

2023
 £

Non-current loans and borrowings

Bank borrowings

39,393

75,757

 

Optichrome Computer Systems Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024 (continued)

8

Loans and borrowings (continued)

2024
 £

2023
 £

Current loans and borrowings

Bank borrowings

36,364

36,364

Bank overdrafts

10,944

-

47,308

36,364

9

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

10

Related party transactions

During the year the company was invoiced £40,528 (2023 - £51,566) for royalties, technical, marketing and management charges by Optimus Group Limited, its parent company. At the year end £1,649,901 (2023 - £1,625,736) was owed to the company by Optimus Group Limited.
 

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Optichrome Computer Systems Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Optichrome Computer Systems Limited for the year ended 30 April 2024 set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising firm of accountants, we are subject to ethical and other professional requirements.

This report is made solely to the Board of Directors of Optichrome Computer Systems Limited, as a body, in accordance with the terms of our engagement letter dated 29 June 2016. Our work has been undertaken solely to prepare for your approval the accounts of Optichrome Computer Systems Limited and state those matters that we have agreed to state to them, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Optichrome Computer Systems Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Optichrome Computer Systems Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Optichrome Computer Systems Limited. You consider that Optichrome Computer Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Optichrome Computer Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
For and on behalf of
Shaw Gibbs Limited
79a High Street
Teddington
Middlesex
TW11 8HG

23 January 2025