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REGISTERED NUMBER: 03005203 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Northumbria Optical Coatings Limited

Northumbria Optical Coatings Limited (Registered number: 03005203)






Contents of the Financial Statements
for the year ended 31 May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Northumbria Optical Coatings Limited

Company Information
for the year ended 31 May 2024







DIRECTORS: N J Gilland
A J Huntley





SECRETARY: N J Gilland





REGISTERED OFFICE: Unit 10 Burford Way
Boldon Business Park
Boldon
Tyne And Wear
NE35 9PZ





REGISTERED NUMBER: 03005203 (England and Wales)





ACCOUNTANTS: TTR Barnes Limited
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG

Northumbria Optical Coatings Limited (Registered number: 03005203)

Statement of Financial Position
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 50,000 50,000
Tangible assets 5 254,518 361,656
Investments 6 7,600 57,600
312,118 469,256

CURRENT ASSETS
Stocks 326,443 314,219
Debtors 7 507,896 511,547
Cash at bank and in hand 408,514 545,932
1,242,853 1,371,698
CREDITORS
Amounts falling due within one year 8 252,120 303,831
NET CURRENT ASSETS 990,733 1,067,867
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,302,851

1,537,123

PROVISIONS FOR LIABILITIES (59,987 ) (85,449 )

ACCRUALS AND DEFERRED INCOME (20,176 ) (24,976 )
NET ASSETS 1,222,688 1,426,698

CAPITAL AND RESERVES
Called up share capital 30 30
Share premium 5,970 5,970
Capital redemption reserve 70 70
Retained earnings 1,216,618 1,420,628
SHAREHOLDERS' FUNDS 1,222,688 1,426,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Northumbria Optical Coatings Limited (Registered number: 03005203)

Statement of Financial Position - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:




N J Gilland - Director



A J Huntley - Director


Northumbria Optical Coatings Limited (Registered number: 03005203)

Notes to the Financial Statements
for the year ended 31 May 2024

1. STATUTORY INFORMATION

Northumbria Optical Coatings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Where there are contracts which are gradually performed over time, revenue is recognised by reference to an assessment of the fair value of the services provided as a proportion of the total fair value of the contract. Revenue on finished goods relating to orders expected to complete within 3 months of the year-end is recognised in full on completion of production. For finished goods in respect of orders not expected to complete until 3 months of the year-end, revenue is recognised at selling price less estimated margin.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, has now been fully amortised.

Intangible assets other than goodwill
Website development costs which will generate future economic benefits are capitalised in the balance sheet as an intangible fixed asset and are defined as having finite useful life. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired. Amortisation of website development costs will begin once the asset is brought into use.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks of raw material are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Total finished goods with no current customer order coverage are valued at 10% of sales value. This reflects the low demand for these products and accounts for the likelihood of a large proportion of these goods remaining unsold. Older reclaimed and overrun filters are valued at £15 per filter, being an estimate of the cost of bringing the filters to their present location and condition.

Northumbria Optical Coatings Limited (Registered number: 03005203)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Northumbria Optical Coatings Limited (Registered number: 03005203)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systemic basis is more representative of the time pattern in which in which economic benefits from the leases asset are consumed.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 27 ) .

Northumbria Optical Coatings Limited (Registered number: 03005203)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

4. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 254,000 50,000 304,000
AMORTISATION
At 1 June 2023
and 31 May 2024 254,000 - 254,000
NET BOOK VALUE
At 31 May 2024 - 50,000 50,000
At 31 May 2023 - 50,000 50,000

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 June 2023 276,906 1,710,060 165,625 2,152,591
Additions 938 20,049 3,125 24,112
At 31 May 2024 277,844 1,730,109 168,750 2,176,703
DEPRECIATION
At 1 June 2023 256,032 1,408,467 126,436 1,790,935
Charge for year 6,577 113,586 11,087 131,250
At 31 May 2024 262,609 1,522,053 137,523 1,922,185
NET BOOK VALUE
At 31 May 2024 15,235 208,056 31,227 254,518
At 31 May 2023 20,874 301,593 39,189 361,656

6. FIXED ASSET INVESTMENTS
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 June 2023 7,600 50,000 57,600
Disposals - (50,000 ) (50,000 )
At 31 May 2024 7,600 - 7,600
NET BOOK VALUE
At 31 May 2024 7,600 - 7,600
At 31 May 2023 7,600 50,000 57,600

Northumbria Optical Coatings Limited (Registered number: 03005203)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

6. FIXED ASSET INVESTMENTS - continued

Financial assets for which fair value cannot be measured reliably
Investments in non-puttable ordinary shares which are not publically traded for which the fair value cannot be measured reliably are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 259,586 237,666
Amounts recoverable on contract 52,389 89,679
Other debtors 60,746 56,696
372,721 384,041

Amounts falling due after more than one year:
Amounts owed by group undertakings 135,175 127,506

Aggregate amounts 507,896 511,547

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 118,277 118,793
Taxation and social security 58,354 55,118
Other creditors 75,489 129,920
252,120 303,831

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 47,917 47,917
Between one and five years 175,694 89,844
223,611 137,761

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

N J Gilland, director and shareholder, has given a personal guarantee to HSBC Bank Plc, dated 11 November 2013, for up to £130,000.