Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31falsetruetruetruetruetrue262024-01-01falseThe Company's principal activities during the year was the manufacture and distribution of intelligent sensor equipment27true 02606640 2024-01-01 2024-12-31 02606640 2023-01-01 2023-12-31 02606640 2024-12-31 02606640 2023-12-31 02606640 2023-01-01 02606640 c:Director12 2024-01-01 2024-12-31 02606640 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 02606640 d:Buildings d:LongLeaseholdAssets 2024-12-31 02606640 d:Buildings d:LongLeaseholdAssets 2023-12-31 02606640 d:MotorVehicles 2024-01-01 2024-12-31 02606640 d:MotorVehicles 2024-12-31 02606640 d:MotorVehicles 2023-12-31 02606640 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02606640 d:FurnitureFittings 2024-01-01 2024-12-31 02606640 d:FurnitureFittings 2024-12-31 02606640 d:FurnitureFittings 2023-12-31 02606640 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02606640 d:OfficeEquipment 2024-01-01 2024-12-31 02606640 d:OfficeEquipment 2024-12-31 02606640 d:OfficeEquipment 2023-12-31 02606640 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02606640 d:ComputerEquipment 2024-01-01 2024-12-31 02606640 d:ComputerEquipment 2024-12-31 02606640 d:ComputerEquipment 2023-12-31 02606640 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02606640 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02606640 d:CurrentFinancialInstruments 2024-12-31 02606640 d:CurrentFinancialInstruments 2023-12-31 02606640 d:Non-currentFinancialInstruments 2024-12-31 02606640 d:Non-currentFinancialInstruments 2023-12-31 02606640 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02606640 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02606640 d:ShareCapital 2024-01-01 2024-12-31 02606640 d:ShareCapital 2024-12-31 02606640 d:ShareCapital 2023-01-01 2023-12-31 02606640 d:ShareCapital 2023-12-31 02606640 d:ShareCapital 2023-01-01 02606640 d:CapitalRedemptionReserve 2024-01-01 2024-12-31 02606640 d:CapitalRedemptionReserve 2024-12-31 02606640 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 02606640 d:CapitalRedemptionReserve 2023-12-31 02606640 d:CapitalRedemptionReserve 2023-01-01 02606640 d:OtherMiscellaneousReserve 2024-01-01 2024-12-31 02606640 d:OtherMiscellaneousReserve 2024-12-31 02606640 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 02606640 d:OtherMiscellaneousReserve 2023-12-31 02606640 d:OtherMiscellaneousReserve 2023-01-01 02606640 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02606640 d:RetainedEarningsAccumulatedLosses 2024-12-31 02606640 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02606640 d:RetainedEarningsAccumulatedLosses 2023-12-31 02606640 d:RetainedEarningsAccumulatedLosses 2023-01-01 02606640 c:FRS102 2024-01-01 2024-12-31 02606640 c:Audited 2024-01-01 2024-12-31 02606640 c:FullAccounts 2024-01-01 2024-12-31 02606640 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02606640 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02606640 2 2024-01-01 2024-12-31 02606640 7 2024-01-01 2024-12-31 02606640 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 02606640









OPTEX (EUROPE) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024


 
OPTEX (EUROPE) LIMITED
REGISTERED NUMBER: 02606640

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
162,980
213,174

Current assets
  

Stocks
  
651,892
903,416

Debtors
 5 
1,852,192
1,978,834

Cash at bank and in hand
 6 
1,816,876
2,365,012

  
4,320,960
5,247,262

Creditors: amounts falling due within one year
 7 
(1,921,093)
(2,369,861)

Net current assets
  
 
 
2,399,867
 
 
2,877,401

Total assets less current liabilities
  
2,562,847
3,090,575

  

Net assets
  
2,562,847
3,090,575


Capital and reserves
  

Called up share capital 
  
1,000,000
1,000,000

Capital redemption reserve
 8 
50,000
50,000

Other reserves
 8 
36,926
36,926

Profit and loss account
 8 
1,475,921
2,003,649

  
2,562,847
3,090,575


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 profit and loss account 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 by: 



C Hart
Director
Date: 12 March 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 1

 
OPTEX (EUROPE) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
1,000,000
50,000
36,926
2,865,128
3,952,054


Comprehensive income for the year

Profit for the year
-
-
-
8,521
8,521


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
8,521
8,521


Contributions by and distributions to owners

Dividends
-
-
-
(870,000)
(870,000)


Total transactions with owners
-
-
-
(870,000)
(870,000)



At 1 January 2024
1,000,000
50,000
36,926
2,003,649
3,090,575


Comprehensive income for the year

Profit for the year
-
-
-
72,272
72,272


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
72,272
72,272


Contributions by and distributions to owners

Dividends
-
-
-
(600,000)
(600,000)


Total transactions with owners
-
-
-
(600,000)
(600,000)


At 31 December 2024
1,000,000
50,000
36,926
1,475,921
2,562,847


The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
OPTEX (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Optex (Europe) Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is Unit 13, Cordwallis Park, Clivemont Road, Maidenhead, SL6 7BU.
The principal activity of the Company was the manufacture and distribution of intelligent sensor equipment.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Optex Group Co., Limited as at 31 December 2024 and these financial statements may be obtained from Optex Group Co., Limited, 4-7-5, Nionohama, Otsu, Shiga, 520-0801, Japan.

Page 3

 
OPTEX (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis.
The Company meets its day to day working capital requirements through cash generated from operations. At the year end the Company had strong net current assets and cash.  The Company has no external borrowings.
The Company’s forecasts and projections for the next twelve months show that the Company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.
Based on the factors set out above, the directors believe that the Company have adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
OPTEX (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
OPTEX (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Leasehold improvements
-
over the term of the lease
Motor vehicles
-
4 years
Fixtures and fittings
-
4 years
Office equipment
-
3 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
OPTEX (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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.

 
2.15

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.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.17

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 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.

Page 7

 
OPTEX (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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.

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.

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.

 
2.18

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 27 (2023 - 26).

Page 8

 
OPTEX (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Leasehold Improve-  ments
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 January 2024
416,511
173,028
108,573
27,842
290,063


Additions
-
-
-
-
18,977


Disposals
-
(109,920)
-
-
-



At 31 December 2024

416,511
63,108
108,573
27,842
309,040



Depreciation


At 1 January 2024
243,706
173,028
99,596
27,771
258,742


Charge for the year on owned assets
42,162
-
8,977
71
17,961


Disposals
-
(109,920)
-
-
-



At 31 December 2024

285,868
63,108
108,573
27,842
276,703



Net book value



At 31 December 2024
130,643
-
-
-
32,337



At 31 December 2023
172,805
-
8,977
71
31,321
Page 9

 
OPTEX (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2024
1,016,017


Additions
18,977


Disposals
(109,920)



At 31 December 2024

925,074



Depreciation


At 1 January 2024
802,843


Charge for the year on owned assets
69,171


Disposals
(109,920)



At 31 December 2024

762,094



Net book value



At 31 December 2024
162,980



At 31 December 2023
213,174

Page 10

 
OPTEX (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors


2024
2023
£
£

Due after more than one year

Other debtors
45,759
40,827

Due within one year

Trade debtors
1,325,916
1,459,327

Amounts owed by group undertakings
286,412
314,591

Other debtors
67,653
25,892

Prepayments and accrued income
93,542
105,959

Deferred taxation
32,910
32,238

1,852,192
1,978,834



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,816,876
2,365,012



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
109,526
54,166

Amounts owed to group undertakings
803,467
1,162,858

Other taxation and social security
46,295
117,991

Other creditors
65,547
23,862

Accruals and deferred income
896,258
1,010,984

1,921,093
2,369,861


Page 11

 
OPTEX (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Reserves

Capital redemption reserve

The capital redemption reserve amount of £50,000 (2023 - £50,000) records the nominal value of shares repurchased by the company.

Other reserves

The other reserves amount of £36,926 (2023 - £36,926) relates to the capital reserve created in 2001.

Profit and loss account

The profit and loss account total of £1,4830,343 (2023 - £2,003,649) includes all current and prior period retained profits and losses.


9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £86,885 (2023 - £74,517). Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


10.


Ultimate parent company

The immediate parent company is Optex Co. Limited which is incorporated in  and a wholly owned subsidiary of Optex Group Co. Limited.  Optex Group Co. Limited is listed on the Tokyo Stock Exchange and is considered by the directors as being the ultimate controlling party.  Optex Co. Limited is the smallest undertaking into which the results of Optex (Europe) Limited are consolidated.  Optex Group Co. Limited is the largest undertaking into which the results of Optex (Europe) Limited are consolidated.
The consolidated accounts of this group are available to the public and may be obtained from Optex Group Co. Limited, 4-7-5 Nionohama, Otsu, Shiga, 520-0801, Japan.

11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 13 March 2025 by Anthony Campbell (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 12