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Registration number: 02124005

Optelma Lighting (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Optelma Lighting (UK) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Optelma Lighting (UK) Limited

(Registration number: 02124005)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

56,432

3,893

Current assets

 

Stocks

5

399,869

197,170

Debtors

6

1,060,039

1,303,675

Cash at bank and in hand

 

235,062

201,295

 

1,694,970

1,702,140

Creditors: Amounts falling due within one year

7

(797,106)

(951,783)

Net current assets

 

897,864

750,357

Total assets less current liabilities

 

954,296

754,250

Creditors: Amounts falling due after more than one year

7

(14,279)

(24,315)

Provisions for liabilities

(13,363)

-

Net assets

 

926,654

729,935

Capital and reserves

 

Called up share capital

8

50,000

50,000

Retained earnings

876,654

679,935

Shareholders' funds

 

926,654

729,935

 

Optelma Lighting (UK) Limited

(Registration number: 02124005)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 March 2025 and signed on its behalf by:
 

.........................................
Mr Simon James Riches
Company secretary and director

 

Optelma Lighting (UK) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
14 Napier Court
Barton Lane
Abingdon
Oxon
OX14 3NB

These financial statements were authorised for issue by the Board on 20 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Optelma Lighting (UK) Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

15 years straight line

Office equipment

33% straight line

Motor vehicles

25% straight line

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.

 

Optelma Lighting (UK) Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Optelma Lighting (UK) Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 13).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

135,873

67,036

9,750

212,659

Additions

-

61,212

11,700

72,912

At 30 June 2024

135,873

128,248

21,450

285,571

Depreciation

At 1 July 2023

134,961

64,055

9,750

208,766

Charge for the year

912

16,536

2,925

20,373

At 30 June 2024

135,873

80,591

12,675

229,139

Carrying amount

At 30 June 2024

-

47,657

8,775

56,432

At 30 June 2023

912

2,981

-

3,893

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £Nil (2023 - £912) in respect of short leasehold land and buildings.
 

 

Optelma Lighting (UK) Limited

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

5

Stocks

2024
£

2023
£

Other inventories

399,869

197,170

6

Debtors

2024
£

2023
£

Trade debtors

954,650

1,162,819

Prepayments

22,429

13,928

Other debtors

82,960

126,928

1,060,039

1,303,675

 

Optelma Lighting (UK) Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,648

21,998

Trade creditors

 

506,021

375,766

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

131

125,131

Taxation and social security

 

184,592

189,009

Accruals and deferred income

 

79,809

227,322

Other creditors

 

15,905

12,557

 

797,106

951,783

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

14,279

24,315

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,279

24,315

 

Optelma Lighting (UK) Limited

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

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

10,648

Bank overdrafts

-

11,350

10,648

21,998

10

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £0.66) per ordinary share

77,000

33,125

 

 

11

Related party transactions

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

-

203,774

Transactions with directors

2024

At 1 July 2023
£

At 30 June 2024
£

Mr Simon James Riches

Loans to directors, including interest charged at statutory rate

17,491

17,491

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mr Simon James Riches

Loans to directors, including interest charged at statutory rate

17,148

343

17,491

 

Optelma Lighting (UK) Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

291,472

280,881

Summary of transactions with parent

Parent company Dividends paid to the parent company during the year amounting to £33,125 (2022 - £28,000). At the balance sheet date the amount due to the parent was £125,131 (2022 - due to parent: £175,131).

Summary of transactions with all entities with joint control or significant interest

Hardcastle Limited Hardcastle Limited invoiced Optelma Lighting UK Limited for services provided during the year amounting to £41,724 (2022 - £15,405). At the balance sheet date the amount due to Hardcastle Limited was £Nil (2022 - £Nil).