Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30No description of principal activitytrue2023-07-01false88trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04499863 2023-07-01 2024-06-30 04499863 2022-07-01 2023-06-30 04499863 2024-06-30 04499863 2023-06-30 04499863 c:Director1 2023-07-01 2024-06-30 04499863 d:ComputerEquipment 2023-07-01 2024-06-30 04499863 d:ComputerEquipment 2024-06-30 04499863 d:ComputerEquipment 2023-06-30 04499863 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04499863 d:CurrentFinancialInstruments 2024-06-30 04499863 d:CurrentFinancialInstruments 2023-06-30 04499863 d:Non-currentFinancialInstruments 2024-06-30 04499863 d:Non-currentFinancialInstruments 2023-06-30 04499863 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 04499863 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 04499863 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 04499863 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 04499863 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 04499863 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 04499863 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 04499863 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 04499863 d:ShareCapital 2024-06-30 04499863 d:ShareCapital 2023-06-30 04499863 d:RetainedEarningsAccumulatedLosses 2024-06-30 04499863 d:RetainedEarningsAccumulatedLosses 2023-06-30 04499863 c:FRS102 2023-07-01 2024-06-30 04499863 c:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 04499863 c:FullAccounts 2023-07-01 2024-06-30 04499863 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04499863 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 04499863 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 04499863 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 04499863









OPTIMAL RISK GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
OPTIMAL RISK GROUP LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OPTIMAL RISK GROUP LIMITED
FOR THE YEAR ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Optimal Risk Group limited for the year ended 30 June 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Optimal Risk Group limited in accordance with the terms of our engagement letter dated 17 March 2020Our work has been undertaken solely to prepare for your approval the financial statements of Optimal Risk Group limited and state those matters that we have agreed to state to the director of Optimal Risk Group limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Optimal Risk Group limited and its director for our work or for this report. 

It is your duty to ensure that Optimal Risk Group limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Optimal Risk Group limited. You consider that Optimal Risk Group limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Optimal Risk Group 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 financial statements.

  



The Wiggin Partnership Ltd
 
Chartered Accountants
  
Fountain House
2 Queens Walk
Reading
Berkshire
RG1 7QF
28 March 2025
Page 1

 
OPTIMAL RISK GROUP LIMITED
REGISTERED NUMBER: 04499863

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,328
2,916

  
3,328
2,916

Current assets
  

Debtors: amounts falling due within one year
 5 
849,678
821,474

Cash at bank and in hand
 6 
123,312
-

  
972,990
821,474

Creditors: amounts falling due within one year
 7 
(682,669)
(444,502)

Net current assets
  
 
 
290,321
 
 
376,972

Total assets less current liabilities
  
293,649
379,888

Creditors: amounts falling due after more than one year
 8 
(8,904)
(18,998)

Provisions for liabilities
  

Deferred tax
 10 
(633)
(554)

  
 
 
(633)
 
 
(554)

Net assets
  
284,112
360,336


Capital and reserves
  

Called up share capital 
  
130
130

Profit and loss account
  
283,982
360,206

  
284,112
360,336


Page 2

 
OPTIMAL RISK GROUP LIMITED
REGISTERED NUMBER: 04499863
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 28 March 2025.




M C O'Neill
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Optimal Risk Group Limited, a private company limited by shares, is incorporated and domiciled in England and Wales and has its registered office and principle place of business at Reading Business Centre, Fountain House, 2 Queens Walk, RG1 7QF.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.


 
2.8

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.

Page 6

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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.

Depreciation is provided on the following basis:

Computer equipment
-
3 year straight line

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

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.

Page 7

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2023
17,984


Additions
2,270



At 30 June 2024

20,254



Depreciation


At 1 July 2023
15,069


Charge for the year on owned assets
1,857



At 30 June 2024

16,926



Net book value



At 30 June 2024
3,328



At 30 June 2023
2,916


5.


Debtors

2024
2023
£
£


Trade debtors excluding factored debts
218,339
296,923

Factored debts
2,000
2,000

Other debtors
626,429
521,178

Prepayments and accrued income
2,910
1,373

849,678
821,474


Page 8

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
123,312
-

Less: bank overdrafts
-
(12,568)

123,312
(12,568)



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
12,568

Bank loans
10,252
10,172

Trade creditors
106,238
45,085

Corporation tax
104,469
105,348

Other taxation and social security
274,192
146,664

Other creditors
168,629
105,960

Accruals and deferred income
18,889
18,705

682,669
444,502



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
8,904
18,998

8,904
18,998


Page 9

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,252
10,172


10,252
10,172

Amounts falling due 1-2 years

Bank loans
8,611
10,256


8,611
10,256

Amounts falling due 2-5 years

Bank loans
293
8,742


293
8,742


19,156
29,170



10.


Deferred taxation




2024


£






At beginning of year
(557)


Charged to profit or loss
(78)



At end of year
(635)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(635)
(555)

(635)
(555)

Page 10

 
OPTIMAL RISK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Pension commitments

The Company operates a defined contributions 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 £6,716 (2023 - £5,581.95). Contributions totalling £1,560 (2023 - £1,331) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

During the year the company made the following advances to Mr M C O'Neill the director: Other advances totalling £35,377. Repayments made during the year of £25,000. At the balance sheet date the company was owed £35,638 (2023: £24,464) which is included in other debtors. Interest has been charged at the official rate of interest of 2.25% and the loan is repayable on demand.
During the year the company made expenses advancements of £25,570 in regard to Optimal Risk Training Ltd, a company in which Mr M C O'Neill is both a director and shareholder. At the balance sheet date the intercompany balance owed to Optimal Risk Group Limited was £387,360.
During the year the company issued an invoice in relation to management support expenses of £61,200 to Optimal Risk Training, a company in which Mr M C O'Neill is both a director and shareholder.
During the year the company made expenses advancements of  £15,874 in regard to Enfortis Ltd, a company in which Mr M C O'Neill is both a director and shareholder. At the balance sheet date the intercompany balance was £37,661.
During the year the company issued a credit note in relation to management support expenses of £17,167 to Enfortis Ltd, a company in which Mr M C O'Neill is both a director and shareholder.
During the year the company made the following advances to Fusion Forensics Ltd, a company in which Mr M C O'Neill is both a director and shareholder: £10,800. Repayments of £5,000 were made during the period. At the balance sheet date the intercompany balance owed to Optimal Risk Group Ltd was £5,800.

 
Page 11