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REGISTERED NUMBER: SC326523 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

OPTOSWIM TECHNOLOGIES LTD

OPTOSWIM TECHNOLOGIES LTD (REGISTERED NUMBER: SC326523)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OPTOSWIM TECHNOLOGIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTOR: Sunil Kadri



REGISTERED OFFICE: C/O Stewart Gilmour & Co.
3rd Floor, St George's Buildings
5 St Vincent Place
Glasgow
G1 2DH



REGISTERED NUMBER: SC326523 (Scotland)



ACCOUNTANTS: Stewart Gilmour & Co.
Chartered Accountants
3rd Floor, St George's Buildings
5 St Vincent Place
Glasgow
G1 2DH



BANKERS: Virgin Money
30 St. Vincent Place
Glasgow
G1 2HL

OPTOSWIM TECHNOLOGIES LTD (REGISTERED NUMBER: SC326523)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Cash at bank 16,074 16,327

CREDITORS
Amounts falling due within one year 6 18,945 18,615
NET CURRENT LIABILITIES (2,871 ) (2,288 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,871

)

(2,288

)

CAPITAL AND RESERVES
Called up share capital 7 17,244 17,244
Share premium 152,942 152,942
Retained earnings (173,057 ) (172,474 )
SHAREHOLDERS' FUNDS (2,871 ) (2,288 )

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

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

The director acknowledges his 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.

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 Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 April 2025 and were signed by:





Sunil Kadri - Director


OPTOSWIM TECHNOLOGIES LTD (REGISTERED NUMBER: SC326523)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Optoswim Technologies Ltd is a private company, limited by shares , registered in Scotland. 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and equipment - 25% on cost
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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, including costs of intellectual property patents and licences and associated professional fees, are written off in the year in which they are incurred.

Government grants
Government grants received in respect of expenditure charged in the profit and loss account during the year have been included in profit and loss. The remainder are deferred and included in the profit and loss account by instalments over the expected useful lives of the assets to which they relate.

OPTOSWIM TECHNOLOGIES LTD (REGISTERED NUMBER: SC326523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 18,000
AMORTISATION
At 1 August 2023
and 31 July 2024 18,000
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 7,338
DEPRECIATION
At 1 August 2023
and 31 July 2024 7,338
NET BOOK VALUE
At 31 July 2024 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 18,945 18,615

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
114,936 Ordinary £0.10 11,494 11,494
57,500 A Ordinary £0.10 5,750 5,750
17,244 17,244

8. CONTROLLING PARTY

The ultimate controlling party is Sunil Kadri.