Company registration number 08481722 (England and Wales)
OPTALITIX LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OPTALITIX LIMITED
COMPANY INFORMATION
Directors
G H Davin (Chair)
A M C Crawford (non executive)
P W Hewitt (non executive)
D A Katz
J C Shapiro
Company number
08481722
Registered office
7 Granard Business Centre
Bunns Lane
Mill Hill
London
NW7 2DQ
England
Auditor
Xeinadin Audit Limited
26 High Street
Rickmansworth
Hertfordshire
OPTALITIX LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
OPTALITIX LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
100
100
Current assets
Debtors
4
1,181,166
1,308,487
Cash at bank and in hand
2,258,525
1,076,939
3,439,691
2,385,426
Creditors: amounts falling due within one year
5
(1,338,745)
(1,218,492)
Net current assets
2,100,946
1,166,934
Net assets
2,101,046
1,167,034
Capital and reserves
Called up share capital
6
22
18
Share premium account
6,185,319
3,984,793
Profit and loss reserves
(4,084,295)
(2,817,777)
Total equity
2,101,046
1,167,034

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
D A Katz
J C Shapiro
Director
Director
Company registration number 08481722 (England and Wales)
OPTALITIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Optalitix Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Granard Business Centre, Bunns Lane, Mill Hill, London, NW7 2DQ, England.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
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.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

OPTALITIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are 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 and bank loans 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 the 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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

OPTALITIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Leases
As lessee

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.

1.9

Research and development

Research expenditure is written off in the year in which it is incurred.

 

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

it is technically feasible to complete the intangible asset so that it will be available for use or sale;

there is the intention to complete the intangible asset and use or sell it;

there is the ability to use or sell the intangible asset;

the use or sale of the intangible asset will generate probable future economic benefits;

there are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and

the expenditure attributable to the intangible asset during its development can be measured reliably.

 

Expenditure that does not meet the above criteria is expensed as incurred.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
42
38
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
547,760
693,541
Corporation tax recoverable
488,545
508,146
Other debtors
144,861
106,800
1,181,166
1,308,487
OPTALITIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
78,190
102,097
Taxation and social security
165,919
217,506
Other creditors
1,094,636
898,889
1,338,745
1,218,492
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0.001p each
1,379,800
131,486
14
13
Ordinary A of 0.001p each
711,131
54,439
7
5
Ordinary A1 of 0.001p each
127,314
0
1
-
0
Ordinary A2 of 0.001p each
11,574
0
-
0
-
0
2,229,819
185,925
22
18

During the year, a sub-division of share capital took place where the nominal value of each share was reduced from £0.0001 to £0.00001. The number of shares was increased tenfold with no resulting increase in share capital. A share issuance occurred in the year which increased share capital from £18 to £22.

The following shares were issued during the year:

166,741 A Ordinary shares of £0.00001 for cash of £1,200,535

127,314 A1 Ordinary shares of £0.00001 for cash of £916,661

11,574 A2 Ordinary shares of £0.00001 for cash of £83,333

 

The following share options were redeemed during the year:

64,940 Ordinary shares of £0.00001 for cash of £0.65

 

Share options

The company has a share option scheme for certain employees. Share options are exercisable at prices determined at the date of grant. At the year end, the company had outstanding options of 295,750 (2023: 298,940 as restated for the share split) Ordinary shares. Share options in place were also affected by the sub-division mentioned above. No charges have been recognised in respect of these share options under FRS 102 section 26 as the value is deemed to be immaterial.

7
Bank overdraft facility

The company has a bank overdraft facility of £50,000 which is guaranteed by Mr Dani Anthony Katz and Mr Jonathan Shapiro, who are directors of the company.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

OPTALITIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Audit report information
(Continued)
- 6 -
Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
John Lee BA FCA
Statutory Auditor:
Xeinadin Audit Limited
Date of audit report:
12 June 2025
2024-12-312024-01-01falsefalsefalse12 June 2025CCH SoftwareCCH Accounts Production 2025.100The principal activities of the firm are provision of systems for insurance and financial services
G H Davin (Chair)A M C Crawford (non executive)P W Hewitt (non executive)D A KatzJ C Shapiro
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