Company registration number 00903768 (England and Wales)
OPTIMA MANUFACTURING JEWELLERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OPTIMA MANUFACTURING JEWELLERS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
OPTIMA MANUFACTURING JEWELLERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
397,646
435,289
Current assets
Stocks
860,340
1,167,542
Debtors
4
506,355
648,966
Cash at bank and in hand
98,691
19,537
1,465,386
1,836,045
Creditors: amounts falling due within one year
5
(2,215,644)
(1,789,532)
Net current (liabilities)/assets
(750,258)
46,513
Total assets less current liabilities
(352,612)
481,802
Creditors: amounts falling due after more than one year
6
(3,356,801)
(3,356,801)
Net liabilities
(3,709,413)
(2,874,999)
Capital and reserves
Called up share capital
7
4,313
4,313
Capital redemption reserve
8
1,334
1,334
Other reserves
8
-
0
127,907
Profit and loss reserves
8
(3,715,060)
(3,008,553)
Total equity
(3,709,413)
(2,874,999)
OPTIMA MANUFACTURING JEWELLERS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 19 June 2025
R K Ambrose
Director
Company registration number 00903768 (England and Wales)
OPTIMA MANUFACTURING JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Optima Manufacturing Jewellers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 96 Bristol Road, Edgbaston, Birmingham, B5 7XJ. The business address is 124-128 Hockley Hill, Hockley, Birmingham, B18 5AN.

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 a mounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the Company's true net liabilities exceeded its net assets by £3,709,413 (202 3: £2,874,999).

The Director has reasonable expectations that the company will continue in operational existence for the foreseeable future. The validity of the going concern concept is dependent on the continuing support from a director. The directors believe that the going concern concept is applicable as the company will be able to meet its debts as and when they fall due, as this support will be provided as required for a period of at least 12 months from the date of approval of the financial statements.

After the year end, the director has taken measures to protect the business. He has formally waivered his loan owed by the company and entered a Company Voluntary Arrangement to restructure the company debts (refer to Note 9).

1.3
Turnover

Revenue represents amounts receivable for sales of jewellery products net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% Reducing balance
Fixtures, fittings & equipment
20 - 25% Reducing balance
Motor vehicles
25% Reducing balance
OPTIMA MANUFACTURING JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The assets residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.8
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 instruments are recognised in the company's statement of financial position 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.

OPTIMA MANUFACTURING JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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, 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 receipts 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. A m ounts 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.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

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

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

OPTIMA MANUFACTURING JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
42
50
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
1,432,939
Additions
15,592
At 30 September 2024
1,448,531
Depreciation and impairment
At 1 October 2023
997,650
Depreciation charged in the year
53,235
At 30 September 2024
1,050,885
Carrying amount
At 30 September 2024
397,646
At 30 September 2023
435,289
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
464,367
608,813
Other debtors
41,988
40,153
506,355
648,966
OPTIMA MANUFACTURING JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
399,249
358,673
Other taxation and social security
194,430
218,267
Other creditors
1,621,965
1,212,592
2,215,644
1,789,532

The debenture secured against the monies due or to become due from the company to R K Ambrose, a director and shareholder of the company, which is included within other creditors was waived by the director after the year end.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
3,356,801
3,356,801

The debenture secured against the monies due or to become due from the company to R K Ambrose, a director and shareholder of the company, which is included within other creditors was waived by the director after the year end.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
4,313 Ordinary shares of £1 each
4,313
4,313
4,313
4,313
8
Reserves
Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Other reserves

The other reserve represents the capital contribution arising on the restatement of the directors loan account following transition to FRS 102 and is non-distributable.

Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

OPTIMA MANUFACTURING JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
9
Events after the reporting date

On 25 January 2025 the director agreed to formally waive his loan to the company. At the time of the waiver, the balance that was owed by the company to the director was £4,686,742.

On 16 May 2025 the company entered into a Company Voluntary Arrangement in order to restructure the company debts.

10
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts owed to related parties
£
£
Key management personnel
4,924,933
4,484,975
4,924,933
4,484,975

Other Information

During the period, a notional interest charge of £127,907 (202 3: £216,714) was also provided in respect of a loan by key management personnel of the company in accordance with FRS 102.

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