Company No:
Contents
| DIRECTOR | Paul Panayi |
| SECRETARY | Simone Panayi |
| REGISTERED OFFICE | 17 Queens Lane |
| Newcastle Upon Tyne | |
| NE1 1RN | |
| United Kingdom |
| COMPANY NUMBER | 08593142 (England and Wales) |
| ACCOUNTANT | S&W Partners Newcastle Limited |
| 17 Queens Lane | |
| Newcastle | |
| NE1 1RN |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| Investments | 4 |
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| 641,100 | 631,100 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 16,055 | 15,475 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (146,233) | (144,803) | ||
| Total assets less current liabilities | 494,867 | 486,297 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Fair value reserve |
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| Profit and loss account | (
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of Optimus Private Clients Limited (registered number:
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Paul Panayi
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Optimus Private Clients Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 17 Queens Lane, Newcastle Upon Tyne, NE1 1RN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Optimus Private Clients Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Other unlisted investments are 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 the profit and loss account.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 August 2023 |
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| Fair value movement | 10,000 |
| As at 31 July 2024 |
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Valuation
The fair value of the property at 31 July 2024 has been arrived at on the basis of a valuation carried out by the director whom is not a professional qualified valuer. The valuation, was arrived at by reference to market evidence of transaction prices for similar properties in their location.
| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 August 2023 |
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| At 31 July 2024 |
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| Provisions for impairment | |||
| At 01 August 2023 |
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| At 31 July 2024 |
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| Carrying value at 31 July 2024 |
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| Carrying value at 31 July 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured / repayable by instalments) |
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Transactions with the entity's director
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed to the director | 115,744 | 109,826 |
The above amounts are included within Other creditors. The loan to the company is made interest-free and is repayable on demand.