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Company registration number: 3354134
OPTICS 2000 LIMITED
Unaudited filleted financial statements
31 October 2024
OPTICS 2000 LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
OPTICS 2000 LIMITED
Directors and other information
Directors Mr A B Chauhan
Mr R Lad
Mr D Patel
Mr H A Pancholi
Secretary Mr A B Chauhan
Company number 3354134
Registered office 14B Town Square
Syston
Leicester
LE7 1GZ
Business address 14B Town Square
Syston
Leicester
LE7 1GZ
Accountants SPK SHAH & CO LTD.
Chartered Accountants
216 Melton Road
Leicester
LE4 7PG
Bankers Clydesdale Bank
Bering House - Mariner Court
Clydebank Business Park
Glasgow
G81 2NR
OPTICS 2000 LIMITED
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of OPTICS 2000 LIMITED
Year ended 31 October 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 OPTICS 2000 LIMITED for the year ended 31 October 2024 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of OPTICS 2000 LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of OPTICS 2000 LIMITED and state those matters that we have agreed to state to the board of directors of OPTICS 2000 LIMITED as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OPTICS 2000 LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that OPTICS 2000 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 profit of OPTICS 2000 LIMITED. You consider that OPTICS 2000 LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of OPTICS 2000 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.
SPK SHAH & CO LTD.
Chartered Accountants
216 Melton Road
Leicester
LE4 7PG
28 July 2025
OPTICS 2000 LIMITED
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 70,388 75,703
_______ _______
70,388 75,703
Current assets
Stocks 92,601 76,691
Debtors 7 33,059 54,592
Investments 8 148,909 148,909
Cash at bank and in hand 35,288 181,328
_______ _______
309,857 461,520
Creditors: amounts falling due
within one year 9 ( 278,361) ( 394,986)
_______ _______
Net current assets 31,496 66,534
_______ _______
Total assets less current liabilities 101,884 142,237
Provisions for liabilities ( 17,597) ( 18,741)
_______ _______
Net assets 84,287 123,496
_______ _______
Capital and reserves
Called up share capital 20,400 20,400
Profit and loss account 63,887 103,096
_______ _______
Shareholders funds 84,287 123,496
_______ _______
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The 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 directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 July 2025 , and are signed on behalf of the board by:
Mr A B Chauhan Mr R Lad
Director Director
Company registration number: 3354134
OPTICS 2000 LIMITED
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Optics 2000 Limited, 14B Town Square, Syston, Leicester, LE7 1GZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2023: 19 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2023 and 31 October 2024 60,000 60,000
_______ _______
Amortisation
At 1 November 2023 and 31 October 2024 60,000 60,000
_______ _______
Carrying amount
At 31 October 2024 - -
_______ _______
At 31 October 2023 - -
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Website Design Total
£ £ £ £ £
Cost
At 1 November 2023 2,291 172,359 139,301 4,186 318,137
Additions - - 9,682 - 9,682
_______ _______ _______ _______ _______
At 31 October 2024 2,291 172,359 148,983 4,186 327,819
_______ _______ _______ _______ _______
Depreciation
At 1 November 2023 2,291 140,204 95,753 4,186 242,434
Charge for the year - 4,494 10,503 - 14,997
_______ _______ _______ _______ _______
At 31 October 2024 2,291 144,698 106,256 4,186 257,431
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2024 - 27,661 42,727 - 70,388
_______ _______ _______ _______ _______
At 31 October 2023 - 32,155 43,548 - 75,703
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 10,135 37,602
Other debtors 22,924 16,990
_______ _______
33,059 54,592
_______ _______
8. Investments
2024 2023
£ £
Other investments - Melton Optics Limited 148,909 148,909
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 16,667 26,667
Trade creditors 62,986 57,809
Corporation tax 62,611 60,376
Social security and other taxes - 772
Other creditors 136,097 249,362
_______ _______
278,361 394,986
_______ _______
10. Controlling party
The Company is controlled by the directors and their spouses.