| REGISTERED NUMBER: 11250716 (England and Wales) |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements for the Year Ended 31 August 2024 |
| for |
| Optimum Group Holdings Ltd |
| REGISTERED NUMBER: 11250716 (England and Wales) |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements for the Year Ended 31 August 2024 |
| for |
| Optimum Group Holdings Ltd |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 4 |
| Consolidated Income Statement | 7 |
| Consolidated Other Comprehensive Income | 8 |
| Consolidated Balance Sheet | 9 |
| Company Balance Sheet | 10 |
| Consolidated Statement of Changes in Equity | 11 |
| Company Statement of Changes in Equity | 12 |
| Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Financial Statements | 15 |
| Optimum Group Holdings Ltd |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants |
| and Statutory Auditors |
| Seymour Chambers |
| 92 London Road |
| Liverpool |
| Merseyside |
| L3 5NW |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Group Strategic Report |
| for the Year Ended 31 August 2024 |
| The director presents his strategic report of the company and the group for the year ended 31 August 2024. |
| Optimum Group Holdings Ltd is the holding company for the optimum group which has been trading primarily as costa franchises stores for over a decade. |
| The group has been steadily expanding it's costa franchises over the years while also looking at other opportunities for growth which has seen them open a newsagents within the year. |
| REVIEW OF BUSINESS |
| The year to 31st August 2024 has seen the group continue to grow despite challenging conditions relating to rising costs and inflation, this has seen revenue grow from £10.4million to £11.8 million, 95.7% of the sales were generated from the costa franchises. The competitive nature of the coffee industry is increasing each year and has lead us to actively source new sites or expanding our costa franchises using the popular brand name to our advantage. |
| Tighter controls through the business have helped the business maintain a slight increase in gross profit margin of 40.65% (2023 - £39.79%) while increasing net profit from 0.22% to 5.44%. |
| We have continued to invest in new fixtures & fittings to keep all stores modern and up to date along with property purchases related to new costa franchises. The continued investment has lead to higher depreciation costs, the profit before depreciation is a strong indicator for how the business is operating with an increase from £965k in 2023 to £1.3m in 2024. |
| The strong performance of the business has lead to increased net cash from operating activities of £1.2million (2023 - £709K) and despite the continued investments the group still shows a healthy cash increase from £945,736 in 2023 to £1,070,909 in 2024. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| In line with the rest of he franchise industry, the director has identified the following as the more significant risks and uncertainties faced by the group: customer loyalty, margin pressure arising from inflation of raw materials and labour costs, competition and ultimately profitability, given the inherent cost base of the business required to support it's activities in it's chosen markets. |
| The director believes that the robust internal control processes in place, strong franchise brand and excellent levels of customer service provide the group with very good protection in relation to the principal risks and uncertainties faced. |
| ON BEHALF OF THE BOARD: |
| 28 August 2025 |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Report of the Director |
| for the Year Ended 31 August 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 31 August 2024. |
| DIVIDENDS |
| An interim dividend of 650 per share was paid on 31 August 2024. The director recommends that no final dividend be paid. |
| The total distribution of dividends for the year ended 31 August 2024 will be £ 65,000 . |
| DIRECTOR |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Douglas Fairless Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Optimum Group Holdings Ltd |
| Opinion |
| We have audited the financial statements of Optimum Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Report of the Independent Auditors to the Members of |
| Optimum Group Holdings Ltd |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
| In identifying and assessing risks of material misstatement in the financial statements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| - the nature of the industry and sector, the control environment and the impact of business performance on Directors earnings. |
| - results of our enquiries of management and key finance persons about their own identification and assessment of the risks and irregularities. |
| - any matters we identified after obtaining and reviewing company policies and procedures relating to; identifying, evaluating and complying with laws and regulations. Detecting and responding to risks of fraud. The internal controls in place to mitigate the risks of fraud or non-compliance with laws and regulations. |
| From this assessment, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion. Our procedures to respond to risks identified included the following: |
| - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
| - enquiring of management concerning actual and potential litigation and claims; |
| - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - reading minutes of meetings of those charged with governance, reviewing correspondence with HMRC; and |
| - in addressing the risk of fraud through management override of controls; we have tested the operational effectiveness of internal controls relevant to the financial statements, tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Optimum Group Holdings Ltd |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Certified Accountants |
| and Statutory Auditors |
| Seymour Chambers |
| 92 London Road |
| Liverpool |
| Merseyside |
| L3 5NW |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Consolidated |
| Income Statement |
| for the Year Ended 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| TURNOVER | 3 | 11,872,331 | 10,439,009 |
| Cost of sales | 7,046,113 | 3,131,108 |
| GROSS PROFIT | 4,826,218 | 7,307,901 |
| Administrative expenses | 4,111,583 | 7,240,877 |
| 714,635 | 67,024 |
| Other operating income | 136,306 | 214,526 |
| OPERATING PROFIT | 5 | 850,941 | 281,550 |
| Interest receivable and similar income | - | 9,916 |
| 850,941 | 291,466 |
| Gain/loss on revaluation of investment property |
256,817 |
- |
| 1,107,758 | 291,466 |
| Interest payable and similar expenses | 6 | 461,623 | 268,738 |
| PROFIT BEFORE TAXATION | 646,135 | 22,728 |
| Tax on profit | 7 | 248,905 | (80,920 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 397,230 | 103,648 |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 397,230 | 103,648 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
397,230 |
103,648 |
| Total comprehensive income attributable to: |
| Owners of the parent | 397,230 | 103,648 |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Consolidated Balance Sheet |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 531,176 | 495,116 |
| Tangible assets | 11 | 6,843,233 | 6,730,830 |
| Investments | 12 |
| Interest in associate | 37,500 | 37,500 |
| Other investments | 1,032,556 | 557,020 |
| Investment property | 13 | 1,121,000 | 864,183 |
| 9,565,465 | 8,684,649 |
| CURRENT ASSETS |
| Stocks | 14 | 112,826 | 92,012 |
| Debtors | 15 | 630,326 | 697,527 |
| Cash at bank and in hand | 1,070,909 | 945,736 |
| 1,814,061 | 1,735,275 |
| CREDITORS |
| Amounts falling due within one year | 16 | 2,406,602 | 2,521,501 |
| NET CURRENT LIABILITIES | (592,541 | ) | (786,226 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
8,972,924 |
7,898,423 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(6,034,955 |
) |
(5,155,388 |
) |
| PROVISIONS FOR LIABILITIES | 20 | (399,640 | ) | (448,771 | ) |
| NET ASSETS | 2,538,329 | 2,294,264 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 100 | 100 |
| Revaluation reserve | 22 | (31,935 | ) | - |
| Non-Dist Reserves | 22 | 192,613 | - |
| Retained earnings | 22 | 2,377,551 | 2,294,164 |
| SHAREHOLDERS' FUNDS | 2,538,329 | 2,294,264 |
| The financial statements were approved by the director and authorised for issue on 28 August 2025 and were signed by: |
| D G Connor - Director |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Company Balance Sheet |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| Investment property | 13 |
| CURRENT ASSETS |
| Debtors | 15 |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 65,254 | 88,000 |
| The financial statements were approved by the director and authorised for issue on |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Revaluation | Non-Dist | Total |
| capital | earnings | reserve | Reserves | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 September 2022 | 100 | 2,278,516 | - | - | 2,278,616 |
| Changes in equity |
| Dividends | - | (88,000 | ) | - | - | (88,000 | ) |
| Total comprehensive income | - | 103,648 | - | - | 103,648 |
| Balance at 31 August 2023 | 100 | 2,294,164 | - | - | 2,294,264 |
| Changes in equity |
| Dividends | - | (65,000 | ) | - | - | (65,000 | ) |
| Total comprehensive income | - | 204,617 | (31,935 | ) | 192,613 | 365,295 |
| Balance at 31 August 2024 | 100 | 2,433,781 | (31,935 | ) | 192,613 | 2,594,559 |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,626,661 | 1,067,543 |
| Interest paid | (461,623 | ) | (268,738 | ) |
| Tax paid | 90,467 | (89,350 | ) |
| Net cash from operating activities | 1,255,505 | 709,455 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (180,000 | ) | (10,000 | ) |
| Purchase of tangible fixed assets | (971,347 | ) | (1,460,470 | ) |
| Purchase of fixed asset investments | (507,471 | ) | (594,520 | ) |
| Sale of tangible fixed assets | 170,185 | 41,004 |
| Interest received | - | 9,916 |
| Net cash from investing activities | (1,488,633 | ) | (2,014,070 | ) |
| Cash flows from financing activities |
| New loans in year | 1,170,000 | - |
| Loan repayments in year | (744,346 | ) | (151,030 | ) |
| Amount introduced by directors | - | 57,040 |
| Amount withdrawn by directors | (2,353 | ) | - |
| Share issue | - | 502 |
| Equity dividends paid | (65,000 | ) | (88,000 | ) |
| Net cash from financing activities | 358,301 | (181,488 | ) |
| Increase/(decrease) in cash and cash equivalents | 125,173 | (1,486,103 | ) |
| Cash and cash equivalents at beginning of year |
2 |
945,736 |
2,431,839 |
| Cash and cash equivalents at end of year | 2 | 1,070,909 | 945,736 |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Profit before taxation | 646,135 | 22,728 |
| Depreciation charges | 873,582 | 942,492 |
| Loss/(profit) on disposal of fixed assets | 79,428 | (130 | ) |
| Gain on revaluation of fixed assets | (256,817 | ) | - |
| Finance costs | 461,623 | 268,738 |
| Finance income | - | (9,916 | ) |
| 1,803,951 | 1,223,912 |
| Increase in stocks | (20,814 | ) | (12,611 | ) |
| Increase in trade and other debtors | (61,225 | ) | (217,724 | ) |
| (Decrease)/increase in trade and other creditors | (95,251 | ) | 73,966 |
| Cash generated from operations | 1,626,661 | 1,067,543 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 1,070,909 | 945,736 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 945,736 | 2,431,839 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 945,736 | 125,173 | 1,070,909 |
| 945,736 | 125,173 | 1,070,909 |
| Debt |
| Debts falling due within 1 year | (304,444 | ) | (138,953 | ) | (443,397 | ) |
| Debts falling due after 1 year | (4,822,658 | ) | (939,567 | ) | (5,762,225 | ) |
| (5,127,102 | ) | (1,078,520 | ) | (6,205,622 | ) |
| Total | (4,181,366 | ) | (953,347 | ) | (5,134,713 | ) |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Optimum Group Holdings Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| The turnover in the profit and loss account represents revenue recognised on goods sold on a cash or credit basis, exclusive of value added tax. |
| Goodwill |
| 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 |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less accumulated depreciation and any accumulated impairment losses |
| Investments in associates |
| Investments in associate undertakings are recognised at cost. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| The group further enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to and from related parties. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| The turnover in the profit and loss account represents revenue recognised on goods sold on a cash or credit basis, exclusive of value added tax. |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Wages and salaries | 172,246 | 3,010,114 |
| Social security costs | 7,023 | 174,650 |
| Other pension costs | 1,316 | 43,700 |
| 180,585 | 3,228,464 |
| The average number of employees during the year was as follows: |
| 31.8.24 | 31.8.23 |
| Coffee shop staff | - | 178 |
| Management | 6 | 6 |
| Director | 1 | 1 |
| The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Director's remuneration | 2,094 | 24,000 |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Hire of plant and machinery | 51,350 | - |
| Depreciation - owned assets | 734,659 | 822,094 |
| Loss/(profit) on disposal of fixed assets | 79,428 | (130 | ) |
| Goodwill amortisation | 136,266 | 112,266 |
| Patents and licences amortisation | 7,674 | 8,133 |
| Auditors' remuneration | 31,000 | 10,000 |
| Other non- audit services | 8,500 | - |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loan interest | 131,278 | - |
| Loan interest | 330,345 | 268,738 |
| 461,623 | 268,738 |
| 7. | TAXATION |
| Analysis of the tax charge/(credit) |
| The tax charge/(credit) on the profit for the year was as follows: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 298,036 | 26,175 |
| Deferred tax | (49,131 | ) | (107,095 | ) |
| Tax on profit | 248,905 | (80,920 | ) |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 9. | DIVIDENDS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | 65,000 | 88,000 |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Patents |
| and |
| Goodwill | licences | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 | 1,122,660 | 207,844 | 1,330,504 |
| Additions | 180,000 | - | 180,000 |
| At 31 August 2024 | 1,302,660 | 207,844 | 1,510,504 |
| AMORTISATION |
| At 1 September 2023 | 654,885 | 180,503 | 835,388 |
| Amortisation for year | 136,266 | 7,674 | 143,940 |
| At 31 August 2024 | 791,151 | 188,177 | 979,328 |
| NET BOOK VALUE |
| At 31 August 2024 | 511,509 | 19,667 | 531,176 |
| At 31 August 2023 | 467,775 | 27,341 | 495,116 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 September 2023 | 3,727,882 | 3,916,750 | 288,207 |
| Additions | 862,622 | - | - |
| Disposals | (125,437 | ) | (166,903 | ) | (60,609 | ) |
| Reclassification/transfer | (105,407 | ) | 105,407 | - |
| At 31 August 2024 | 4,359,660 | 3,855,254 | 227,598 |
| DEPRECIATION |
| At 1 September 2023 | 139,882 | 2,862,559 | 269,503 |
| Charge for year | 87,193 | 278,028 | 1,719 |
| Eliminated on disposal | - | (164,861 | ) | (53,368 | ) |
| At 31 August 2024 | 227,075 | 2,975,726 | 217,854 |
| NET BOOK VALUE |
| At 31 August 2024 | 4,132,585 | 879,528 | 9,744 |
| At 31 August 2023 | 3,588,000 | 1,054,191 | 18,704 |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2023 | 4,327,139 | 490,736 | 144,073 | 12,894,787 |
| Additions | 219,854 | 35,350 | 6,728 | 1,124,554 |
| Disposals | (809,775 | ) | (30,042 | ) | - | (1,192,766 | ) |
| Reclassification/transfer | - | - | - | - |
| At 31 August 2024 | 3,737,218 | 496,044 | 150,801 | 12,826,575 |
| DEPRECIATION |
| At 1 September 2023 | 2,584,215 | 207,577 | 128,100 | 6,191,836 |
| Charge for year | 265,463 | 92,297 | 9,959 | 734,659 |
| Eliminated on disposal | (697,972 | ) | (26,952 | ) | - | (943,153 | ) |
| At 31 August 2024 | 2,151,706 | 272,922 | 138,059 | 5,983,342 |
| NET BOOK VALUE |
| At 31 August 2024 | 1,585,512 | 223,122 | 12,742 | 6,843,233 |
| At 31 August 2023 | 1,742,924 | 283,159 | 15,973 | 6,702,951 |
| 12. | FIXED ASSET INVESTMENTS |
| Group |
| Interest |
| in | Other |
| associate | investments | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2023 | 37,500 | 557,020 | 594,520 |
| Additions | - | 507,471 | 507,471 |
| Revaluations | - | (31,935 | ) | (31,935 | ) |
| At 31 August 2024 | 37,500 | 1,032,556 | 1,070,056 |
| NET BOOK VALUE |
| At 31 August 2024 | 37,500 | 1,032,556 | 1,070,056 |
| At 31 August 2023 | 37,500 | 557,020 | 594,520 |
| Cost or valuation at 31 August 2024 is represented by: |
| Interest |
| in | Other |
| associate | investments | Totals |
| £ | £ | £ |
| Valuation in 2024 | - | (31,935 | ) | (31,935 | ) |
| Cost | 37,500 | 1,064,491 | 1,101,991 |
| 37,500 | 1,032,556 | 1,070,056 |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in | Interest |
| group | in |
| undertakings | associate | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 | 1,287,832 |
| NET BOOK VALUE |
| At 31 August 2024 | 1,287,832 |
| At 31 August 2023 | 1,287,832 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: 21 Hatton Garden, Liverpool, Merseyside, L3 2FE |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: 21 Hatton Garden, Liverpool, Merseyside, L3 2FE |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit/(loss) for the year | ( |
) |
| Registered office: 21 Hatton Garden, Liverpool, Merseyside, L3 2FE |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 21 Hatton Garden, Liverpool, Merseyside, L3 2FE |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Loss for the year | ( |
) | ( |
) |
| Registered office: 21 Hatton Garden, Liverpool, Merseyside, L3 2FE |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Profit for the year |
| Registered office: 21 Hatton Garden, Liverpool, Merseyside, L3 2FE |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves | ( |
) |
| Profit/(loss) for the year | ( |
) |
| Registered office: 21 Hatton Garden, Liverpool, Merseyside, L3 2FE |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves | ( |
) |
| Profit/(loss) for the year | ( |
) |
| Registered office: 21 Hatton Garden, Liverpool, Merseyside, L3 2FE |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ |
| Aggregate capital and reserves |
| Profit for the year |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 21 Hatton Garden, Liverpool, Merseyside, L3 2FE |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Associated company |
| Registered office: 21 Hatton Garden, Liverpool, Merseyside, L3 2FE |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Loss for the year | ( |
) | ( |
) |
| 13. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 September 2023 | 864,183 |
| Revaluations | 256,817 |
| At 31 August 2024 | 1,121,000 |
| NET BOOK VALUE |
| At 31 August 2024 | 1,121,000 |
| At 31 August 2023 | 864,183 |
| Fair value at 31 August 2024 is represented by: |
| £ |
| Valuation in 2024 | 256,817 |
| Cost | 864,183 |
| 1,121,000 |
| 14. | STOCKS |
| Group |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Stocks | 16,814 | - |
| Finished goods | 96,012 | 92,012 |
| 112,826 | 92,012 |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Trade debtors | 48,772 | 44,476 |
| Other debtors | 343,276 | 356,991 |
| Directors' current accounts | 9,679 | 7,326 | 9,679 | 7,326 |
| Corporation tax | - | 130,779 |
| Prepayments | 228,599 | 157,955 |
| 630,326 | 697,527 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 18) | 443,397 | 304,444 |
| Trade creditors | 734,873 | 1,001,145 |
| Amounts owed to group undertakings | - | - |
| Corporation taxation | 276,360 | 18,636 |
| Social security and other taxes | 10,314 | 42,432 |
| VAT | 99,109 | 171,708 | - | - |
| Other creditors | 410,254 | 734,836 |
| Credit card | 28,102 | - | - | - |
| Accrued expenses | 404,193 | 248,300 |
| 2,406,602 | 2,521,501 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Bank loans (see note 18) | 5,762,225 | 4,822,658 |
| Other creditors | 272,730 | 332,730 |
| 6,034,955 | 5,155,388 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 443,397 | 304,444 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 478,141 | 4,822,658 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 5,126,094 | - |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 157,990 | - |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable |
| operating leases |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Within one year | 497,050 | 497,050 |
| Between one and five years | 1,988,200 | 1,988,200 |
| In more than five years | 2,485,250 | 2,982,300 |
| 4,970,500 | 5,467,550 |
| 20. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Deferred tax | 399,640 | 448,771 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 | 448,771 |
| Capital allowance timing diffs | (49,131 | ) |
| Balance at 31 August 2024 | 399,640 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 22. | RESERVES |
| Group |
| Retained | Revaluation | Non-Dist |
| earnings | reserve | Reserves | Totals |
| £ | £ | £ | £ |
| At 1 September 2023 | 2,237,934 | - | - | 2,237,934 |
| Profit for the year | 397,230 | 397,230 |
| Dividends | (65,000 | ) | (65,000 | ) |
| Transfer | (192,613 | ) | (31,935 | ) | 192,613 | (31,935 | ) |
| At 31 August 2024 | 2,377,551 | (31,935 | ) | 192,613 | 2,538,229 |
| Company |
| Retained |
| earnings |
| £ |
| Profit for the year |
| Dividends | ( |
) |
| At 31 August 2024 |
| Optimum Group Holdings Ltd (Registered number: 11250716) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 22. | RESERVES - continued |
| 23. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is D G Connor. |