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Registered number: 03468747
OPTIMAL TECHNOLOGIES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2025
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OPTIMAL TECHNOLOGIES LIMITED
REGISTERED NUMBER: 03468747
BALANCE SHEET
AS AT 30 APRIL 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS FOR LIABILITIES
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OPTIMAL TECHNOLOGIES LIMITED
REGISTERED NUMBER: 03468747
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2025
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 17 form part of these financial statements.
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Optimal Technologies Limited ("the Company") is a company limited by shares, incorporated in England and Wales. Its registered office is Fourth Dimension, Fourth Avenue, Letchworth Garden City, Hertfordshire, SG6 2TD.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.
In assessing the appropriateness of the going concern basis, the directors have reviewed the latest available financial information at the date of approval, including approved trading forecasts and cash flow projections extending to May 2027. Business performance is monitored on a monthly basis, and the directors have considered the continued impact of the uncertain and turbulent global economic environment.
In order to support the Company’s ongoing working capital requirements, subsequent to the year end the Company secured an overdraft facility of £500,000 with Metro Bank Plc (see Note 16), which expires and is contractually due for repayment in October 2026. In additional to this, a loan totalling £300,000 was advanced by J S Auluk, a director of the Company and the majority shareholder of the ultimate parent undertaking, Optimal Technologies Holdings Limited.
J S Auluk has also provided a written letter of financial support confirming that sufficient financial resources will be made available to the Company to enable it to meet its liabilities as they fall due for a period of not less than 12 months from the date of approval of these financial statements. The letter further confirms that repayment of the existing £300,000 loan, and any additional loans advanced, will not be demanded to the extent that doing so would adversely impact the Company’s ability to meet its ongoing obligations as they fall due, and that sufficient financial resources are available to honour these commitments.
Having considered the Company’s current financial position, the availability of the overdraft facility, the financial support committed by J S Auluk, the Company’s cost base, approved budgets and sales pipeline, the directors are satisfied that the Company has sufficient resources to meet its ongoing obligations as and when they fall due for the foreseeable future, being a minimum period of at least 12 months from the date of approval of these financial statements. Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis.
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.ACCOUNTING POLICIES (CONTINUED)
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FOREIGN CURRENCY TRANSLATION
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Bespoke Machine Sales
The Company generates revenue from the design, manufacture and construction of large bespoke machines which are built to customer specifications under individual contracts. These contracts typically span more than one accounting period. Revenue is recognised by reference to the stage of completion of the contract, where the outcome of the contract can be estimated reliably.
Revenue from bespoke machine contracts is recognised over time, as the machines are constructed, as the Company has an enforceable right to payment for work performed to date and the work does not create an asset with an alternative use to the Company. Where the outcome of a contract can be estimated reliably, revenue is recognised by reference to the percentage of completion of the contract at the reporting date.
The stage of completion is measured using an input method, based on actual costs incurred to date, relative to total budgeted costs required to complete the construction of the machine. The percentage of completion is calculated as actual costs incurred to date as a percentage of the total estimated contract costs. Revenue recognised to date is determined by applying this percentage to the total contract value, less revenue recognised in prior periods.
Contract costs include all costs that relate directly to the construction of the bespoke machines, including direct materials, direct labour, production overheads attributable to the contract and costs specifically chargeable to the customer under the contract terms. Costs incurred that relate to future activity on the contract are recognised as contract assets where appropriate.
Estimates of total contract costs are reviewed regularly and updated where necessary. The effect of any changes in estimates is recognised prospectively in the period in which the change occurs.
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.ACCOUNTING POLICIES (CONTINUED)
Where it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in full as an expense in the profit and loss account, in accordance with FRS 102.
Amounts recoverable on long-term contracts represent amounts due from customers for work performed to date but not yet billed. Deferred revenue represent amounts billed to customers in excess of revenue recognised to date.
Revenue recognition ceases when the construction of the machine is complete and control has transferred to the customer in accordance with the contract terms.
Other Machine Sales
The Company also generates revenue from the sale of smaller, non-bespoke machines. Revenue is recognised at a point in time, when the significant risks and rewards of ownership transfer to the customer, which is upon dispatch of the goods in accordance with the contractual terms.
Revenue is measured at the fair value of the consideration received or receivable, net of trade discounts, volume rebates and other sales-related deductions. Where payment terms extend beyond normal credit periods, revenue is discounted to reflect the time value of money, where material.
The related cost of sales is recognised in the same period as the revenue and includes direct materials, direct labour and an appropriate allocation of production overheads. Amounts invoiced prior to dispatch are recognised in deferred revenue until the goods are dispatched and revenue is recognised.
Spares, consumables and servicing
The Company generates revenue from the sale of spare parts and consumables for machines and from the provision of servicing and maintenance activities.
Revenue from the sale of spare parts and consumables is recognised at a point in time, when the significant risks and rewards of ownership transfer to the customer, which is upon dispatch of the goods in accordance with the contractual terms. Revenue is measured at the fair value of the consideration received or receivable, net of trade discounts and other sales-related deductions.
Revenue from servicing and maintenance is recognised at a point in time upon completion of the service, as the services are performed over a short duration and do not create a continuing performance obligation.
Amounts invoiced in advance of dispatch of spare parts or completion of servicing are recognised in deferred revenue, until the related performance obligation has been satisfied.
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.ACCOUNTING POLICIES (CONTINUED)
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OPERATING LEASES: THE COMPANY AS LESSEE
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Research and development expenditure is written off to the profit and loss in the period to which it relates.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.ACCOUNTING POLICIES (CONTINUED)
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CURRENT AND DEFERRED TAXATION
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.ACCOUNTING POLICIES (CONTINUED)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Long-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.ACCOUNTING POLICIES (CONTINUED)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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PROVISIONS FOR LIABILITIES
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.ACCOUNTING POLICIES (CONTINUED)
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FINANCIAL INSTRUMENTS (CONTINUED)
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If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Dividends are recognised when they become legally payable.
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
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In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in a period of the revision and future periods if the revision affects both current and future periods.
Revenue recognition on long term contracts
The Company recognises revenue on contracts during the period of performance with judgements required in estimating the percentage complete of each contract in order to calculate the revenue to be recognised. Each contract has a total budgeted cost to complete estimated before the commencement of the contract, which is compared with the costs incurred to date in order to estimate the percentage complete. Each contract is reassessed by the project manager regularly to determine whether the total budgeted costs to complete are appropriate, based on expected effort to complete. If necessary, adjustments are made to the budgeted costs and revenue recognised.
Provision for onerous contracts
It represents management's current best estimate of the company's contractual liability to fulfil its obligations under revenue contracts. Projects in which the most recent budgeted costs are greater than the original budgeted costs are identified as onerous contracts. For these projects the remaining costs to fulfil the contract are used to calculate the provision.
Recoverability of intercompany loans
The Company has exercised significant judgement in assessing the recoverability of the loan advanced to its immediate parent company. This assessment considers the parent’s financial position, forecast cash flows, and ability to meet obligations.
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The average monthly number of employees, including directors, during the year was 44 (2024 - 37).
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Charge for the year on owned assets
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Long-term leasehold property
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Transfers between classes
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Charge for the year on owned assets
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Transfers between classes
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Raw materials and consumables
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts recoverable on long-term contracts
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Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand.
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CASH AND CASH EQUIVALENTS
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Other creditors included contributions of £10,012 (2024 - £9,467) payable to the Company's defined contribution pension scheme at the balance sheet date.
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Charged/(credited) to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Charged to profit or loss
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The Company has recognised provisions for contracts where the unavoidable costs of meeting the contractual obligations exceed the economic benefits expected to be received. These provisions reflect management’s best estimate of the present obligation at the reporting date, taking into account the terms of the contracts, expected future costs, and any penalties or compensation payable upon non-fulfilment. The assessment involves significant judgement regarding cost forecasts and expected benefits, and is reviewed regularly to ensure that provisions remain appropriate. No additional liabilities beyond those provided are anticipated at the balance sheet date.
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ALLOTTED, CALLED UP AND FULLY PAID
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100 (2024 - 100) Ordinary shares of £1.00 each
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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COMMITMENTS UNDER OPERATING LEASES
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At 30 April 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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15.DEBENTURES AND GUARANTEES
On 27 January 2017, the Company entered into a debenture with J S Auluk, a director of the Company, acting as trustee for himself and other finance parties, as security for all present and future obligations and liabilities owed to the finance parties under a facility agreement. The debenture creates fixed and floating charges over all the assets and undertakings of the Company.
On 28 October 2019, the Company entered into a debenture with Metro Bank Plc as security for all present and future obligations and liabilities owed to Metro Bank Plc. The debenture creates fixed and floating charges over all the assets and undertakings of the Company.
The Company is party to a cross-guarantee arrangement with its parent company, Optimal Technologies Holdings Limited, in respect of banking facilities provided by Metro Bank Plc. Both companies within the group have guaranteed the obligations of the other company under the facility agreement. The total group borrowings subject to the cross-guarantee at the year end amounted to £650,000 (2024 - £1,103,556).
A director has provided a personal guarantee to Metro Bank Plc in respect of the Company’s banking facilities. The guarantee is capped at £500,000 plus any associated interest and costs.
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POST BALANCE SHEET EVENTS
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Subsequent to the year-end in May 2025, the Company secured an overdraft facility of £500,000 with Metro Bank Plc. The facility was obtained to support the Company’s working capital requirements. In April 2026, the overdraft facility was renewed and extended, with availability now continuing until October 2026.
The immediate and ultimate parent undertaking is Optimal Technologies Holdings Limited. Its registered office address is Fourth Dimension, Fourth Avenue, Letchworth Garden City, SG6 2TD.
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OPTIMAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
The auditor's report on the financial statements for the year ended 30 April 2025 was unqualified.
The audit report was signed on 28 April 2026 by Thomas Hamilton (Senior Statutory Auditor) on behalf of PEM Audit Limited.
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