Company Registration No. 01436294 (England and Wales)
OPTIMEC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
PAGES FOR FILING WITH REGISTRAR
OPTIMEC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
OPTIMEC LIMITED (REGISTERED NUMBER: 01436294)
BALANCE SHEET
AS AT
30 NOVEMBER 2018
30 November 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
161,063
188,299
Tangible assets
4
18,693
22,390
179,756
210,689
Current assets
Stocks
162,296
133,450
Debtors
5
136,592
75,995
Cash at bank and in hand
92,999
63,160
391,887
272,605
Creditors: amounts falling due within one year
6
(211,914)
(160,697)
Net current assets
179,973
111,908
Total assets less current liabilities
359,729
322,597
Creditors: amounts falling due after more than one year
7
-
(10,338)
Net assets
359,729
312,259
Capital and reserves
Called up share capital
8
70
105
Profit and loss reserves
359,659
312,154
Total equity
359,729
312,259
OPTIMEC LIMITED (REGISTERED NUMBER: 01436294)
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2018
30 November 2018
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 March 2019 and are signed on its behalf by:
Mr C Richards
Director
OPTIMEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 3 -
1
Accounting policies
Company information
Optimec Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit B3 The Haysfield, Spring Lane North, Malvern, Worcestershire, WR14 1GF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
OPTIMEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 4 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents
Equally over 5 years
Development Costs
Equally over 10 years
Website Costs
Equally over 4 years
Amortisation is provided on patents and licences, development and website costs split equally over their estimated useful lifetimes of 5,4 and 10 years respectively.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvement
Equally over 10 year lease
Plant and machinery
25% on cost
Fixtures, fittings & equipment
20% on cost
Computer equipment
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
OPTIMEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2017 - 6).
OPTIMEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 6 -
3
Intangible fixed assets
Patents
Development Costs
Website Costs
Total
£
£
£
£
Cost
At 1 December 2017
36,673
309,539
4,000
350,212
Additions - separately acquired
-
7,153
-
7,153
At 30 November 2018
36,673
316,692
4,000
357,365
Amortisation and impairment
At 1 December 2017
33,907
124,006
4,000
161,913
Amortisation charged for the year
2,720
31,669
-
34,389
At 30 November 2018
36,627
155,675
4,000
196,302
Carrying amount
At 30 November 2018
46
161,017
-
161,063
At 30 November 2017
2,766
185,533
-
188,299
4
Tangible fixed assets
Leasehold improvement
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 December 2017
31,508
127,804
51,227
-
210,539
Additions
-
-
-
420
420
At 30 November 2018
31,508
127,804
51,227
420
210,959
Depreciation and impairment
At 1 December 2017
12,009
127,804
48,336
-
188,149
Depreciation charged in the year
3,151
-
861
105
4,117
At 30 November 2018
15,160
127,804
49,197
105
192,266
Carrying amount
At 30 November 2018
16,348
-
2,030
315
18,693
At 30 November 2017
19,499
-
2,891
-
22,390
OPTIMEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 7 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
130,877
67,788
Other debtors
5,715
8,207
136,592
75,995
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
22,259
35,765
Trade creditors
103,083
62,212
Taxation and social security
11,280
19,345
Other creditors
75,292
43,375
211,914
160,697
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
-
10,338
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
68 Ordinary shares of £1 each
68
102
1 Ordinary A shares of £1 each
1
1
1 Ordinary B shares of £1 each
-
1
1 Ordinary C shares of £1 each
1
1
70
105