Company registration number 03199751 (England and Wales)
OPTIMUM INTERNATIONAL 2000 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
PAGES FOR FILING WITH REGISTRAR
OPTIMUM INTERNATIONAL 2000 LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
OPTIMUM INTERNATIONAL 2000 LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2022
30 April 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,962
7,805
Current assets
Stocks
81,987
82,828
Debtors
4
140,414
134,117
Cash at bank and in hand
20,105
89,265
242,506
306,210
Creditors: amounts falling due within one year
5
(82,106)
(103,664)
Net current assets
160,400
202,546
Total assets less current liabilities
166,362
210,351
Creditors: amounts falling due after more than one year
6
(932,429)
(990,833)
Net liabilities
(766,067)
(780,482)
Capital and reserves
Called up share capital
5,200
5,200
Profit and loss reserves
(771,267)
(785,682)
Total equity
(766,067)
(780,482)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OPTIMUM INTERNATIONAL 2000 LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2022
30 April 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 April 2023 and are signed on its behalf by:
Mr J S Ogden
Mrs S C J Ogden
Director
Director
Company Registration No. 03199751
OPTIMUM INTERNATIONAL 2000 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2020
5,200
(813,501)
(808,301)
Year ended 30 April 2021:
Profit and total comprehensive income for the year
-
27,819
27,819
Balance at 30 April 2021
5,200
(785,682)
(780,482)
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
14,415
14,415
Balance at 30 April 2022
5,200
(771,267)
(766,067)
OPTIMUM INTERNATIONAL 2000 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
- 4 -
1
Accounting policies
Company information
Optimum International 2000 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Carr House Farm, Pool Lane, Nun Monkton, North Yorkshire, YO26 8EH.
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 amounts in these financial statements are rounded to the nearest £.
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
Going concern
The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash flows. The directors have undertaken to continue to financially support the company to the maximum of £950,000 (2021: £950,000) for a period of 12 months from the date of their approval of these accounts. The directors have agreed not to pursue repayment of this amount until the company has sufficient funds to do so.
On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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.
OPTIMUM INTERNATIONAL 2000 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 5 -
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:
Fixtures and fittings
25% on reducing balance and 10% on cost
Motor vehicles
25% on reducing balance
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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 cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Cash and cash equivalents
Cash and cash equivalents 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
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
OPTIMUM INTERNATIONAL 2000 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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.
OPTIMUM INTERNATIONAL 2000 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 7 -
1.12
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
4
OPTIMUM INTERNATIONAL 2000 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 8 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2021
79,925
Additions
599
At 30 April 2022
80,524
Depreciation and impairment
At 1 May 2021
72,120
Depreciation charged in the year
2,442
At 30 April 2022
74,562
Carrying amount
At 30 April 2022
5,962
At 30 April 2021
7,805
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
15,188
4,326
Other debtors
2,211
2,827
17,399
7,153
Deferred tax asset
123,015
126,964
140,414
134,117
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9,648
9,167
Trade creditors
16,561
71,058
Taxation and social security
10,995
8,858
Other creditors
44,902
14,581
82,106
103,664
OPTIMUM INTERNATIONAL 2000 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 9 -
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
32,429
40,833
Other creditors
900,000
950,000
932,429
990,833
7
Financial commitments, guarantees and contingent liabilities
The company previously entered into an employee benefit trust to incentivise their employees after taking advice from the promoters of the planning and receiving a Wealth Management Report from them. Since then legislation has been introduced to tax loans outstanding to trusts at 5 April 2019. The Directors are considering their options and have decided not to provide for a taxation and national insurance liability within the financial statements at this stage.
The contributions made to the employee benefit trust was £750,000 during the year ended 7 November 2007 and £500,000 during the year ended 30 April 2009.
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr J S Ogden - Directors Loan Account
2.00
480,535
20,000
(30,696)
469,839
Mrs S C J Ogden - Directors Loan Account
2.00
480,535
20,000
(30,697)
469,838
961,070
40,000
(61,393)
939,677
The above loans are unsecured and interest free.
Included in creditors falling due after more than one year are deferred loan balances due to Mr J S Ogden and Mrs S C J Ogden of £450,000 (2021: £475,000) each.
9
Taxation
The company has estimated losses of £653,282 (2021 - £673,337) available to carry forward against future trading profits.
On the basis of these financial statements no provision has been made for corporation tax.