OPT Services Ltd 31/12/2019 iXBRL

OPT Services Ltd 31/12/2019 iXBRL

OPT SERVICES LIMITED - Company Information

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Company registration number: 03143312
OPT Services Ltd
Trading as OPT Service Ltd
Unaudited filleted financial statements
31 December 2019
OPT Services Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
OPT Services Ltd
Directors and other information
Directors Philip Alfred Barker
Gillian Barker
Calum Barker
Cara Barker
Gian Barker
Company number 03143312
Registered office 19-21 Betts Avenue
Martlesham Heath
Ipswich
IP5 3RH
Business address 19-21 Betts Avenue
Martlesham Heath Business Park
Ipswich
IP5 3RH
Accountants Jill Page
82 Mayfield Road
Ipswich
IP4 3NG
OPT Services Ltd
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 247,965 183,004
_______ _______
247,965 183,004
Current assets
Stocks 350,000 418,097
Debtors 6 573,316 533,258
Cash at bank and in hand 855,102 581,460
_______ _______
1,778,418 1,532,815
Creditors: amounts falling due
within one year 7 ( 407,592) ( 399,487)
_______ _______
Net current assets 1,370,826 1,133,328
_______ _______
Total assets less current liabilities 1,618,791 1,316,332
_______ _______
Net assets 1,618,791 1,316,332
_______ _______
Capital and reserves
Called up share capital 100 100
Capital redemption reserve ( 39,077) ( 39,077)
Profit and loss account 1,657,768 1,355,309
_______ _______
Shareholders funds 1,618,791 1,316,332
_______ _______
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 December 2020 , and are signed on behalf of the board by:
Philip Alfred Barker
Director
Company registration number: 03143312
OPT Services Ltd
Statement of changes in equity
Year ended 31 December 2019
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 January 2018 100 ( 39,077) 673,142 634,165
Profit for the year 800,167 800,167
_______ _______ _______ _______
Total comprehensive income for the year - - 800,167 800,167
Dividends paid and payable ( 118,000) ( 118,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 118,000) ( 118,000)
_______ _______ _______ _______
At 31 December 2018 and 1 January 2019 100 ( 39,077) 1,355,308 1,316,331
Profit for the year 434,460 434,460
_______ _______ _______ _______
Total comprehensive income for the year - - 434,460 434,460
Dividends paid and payable ( 132,000) ( 132,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 132,000) ( 132,000)
_______ _______ _______ _______
At 31 December 2019 100 ( 39,077) 1,657,768 1,618,791
_______ _______ _______ _______
OPT Services Ltd
Notes to the financial statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 19-21 Betts Avenue, Martlesham Heath, Ipswich, IP5 3RH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2018: 16 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2019 70,464 235,865 73,657 83,550 463,536
Additions 67,389 53,199 5,567 - 126,155
Disposals - ( 14,510) - - ( 14,510)
_______ _______ _______ _______ _______
At 31 December 2019 137,853 274,554 79,224 83,550 575,181
_______ _______ _______ _______ _______
Depreciation
At 1 January 2019 44,498 141,549 61,308 33,177 280,532
Charge for the year 13,362 27,506 4,056 12,608 57,532
Disposals - ( 10,848) - - ( 10,848)
_______ _______ _______ _______ _______
At 31 December 2019 57,860 158,207 65,364 45,785 327,216
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2019 79,993 116,347 13,860 37,765 247,965
_______ _______ _______ _______ _______
At 31 December 2018 25,966 94,316 12,349 50,373 183,004
_______ _______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 525,494 505,285
Other debtors 47,822 27,973
_______ _______
573,316 533,258
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 285,665 219,870
Corporation tax 31,355 147,000
Social security and other taxes 72,649 23,084
Other creditors 17,923 9,533
_______ _______
407,592 399,487
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Philip Alfred Barker 4,182 3,457 7,639
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Philip Alfred Barker 5,201 ( 1,018) 4,183
_______ _______ _______