Optimal Financial Solutions Ltd

Optimal Financial Solutions Ltd

OPTIMAL FINANCIAL SOLUTIONS LTD - Company Information

Print Friendly Version

1 January 2019 false No description of principal activity Taxfiler 2020.14.5 SC346607business:PrivateLimitedCompanyLtd2019-01-012019-12-31 SC3466072018-12-31 SC3466072019-01-012019-12-31 SC346607business:AuditExemptWithAccountantsReport2019-01-012019-12-31 SC346607business:FullAccounts2019-01-012019-12-31 SC3466072019-12-31 SC346607business:Director12019-01-012019-12-31 SC346607business:Director22019-01-012019-12-31 SC346607business:RegisteredOffice2019-01-012019-12-31 SC3466072018-12-31 SC346607core:WithinOneYear2019-12-31 SC346607core:WithinOneYear2018-12-31 SC346607core:ShareCapital2019-12-31 SC346607core:ShareCapital2018-12-31 SC346607core:RetainedEarningsAccumulatedLosses2019-12-31 SC346607core:RetainedEarningsAccumulatedLosses2018-12-31 SC346607business:SmallEntities2019-01-012019-12-31 SC346607countries:Scotland2019-01-012019-12-31 SC346607core:FurnitureFittings2019-01-012019-12-31 SC346607core:MotorVehicles2018-12-31 SC346607core:FurnitureFittings2018-12-31 SC346607core:MotorVehicles2019-01-012019-12-31 SC346607core:MotorVehicles2019-12-31 SC346607core:FurnitureFittings2019-12-31 SC346607business:Director112019-01-012019-12-31 SC346607business:Director112018-12-31 SC346607business:Director112019-12-31 SC346607business:Director222019-01-012019-12-31 SC346607business:Director222018-12-31 SC346607business:Director222019-12-31 SC3466072018-01-012018-12-31 iso4217:GBP xbrli:pure
Company Registration No. SC346607 (Scotland)
Optimal Financial Solutions Ltd Abbreviated accounts for the year ended 31 December 2019
Optimal Financial Solutions Ltd Abbreviated accounts Contents
Page
- 2 -
Optimal Financial Solutions Ltd Company Information for the year ended 31 December 2019
Directors
T J Price Lesley A Price
Company Number
SC346607 (Scotland)
Registered Office
64 Edgehead Road Edgehead Pathhead Midlothian EH37 5RJ
Accountants
Rosebery Accountants & Business Advisors 23 Melville Street Edinburgh EH3 7PE
- 3 -
Optimal Financial Solutions Ltd Statement of financial position as at 31 December 2019
2019 
2018 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
10,770 
2,723 
Current assets
Debtors
5
20,502 
37,908 
Cash at bank and in hand
1,967 
(932)
22,469 
36,976 
Creditors: amounts falling due within one year
6
(79,674)
(78,636)
Net current liabilities
(57,205)
(41,660)
Net liabilities
(46,435)
(38,937)
Capital and reserves
Called up share capital
1,800 
1,800 
Profit and loss account
(48,235)
(40,737)
Shareholders' funds
(46,435)
(38,937)
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2020 and were signed on its behalf by
T J Price Director Company Registration No. SC346607
- 4 -
Optimal Financial Solutions Ltd Notes to the Accounts for the year ended 31 December 2019
1
Statutory information
Optimal Financial Solutions Ltd is a private company, limited by shares, registered in Scotland, registration number SC346607. The registered office is 64 Edgehead Road, Edgehead, Pathhead, Midlothian, EH37 5RJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% reducing balance
4
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2019
- 
8,797 
8,797 
Additions
11,527 
- 
11,527 
At 31 December 2019
11,527 
8,797 
20,324 
Depreciation
At 1 January 2019
- 
6,074 
6,074 
Charge for the year
2,799 
681 
3,480 
At 31 December 2019
2,799 
6,755 
9,554 
Net book value
At 31 December 2019
8,728 
2,042 
10,770 
At 31 December 2018
- 
2,723 
2,723 
5
Debtors
2019 
2018 
£ 
£ 
Accrued income and prepayments
1,221 
- 
Other debtors
19,281 
37,908 
20,502 
37,908 
- 5 -
Optimal Financial Solutions Ltd Notes to the Accounts for the year ended 31 December 2019
6
Creditors: amounts falling due within one year
2019 
2018 
£ 
£ 
Bank loans and overdrafts
403 
171 
Taxes and social security
7,441 
11,047 
Other creditors
153 
152 
Loans from directors
70,877 
66,465 
Accruals
800 
801 
79,674 
78,636 
7
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
T J Price
Director's loan account
23,463 
818 
29,293 
(5,012)
Lesley A Price
Director's loan account
(66,465)
2,500 
1,900 
(65,865)
(43,002)
3,318 
31,193 
(70,877)
The directors' loans are interest free and have no set terms of repayment.
8
Average number of employees
During the year the average number of employees was 3 (2018: 3).
- 6 -