Optimise4 Ltd 31/07/2022 iXBRL

Optimise4 Ltd 31/07/2022 iXBRL

OPTIMISE4 LTD - Company Information

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2 31/07/2022 2022-07-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-08-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06948322 2021-08-01 2022-07-31 06948322 2022-07-31 06948322 2021-07-31 06948322 2020-08-01 2021-07-31 06948322 2021-07-31 06948322 core:PlantMachinery 2021-08-01 2022-07-31 06948322 bus:RegisteredOffice 2021-08-01 2022-07-31 06948322 bus:LeadAgentIfApplicable 2021-08-01 2022-07-31 06948322 bus:Director1 2021-08-01 2022-07-31 06948322 core:WithinOneYear 2022-07-31 06948322 core:WithinOneYear 2021-07-31 06948322 core:PlantMachinery 2021-07-31 06948322 core:PlantMachinery 2022-07-31 06948322 core:ShareCapital 2022-07-31 06948322 core:ShareCapital 2021-07-31 06948322 core:RetainedEarningsAccumulatedLosses 2022-07-31 06948322 core:RetainedEarningsAccumulatedLosses 2021-07-31 06948322 core:PlantMachinery 2021-07-31 06948322 bus:Director1 2021-07-31 06948322 bus:Director1 2022-07-31 06948322 bus:Director1 2020-07-31 06948322 bus:Director1 2021-07-31 06948322 bus:SmallEntities 2021-08-01 2022-07-31 06948322 bus:AuditExemptWithAccountantsReport 2021-08-01 2022-07-31 06948322 bus:FullAccounts 2021-08-01 2022-07-31 06948322 bus:SmallCompaniesRegimeForAccounts 2021-08-01 2022-07-31 06948322 bus:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31
Company registration number: 06948322
Optimise4 Ltd
Unaudited filleted financial statements
31 July 2022
OPTIMISE4 LTD
DIRECTORS AND OTHER INFORMATION
Director Mr G Nichols
Company number 06948322
Registered office Melbourne House
36 Chamberlain Street
Wells
Bristol
BA5 2PJ
Accountants Westcotts
Plym House
3 Longbridge Road
Plymouth
Devon
PL6 8LT
OPTIMISE4 LTD
STATEMENT OF FINANCIAL POSITION
31 JULY 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 3,817 4,905
_______ _______
3,817 4,905
Current assets
Debtors 6 24,298 7,016
Cash at bank and in hand 46,489 51,802
_______ _______
70,787 58,818
Creditors: amounts falling due
within one year 7 ( 18,903) ( 15,005)
_______ _______
Net current assets 51,884 43,813
_______ _______
Total assets less current liabilities 55,701 48,718
Provisions for liabilities ( 1,249) ( 1,249)
_______ _______
Net assets 54,452 47,469
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 8 54,352 47,369
_______ _______
Shareholder funds 54,452 47,469
_______ _______
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 26 April 2023 , and are signed on behalf of the board by:
Mr G Nichols
Director
Company registration number: 06948322
OPTIMISE4 LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Melbourne House, 36 Chamberlain Street, Wells, Bristol, BA5 2PJ.
Principal activity
The principal activity of the company is that of management consultancy activities other than financial management.
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'.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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.
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.
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:
Plant and machinery - 15 % reducing balance
Computer equipment - 25% reducing balance
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 August 2021 13,528 13,528
Additions 35 35
_______ _______
At 31 July 2022 13,563 13,563
_______ _______
Depreciation
At 1 August 2021 8,624 8,624
Charge for the year 1,122 1,122
_______ _______
At 31 July 2022 9,746 9,746
_______ _______
Carrying amount
At 31 July 2022 3,817 3,817
_______ _______
At 31 July 2021 4,904 4,904
_______ _______
6. Debtors
2022 2021
£ £
Trade debtors 13,230 -
Other debtors 11,068 7,016
_______ _______
24,298 7,016
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 2 -
Trade creditors 10,453 11,782
Accruals and deferred income 1,760 1,747
Social security and other taxes 6,448 1,188
Other creditors 240 288
_______ _______
18,903 15,005
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
G Nichols ( 288) 21,516 ( 21,468) ( 240)
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
G Nichols ( 288) - - ( 288)
_______ _______ _______ _______