Optimum Electrical Engineering Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08838713 (England and Wales)

OPTIMUM ELECTRICAL ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Shiel

G Jones

P Perry

D J Ogden

REGISTERED OFFICE:

Units 8 & 8A

Waterloo Park Industrial Estate

Upper Brook Street

Stockport

Cheshire

SK1 3BP

REGISTERED NUMBER:

08838713 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

12,379

Tangible assets

5

89,920

105,364

Investments

6

1,000

1,000

90,920

118,743

CURRENT ASSETS

Stocks

10,340

42,202

Debtors

7

1,154,006

1,627,676

Cash at bank and in hand

25,140

191,982

1,189,486

1,861,860

CREDITORS

Amounts falling due within one year

8

961,696

1,534,892

NET CURRENT ASSETS

227,790

326,968

TOTAL ASSETS LESS CURRENT LIABILITIES

318,710

445,711

CREDITORS

Amounts falling due after more than one year

9

(156,671

)

(114,048

)

PROVISIONS FOR LIABILITIES

(22,480

)

(26,341

)

NET ASSETS

139,559

305,322

CAPITAL AND RESERVES

Called up share capital

11

100

100

Profit and loss account

139,459

305,222

SHAREHOLDERS' FUNDS

139,559

305,322

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:

G Jones - Director

D J Ogden - Director

1.	STATUTORY INFORMATION

Optimum Electrical Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding Value Added Tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of four years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

33% on cost

Plant and machinery

-

25% to 33.3% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-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.

Other investments

Other investments are held at historical cost less accumulated impairment losses as there is no active market for the investments and no reliable measure of fair value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2022

and 30 June 2023

49,515

AMORTISATION

At 1 July 2022

37,136

Charge for year

12,379

At 30 June 2023

49,515

NET BOOK VALUE

At 30 June 2023

-

At 30 June 2022

12,379

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 July 2022

2,613

20,009

11,322

Additions

-

-

1,424

Disposals

-

-

-

At 30 June 2023

2,613

20,009

12,746

DEPRECIATION

At 1 July 2022

2,613

14,336

11,189

Charge for year

-

2,085

454

Eliminated on disposal

-

-

-

At 30 June 2023

2,613

16,421

11,643

NET BOOK VALUE

At 30 June 2023

-

3,588

1,103

At 30 June 2022

-

5,673

133

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2022

173,038

19,646

226,628

Additions

22,779

1,621

25,824

Disposals

(18,620

)

-

(18,620

)

At 30 June 2023

177,197

21,267

233,832

DEPRECIATION

At 1 July 2022

78,758

14,368

121,264

Charge for year

34,507

2,447

39,493

Eliminated on disposal

(16,845

)

-

(16,845

)

At 30 June 2023

96,420

16,815

143,912

NET BOOK VALUE

At 30 June 2023

80,777

4,452

89,920

At 30 June 2022

94,280

5,278

105,364

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2022

and 30 June 2023

1,000

NET BOOK VALUE

At 30 June 2023

1,000

At 30 June 2022

1,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,079,544

1,369,062

VAT

-

39,668

Prepayments and accrued income

74,462

218,946

1,154,006

1,627,676

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other loans

94,280

41,954

Hire purchase contracts

7,041

11,099

Trade creditors

453,802

1,051,140

Corporation tax

14,340

58,917

Social security and other taxes

160,213

64,358

Other creditors

17,594

35,932

Accruals and deferred income

214,426

271,492

961,696

1,534,892

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other loans - 1-2 years

105,710

45,844

Other loans - 2-5 years

50,373

58,884

Hire purchase contracts

588

9,320

156,671

114,048

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

7,629

20,419

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

30

Ordinary

£1

30

30

30

Ordinary B

£1

30

30

30

Ordinary C

£1

30

30

10

Ordinary D

£1

10

10

100

100

12.	OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £78,213 (2022 : £16,255).