Optimum Mechanical & Electrical Limited Accounts

OPTIMUM MECHANICAL & ELECTRICAL LIMITED - Company Information






Optimum Mechanical & Electrical Limited
	Company No. 08505446
		Information for Filing with The Registrar
		30 April 2017


			at	30 April 2017

Company No.		08505446		Notes	2017	2016
					£	£
Fixed assets

	Tangible assets			3	11,822	15,950


					11,822	15,950
Current assets
	Stocks			4	55,500	20,000
	Debtors			5	17,952	82,945


					73,452	102,945
Creditors: Amount falling due within one year				6	(63,316)	(108,610)
Net current assets/(liabilities)					10,136	(5,665)

Total assets less current liabilities					21,958	10,285
Creditors: Amounts falling due after more than one year				7	(17,804)	(5,064)
Provisions for liabilities
	Deferred taxation			8	(2,246)	(3,190)

Net assets					1,908	2,031

Capital and reserves
	Called up share capital				100	100



	Profit and loss account			9	1,808	1,931

Total equity					1,908	2,031


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 April 2017 the company was entitled to exemption 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 30 September 2017

And signed on its behalf by:

M. Oldroyde
Director
30 September 2017

for the year ended 30 April 2017

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

15% Reducing balance

Motor vehicles

25% Reducing balance

Furniture, fittings and equipment

33% Straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Employees
			2017	2016
			Number	Number
		The average number of persons employed during the year :	3	4

3	Tangible fixed assets
			Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 May 2016	1,366	27,594	3,870	32,830
		Additions	-	-	615	615



		At 30 April 2017	1,366	27,594	4,485	33,445
		Depreciation
		At 1 May 2016	405	13,788	2,687	16,880
		Charge for the year	144	3,451	1,148	4,743



		At 30 April 2017	549	17,239	3,835	21,623
		Net book values
		At 30 April 2017	817	10,355	650	11,822
		At 30 April 2016	961	13,806	1,183	15,950

4	Stocks
			2017	2016
			£	£

		Work in progress	55,500	20,000

			55,500	20,000

5	Debtors
			2017	2016
			£	£
		Trade debtors	4,666	78,212




		Loans to directors	9,614	-
		Other debtors	1,834	2,744
		Prepayments and accrued income	1,838	1,989
			17,952	82,945

6	Creditors:
		amounts falling due within one year
			2017	2016
			£	£

		Bank loans and overdrafts	6,759	38,590
		Other loans	11,200	-
		Obligations under finance lease and hire purchase contracts	5,064	5,164
		Trade creditors	34,814	33,447

		Corporation tax	3,298	15,277
		Other taxes and social security	233	11,499
		Loans from directors	-	2,221
		Other creditors	228	692
		Accruals and deferred income	1,720	1,720
			63,316	108,610

		The company has a debenture dated 12 December 2016, to secure borrowing by the company.

7	Creditors:
		amounts falling due after more than one year
			2017	2016
			£	£


		Other loans	17,804	-
		Obligations under finance lease and hire purchase contracts	-	5,064




			17,804	5,064

8	Provisions for liabilities
		Deferred taxation

			Accelerated capital allowances, losses and other timing differences	Arising from revaluation	Total
			£	£	£
		At 1 May 2016	3,190	-	3,190
		Charge to the profit and loss account for the period	(944)		(944)

		At 30 April 2017	2,246	-	2,246



			2017		2016
			£		£
		Accelerated capital allowances	2,246		3,190



			2,246		3,190

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

10	Dividends
			2017	2016
			£	£
		Dividends for the period:
		Dividends paid in the period	10,000	55,000

			10,000	55,000

		Dividends by type:

		Equity dividends	10,000	55,000
			10,000	55,000

11	Advances and credits to directors
		Included within Other debtors / creditors (as appropriate) are the following loans between directors and the company:

		Director	Description	At 1 May 2016	Advanced	Repaid	At 30 April 2017
				£	£	£	£
		M. Oldroyde	Directors loan account	(2,221)	123,198	(111,364)	9,614


































				(2,221)	123,198	(111,364)	9,614

The balance has no interest charged thereon. There are no conditions attached to advances to the director, however the director must ensure that any transactions between company and director are not detrimental to the company.

Related party disclosures

Controlling parties

Immediate controlling parties

The Director by virtue of their majority shareholding.

Ultimate controlling party

The Director by virtue of their majority shareholding.

Additional information

Its registered number is:

08505446

Its registered office is:

2 Forest Farm Business Park

Fulford

York

YO19 4RH

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