Optoswim Technologies Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC326523 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

FOR

OPTOSWIM TECHNOLOGIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Sunil Kadri

REGISTERED OFFICE:

C/O Cloch Solicitors

Standard Buildings

94 Hope Street

Glasgow

G2 6PH

REGISTERED NUMBER:

SC326523 (Scotland)

ACCOUNTANTS:

Stewart Gilmour & Co.,

Chartered Accountants

3rd Floor, St George's Buildings

5 St Vincent Place

Glasgow

G1 2DH

BANKERS:

Clydesdale Bank plc

30 St. Vincent Place

Glasgow

G1 2HL

SOLICITORS:

Cloch Solicitors

Standard Buildings

94 Hope Street

Glasgow

G2 6PH

FIXED ASSETS

Intangible assets

3

2,000

4,000

Tangible assets

4

543

815

2,543

4,815

CURRENT ASSETS

Debtors

5

264

614

Cash at bank

29,801

29,685

30,065

30,299

CREDITORS

Amounts falling due within one year

6

16,564

13,315

NET CURRENT ASSETS

13,501

16,984

TOTAL ASSETS LESS CURRENT LIABILITIES

16,044

21,799

CAPITAL AND RESERVES

Called up share capital

7

17,244

17,244

Share premium

8

152,942

152,942

Retained earnings

8

(154,142

)

(148,387

)

SHAREHOLDERS' FUNDS

16,044

21,799

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the director on 27 April 2018 and were signed by:

Sunil Kadri - Director

1.	STATUTORY INFORMATION

Optoswim Technologies Ltd is a private company, limited by shares ,

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

Turnover

Turnover is measured at the fair value of the consideration received or

receivable, excluding discounts, rebates, value added tax and other sales

taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five 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.

Plant and equipment

-

25% on cost

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised

in the Profit and loss account, 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.

Research and development

Expenditure on research and development, including costs of intellectual

property patents and licences and associated professional fees, are written

off in the year in which they are incurred.

Government grants

Government grants received in respect of expenditure charged in the profit

and loss account during the year have been included in profit and loss.

The remainder are deferred and included in the profit and loss account by

instalments over the expected useful lives of the assets to which they

relate.

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2016

and 31 July 2017

18,000

AMORTISATION

At 1 August 2016

14,000

Charge for year

2,000

At 31 July 2017

16,000

NET BOOK VALUE

At 31 July 2017

2,000

At 31 July 2016

4,000

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 August 2016

and 31 July 2017

5,395

4,278

9,673

DEPRECIATION

At 1 August 2016

5,395

3,463

8,858

Charge for year

-

272

272

At 31 July 2017

5,395

3,735

9,130

NET BOOK VALUE

At 31 July 2017

-

543

543

At 31 July 2016

-

815

815

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

264

614

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Directors' current accounts

14,356

11,632

Accruals and deferred income

1,913

1,575

Value added tax payable

295

108

16,564

13,315

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

114,936

Ordinary

£0.10

11,494

11,494

57,500

A Ordinary

£0.10

5,750

5,750

17,244

17,244

8.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 August 2016

(148,387

)

152,942

4,555

Deficit for the year

(755

)

(755

)

Dividends

(5,000

)

(5,000

)

At 31 July 2017

(154,142

)

152,942

(1,200

)

9.	CONTROLLING PARTY

The ultimate controlling party is Sunil Kadri.

Dr Sunil Kadri exercises immediate and ultimate control by virtue of the

fact that he holds the entire issued share capital of the company.