Caseware UK (AP4) 2019.0.227 2019.0.227 2019-12-31 02446995 2019-12-31 2019-01-01 false SUPPLY OF SOFTWARE, HARDWARE AND RELATED CONSULTING SERVICES SPECIFIC TO CLOTHING, FOOTWEAR AND HOME TEXTILE INDUSTRIES. true true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02446995 2019-01-01 2019-12-31 02446995 2018-01-01 2018-12-31 02446995 2019-12-31 02446995 2018-12-31 02446995 1 2019-01-01 2019-12-31 02446995 d:Director1 2019-01-01 2019-12-31 02446995 c:FurnitureFittings 2019-01-01 2019-12-31 02446995 c:FurnitureFittings 2019-12-31 02446995 c:FurnitureFittings 2018-12-31 02446995 c:FurnitureFittings c:OwnedOrFreeholdAssets 2019-01-01 2019-12-31 02446995 c:OfficeEquipment 2019-01-01 2019-12-31 02446995 c:OfficeEquipment 2019-12-31 02446995 c:OfficeEquipment 2018-12-31 02446995 c:OfficeEquipment c:OwnedOrFreeholdAssets 2019-01-01 2019-12-31 02446995 c:OwnedOrFreeholdAssets 2019-01-01 2019-12-31 02446995 c:CurrentFinancialInstruments 2019-12-31 02446995 c:CurrentFinancialInstruments 2018-12-31 02446995 c:CurrentFinancialInstruments c:WithinOneYear 2019-12-31 02446995 c:CurrentFinancialInstruments c:WithinOneYear 2018-12-31 02446995 c:ShareCapital 2019-12-31 02446995 c:ShareCapital 2018-12-31 02446995 c:SharePremium 2019-01-01 2019-12-31 02446995 c:SharePremium 2019-12-31 02446995 c:SharePremium 2018-12-31 02446995 c:RetainedEarningsAccumulatedLosses 2019-01-01 2019-12-31 02446995 c:RetainedEarningsAccumulatedLosses 2019-12-31 02446995 c:RetainedEarningsAccumulatedLosses 2018-12-31 02446995 d:OrdinaryShareClass1 2019-01-01 2019-12-31 02446995 d:OrdinaryShareClass1 2018-01-01 2018-12-31 02446995 d:OrdinaryShareClass1 2019-12-31 02446995 d:FRS102 2019-01-01 2019-12-31 02446995 d:AuditExempt-NoAccountantsReport 2019-01-01 2019-12-31 02446995 d:FullAccounts 2019-01-01 2019-12-31 02446995 d:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 02446995 c:WithinOneYear 2019-12-31 02446995 c:WithinOneYear 2018-12-31 02446995 c:BetweenOneFiveYears 2019-12-31 02446995 c:BetweenOneFiveYears 2018-12-31 02446995 2 2019-01-01 2019-12-31 xbrli:shares iso4217:GBP xbrli:pure

















Registered number: 02446995
Information for filing with the registrar

For the year ended 31 December 2019

 
OPTION SYSTEMS LIMITED
REGISTERED NUMBER:  02446995

BALANCE SHEET
AS AT  31 DECEMBER 2019

2019
2018
Note
£
£
   

Tangible assets
 4 
23,913
17,494

Current assets
   

Debtors
 5 
1,198,738
1,062,782

Cash at bank and in hand
   
288,648
483,157

   
1,487,386
1,545,939

Creditors: amounts falling due within one year

 6 

(802,788 )
(828,968 )

   

Net assets
   
708,511
734,465

Capital and reserves
   

Called up share capital 
 7 
17,000
17,000

Share premium account
 8 
12,314
12,314

Profit and loss account
 8 
679,197
705,151

   
708,511
734,465


The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 financial statements.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by : 



A G Parkinson
Director

Date:  4 June 2020

The notes on pages 2 to 7 form part of these financial statements.

- 1 -

 
OPTION SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

General information

Option Systems Limited is a private company, limited by shares incorporated in the United Kingdom. The Company’s registered number is 02446995. The address of its registered office is Standards House, Meridian East, Meridian Business Park, Leicester, LE19 1WZ.
The principal activity of the Company during the year continued to be the supply of software, hardware and related consulting services specific to the clothing, footwear and home textile industries.
The financial statements have been presented in Pounds Sterling (£) as this is currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.

2. Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102 ("FRS 102"), the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Post balance sheet events

The Board have considered the impact of the Covid 19 pandemic on the business of the company, and at this stage, they consider the company to be a going concern for the foreseeable future.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pounds Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

- 2 -

 
OPTION SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

2. Accounting policies (continued)

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Operating leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

2.6

Interest income

Interest income is recognised in the profit and loss account using the effective interest method.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Taxation

Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

- 3 -

 
OPTION SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

2. Accounting policies (continued)

2.9

Research and development

Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following annual basis:

Office fixtures, fittings and equipment
-
straight line per annum
Computer equipment and software
-
25 %
straight line per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

2.11

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.13

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.

- 4 -

 
OPTION SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

2. Accounting policies (continued)

2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

The average monthly number of employees, including directors, during the year was  23  (2018 -  23 ) .





Computer equipment and software
Total

£
£
£



Cost


At 1 January 2019
46,689
55,091
101,780


Additions
4,400
11,315
15,715


Disposals
(2,663 )
(5,360 )
(8,023 )



At 31 December 2019

48,426
61,046
109,472



Depreciation


At 1 January 2019
36,243
48,043
84,286


Charge for the year on owned assets
4,111
5,185
9,296


Disposals
(2,663 )
(5,360 )
(8,023 )



At 31 December 2019

37,691
47,868
85,559



Net book value



At 31 December 2019
10,735
13,178
23,913



At 31 December 2018
10,446
7,048
17,494

- 5 -

 
OPTION SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2019
2018
£
£


Trade debtors
636,568
545,941

Amounts owed by group undertakings
403,344
371,344

Other debtors
129,035
113,416

Prepayments
29,791
32,081

1,198,738
1,062,782


2019
2018
£
£

Trade creditors
53,310
37,677

Corporation tax
-
1,963

Other taxation and social security
142,410
153,198

Other creditors
32,658
43,711

Accruals and deferred income
574,410
592,419

802,788
828,968


2019
2018
£
£
Allotted, called up and fully paid



1,700,000   Ordinary  shares of £ 0.01  each
17,000
17,000


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit & loss account

The profit and loss account represents the cumulative profits and losses of the Company.

- 6 -

 
OPTION SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2019
2018
£
£
29,921
29,934

Later than 1 year and not later than 5 years
59,764
89,298

89,685
119,232


10.

OSL Holdings Limited, a company registered in England and Wales, is the immediate and ultimate parent undertaking. 

 
- 7 -