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Registered number: 06552780
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ARTEMIS OPTICAL (HOLDINGS) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2018
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ARTEMIS OPTICAL (HOLDINGS) LIMITED
REGISTERED NUMBER:06552780
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Capital redemption reserve
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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 statement of income and retained earnings 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:
The notes on pages 4 to 8 form part of these financial statements.
Page 1
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ARTEMIS OPTICAL (HOLDINGS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018
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Capital redemption reserve
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COMPREHENSIVE INCOME FOR THE YEAR
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The notes on pages 4 to 8 form part of these financial statements.
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Page 2
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ARTEMIS OPTICAL (HOLDINGS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
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Capital redemption reserve
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COMPREHENSIVE INCOME FOR THE YEAR
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Shares issued during the year
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The notes on pages 4 to 8 form part of these financial statements.
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Page 3
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ARTEMIS OPTICAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
Artemis Optical (Holdings) Limited is a limited liability company, incorporated in England (registered number: 06552780). Its registered office is 1 Western Wood Way, Langage Science Park, Plymouth, Devon, PL7 5BG.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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, 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 judgement in applying the Company's accounting policies.
The company is the 100% parent of Artemis Optical Limited. There is no requirement to produce consolidated accounts as the group is a small group.
The following principal accounting policies have been applied:
For the 12 months ended 31st March 2018, the company incurred a loss of £66,964 (2017: £40,912).
As at 31 March 2018, the net assets of the company amounted to £217,753 (2017: £284,716) and there were net current liabilities in the business of £361,745 (2017: £294,782).
As with many holding companies, the company relies on it’s wholly owned trading subsidiary to provide it’s major source of income. Assuming that the key assumptions in regards to future revenue in the trading subsidiary are met, the management team remain confident that the company will meet it’s obligations and deliver consistent operating profits.
For these reasons the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Rendering of services
Revenue 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 revenue 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.
Page 4
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ARTEMIS OPTICAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
2.ACCOUNTING POLICIES (continued)
Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.
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 Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Investments in subsidiaries are measured at cost less accumulated impairment.
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 non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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The average monthly number of employees, including directors, during the year was 4 (2017: 4).
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Page 5
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ARTEMIS OPTICAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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Investments in subsidiary companies
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Prepayments and accrued income
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Interest is charged at 8% per annum on other loans of £35,771 and the loan remains repayable on demand.
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Page 6
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ARTEMIS OPTICAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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ALLOTTED, CALLED UP AND FULLY PAID
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533,613 (2017: 533,613) Ordinary A shares of £0.00001 each
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10,937 (2017: 10,937) Ordinary B shares of £0.00001 each
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7,443 (2017: 7,443) Ordinary C shares of £0.00001 each
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An unlimited composite company guarantee has been given by Artemis Optical Limited and Artemis Optical (Holdings) Limited to secure all liabilties of each other.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,655 (2017: £13,435). Contributions totalling £9,289 (2017: £7,988) were payable to the fund at the reporting date and are included in creditors.
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RELATED PARTY TRANSACTIONS
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As the 100% parent of Artemis Optical Limited, the company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33 "Related party disclosures" in not disclosing intra-group transactions with its subsidiary.
At 31 March 2018, the company owed £4,006 (2017: £4,006) to one of its Directors.
At 31 March 2018, the company was owed £6,509 (2017: £509) by a Director of the company's trading subsidiary.
During the year, the company was loaned £35,000 by one of its Directors. Interest charged at 8% per annum totals £771 in the period. At 31 March 2018, the company owed £35,771 to the Director.
During the year, the Directors loaned the company £75,000, interest free. This amount was outstanding as at 31 March 2018.
During the year the Directors received remuneration of £175,055 (2017: £170,012) and pension contributions of £12,655 (2017: £12,655).
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The company is not considered to have an ultimate controlling party as the company was controlled jointly by the directors throughout the year.
Page 7
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ARTEMIS OPTICAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
The auditors' report on the financial statements for the year ended 31 March 2018 was unqualified.
The audit report was signed by Robert Davey FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.
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