Year Ended
Registration number:
Ophir Finance Company Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ophir Finance Company Limited
Balance Sheet
31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Ophir Finance Company Limited
Balance Sheet
31 March 2023
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 00608953
Ophir Finance Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents amounts received in respect of rent for investment properties held by the company.
Government grants
The government grant has been accounted for on a performance model. The grant does not impose specified future performance-related conditions on the recipient of the grant proceeds.
Tax
Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Ophir Finance Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
25% straight line |
Motor vehicles |
20% reducing balance |
Bicycles |
20% straight line |
Investment property
No depreciation is provided in respect of investment properties and they are recorded at cost.
This treatment as regards the company's investment properties may be a departure from the requirements of FRS 102 concerning the depreciation of fixed assets and the annual revaluation of investment properties. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation and revaluation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view.
Joint venture investments
Joint ventures are included using the equity method of accounting. Under this method, equity investments are initially recognised at the transaction price, and are subsequently adjusted to reflect the share of the profit or loss, other comprehensive income and equity of the joint venture.
Investments
In the company balance sheet, investments in subsidiaries are measured at cost less impairment.
Defined contribution pension obligation
The company operates a defined contribution plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Ophir Finance Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Ophir Finance Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Bicycles |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
- |
- |
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Disposals |
- |
- |
( |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
- |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
- |
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At 31 March 2022 |
- |
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Investment properties |
2023 |
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At 1 April |
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Additions |
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At 31 March |
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There has been no valuation of investment property by an independent valuer.
Ophir Finance Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Investments in joint ventures |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2022 |
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Provision |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Joint ventures |
£ |
Cost |
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At 1 April 2022 |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Ophir Finance Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Registered in Spain |
Ordinary |
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Joint ventures |
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Towngate House
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Ordinary |
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England |
Subsidiary undertakings |
Ophia Finance Spain SL The principal activity of Ophia Finance Spain SL is |
Joint ventures |
26 St. Peter's Road Property Limited The principal activity of 26 St. Peter's Road Property Limited is |
Debtors |
2023 |
2022 |
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Amounts due from group undertakings |
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Other debtors |
- |
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Prepayments |
- |
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Debtors includes £928,990 (2022 - £928,990) receivable after more than one year.
Ophir Finance Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Current asset investments |
2023 |
2022 |
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Loans to joint venture |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Amounts due to group undertakings |
14,509 |
14,509 |
Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Corporation tax |
41,877 |
119,684 |
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Due after one year |
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Loans and borrowings |
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Amounts due to group undertakings |
950,000 |
950,000 |
2,800,003 |
2,145,865 |
Loans and borrowings |
2023 |
2022 |
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Loans and borrowings due after one year |
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Bank borrowings |
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- |
Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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