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Ophir Finance Company Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 00608953

 

Ophir Finance Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Ophir Finance Company Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

12,478

13,316

Investment property

5

2,130,783

2,128,459

Investments

6

14,006

14,006

 

2,157,267

2,155,781

Current assets

 

Debtors

7

928,990

929,573

Investments

8

4,983,688

3,375,658

Cash at bank and in hand

 

203,714

735,871

 

6,116,392

5,041,102

Creditors: Amounts falling due within one year

9

(937,360)

(330,552)

Net current assets

 

5,179,032

4,710,550

Total assets less current liabilities

 

7,336,299

6,866,331

Creditors: Amounts falling due after more than one year

9

(2,800,003)

(2,145,865)

Net assets

 

4,536,296

4,720,466

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

4,536,196

4,720,366

Shareholders' funds

 

4,536,296

4,720,466

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 8 November 2023 and signed on its behalf by:
 

.....................................
M J Greene
Director

   
     

Company Registration Number: 00608953

 

Ophir Finance Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

These financial statements were authorised for issue by the Board on 8 November 2023.

2

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

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with FRS102 as follows:

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
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.



 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Ophir Finance Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Bicycles
£

Total
£

Cost or valuation

At 1 April 2022

33,799

27,387

3,498

64,684

Additions

-

-

4,961

4,961

Disposals

-

-

(2,379)

(2,379)

At 31 March 2023

33,799

27,387

6,080

67,266

Depreciation

At 1 April 2022

33,799

16,169

1,400

51,368

Charge for the year

-

2,244

1,176

3,420

At 31 March 2023

33,799

18,413

2,576

54,788

Carrying amount

At 31 March 2023

-

8,974

3,504

12,478

At 31 March 2022

-

11,218

2,098

13,316

5

Investment properties

2023
£

At 1 April

2,128,459

Additions

2,324

At 31 March

2,130,783

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

14,000

14,000

Investments in joint ventures

6

6

14,006

14,006

Subsidiaries

£

Cost or valuation

At 1 April 2022

14,000

Provision

Carrying amount

At 31 March 2023

14,000

At 31 March 2022

14,000

Joint ventures

£

Cost

At 1 April 2022

6

At 31 March 2023

6

Carrying amount

At 31 March 2023

6

At 31 March 2022

6

 

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

     

2023

2022

Subsidiary undertakings

Ophia Finance Spain SL

Registered in Spain

Ordinary

100%

100%

         

Joint ventures

26 St. Peter's Road Property Limited

Towngate House
2-8 Parkstone Road
Poole
BH15 2PW

Ordinary

50%

50%

 

England

     

Subsidiary undertakings

Ophia Finance Spain SL

The principal activity of Ophia Finance Spain SL is the management of investment properties.

Joint ventures

26 St. Peter's Road Property Limited

The principal activity of 26 St. Peter's Road Property Limited is that of a dormant company. Its financial period end is 30 June.

7

Debtors

2023
 £

2022
 £

Amounts due from group undertakings

928,990

928,990

Other debtors

-

59

Prepayments

-

524

928,990

929,573

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

8

Current asset investments

2023
£

2022
£

Loans to joint venture

4,983,688

3,375,658

9

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Loans and borrowings

318,119

131,687

Amounts due to group undertakings

14,509

14,509

Social security and other taxes

482

309

Other creditors

546,053

50,526

Accrued expenses

16,320

13,837

Corporation tax

41,877

119,684

937,360

330,552

Due after one year

Loans and borrowings

1,850,003

1,195,865

Amounts due to group undertakings

950,000

950,000

2,800,003

2,145,865

10

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

1,150,000

-

Other borrowings

700,003

1,195,865

1,850,003

1,195,865

2023
£

2022
£

Current loans and borrowings

Bank borrowings

31,695

41,695

Other borrowings

286,424

89,992

318,119

131,687