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Company registration number: 08121351
Opes Real Estate Limited
Information for Filing with The Registrar
30 June 2023
Opes Real Estate Limited
Contents
Abridged statement of financial position
Notes to the financial statements
Opes Real Estate Limited
Abridged statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 811 969
_______ _______
811 969
Current assets
Debtors 34,040 63,000
Cash at bank and in hand 606 305
_______ _______
34,646 63,305
Creditors: amounts falling due
within one year ( 129,227) ( 141,809)
_______ _______
Net current liabilities ( 94,581) ( 78,504)
_______ _______
Total assets less current liabilities ( 93,770) ( 77,535)
Creditors: amounts falling due
after more than one year ( 14,175) ( 23,650)
_______ _______
Net liabilities ( 107,945) ( 101,185)
_______ _______
Capital and reserves
Called up share capital 6 1 1
Profit and loss account ( 107,946) ( 101,186)
_______ _______
Shareholders deficit ( 107,945) ( 101,185)
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:
Timothy Anthony Lewis
Director
Company registration number: 08121351
Opes Real Estate Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in the UK. The address of the registered office is 20-22 Wenlock Road, London, England, N1 7GU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company meets its day to day working capital requirements through the continued support of itsshareholder for the foreseeable future, and at least 12 months from the date of signing these financial statements. On this basis the director considers that it is appropriate to prepare the financial statements on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
£
Cost
At 1 July 2022 6,896
Additions 536
_______
At 30 June 2023 7,432
_______
Depreciation
At 1 July 2022 5,927
Charge for the year 694
_______
At 30 June 2023 6,621
_______
Carrying amount
At 30 June 2023 811
_______
At 30 June 2022 969
_______
6. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Amounts presented in equity:
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
Amounts presented in liabilities:
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
7. Related party transactions
During the year various receipts and expenses payments on behalf of Book a Local Surveyor Limited, a company in which Mr Tim Lewis is a director and 100% shareholder. At the year end £123,918 (2022 : £102,441) was owed to Book a Local Surveyor Limited.Mr Tim Lewis is also a director of Evelyn Hall Limited and owns 44.55% of the shares. At the year end Evelyn Hall Ltd owed £11,040 (2022: £nil) to Opes Real Estate Limited .
8. Controlling party
In the opinion of the director, the company is controlled ultimately by Timothy Anthony Lewis .