REGISTERED NUMBER: |
OPAL STL LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
REGISTERED NUMBER: |
OPAL STL LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
OPAL STL LIMITED (REGISTERED NUMBER: 08601039) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
OPAL STL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
OPAL STL LIMITED (REGISTERED NUMBER: 08601039) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Short-term loan | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
OPAL STL LIMITED (REGISTERED NUMBER: 08601039) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Opal STL Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. |
The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
The company does not have any employees. |
Going concern |
The Company has net liabilities of £11,235 (2021: £11,235) as at 31 December 2022. The company’s directors are currently managing the collection of its outstanding short-term loan investments. Once all the short-term loans have been repaid to the company, the directors intend that it will cease trading. Accordingly, the going concern basis has not been applied in the preparation of the financial statements. |
Significant judgements and estimates |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates md judgements that affect the reported amounts ot assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting year. The principal estimate involved in the preparation of the financial statements is the assessment of the recoverability of loans carried at amortised cost. This assessment is undertaken using knowledge of the underlying investments, consideration of security and collateral and the projected cash flows. No impairment has been identified. There are no significant judgements involved in the |
preparation of the financial statements. |
Interest income |
Income of the Company comprises of interest income which is earned from short term lending. |
Taxation |
No provision has been made for current and deferred tax as the company has no taxable profits. |
OPAL STL LIMITED (REGISTERED NUMBER: 08601039) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial assets |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Financial liabilities |
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Cash flow statement |
The Company is exempt from preparing a cash flow statement as permitted by FRS 102 Section 1A. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Loan arrangement fee | 299,499 | 375,750 |
Loan interest receivable | 114,045 | 377,321 |
5. | CURRENT ASSET INVESTMENTS |
2022 | 2021 |
£ | £ |
Short-term loan |
As at 31 December 2022, a total of £24,286,625 (2021: £22,116,025) was due from Century Capital Partners No 1 Limited and a total of £Nil (2021: £1,238,000) was due from Broadoak PFS Limited. Both loan facilities bear interest at a fixed rate of 0.89% per month and are repayable no later than the business day following the "borrower customer repayment date", being the initial due date for repayment by each customer of the borrower. |
OPAL STL LIMITED (REGISTERED NUMBER: 08601039) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Loan interest received in advance | 789,500 | 804,522 |
Accrued expenses - investment manager * | 806,249 | 781,369 |
Directors' current accounts | 301,825 | 301,825 |
*The audit remuneration for the 2022 financial year was included in the investment manager fee and any additional audit fees charged will be settled by the investment manager Crystal Property Income Limited. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Fixed income loan | 25,000,000 | 25,000,000 |
On 3 November 2015, the Company agreed a loan facility with GCP Asset Backed Income (UK) Limited of £20,250,000. The loan facility bears interest at a fixed rate of 7.6% per annum payable monthly in arrears. According to the management margin agreement entered into between Broadoak PFS Limited and Century Capital Partners No 1 Limited (the "Borrowers"), Crystal Property Income Limited (the "Shareholders" and the "manager"), the manager earns a margin of the lesser of 3.08% per annum and the difference between the fixed rate and the rate of interest that the borrowers earn on loans to customers. The loan will mature on 3 November 2023. During the 2021 financial year the loan facility was increased to £25,000,000. |
The loan is secured by fixed and floating charges over the assets of the Company. On 18 July 2022 the final repayment date was amended to 5 November 2027. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary shares | £1 | 1 | 1 |
The stated capital of the Company consists solely of Ordinary Shares of nil par value. The company can issue an unlimited number of Ordinary Shares. Each Ordinary Share in the Company is a limited share and accordingly the liability of a member arising from the holding of such a share is limited to the amount (if any) unpaid on it. At any general meeting of the Company each Shareholder will have, on a show of hands, one vote and on a poll one vote. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
OPAL STL LIMITED (REGISTERED NUMBER: 08601039) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | ULTIMATE CONTROLLING PARTY |
As at the balance sheet date, the ultimate controlling party is Crystal Property Income Limited. |