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Registered Number: 12715104
England and Wales

 

 

 

OPULENZE CAPITAL LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Opinion

We have audited the financial statements of Opulenze Capital Limited for the year ended 31 March 2023 which comprise Income Statement, Statement of Financial Position and notes to the financial position, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Section(United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
  • give a true and fair view of the state of the company’s affairs as at 31 March 2023 and of its Profit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCs Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the directors’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records and returns; or
  • certain disclosures of directors’ remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit; or
  • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
  • the nature of the industry and sector, control environment and business performance;
  •  results of our enquiries of management about their own identification and assessment of the risks of irregularities;
  •  any matters we identified having obtained and reviewed the companys documentation of their policies and procedures relating to:
  •  identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of noncompliance;
  • detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
  • the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
  • the matters discussed among the audit engagement team and involving relevant internal tax and business advisory specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
A further description of our responsibilities is available on the Financial Reporting Councils website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors report.


Use of this report
This report is made solely to the company’s members, as a body, in accordance with the Companies Act 2006, Pt. 16, Ch. 3. Our audit work has been undertaken so that we might state to the company’s members those matters that we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, or the opinions we have formed.



Krishna Prasad Dahal (Senior Statutory Auditor)
for and on behalf of Focus Somar Audit & Tax Accountants Ltd
Chartered Certified Accountants and Statutory Auditors
130 College Road
Middlesex house, Unit 301
Harrow
HA1 1BQ

Date: 25 May 2023
1
 
 
Notes
 
2023
£
  2022
£
Current assets      
Debtors 117,649    48,629 
Cash at bank and in hand 235,129    241,185 
352,778    289,814 
Creditors: amount falling due within one year (49,003)   (53,632)
Net current assets 303,775    236,182 
 
Total assets less current liabilities 303,775    236,182 
Net assets 303,775    236,182 
 

Capital and reserves
     
Called up share capital 135,000    135,000 
Profit and loss account 168,775    101,182 
Shareholder's funds 303,775    236,182 
 


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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006,the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 25 May 2023 and were signed on its behalf by:


--------------------------------
Mr Vikas Chauhan
Director
2
General Information
Opulenze Capital Limited is a private company, limited by shares, registered in England and Wales, registration number 12715104, registration address 87 Hill View Road, Hatch End, Pinner, Middlesex, HA5 4PB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
Company's management have assessed whether the going concern assumption is appropriate in the current context, the management have taken into consideration of all available and relevant information specific to company about the future, which is at least, but is not limited to, twelve months from the date when the financial statements are authorised for issue.

The directors assessed the performance of the each quarter of financial year and concluded that the company is continuing its regular levels of sales and profitability, and that it is well placed to manage its business risks successfully assessing the pandemic context. Accordingly, directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The management continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into GBP at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into GBP at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Interim dividend has been approved by the board minute amounting to £40,000 which has been paid during the financial year.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including director loans, are measured initially at fair value, net of transaction costs.
Debtors
Short-term debtors are measured at transaction price, less any impairment. Debtors arising from foreign exchange transaction are measured subsequently using ruling rate at the statement of Financial Position Date.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable that it will result in an outflow of economic benefits that can be reasonably estimated.
Cash and Cash Equivalents
Cash and cash equivalents in the statement of financial position are comprised entirely of cash at bank.
2.

Directors' Remuneration

     
During the year, Opulenze Capital Limited paid remuneration of £9,480 to the Director.

3.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
4.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Company under common control129,063 74,601 

During the year, the company received an income amounting to £129,063 from a company under common control. The service provided was related to the advisory fee, trading services and support services split between two companies on the transfer pricing model.
3