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Registration number: 03669621

Opec Construction Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Opec Construction Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Opec Construction Ltd

Company Information

Directors

Mr F G Rogers

Mr L T Rogers

Company secretary

Mr L T Rogers

Registered office

The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

Accountants

KRW Accountants Limited
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Opec Construction Ltd

(Registration number: 03669621)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,344

4,961

Investments

6

210

-

 

3,554

4,961

Current assets

 

Debtors

7

809,113

1,248,121

Cash at bank and in hand

 

31,093

30,640

 

840,206

1,278,761

Creditors: Amounts falling due within one year

8

(159,354)

(473,050)

Net current assets

 

680,852

805,711

Total assets less current liabilities

 

684,406

810,672

Creditors: Amounts falling due after more than one year

8

(72,368)

(122,680)

Provisions for liabilities

(492)

(943)

Net assets

 

611,546

687,049

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

610,546

686,049

Shareholders' funds

 

611,546

687,049

For the financial 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.

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.

 

Opec Construction Ltd

(Registration number: 03669621)
Balance Sheet as at 30 June 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 

.........................................
Mr F G Rogers
Director

.........................................
Mr L T Rogers
Company secretary and director

 

Opec Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS
United Kingdom

The principal place of business is:
The OPEC Suite F5
The Priory
Stomp Road
Burnham
Buckinghamshire
SL1 7LW

These financial statements were authorised for issue by the Board on 8 March 2024.

The company registration number is 03669621

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The directors have considered the financial position of the company and its outlook for future trading and are satisfied that the going concern assumption can be adopted.The financial statements have therefore been prepared on a going concern basis.

 

Opec Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and VAT.
Revenue is recognised to the extent that it is probable that economic benefits will flow to the Company and the revenue can be measured reliably.
The company recognises revenue when:
- a contract with the customer containing performance obligations is identified;
- the transaction price is determined and assigned to the performance obligations;
- performance obligations are met;
- economic benefits arising from the performance obligations are being acheived;
- the amount concerned can be reliably measured; and
- it is likely that the amount recognised will be recovered.
All activites related to construction contracts are accounted for using the percentage of completion method. Under this method, the revenue recognised equals the latest estimate of the total selling price of the contract mutilplied by the actual completion rate determined by the percentage of cost completion.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in 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 income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Motor vehicles

25% reducing balance

Office equipment

25% straight line

 

Opec Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Stocks

Stocks are stated at the lower of cost and net realiasable value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Opec Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension 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.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

-

6,500

Other fees to auditors

All other non-audit services

-

6,650


 

 

Opec Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

29,514

4,435

33,949

Additions

2,208

-

2,208

At 30 June 2023

31,722

4,435

36,157

Depreciation

At 1 July 2022

25,116

3,812

28,928

Charge for the year

3,744

141

3,885

At 30 June 2023

28,860

3,953

32,813

Carrying amount

At 30 June 2023

2,862

482

3,344

At 30 June 2022

4,398

563

4,961

6

Investments

2023
£

2022
£

Investments in subsidiaries

210

-

Subsidiaries

£

Cost or valuation

Additions

210

Provision

Carrying amount

At 30 June 2023

210

 

Opec Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

CO2PEC Limited

The Mill Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS
United Kingdom

Ordinary shares

59%

0%

Subsidiary undertakings

CO2PEC Limited

The principal activity of CO2PEC Limited is that of office refurbishments and general construction. Its financial period end is 30 April.

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

168,106

433,749

Amounts owed by related parties

485,933

257,970

Prepayments

 

18,717

156,584

Other debtors

 

136,357

399,818

   

809,113

1,248,121

 

Opec Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

34,737

39,320

Trade creditors

 

113,339

211,043

Taxation and social security

 

(8,607)

63,430

Accruals and deferred income

 

7,426

141,119

Other creditors

 

12,459

18,138

 

159,354

473,050

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

72,368

122,680

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         
 

Opec Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

72,368

122,680

2023
£

2022
£

Current loans and borrowings

Bank borrowings

34,737

39,320

Bank borrowings

Coronavirus Business Interuption Loan is denominated in Sterling with a nominal interest rate of 3.99%, and the final instalment is due on 13 July 2025. The carrying amount at year end is £Nil (2022 - £162,000).

The Loan is secured by a floating charge over all the assets, excluding stock and work-in progress, of the company.