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Registration number: 07976174

Opal X Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Opal X Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Opal X Limited

Company Information

Directors

Mr Brian Aislabie

Mr Daniel Francis

Mr Mark Saggs

Registered office

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Bucks
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Bucks
SL8 5TD

 

Opal X Limited

(Registration number: 07976174)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

44,217

55,639

Investments

5

100

37,236

 

44,317

92,875

Current assets

 

Debtors

6

203,854

224,259

Cash at bank and in hand

 

43,141

78,400

 

246,995

302,659

Creditors: Amounts falling due within one year

7

(215,862)

(275,942)

Net current assets

 

31,133

26,717

Total assets less current liabilities

 

75,450

119,592

Creditors: Amounts falling due after more than one year

7

(35,849)

(62,165)

Provisions for liabilities

(6,900)

(10,000)

Net assets

 

32,701

47,427

Capital and Reserves

 

Called up share capital

400

400

Capital redemption reserve

100

100

Retained Earnings

32,201

46,927

Shareholders' funds

 

32,701

47,427

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.

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.

 

Opal X Limited

(Registration number: 07976174)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

.........................................
Mr Brian Aislabie
Director

.........................................
Mr Daniel Francis
Director

 

Opal X Limited

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 and Wales.

The address of its registered office is:
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Bucks
SL8 5TD
United Kingdom

These financial statements were authorised for issue by the Board on 17 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 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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

Opal X Limited

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

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

10% Straight line

 

Opal X Limited

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

Office equipment

20% Straight line

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Borrowings

 

Opal X Limited

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

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 7 (2022 - 8).

 

Opal X Limited

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

4

Tangible Assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

3,090

4,285

75,436

82,811

Additions

1,783

3,405

495

5,683

Disposals

-

(1,624)

-

(1,624)

At 30 June 2023

4,873

6,066

75,931

86,870

Depreciation

At 1 July 2022

304

3,060

23,808

27,172

Charge for the year

802

1,183

15,120

17,105

Eliminated on disposal

-

(1,624)

-

(1,624)

At 30 June 2023

1,106

2,619

38,928

42,653

Carrying amount

At 30 June 2023

3,767

3,447

37,003

44,217

At 30 June 2022

2,786

1,225

51,628

55,639

Included within the net book value of land and buildings above is £3,767 (2022 - £2,786) in respect of short leasehold land and buildings.
 

5

Investments

2023
£

2022
£

Investments in subsidiaries

100

37,236

 

Opal X Limited

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

Subsidiaries

£

Cost or valuation

At 1 July 2022

37,236

Revaluation

(37,186)

Additions

50

At 30 June 2023

100

Provision

Carrying amount

At 30 June 2023

100

At 30 June 2022

37,236

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

Creasetech Limited

3 Wadsworth Road
Perivale
Middlesex
UB6 7JD

United Kingdom

Ordinary

100%

50%

Subsidiary undertakings

Creasetech Limited

The principal activity of Creasetech Limited is the provision of print creasing and finishing services.

 

Opal X Limited

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

6

Debtors

2023
£

2022
£

Trade Debtors

172,649

179,930

Prepayments

23,968

22,647

Other debtors

7,237

21,682

203,854

224,259

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

26,297

25,830

Trade Creditors

 

124,821

170,191

Amounts owed to related parties

308

4,508

Taxation and social security

 

16,351

19,024

Accruals and deferred income

 

-

11,068

Other creditors

 

39,885

28,848

Corporation tax

 

8,200

16,473

 

215,862

275,942

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

35,849

62,165

 

Opal X Limited

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

31,110

44,156

Hire purchase contracts

4,739

18,009

35,849

62,165

2023
£

2022
£

Current loans and borrowings

Bank borrowings

13,027

12,560

Hire purchase contracts

13,270

13,270

26,297

25,830

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £169,200 (2022 - £206,800).