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REGISTERED NUMBER: 08601039 (England and Wales)












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: J W A Allen
J Elder





REGISTERED OFFICE: Robin Hill
2a The Drive
Kingston Upon Thames
Surrey
KT2 7NY





REGISTERED NUMBER: 08601039 (England and Wales)





AUDITORS: Hopper Williams & Bell Limited
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 4 413,544 753,071
Short-term loan 5 24,286,625 23,354,025
Cash at bank 2,186,170 2,769,385
26,886,339 26,876,481
CREDITORS
Amounts falling due within one year 6 (1,897,574 ) (1,887,716 )
NET CURRENT ASSETS 24,988,765 24,988,765
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,988,765

24,988,765

CREDITORS
Amounts falling due after more than one
year

7

(25,000,000

)

(25,000,000

)
NET LIABILITIES (11,235 ) (11,235 )

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings (11,236 ) (11,236 )
SHAREHOLDERS' FUNDS (11,235 ) (11,235 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 14 March 2024 and were signed on its behalf by:





J Elder - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
413,544 753,071

5. CURRENT ASSET INVESTMENTS
2022 2021
£    £   
Short-term loan 24,286,625 23,354,025

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
1,897,574 1,887,716

*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: £    £   
1 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.

Gary Brown FCCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited

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.