Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30false2022-10-01false54truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01764876 2022-10-01 2023-09-30 01764876 2021-10-01 2022-09-30 01764876 2023-09-30 01764876 2022-09-30 01764876 c:Director1 2022-10-01 2023-09-30 01764876 d:Buildings 2022-10-01 2023-09-30 01764876 d:Buildings 2023-09-30 01764876 d:Buildings 2022-09-30 01764876 d:Buildings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 01764876 d:ComputerEquipment 2022-10-01 2023-09-30 01764876 d:ComputerEquipment 2023-09-30 01764876 d:ComputerEquipment 2022-09-30 01764876 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 01764876 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 01764876 d:CurrentFinancialInstruments 2023-09-30 01764876 d:CurrentFinancialInstruments 2022-09-30 01764876 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 01764876 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 01764876 d:ShareCapital 2023-09-30 01764876 d:ShareCapital 2022-09-30 01764876 d:RevaluationReserve 2023-09-30 01764876 d:RevaluationReserve 2022-09-30 01764876 d:RetainedEarningsAccumulatedLosses 2023-09-30 01764876 d:RetainedEarningsAccumulatedLosses 2022-09-30 01764876 c:OrdinaryShareClass1 2022-10-01 2023-09-30 01764876 c:OrdinaryShareClass1 2023-09-30 01764876 c:OrdinaryShareClass1 2022-09-30 01764876 c:FRS102 2022-10-01 2023-09-30 01764876 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 01764876 c:FullAccounts 2022-10-01 2023-09-30 01764876 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 01764876 2 2022-10-01 2023-09-30 01764876 e:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 01764876














OPAL LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
OPAL LIMITED
REGISTERED NUMBER:01764876

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,825,642
1,835,573

  
1,825,642
1,835,573

Current assets
  

Stocks
 5 
45,911
30,680

Debtors: amounts falling due within one year
 6 
3,228,569
2,310,569

Cash at bank and in hand
 7 
7,296,888
8,521,686

  
10,571,368
10,862,935

Creditors: amounts falling due within one year
 8 
(822,716)
(1,409,230)

Net current assets
  
 
 
9,748,652
 
 
9,453,705

Total assets less current liabilities
  
11,574,294
11,289,278

Provisions for liabilities
  

Deferred tax
  
(303,787)
(306,286)

  
 
 
(303,787)
 
 
(306,286)

Net assets
  
11,270,507
10,982,992


Capital and reserves
  

Called up share capital 
 9 
100
100

Revaluation reserve
  
1,157,136
1,157,136

Profit and loss account
  
10,113,271
9,825,756

  
11,270,507
10,982,992


Page 1

 
OPAL LIMITED
REGISTERED NUMBER:01764876
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B P G Eno
Director

Date: 1 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
OPAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Opal Limited is a private company, limited by shares, registered in England and Wales, registration number 01764876. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. 
The principal place of business is 4 Pembridge Mews, London, W11 3EQ.
The principal activity of the company continued to be that of music recording and publishing, video production and book publishing.                                                                                               

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of the Financial Reporting standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash are presented in the profit and loss account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss statement.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer.
Turnover from music recording and publishing, video production and book publishing is recognised when it is probable the company will receive the rights to the consideration due under the contract.
Royalties receivable are recognised in the accounting year in which it was received.
Royalties payable are calculated by reference to statements of account used for determining royalties receivable.

Page 3

 
OPAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
OPAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
NIL
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The company has applied the alternative accounting rules under FRS 102 to measure its freehold property at fair value. Freehold property were previously recognised under the historic cost model. Fair values are determined from market based evidence undertaken by the directors. The directors believe this is more appropriate and reflective of the value of the asset.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains, in which case the excess losses are recognised in profit or loss.

 
2.9

 Stocks

Stocks of merchandise are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an average price basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and  other debtors, trade and other creditors, and loans with related parties.

Page 5

 
OPAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.14

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 4).


4.


Tangible fixed assets





Freehold property
Computer equipment
Total

£
£
£



Cost 


At 1 October 2022
1,822,560
300,182
2,122,742


Disposals
-
(286,812)
(286,812)



At 30 September 2023

1,822,560
13,370
1,835,930



Depreciation


At 1 October 2022
-
287,169
287,169


Charge for the year
-
9,931
9,931


Disposals
-
(286,812)
(286,812)



At 30 September 2023

-
10,288
10,288



Net book value



At 30 September 2023
1,822,560
3,082
1,825,642



At 30 September 2022
1,822,560
13,013
1,835,573

The freehold property was revalued at 30 September 2023 to its fair value of £1,822,560 by the directors on the basis of market value. The valuation performed was based on the conditions of the property, the current economic conditions and recent market transactions for similar properties.

If the freehold property had not been included at valuation it would have been included under the historical cost convention as follows:

2023
2022
£
£



Historical cost
364,969
364,969

Page 6

 
OPAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
45,911
30,680



6.


Debtors

2023
2022
£
£


Trade debtors
291,117
42,499

Amounts owed by group undertakings
1,040
1,040

Other debtors
2,395,236
1,829,934

Prepayments and accrued income
541,176
437,096

3,228,569
2,310,569



7.


Cash

2023
2022
£
£

Cash at bank and in hand
7,296,888
8,521,686



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
205,528
365,715

Corporation tax
167,287
607,803

Other taxation and social security
41,676
103,847

Other creditors
218,121
105,910

Accruals
190,104
225,955

822,716
1,409,230



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



Page 7

 
OPAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,525 (2022 - £2,257). Included in other creditors at the year end there is an amount payable of £512 (2022 - £446).


11.


Transactions with the director

As at the year end, the director owed £566,122 to the company (2022 - the company owed £4,132 to the director). These loans are interest free, unsecured and repayable on demand.


12.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35, as the company is itself a wholly owned subsidiary of Opal Music Holdings Limited.

 
Page 8