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Registered number: 09559477
Opportunity Network International UK Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
More Group (Accounting) Limited
Unaudited Financial Statements
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Company Information
Director Brian Pallas
Company Number 09559477
Registered Office Third Floor
20 Old Bailey
London
EC4M 7AN
Accountants More Group (Accounting) Limited
65 Compton Street
London
EC1V 0BN
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Balance Sheet
Registered number: 09559477
2023 2022
Notes
FIXED ASSETS
Tangible Assets 4 54 183
54 183
CURRENT ASSETS
Debtors 5 4,902,914 5,085,199
Cash at bank and in hand 64,070 163,161
4,966,984 5,248,360
Creditors: Amounts Falling Due Within One Year 6 (16,985,809 ) (18,534,628 )
NET CURRENT ASSETS (LIABILITIES) (12,018,825 ) (13,286,268 )
TOTAL ASSETS LESS CURRENT LIABILITIES (12,018,771 ) (13,286,085 )
Creditors: Amounts Falling Due After More Than One Year 7 (929,806 ) (1,261,060 )
NET LIABILITIES (12,948,577 ) (14,547,145 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Other reserves 569,739 568,939
Profit and Loss Account (13,518,317 ) (15,116,085 )
SHAREHOLDERS' FUNDS (12,948,577) (14,547,145)
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 16 August 2024 and were signed on its behalf by:
Brian Pallas
Director
16/08/2024
The notes on pages 4 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Opportunity Network International UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09559477 . The registered office is Third Floor, 20 Old Bailey, London, EC4M 7AN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to all the periods presented, unless otherwise stated. 
The financial statements are presented in Euros (EUR), as this is the functional currency of the company.
2.2. Going Concern Disclosure
After making inquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date when these financial statements were approved. The company has received financial support from its parent company, Opportunity Network Holdings Limited. Without such support there would be a significant uncertainty over whether the company was a going concern. The director has reviewed the forecasts for the group and the latest financial information and is confident that the group can provide the required financial support for a period of at least 12 months from the date of approval of the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
2.3. Turnover
The company sells membership subscriptions and implementation services. 
Revenue from membership subscriptions is deferred in the statement of financial position and recognised on a straight line basis over the term of the subscription contract in the period to which it relates. 
Revenue in respect of implementation services is recognised in the accounting period in which the services are rendered, by reference to the stage of completion of the specific project and assessed on the basis of the actual costs incurred as a proportion of the total expected costs for that project.
Where a loss is anticipated on a specific implementation service, the loss is recognised in full in the period in which it is identified. No margin is recognised on implementation services where a reliable assessment of the stage of completion cannot be made.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment Straight line over 6 years
2.5. Financial Instruments
IFRS 9, addresses the classification, measurement and recognition of financial assets and financial liabilities. The standard primarily impacts the classification and measurement of financial assets and liabilities and introduces the ‘expected credit loss’ model for the measurement of the impairment of financial assets so it is no longer necessary for a credit event to have occurred before a credit loss is recognised. Management considers that the effects of applying the new standard 
are immaterial on the Group’s financial statements.
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2.6. Foreign Currencies
The company’s functional and presentational currency is EUR.
The company´s functional and presentation currency was changed from GBP to EUR starting on January the 1st 2019.
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. Nonmonetary 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 resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Computer Equipment
Cost
As at 1 January 2023 773
As at 31 December 2023 773
Depreciation
As at 1 January 2023 590
Provided during the period 129
As at 31 December 2023 719
Net Book Value
As at 31 December 2023 54
As at 1 January 2023 183
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5. Debtors
2023 2022
Due within one year
Trade debtors 225,486 287,672
Prepayments and accrued income 315,550 407,016
Other debtors 696 2,938
VAT - 310
Amounts owed by group undertakings 4,361,182 4,387,263
4,902,914 5,085,199
6. Creditors: Amounts Falling Due Within One Year
2023 2022
Trade creditors 57,028 41,689
Corporation tax 73,396 (20,000 )
Accruals and deferred income 591,833 2,278,045
Amounts owed to group undertakings 16,263,552 16,234,894
16,985,809 18,534,628
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
Accruals and deferred income 929,806 1,261,060
929,806 1,261,060
8. Deferred Taxation
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
1. 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
2. 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.
9. Share Capital
2023 2022
Allotted, called up and fully paid
1 Ordinary Shares of £ 1.00 each 1 1
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10. Financial Instruments
A number of factors affect the operating results, financial condition and prospects of the company. This section describes those that are considered by the director to be material, their potential impact and the factors that mitigate them:
1. Credit risk
2. Foreign exchange risk
3. Liquidity risk
In common with all other businesses, the company is exposed to risks that arise from its use of financial instruments. This note describes the company’s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.
Principal financial instruments
The principal financial instruments used by the company, from which financial instrument risk arises are as follows:
1. Cash and cash equivalents
2. Trade and other receivables
3. Trade and other payables
4. Borrowings
11. Foreign Currency Risk
Foreign exchange risk arises when the company entities enter into transactions denominated in a currency other than its functional currency. Where it is considered that the potential risk to the company is significant, management will discuss possible solutions to mitigate the risk.
12. Credit Risk
The company’s policy is to collect membership revenues prior to the commencement of the membership, thus eliminating the risk that a customer will fail to meet its contractual obligations. Financial loss to the company in relation to other services is reduced by assessing the credit risk of new customers before entering contracts using sources such as Dun & 
Bradstreet. 
Credit risk also arises from cash and cash equivalents and deposits with banks and other 
financial institutions. For banks and other financial institutions, only independently rated parties 
with a minimum “A” are accepted
13. Liquidity Risk
Liquidity risk arises from the company’s management of working capital and the interest and principal repayments on its debt instruments. It is the risk that the company will encounter difficulty in meeting its financial obligations as they fall due.
The company’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances at a level sufficient to meet expected cash requirements.
The director periodically receives rolling 12-month group cash flow projections as well as information regarding cash balances. At the year end and at the date of this report these projections indicated that the group expected to have sufficient liquid resources to meet the company’s obligations under all reasonably expected circumstances.
14. Reserves
Share Capital 
Amount subscribed for share capital at nominal value.
Translation Reserve
The translation reserve comprises translation differences arising from the conversion of functional   currency balances into the presentational currency of the company.
Retained Earnings
Cumulative net gains and losses recognised in the income statement.
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15. Related Party Transactions
The following table is a summary of the material transactions which took place during the yearwith related parties and the balances outstanding at the year end. All transactions were undertaken on an arms-length basis.
Opportunity Network Spain SL(Common Control)Loan -2023: €1,668,495 & 2022 : (€ 4,596,310), Purchases - 2023: (€1,467,300) & 2022 : € 2,598,333 and Loan Amount due to/from related parties - 2023: (€2,657,863) & 2022: (€2,859,058)

Opportunity Network Spain SL

(Common Control)

Loan -2023: €1,668,495 & 2022 : (€ 4,596,310), Purchases - 2023: (€1,467,300) & 2022 : € 2,598,333 and Loan Amount due to/from related parties - 2023: (€2,657,863) & 2022: (€2,859,058)

Opportunity Network Inc(Common Control)Loan - 2023: €149,375 & 2022-(€ 2,942,937), Sales - 2023: €38,118 & 2022 : €3,092,753 and Loan Amount due to/from related parties - 2023: €1,592,959 & 2022 : € 1,405,465

Opportunity Network Inc

(Common Control)

Loan - 2023: €149,375 & 2022-(€ 2,942,937), Sales - 2023: €38,118 & 2022 : €3,092,753 and Loan Amount due to/from related parties - 2023: €1,592,959 & 2022 : € 1,405,465

Opportunity Network North America LLC(Common Control)Loan - 2023:(€158,638) & 2022 : (€ 162,063) , Purchases - 2023: (€ 58,905) 2022 : € 81,031 and Loan Amount due to/from related parties - 2023: €2,764,255 & 2022: € 2,981,798

Opportunity Network North America LLC

(Common Control)

Loan - 2023:(€158,638) & 2022 : (€ 162,063) , Purchases - 2023: (€ 58,905) 2022 : € 81,031 and Loan Amount due to/from related parties - 2023: €2,764,255 & 2022: € 2,981,798

Opportunity Network Holdings Ltd(Parent Company)Loan - 2023: €26,553 & 2022 : € 12,237 , Share Based Payments - 2023: (€252,439) & 2022 : € 7,969 and Loan Amount due to/from related parties - 2023: (€13,601,722) & 2022 : (€ 13,375,837)

Opportunity Network Holdings Ltd

(Parent Company)

Loan - 2023: €26,553 & 2022 : € 12,237 , Share Based Payments - 2023: (€252,439) & 2022 : € 7,969 and Loan Amount due to/from related parties - 2023: (€13,601,722) & 2022 : (€ 13,375,837)

16. Ultimate Parent Undertaking and Controlling Party
The immediate and ultimate parent undertaking is Opportunity Network Holdings Limited, a company incorporated in England and Wales. Consolidated financial statements are prepared and publicly available from Companies House, Crown Way, Cardiff, CF13 3UZ.
The ultimate controlling party is B Pallas.
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