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Registration number: 08909474

Opal Disposables Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Opal Disposables Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Opal Disposables Limited

Company Information

Directors

Mr M C Laydon

Ms G Laydon

Registered office

C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

Accountants

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Opal Disposables Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Opal Disposables Limited for the year ended 31 December 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Opal Disposables Limited, as a body, in accordance with the terms of our engagement letter dated 7 February 2022. Our work has been undertaken solely to prepare for your approval the accounts of Opal Disposables Limited and state those matters that we have agreed to state to the Board of Directors of Opal Disposables Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Opal Disposables Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Opal Disposables Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Opal Disposables Limited. You consider that Opal Disposables Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Opal Disposables Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

17 July 2024

 

Opal Disposables Limited

(Registration number: 08909474)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,425

-

Current assets

 

Stocks

5

42,365

70,203

Debtors

6

71,937

50,560

Cash at bank and in hand

 

96,350

67,883

 

210,652

188,646

Creditors: Amounts falling due within one year

7

(115,721)

(122,007)

Net current assets

 

94,931

66,639

Total assets less current liabilities

 

108,356

66,639

Creditors: Amounts falling due after more than one year

7

(13,159)

-

Net assets

 

95,197

66,639

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

95,097

66,539

Shareholders' funds

 

95,197

66,639

For the financial 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.

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 directors' report and the Profit and Loss Account.

Approved and authorised by the Board on 17 July 2024 and signed on its behalf by:
 

.........................................
Mr M C Laydon
Director

 

Opal Disposables Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ
United Kingdom

The principal place of business is:
Unit 9 Tyseley Ind. Estate
Seeleys Road
Birmingham
B11 2LQ

These financial statements were authorised for issue by the Board on 17 July 2024.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

 

Opal Disposables Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

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

Computer Equipment

25% straight line

Plant & Machinery

25% straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

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.

 

Opal Disposables Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Plant and machinery, etc
£

Total
£

Cost or valuation

Additions

17,900

17,900

At 31 December 2023

17,900

17,900

Depreciation

Charge for the year

4,475

4,475

At 31 December 2023

4,475

4,475

Carrying amount

At 31 December 2023

13,425

13,425

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

42,365

70,203

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

12,337

32,578

Amounts owed by related parties

58,300

13,500

Prepayments

 

875

875

Other debtors

 

425

3,607

   

71,937

50,560

 

Opal Disposables Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

2,898

5,326

Amounts owed to group undertakings and undertakings in which the company has a participating interest

110,381

115,181

Taxation and social security

 

942

-

Accruals and deferred income

 

1,500

1,500

 

115,721

122,007

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Deferred income

13,159

-

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100