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Registration number: 9614859

In-Opera Facades Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

In-Opera Facades Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

In-Opera Facades Ltd

Company Information

Director

Mr Stephen Hull

Registered office

Unit 8
The Gryphon Industrial Park
Porters Wood
St Albans
Hertfordshire
AL3 6XZ

 

In-Opera Facades Ltd

(Registration number: 9614859)
Balance Sheet as at 31 October 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

7,822

93,509

Tangible assets

5

38,331

59,624

 

46,153

153,133

Current assets

 

Stocks

6

149,171

171,736

Debtors

7

596,053

397,358

Cash at bank and in hand

 

13,654

117,727

 

758,878

686,821

Creditors: Amounts falling due within one year

8

(437,680)

(356,409)

Net current assets

 

321,198

330,412

Total assets less current liabilities

 

367,351

483,545

Creditors: Amounts falling due after more than one year

8

(27,466)

(43,346)

Provisions for liabilities

(7,632)

(30,435)

Net assets

 

332,253

409,764

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

331,253

408,764

Shareholders' funds

 

332,253

409,764

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

In-Opera Facades Ltd

(Registration number: 9614859)
Balance Sheet as at 31 October 2023

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 August 2024

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

Mr Stephen Hull
Director





 

 

In-Opera Facades Ltd

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

1

General information

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

The address of its registered office is:
Unit 8
The Gryphon Industrial Park
Porters Wood
St Albans
Hertfordshire
AL3 6XZ

These financial statements were authorised for issue by the director on 30 August 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 – ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

In-Opera Facades Ltd

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

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 currrent tax and deferred tax. Tax is recognised on the 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

Furniture, fittings and equipment

3 years straight line

Motor vehicles

4-5 years straight line

Plant and machinery

5 years straight line

 

In-Opera Facades Ltd

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

Intangible assets

Where internally generated software development costs are expected to generate future revenues in excess of the costs of developing the software and all other capitalisation criteria are met, the expenditure incurred on developing the software is capitalised and treated as an intangible assets and amortised over a period of 5 years. At the year end, the internally generated software development asset was assessed for impairment and it was considered appropriate to account for an impairment against the carrying value at the year end.

Expenditure incurred on maintaining the software is written off as incurred.

Development costs

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic lives, which has been assessed as 3 years. Amortisation begins when the intangible asset is available for use.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally generated software development costs

5 years straight line basis

Development costs

3 years straight line basis

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 goods 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.

 

In-Opera Facades Ltd

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

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

In-Opera Facades Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 5).

4

Intangible assets

Internally generated software development costs
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 November 2022

66,498

65,024

131,522

At 31 October 2023

66,498

65,024

131,522

Amortisation

At 1 November 2022

-

38,013

38,013

Amortisation charge

-

19,189

19,189

Impairment

66,498

-

66,498

At 31 October 2023

66,498

57,202

123,700

Carrying amount

At 31 October 2023

-

7,822

7,822

At 31 October 2022

66,498

27,011

93,509

The aggregate amount of research and development expenditure recognised as an expense during the period is £18,997 (2022 - £-).
 

 

In-Opera Facades Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022 (As restated)

47,989

56,000

103,989

Additions

847

-

847

At 31 October 2023

48,836

56,000

104,836

Depreciation

At 1 November 2022 (As restated)

16,981

27,383

44,364

Charge for the year

10,941

11,200

22,141

At 31 October 2023

27,922

38,583

66,505

Carrying amount

At 31 October 2023

20,914

17,417

38,331

At 31 October 2022 (As restated)

31,008

28,616

59,624

In the financial statements for the year ended 31 October 2022, a motor vehicle lease was accounted for as a finance lease incorrectly and should have been accounted for as an operating lease. A prior year adjustment has been made to account for the motor vehicle lease as an operating lease. As a result of the prior year adjustment, the following balances at 31 October 2022 have been restated: motor vehicle cost has reduced by a value of £72,017 and motor vehicle depreciation by a value of £7,585. The corresponding hire purchase creditor has reduced by £62,122, hire purchase interest reduced by £2,928 and an operating lease charge of £10,510 has been charged to the profit and loss account for the year ended 31 October 2022.

 

In-Opera Facades Ltd

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

6

Stocks

2023
£

(As restated)

2022
£

Finished goods and goods for resale

144,171

166,736

Other inventories

5,000

5,000

149,171

171,736

During the year an error was identified with the stock system which resulted in an overstatement of the stock value by £95,463 as at 31 October 2022. A prior year adjustment has been made to correct the overstatement which has led to a reduction in the value of stock at 31 October 2022 by £95,463. This has reduced the gross profit for the year ended 31 October 2022 by £95,463 and resulted in an increase in the loss for that year.

7

Debtors

Current

2023
£

(As restated)

2022
£

Trade debtors

509,589

306,470

Other debtors

79,218

73,970

Prepayments

7,246

16,918

 

596,053

397,358


The company has a debt factoring facility in which the company is able to draw down funds against the value of its trade debtors. At the year end £23,717 (31 October 2022: £18,764) was drawn down against this facility.

 

In-Opera Facades Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

9

15,881

15,881

Trade creditors

 

350,416

307,843

Taxation and social security

 

43,748

23,145

Other creditors

 

18,438

8,045

Accruals and deferred income

 

9,197

1,495

 

437,680

356,409

The corporation tax and deferred tax liabilities have been restated for the year ended 31 October 2022 following the prior year adjustments made to motor vehicle leases and stock as disclosed in notes 5 and 6. The corporation tax liability and charge reduced by £3,499 and the deferred tax provision and charge reduced by £7,848.

Creditors: amounts falling due after more than one year

Note

2023
£

(As restated)

2022
£

Due after one year

 

Loans and borrowings

9

27,466

43,346

9

Loans and borrowings

Non-current loans and borrowings

2023
£

(As restated)

2022
£

Bank borrowings

17,500

27,500

Hire purchase contracts

9,966

15,846

27,466

43,346

 

In-Opera Facades Ltd

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

Current loans and borrowings

2023
£

(As restated)

2022
£

Bank borrowings

10,000

10,000

Hire purchase contracts

5,881

5,881

15,881

15,881

See note 5 for details of the prior year adjustment in respect of hire purchase contracts that have been restated for the year ended 31 October 2022.

10

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 £103,294 (2022 - £118,154).

11

Related party transactions

Transactions with the director

The director's loan account balance below is included within other debtors. Interest of £647 (2022: £379) was charged in the year and the loan is repayable on demand.

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Mr Stephen Hull

Loan to director

24,421

16,119

40,540

24,421

16,119

40,540

2022

At 1 November 2021
£

Advances to director
£

At 31 October 2022
£

Mr Stephen Hull

Loan to director

5,216

19,205

24,421

5,216

19,205

24,421