NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Opus Community Limited (the 'Company') is a private limited company, limited by shares and incorporated and domiciled in England.
The address of its registered office is Level 1 Brockbourne House, 77 Mount Ephraim, Tunbridge Wells, England, TN4 8BS. Its place of business is 10 York Rd, London, SE1 7ND.
2.Accounting policies
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Basis of preparation of financial statements
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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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
Monetary amounts in these financial statements are stated in sterling and rounded to the nearest whole £1.
The following principal accounting policies have been applied:
At the balance sheet date, the Company has net assets of £176,910 (2022: net liabilities £118,885). After taking into account all the information about the Company's trading prospects, cashflow requirements for 12 months from the date of approval of the financial statements and continued financial support of the Company by the directors, the directors consider that the Company is a going concern.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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