Registration number:
In-Opera Facades Ltd
for the Year Ended 31 October 2023
In-Opera Facades Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
In-Opera Facades Ltd
Company Information
Director |
Mr Stephen Hull |
Registered office |
|
In-Opera Facades Ltd
(Registration number: 9614859)
Balance Sheet as at 31 October 2023
Note |
2023 |
(As restated) |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
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 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 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
In-Opera Facades Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Intangible assets |
Internally generated software development costs |
Other intangible assets |
Total |
|
Cost or valuation |
|||
At 1 November 2022 |
|
|
|
At 31 October 2023 |
|
|
|
Amortisation |
|||
At 1 November 2022 |
- |
|
|
Amortisation charge |
- |
|
|
Impairment |
|
- |
|
At 31 October 2023 |
|
|
|
Carrying amount |
|||
At 31 October 2023 |
- |
|
|
At 31 October 2022 |
|
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £
In-Opera Facades Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 November 2022 (As restated) |
|
|
|
Additions |
|
- |
|
At 31 October 2023 |
|
|
|
Depreciation |
|||
At 1 November 2022 (As restated) |
|
|
|
Charge for the year |
|
|
|
At 31 October 2023 |
|
|
|
Carrying amount |
|||
At 31 October 2023 |
|
|
|
At 31 October 2022 (As restated) |
|
|
|
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
Stocks |
2023 |
(As restated) |
|
Finished goods and goods for resale |
|
|
Other inventories |
|
|
|
|
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.
Debtors |
Current |
2023 |
(As restated) |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
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
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
(As restated) |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
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) |
|
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
Non-current loans and borrowings
2023 |
(As restated) |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
In-Opera Facades Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Current loans and borrowings
2023 |
(As restated) |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
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.
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 £
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 |
|
2022 |
At 1 November 2021 |
Advances to director |
At 31 October 2022 |
Mr Stephen Hull |
|||
Loan to director |
|
|
|
5,216 |
19,205 |
24,421 |
|