OPPORTUNITY KNOCKS DIRECT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
Company Registration Number: 04235410
OPPORTUNITY KNOCKS DIRECT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
OPPORTUNITY KNOCKS DIRECT LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
DIRECTORS
Mr G Adamson
Mrs K J Adamson
SECRETARY
Mrs K J Adamson
REGISTERED OFFICE
6 Clover Close
Oxford
OX2 9JH
COMPANY REGISTRATION NUMBER
04235410 England and Wales
OPPORTUNITY KNOCKS DIRECT LTD
BALANCE SHEET
AS AT 31 MARCH 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 6 3,505 3,610
CURRENT ASSETS
Debtors 7 27,324 34,477
Cash at bank and in hand 27,021 25,077
54,345 59,554
CREDITORS: Amounts falling due within one year 8 23,351 22,230
NET CURRENT ASSETS 30,994 37,324
TOTAL ASSETS LESS CURRENT LIABILITIES 34,499 40,934
Provisions for liabilities and charges 666 686
NET ASSETS 33,833 40,248
CAPITAL AND RESERVES
Called up share capital 2 2
Share premium account 26,076 26,076
Distributable profit and loss account 7,755 14,170
SHAREHOLDERS' FUNDS 33,833 40,248
OPPORTUNITY KNOCKS DIRECT LTD
BALANCE SHEET
AS AT 31 MARCH 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mr G Adamson Mrs K J Adamson
Director Director
Date approved by the board: 15 October 2024
OPPORTUNITY KNOCKS DIRECT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 GENERAL INFORMATION
Opportunity Knocks Direct Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
6 Clover Close
Oxford
OX2 9JH
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the value of canvassing and market research services provided, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 20 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
OPPORTUNITY KNOCKS DIRECT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Office equipment Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
OPPORTUNITY KNOCKS DIRECT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using 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.
Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Current and deferred tax assets and liabilities are not discounted.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 2 2
OPPORTUNITY KNOCKS DIRECT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
5 INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 April 2023 50,000
At 31 March 2024 50,000
Accumulated amortisation and impairments
At 1 April 2023 50,000
At 31 March 2024 50,000
Net book value
At 1 April 2023 -
At 31 March 2024 -
6 TANGIBLE ASSETS
Office equipment
£
Cost
At 1 April 2023 7,985
Additions 1,207
Disposals (711)
At 31 March 2024 8,481
Accumulated depreciation and impairments
At 1 April 2023 4,375
Charge for year 927
Disposals (326)
At 31 March 2024 4,976
Net book value
At 1 April 2023 3,610
At 31 March 2024 3,505
OPPORTUNITY KNOCKS DIRECT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
7 DEBTORS
2024 2023
£ £
Trade debtors - 1,345
Prepayments and accrued income 388 376
Other debtors 26,936 32,756
27,324 34,477
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Taxation and social security 13,511 20,731
Accruals and deferred income 9,084 1,499
Other creditors 756 -
23,351 22,230
9 CONTINGENCIES AND COMMITMENTS
Not provided
Deferred Tax Assets 2024 2023
£ £
Losses 15,677 15,677
Balance carried forward 15,677 15,677
10 DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the year
Balance at 1 April 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 March 2024
£ £ £ £ £
Mr G & Mrs K Adamson 30,180 48,718 54,538 - 24,360
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
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