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Registered Number: 11796016
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 July 2023

for

OPERATIONAL RISK CONSULTING LIMITED

 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 5,564    6,316 
Investments 4 1    1 
5,565    6,317 
Current assets      
Debtors 5 470,530    468,543 
Cash at bank and in hand 826,848    367,475 
1,297,378    836,018 
Creditors: amount falling due within one year 6 (18,002)   (36,190)
Net current assets 1,279,376    799,828 
 
Total assets less current liabilities 1,284,941    806,145 
Net assets 1,284,941    806,145 
 

Capital and reserves
     
Called up share capital 10    10 
Profit and loss account 1,284,931    806,135 
Shareholders' funds 1,284,941    806,145 
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 06 November 2023 and were signed by:


-------------------------------
N Morriss
Director
1
General Information
Operational Risk Consulting Limited is a private company, limited by shares, registered in England and Wales, registration number 11796016, registration address 67 Grosvenor Street , London, W1K 3JN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 33% Reducing Balance
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Average number of employees

Average number of employees during the year was 4 (2022 : 3).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 August 2022 10,267    10,267 
Additions 1,575    1,575 
Disposals  
At 31 July 2023 11,842    11,842 
Depreciation
At 01 August 2022 3,952    3,952 
Charge for year 2,326    2,326 
On disposals  
At 31 July 2023 6,278    6,278 
Net book values
Closing balance as at 31 July 2023 5,564    5,564 
Opening balance as at 01 August 2022 6,316    6,316 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 August 2022 1    1 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 July 2023 1    1 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 276,300    412,249 
Amount Owed by Group Undertakings 194,230    56,294 
470,530    468,543 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors   2,314 
PAYE & Social Security 6,798    3,531 
Other Creditors 1,135    2,850 
Directors' Current Accounts 8,552    6,675 
VAT 1,517    20,820 
18,002    36,190 

2