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Registered number: 01490345
OPUS Airconditioning (Sales) Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Soldi Partners
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01490345
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 41,732 55,643
Investments 5 102 102
41,834 55,745
CURRENT ASSETS
Stocks 6 26,300 26,300
Debtors 7 504,773 511,650
Cash at bank and in hand 374,947 269,131
906,020 807,081
Creditors: Amounts Falling Due Within One Year 8 (831,376 ) (745,932 )
NET CURRENT ASSETS (LIABILITIES) 74,644 61,149
TOTAL ASSETS LESS CURRENT LIABILITIES 116,478 116,894
NET ASSETS 116,478 116,894
CAPITAL AND RESERVES
Called up share capital 9 206 206
Share premium account 7,126 7,126
Profit and Loss Account 109,146 109,562
SHAREHOLDERS' FUNDS 116,478 116,894
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Putnam
Director
Mr Barry Edmeades
Director
23/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
OPUS Airconditioning (Sales) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01490345 . The registered office is Unit 52 Victoria Industrial Park, Victoria Road, Dartford, Kent, DA1 5AJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over the period of the lease
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 33% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 12)
12 12
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 May 2023 7,500 91,495 82,444 86,261 267,700
As at 30 April 2024 7,500 91,495 82,444 86,261 267,700
Depreciation
As at 1 May 2023 7,500 56,506 61,790 86,261 212,057
Provided during the period - 8,747 5,164 - 13,911
As at 30 April 2024 7,500 65,253 66,954 86,261 225,968
Net Book Value
As at 30 April 2024 - 26,242 15,490 - 41,732
As at 1 May 2023 - 34,989 20,654 - 55,643
5. Investments
Other
£
Cost
As at 1 May 2023 102
As at 30 April 2024 102
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 102
As at 1 May 2023 102
6. Stocks
2024 2023
£ £
Work in progress 26,300 26,300
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 395,169 431,560
Prepayments and accrued income 1,000 1,000
Retentions and Applications 60,831 73,517
VAT 42,200 -
Directors' loan accounts 5,573 5,573
504,773 511,650
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 523,130 420,697
Corporation tax 1,013 31
Other taxes and social security 20,215 19,889
VAT - 958
Guaranteed maintenance provision 53,045 53,045
CBILS loan 2,400 10,733
Pension fund 2,405 2,404
Staff savings (80 ) 2,100
Accruals and deferred income 45,500 4,000
Directors' loan accounts 183,748 232,075
831,376 745,932
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 206 206
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