2022-11-012023-10-312023-10-31false12254894OPPORTUNITY KNOX DEVELOPMENTS 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OPPORTUNITY KNOX DEVELOPMENTS LIMITED

Registered Number
12254894
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

OPPORTUNITY KNOX DEVELOPMENTS LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

MITCHELL, Jeannie Faith Knox
MITCHELL, Simon Robert, Mr.

Registered Address

Unit 13 Small Business Centre
Marine Street
Ebbw Vale
NP23 7TB

Registered Number

12254894 (England and Wales)
OPPORTUNITY KNOX DEVELOPMENTS LIMITED
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3213319
Investment property4107,759-
107,972319
Current assets
Stocks5245,800299,125
Cash at bank and on hand2,738252
248,538299,377
Creditors amounts falling due within one year6(213,649)(237,650)
Net current assets (liabilities)34,88961,727
Total assets less current liabilities142,86162,046
Creditors amounts falling due after one year7(131,955)(37,125)
Net assets10,90624,921
Capital and reserves
Called up share capital240240
Profit and loss account10,66624,681
Shareholders' funds10,90624,921
The financial statements were approved and authorised for issue by the Board of Directors on 31 October 2024, and are signed on its behalf by:
MITCHELL, Simon Robert, Mr.
Director
Registered Company No. 12254894
OPPORTUNITY KNOX DEVELOPMENTS LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. Revenue from the provision of services is recognised over the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment5
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year00
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 November 22533533
At 31 October 23533533
Depreciation and impairment
At 01 November 22214214
Charge for year106106
At 31 October 23320320
Net book value
At 31 October 23213213
At 31 October 22319319
4.Investment property

£
Additions107,759
At 31 October 23107,759
5.Stocks
Stock and work in progress is measured at cost.

2023

2022

££
Work in progress245,800299,125
Total245,800299,125
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables-1,602
Bank borrowings and overdrafts5,5565,556
Taxation and social security6,3635,715
Other creditors200,672224,273
Accrued liabilities and deferred income1,058504
Total213,649237,650
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts131,95537,125
Total131,95537,125
8.Creditors: amounts due after 5 years
Creditors falling due after more than 5 years amount to £109,732 (2022: £14,901)
9.Secured creditors
The buy to let mortgage of £98,750 is secured upon the Investment Property.
10.Related party transactions
Included in creditors are loans due to directors and shareholders amounting to £200,671 (2022: £224,273). These loans are unsecured and bear interest at 4% with no defined repayment terms.