REGISTERED NUMBER: |
OPULENT INTERNATIONAL LIMITED |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
OPULENT INTERNATIONAL LIMITED |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
OPULENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 09759739) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
OPULENT INTERNATIONAL LIMITED |
Company Information |
for the year ended 31 March 2024 |
Director: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
OPULENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 09759739) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 7 |
Retained earnings | 8 |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
OPULENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 09759739) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | Statutory information |
Opulent International Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going Concern |
The company meets its day to day working capital requirements through the support of the director and shareholders of the company. On this basis, the director and shareholders consider it appropriate to prepare the financial statements on the going concern basis. |
Significant judgements and estimates |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating bad debt provisions and a review of trade debtors is carried regularly. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be uncollectable. |
There is an estimation uncertainty in calculating depreciation. A full line by line review of fixed asset is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from the bank and other third parties, loans to related parties, and investment in ordinary shares. |
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 amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
OPULENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 09759739) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | Accounting policies - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
OPULENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 09759739) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
8. | Reserves |
Retained |
earnings |
£ |
At 1 April 2023 |
Deficit for the year | ( |
) |
At 31 March 2024 |
9. | Related party disclosures |
During the year, the company made purchases totalling £1,358,259 (2023: £2,108,609) from a company related through common control. At the year-end, the amount due to this company totalled £551,078 (2023: £164,735) and was included in trade creditors. |