Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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12,952,685 | 12,952,583 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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502,140 | 530,912 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (5,062,479) | (5,231,165) | ||
Total assets less current liabilities | 7,890,206 | 7,721,418 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | 10 |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Opmal Limited (registered number:
M J Lampo
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Opmal Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net current liabilities of £1,347,336. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery |
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Office equipment |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The fair value is determined annually by the director, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 06 April 2023 |
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Additions |
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Disposals |
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At 05 April 2024 |
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Accumulated depreciation | |||||
At 06 April 2023 |
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Charge for the financial year |
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Disposals |
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At 05 April 2024 |
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Net book value | |||||
At 05 April 2024 |
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At 05 April 2023 |
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Investment property | |
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Valuation | |
As at 06 April 2023 |
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As at 05 April 2024 |
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Valuation
The valuations at the year end have been made by the director with reference to professional valuations on 29 September 2021 and the open market conditions.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts owed to Parent undertakings |
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Amounts owed to director |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with owners holding a participating interest in the entity
2024 | 2023 | ||
£ | £ | ||
Owed to The Lampo Partnership, owned by the director and her husband | 3,714,913 | 3,746,277 | |
Amount owed to the director's husband | 1,000,000 | 1,000,000 |
No interest has been paid on the above loan from The Lampo Partnership and the balance is due in more than one year.
Interest of £135,000 (2023: Nil) has been charged on the amounts owed to the director's husband and there are no fixed repayment terms.
Included within the profit and loss account are losses of £1,041,000 on the revaluation of the investment property portfolio.