REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
OPAL TRANSFER LTD |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
OPAL TRANSFER LTD |
OPAL TRANSFER LTD (REGISTERED NUMBER: 04741528) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
OPAL TRANSFER LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
34-40 High Street |
Wanstead |
London |
E11 2RJ |
OPAL TRANSFER LTD (REGISTERED NUMBER: 04741528) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
OPAL TRANSFER LTD (REGISTERED NUMBER: 04741528) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Opal Transfer Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Transaction income represents funds collected and due to be transferred on behalf of a client, including commissions earned on those transactions. Net turnover represents the commissions earned on the transfer of money together with any gain or loss on foreign currency translation, net of bank charges. |
Revenue is recognised when monies are transferred to the customer, such that the risks and rewards of ownership have passed to them. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Trade marks are being amortised evenly over their estimated useful life of ten years. |
Software development costs are being amortised evenly over their estimated useful life of three years. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
OPAL TRANSFER LTD (REGISTERED NUMBER: 04741528) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Software development costs |
Software development costs relating to the company's Opex computer software system are capitalised and depreciated over 3 years on a straight line basis. These costs have been capitalised due to the company creating this bespoke system in order to be more reliable in providing services to customers, being independent from third party software providers and having freedom to develop the software according to specific business needs. |
All other computer software costs are expensed in the profit and loss account in the year incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Software |
Trade | development |
marks | costs | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
Amortisation for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
OPAL TRANSFER LTD (REGISTERED NUMBER: 04741528) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Other loan | 2,000,000 | 2,000,000 |
Corporation tax recoverable |
Prepayments and accrued income |
The other loan relates to an amount lent to an unconnected third party, a joint stock company registered in Bulgaria. The company has obtained security for this debt. The loan was due to be repaid by 31 March 2019. However, the balance has not yet been received and the company has re-negotiated the terms. The company has received a letter of comfort from the borrower which confirms that the loan balance together with interest will be repaid via assets held by the borrower, and under a new agreement another company has become a co-debtor for the loan. On that basis the loan has been shown as due within one year. |
The director is confident that the loan is fully recoverable. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Directors' loan accounts | 42,501 | 41,688 |
Accruals and deferred income |
The other creditors relate to funds received from the customers at the year end, that were not transferred out until after the year end. |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
The above leases relate to company's business premises. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosure within the debtors note concerning the recoverability of a loan. A loan of £2m made in 2019 to an unconnected third party was not recovered at its due date and the company has now re-negotiated the terms. |
These conditions indicate the existence of a material uncertainty which may cast significant doubt about the recoverability of this balance. The financial statements do not include the adjustments that would result if the company was unable to recover the money. In view of the significance of this uncertainty we consider that they should be drawn to your attention but our opinion is not qualified in this respect. |
for and on behalf of |
OPAL TRANSFER LTD (REGISTERED NUMBER: 04741528) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | RELATED PARTY DISCLOSURES |
Included in other debtors is a balance owed by a related company which is under common directorship and ownership. |
At the year end, the amount due from the related company was £458,084 (2023: £456,734). This loan is interest free and repayable on demand. |
During the year, the company waived £3,410 (2023: £23,987) of the debt due from a company under common directorship and ownership. |
Included in creditors is a balance of £42,501 (2023: £41,688) owed to a director of the company. This loan is interest free and repayable on demand. |