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REGISTERED NUMBER: 04741528 (England and Wales)


















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: G Petkevica



REGISTERED OFFICE: 27 Clement's Lane
London
EC4N 7AE



REGISTERED NUMBER: 04741528 (England and Wales)



SENIOR STATUTORY AUDITOR: Shahid Hameed FCA FCCA



AUDITORS: THP Limited
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 4 212,106 263,009
Tangible assets 5 5,188 2,744
217,294 265,753

CURRENT ASSETS
Debtors 6 2,575,570 2,820,265
Cash at bank and in hand 3,873,104 3,806,051
6,448,674 6,626,316
CREDITORS
Amounts falling due within one year 7 163,020 439,700
NET CURRENT ASSETS 6,285,654 6,186,616
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,502,948

6,452,369

PROVISIONS FOR LIABILITIES 820 104
NET ASSETS 6,502,128 6,452,265

CAPITAL AND RESERVES
Called up share capital 3,500 3,500
Capital redemption reserve 1,500 1,500
Retained earnings 6,497,128 6,447,265
6,502,128 6,452,265

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 29 January 2025 and were signed by:





G Petkevica - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 5 years
Computer equipment - Straight line over 3 years

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 21 (2023 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Software
Trade development
marks costs Totals
£    £    £   
COST
At 1 May 2023 949 2,185,154 2,186,103
Additions - 198,840 198,840
At 30 April 2024 949 2,383,994 2,384,943
AMORTISATION
At 1 May 2023 539 1,922,555 1,923,094
Amortisation for year 95 249,648 249,743
At 30 April 2024 634 2,172,203 2,172,837
NET BOOK VALUE
At 30 April 2024 315 211,791 212,106
At 30 April 2023 410 262,599 263,009

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 May 2023 14,215 20,106 34,321
Additions 2,052 3,429 5,481
Disposals (14,215 ) (11,559 ) (25,774 )
At 30 April 2024 2,052 11,976 14,028
DEPRECIATION
At 1 May 2023 14,215 17,362 31,577
Charge for year 411 2,626 3,037
Eliminated on disposal (14,215 ) (11,559 ) (25,774 )
At 30 April 2024 411 8,429 8,840
NET BOOK VALUE
At 30 April 2024 1,641 3,547 5,188
At 30 April 2023 - 2,744 2,744

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 493,152 597,695
Other loan 2,000,000 2,000,000
Corporation tax recoverable 35,459 120,148
Prepayments and accrued income 46,959 102,422
2,575,570 2,820,265

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 18,951 59,573
Social security and other taxes 7,158 11,224
Other creditors 65,548 272,694
Directors' loan accounts 42,501 41,688
Accruals and deferred income 28,862 54,521
163,020 439,700

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 24,480 73,040

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.

Shahid Hameed FCA FCCA (Senior Statutory Auditor)
for and on behalf of THP Limited

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.