Ophelia Talks Ltd 14114139 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is retail of sewing products. Digita Accounts Production Advanced 6.30.9574.0 true 14114139 2023-06-01 2024-05-31 14114139 2024-05-31 14114139 core:RetainedEarningsAccumulatedLosses 2024-05-31 14114139 core:ShareCapital 2024-05-31 14114139 core:CurrentFinancialInstruments 2024-05-31 14114139 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 14114139 core:Goodwill 2024-05-31 14114139 core:FurnitureFittingsToolsEquipment 2024-05-31 14114139 bus:SmallEntities 2023-06-01 2024-05-31 14114139 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 14114139 bus:FullAccounts 2023-06-01 2024-05-31 14114139 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 14114139 bus:RegisteredOffice 2023-06-01 2024-05-31 14114139 bus:Director1 2023-06-01 2024-05-31 14114139 bus:Director2 2023-06-01 2024-05-31 14114139 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 14114139 core:Goodwill 2023-06-01 2024-05-31 14114139 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 14114139 countries:EnglandWales 2023-06-01 2024-05-31 14114139 2023-05-31 14114139 core:Goodwill 2023-05-31 14114139 core:FurnitureFittingsToolsEquipment 2023-05-31 14114139 2022-05-18 2023-05-31 14114139 2023-05-31 14114139 core:RetainedEarningsAccumulatedLosses 2023-05-31 14114139 core:ShareCapital 2023-05-31 14114139 core:CurrentFinancialInstruments 2023-05-31 14114139 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 14114139 core:Goodwill 2023-05-31 14114139 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 14114139

Ophelia Talks Ltd

Filleted Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Ophelia Talks Ltd
(Registration number: 14114139)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Ophelia Talks Ltd
(Registration number: 14114139)

Company Information

Directors

Mrs A M Thys

Mr D Leonard

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Ophelia Talks Ltd
(Registration number: 14114139)

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

7,200

9,600

Tangible assets

5

1,133

256

 

8,333

9,856

Current assets

 

Stocks

6

10,000

10,000

Debtors

7

1,718

1,815

Cash at bank and in hand

 

9,572

8,233

 

21,290

20,048

Creditors: Amounts falling due within one year

8

(24,093)

(27,889)

Net current liabilities

 

(2,803)

(7,841)

Total assets less current liabilities

 

5,530

2,015

Provisions for liabilities

(216)

(49)

Net assets

 

5,314

1,966

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

5,214

1,866

Total equity

 

5,314

1,966

 

Ophelia Talks Ltd
(Registration number: 14114139)

Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 

.........................................
Mrs A M Thys
Director

 

Ophelia Talks Ltd
(Registration number: 14114139)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Ophelia Talks Ltd
(Registration number: 14114139)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straightline method

 

Ophelia Talks Ltd
(Registration number: 14114139)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Ophelia Talks Ltd
(Registration number: 14114139)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Ophelia Talks Ltd
(Registration number: 14114139)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Acquired through business combinations

12,000

12,000

At 31 May 2024

12,000

12,000

Amortisation

At 1 June 2023

2,400

2,400

Amortisation charge

2,400

2,400

At 31 May 2024

4,800

4,800

Carrying amount

At 31 May 2024

7,200

7,200

At 31 May 2023

9,600

9,600

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

320

320

Additions

1,176

1,176

At 31 May 2024

1,496

1,496

Depreciation

At 1 June 2023

64

64

Charge for the year

299

299

At 31 May 2024

363

363

Carrying amount

At 31 May 2024

1,133

1,133

At 31 May 2023

256

256

 

Ophelia Talks Ltd
(Registration number: 14114139)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Other stocks

10,000

10,000

 

Ophelia Talks Ltd
(Registration number: 14114139)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Debtors

2024
£

2023
£

Trade debtors

46

-

Other debtors

1,314

1,815

Prepayments and accrued income

358

-

Total current trade and other debtors

1,718

1,815

8

Creditors

2024
£

2023
£

Due within one year

Trade creditors

5,597

4,539

Taxation and social security

1,722

1,076

Other creditors

14,774

20,424

Accrued expenses

2,000

1,850

24,093

27,889