Acorah Software Products - Accounts Production 16.1.300 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 03669621 Mr Frederick Rogers Mrs Janice Rogers Mr Louis Rogers Mr Louis Rogers iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03669621 2023-06-30 03669621 2024-06-30 03669621 2023-07-01 2024-06-30 03669621 frs-core:CurrentFinancialInstruments 2024-06-30 03669621 frs-core:Non-currentFinancialInstruments 2024-06-30 03669621 frs-core:ComputerEquipment 2024-06-30 03669621 frs-core:ComputerEquipment 2023-07-01 2024-06-30 03669621 frs-core:ComputerEquipment 2023-06-30 03669621 frs-core:MotorVehicles 2024-06-30 03669621 frs-core:MotorVehicles 2023-07-01 2024-06-30 03669621 frs-core:MotorVehicles 2023-06-30 03669621 frs-core:ShareCapital 2024-06-30 03669621 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 03669621 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03669621 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 03669621 frs-bus:SmallEntities 2023-07-01 2024-06-30 03669621 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 03669621 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03669621 frs-core:CostValuation 2023-06-30 03669621 frs-core:CostValuation 2024-06-30 03669621 frs-core:ProvisionsForImpairmentInvestments 2023-06-30 03669621 frs-core:ProvisionsForImpairmentInvestments 2024-06-30 03669621 frs-bus:Director1 2023-07-01 2024-06-30 03669621 frs-bus:Director2 2023-07-01 2024-06-30 03669621 frs-bus:Director2 2023-06-30 03669621 frs-bus:Director2 2024-06-30 03669621 frs-bus:Director3 2023-07-01 2024-06-30 03669621 frs-bus:CompanySecretary1 2023-07-01 2024-06-30 03669621 frs-countries:EnglandWales 2023-07-01 2024-06-30 03669621 2022-06-30 03669621 2023-06-30 03669621 2022-07-01 2023-06-30 03669621 frs-core:CurrentFinancialInstruments 2023-06-30 03669621 frs-core:Non-currentFinancialInstruments 2023-06-30 03669621 frs-core:ShareCapital 2023-06-30 03669621 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 03669621
Opec Construction Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03669621
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,048 3,344
Investments 5 210 210
11,258 3,554
CURRENT ASSETS
Debtors 6 769,771 810,424
Cash at bank and in hand 310,903 31,093
1,080,674 841,517
Creditors: Amounts Falling Due Within One Year 7 (403,582 ) (212,102 )
NET CURRENT ASSETS (LIABILITIES) 677,092 629,415
TOTAL ASSETS LESS CURRENT LIABILITIES 688,350 632,969
Creditors: Amounts Falling Due After More Than One Year 8 - (72,368 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,762 ) (492 )
NET ASSETS 685,588 560,109
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 684,588 559,109
SHAREHOLDERS' FUNDS 685,588 560,109
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Janice Rogers
Director
Mr Louis Rogers
Director
3 March 2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Opec Construction Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03669621 . The registered office is The Mill, Pury Hill Business Park, Alderton Road, Towcester, NN12 7LS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Computer Equipment 25% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 9)
9 9
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4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 4,435 31,722 36,157
Additions 10,450 2,469 12,919
Disposals (4,435 ) (14,954 ) (19,389 )
As at 30 June 2024 10,450 19,237 29,687
Depreciation
As at 1 July 2023 3,953 28,860 32,813
Provided during the period 2,613 2,120 4,733
Disposals (3,953 ) (14,954 ) (18,907 )
As at 30 June 2024 2,613 16,026 18,639
Net Book Value
As at 30 June 2024 7,837 3,211 11,048
As at 1 July 2023 482 2,862 3,344
5. Investments
Subsidiaries
£
Cost
As at 1 July 2023 210
As at 30 June 2024 210
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 210
As at 1 July 2023 210
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 264,775 168,106
Amounts owed by group undertakings 201,267 485,933
Other debtors 32,225 105,164
498,267 759,203
Due after more than one year
Other debtors 271,504 51,221
769,771 810,424
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 245,176 113,339
Bank loans and overdrafts 29,998 34,737
Other creditors 14,832 21,196
Taxation and social security 113,576 42,830
403,582 212,102
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 72,368
9. Secured Creditors
The bank holds a fixed and floating charge on the assets of the company.
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Pension Commitments
The company operates a defined contribution pension scheme for the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £926 (PY £nil) were due to the fund. They are included in Other Creditors.
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Louis Rogers - 3,646 - - 3,646
The above loan is unsecured, interest free and repayable on demand.
13. Exceptional Items
The company has identified that a loan from an associate company Opes Management Services LLP is irrecoverable and it has been written off.
Page 5