Company registration number 14313427 (England and Wales)
OPLOG UK LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
OPLOG UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
OPLOG UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
14,579
Current assets
Debtors
4
291,747
Cash at bank and in hand
106,688
398,435
Creditors: amounts falling due within one year
5
(939,440)
Net current liabilities
(541,005)
Net liabilities
(526,426)
Capital and reserves
Called up share capital
7
1
Profit and loss reserves
(526,427)
Total equity
(526,426)

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 14 March 2025
Halit Develioglu
Director
Company registration number 14313427 (England and Wales)
OPLOG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

OPLOG UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o Fieldfisher, Riverbank House, 2 Swan Lane, London, EC4R 3TT.

1.1
Reporting period

The financial statements have been drawn up over a period of 16 months.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The financial statements have been prepared on a going concern basis. The company has incurred losses during the trueperiod and the director is aware that the company’s balance sheet reflects net current liabilities.

 

Assurances have been received by the Board that financial support will be provided by the ultimate parent company OPLOG B.V., to enable the company to continue to trade and meet its liabilities as and when they fall due for a period of at least twelve months from the date of signing these financial statements.

 

The parent company in turn is expecting to achieve profitable results plus also seeking additional investment from an existing investor in order to facilitate this assurance. 

 

The Director's consideration is that the success of the parent company investment round is probable, however it is not certain at the time of signing these financial statements.

 

No adjustments have been made to these accounts that would be required were the investment round not successful.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

OPLOG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Straight line method
Computers
25% Straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

OPLOG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

OPLOG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
Number
Total
1
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
-
0
-
0
-
0
Additions
12,199
4,227
16,426
At 31 December 2023
12,199
4,227
16,426
Depreciation and impairment
At 1 January 2023
-
0
-
0
-
0
Depreciation charged in the Period
1,671
176
1,847
At 31 December 2023
1,671
176
1,847
Carrying amount
At 31 December 2023
10,528
4,051
14,579
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
176,032
Amounts owed by group undertakings
35,941
Other debtors
79,774
291,747
OPLOG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
135,544
Taxation and social security
15,444
Other creditors
788,452
939,440
6
Related party transactions
2023
Amounts due to related parties
£
Entities with control, joint control or significant influence over the company
778,135

At the end of the period the company owed £750,809 in respect of a loan amount. The loan has an interest rate of 8% and repayable on demand.

The following amounts were outstanding at the reporting end date:

2023
Amounts due from related parties
£
Entities with control, joint control or significant influence over the company
35,963
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

OPLOG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
8
Audit report information
(Continued)
- 7 -

Emphasis of matter

We draw attention to Note 1.3 of the financial statements. The financial statements have been prepared on a going concern basis. The company has incurred losses during the period and the director is aware that the company’s balance sheet reflects net current liabilities.

 

Assurances have been received by the Board that financial support will be provided by the ultimate parent company OPLOG B.V., to enable the company to continue to trade and meet its liabilities as and when they fall due for a period of at least twelve months from the date of signing these financial statements.

 

The parent company in turn is expecting to achieve profitable results plus also seeking additional investment from an existing investor in order to facilitate this assurance. 

 

The Directors consideration is that the success of the parent company investment round is probable, however it is not certain at the time of signing these financial statements.

 

No adjustments have been made to these accounts that would be required were the investment round not successful.

Senior Statutory Auditor:
Christopher Cairns BSc FCA
Statutory Auditor:
Alliotts LLP
Date of audit report:
14 March 2025
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
£
7,300
10
Parent company

OPLOG UK Limited is a subsidiary of OPLOG Operasyonel Lojistik AS, a company registered in Turkey.

 

The smallest group for which consolidated financial statements are drawn up of which the small entity is a member is OPLOG B.V., the address of the parents registered office is Luna Arena, Herikerbergweg 2381101 CM Amsterdam Netherlands.

 

The ultimate controlling party is Halit Develioğlu.

 

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