Company registration number 13012247 (England and Wales)
OPULENCE INVESTMENT MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OPULENCE INVESTMENT MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
OPULENCE INVESTMENT MANAGEMENT LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,400
2,800
Tangible assets
5
-
0
160
2,400
2,960
Current assets
Stocks
2,500
2,800
Debtors
6
1,528
5,756
Cash at bank and in hand
101,074
90,410
105,102
98,966
Creditors: amounts falling due within one year
7
(4,313)
(33,160)
Net current assets
100,789
65,806
Total assets less current liabilities
103,189
68,766
Creditors: amounts falling due after more than one year
8
(761,356)
(578,822)
Net liabilities
(658,167)
(510,056)
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
(758,167)
(610,056)
Total equity
(658,167)
(510,056)
OPULENCE INVESTMENT MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 21 March 2025
Mr C J Stelfox
Director
Company registration number 13012247 (England and Wales)
OPULENCE INVESTMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information

Opulence Investment Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 11, Branksome Business Park, Poole, Dorset, England, BH12 1ED.

1.1
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.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future as it is being supported by Sojack Limited, a company that the director, is also a director and 100% shareholder.

The director considers that with Sojack Limited's continued support and the subordinate loan agreement over a 5 year period, the company has the ability to continue as a going concern for a period of 12 months from the date of approving these accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
straight line over 10 years
OPULENCE INVESTMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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:

Computers
straight line over three years

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 and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

1.9
Financial instruments

The company only enters into Basic financial instrument transactions.

 

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.

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.

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.

OPULENCE INVESTMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.10
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.

1.11
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.

1.12
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
4
5
OPULENCE INVESTMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
4
Intangible fixed assets
Other
£
Cost
At 1 December 2023 and 30 November 2024
4,000
Amortisation and impairment
At 1 December 2023
1,200
Amortisation charged for the year
400
At 30 November 2024
1,600
Carrying amount
At 30 November 2024
2,400
At 30 November 2023
2,800
5
Tangible fixed assets
Computers
£
Cost
At 1 December 2023 and 30 November 2024
1,915
Depreciation and impairment
At 1 December 2023
1,755
Depreciation charged in the year
160
At 30 November 2024
1,915
Carrying amount
At 30 November 2024
-
0
At 30 November 2023
160
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
2,477
Prepayments and accrued income
1,528
3,279
1,528
5,756
OPULENCE INVESTMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
339
14,235
Taxation and social security
972
17,325
Accruals and deferred income
3,002
1,600
4,313
33,160
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
710,693
528,193
Other creditors
50,663
50,629
761,356
578,822
OPULENCE INVESTMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
9
Related party transactions

Sojack Limited

 

The director, Mr C J Stelfox, is, also, the director and shareholder of Sojack Limited.

 

At the balance sheet date, included in other creditors, is an amount due to the related party of £775,594 (2023 - £561,416).

 

Interest is accruing at 5% per annum,

 

 

 

10
Directors' transactions

Included in creditors, due after one year, is an amount due to the directors of £50,663 (2023 - £50,629).

 

No interest is accruing on this loan.

11
Prior period adjustment
Reconciliation of changes in equity
1 December
30 November
2022
2023
Notes
£
£
Adjustments to prior year
Subordinate Loan Interest Removed
1
-
33,223
Equity as previously reported
(300,435)
(543,279)
Equity as adjusted
(300,435)
(510,056)
Analysis of the effect upon equity
Profit and loss reserves
-
33,223
Reconciliation of changes in loss for the previous financial period
2023
Notes
£
Adjustments to prior year
Subordinate Loan Interest Removed
1
33,223
Loss as previously reported
(242,844)
Loss as adjusted
(209,621)
Notes to reconciliation
Note 1 : Subordinate Loan Interest Removed

In the year to 30 November 2023 interest on the subordinate loan was charged at 5%. The agreed rate of interest on the Subordinate Loan is actually 0%.

2024-11-302023-12-01false21 March 2025CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr C J Stelfoxfalsefalse130122472023-12-012024-11-30130122472024-11-30130122472023-11-3013012247core:IntangibleAssetsOtherThanGoodwill2024-11-3013012247core:IntangibleAssetsOtherThanGoodwill2023-11-3013012247core:ComputerEquipment2024-11-3013012247core:ComputerEquipment2023-11-3013012247core:CurrentFinancialInstrumentscore:WithinOneYear2024-11-3013012247core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3013012247core:Non-currentFinancialInstrumentscore:AfterOneYear2024-11-3013012247core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3013012247core:CurrentFinancialInstruments2024-11-3013012247core:CurrentFinancialInstruments2023-11-3013012247core:Non-currentFinancialInstruments2024-11-3013012247core:Non-currentFinancialInstruments2023-11-3013012247core:ShareCapital2024-11-3013012247core:ShareCapital2023-11-3013012247core:RetainedEarningsAccumulatedLosses2024-11-3013012247core:RetainedEarningsAccumulatedLosses2023-11-3013012247bus:Director12023-12-012024-11-3013012247core:IntangibleAssetsOtherThanGoodwill2023-12-012024-11-3013012247core:ComputerSoftware2023-12-012024-11-3013012247core:ComputerEquipment2023-12-012024-11-30130122472022-12-012023-11-3013012247core:IntangibleAssetsOtherThanGoodwill2023-11-3013012247core:ComputerEquipment2023-11-3013012247core:Non-currentFinancialInstruments12024-11-3013012247core:Non-currentFinancialInstruments12023-11-3013012247bus:PrivateLimitedCompanyLtd2023-12-012024-11-3013012247bus:SmallCompaniesRegimeForAccounts2023-12-012024-11-3013012247bus:FRS1022023-12-012024-11-3013012247bus:AuditExemptWithAccountantsReport2023-12-012024-11-3013012247bus:FullAccounts2023-12-012024-11-30xbrli:purexbrli:sharesiso4217:GBP