Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-30false2023-10-01falseNo description of principal activity23truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08966552 2023-10-01 2024-09-30 08966552 2022-10-01 2023-09-30 08966552 2024-09-30 08966552 2023-09-30 08966552 c:Director1 2023-10-01 2024-09-30 08966552 d:OfficeEquipment 2024-09-30 08966552 d:OfficeEquipment 2023-09-30 08966552 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08966552 d:ComputerEquipment 2023-10-01 2024-09-30 08966552 d:CurrentFinancialInstruments 2024-09-30 08966552 d:CurrentFinancialInstruments 2023-09-30 08966552 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 08966552 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 08966552 d:ShareCapital 2024-09-30 08966552 d:ShareCapital 2023-09-30 08966552 d:RetainedEarningsAccumulatedLosses 2024-09-30 08966552 d:RetainedEarningsAccumulatedLosses 2023-09-30 08966552 c:FRS102 2023-10-01 2024-09-30 08966552 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 08966552 c:FullAccounts 2023-10-01 2024-09-30 08966552 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08966552 2 2023-10-01 2024-09-30 08966552 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 08966552










OPAL FUSION LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
OPAL FUSION LIMITED
REGISTERED NUMBER: 08966552

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,186
5,083

  
4,186
5,083

Current assets
  

Debtors: amounts falling due within one year
 5 
664,585
153,473

Cash at bank and in hand
 6 
112,533
1,054,550

  
777,118
1,208,023

Creditors: amounts falling due within one year
 7 
(745,510)
(1,210,022)

Net current assets/(liabilities)
  
 
 
31,608
 
 
(1,999)

Total assets less current liabilities
  
35,794
3,084

  

Net assets
  
35,794
3,084


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
34,794
2,084

  
35,794
3,084

Page 1

 
OPAL FUSION LIMITED
REGISTERED NUMBER: 08966552
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C H Boyd
Director

Date: 4 April 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
OPAL FUSION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Opal Fusion Limited is a private company, limited by shares, domiciled in England and Wales, registration number 08966552. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.
On 23 June 2024, the name of the Company was changed from Blue Hut Limited to Opal Fusion Limited.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has net current assets of £31,608 (2023: £1,999 net liabilities) and total net assets of £35,794 (2023: £3,084) at the balance sheet date. The shareholder has committed to providing financial support to the company for a period of at least 12 months from the date of the approval of the Financial Statements. The directors has therefore prepared the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
OPAL FUSION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33% per annum on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
OPAL FUSION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
 

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.


 
Page 5

 
OPAL FUSION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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

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


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 3).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 October 2023
36,522



At 30 September 2024

36,522



Depreciation


At 1 October 2023
31,439


Charge for the year
897



At 30 September 2024

32,336



Net book value



At 30 September 2024
4,186



At 30 September 2023
5,083

Page 6

 
OPAL FUSION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
-
65,871

Amounts owed by group undertakings
664,585
87,475

Prepayments and accrued income
-
127

664,585
153,473



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
112,533
1,054,550



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
167,157
225,009

Amounts owed to group undertakings
262,525
227,748

Corporation tax
6,853
9,009

Other taxation and social security
-
75,439

Other creditors
95,428
129,598

Accruals and deferred income
213,547
543,219

745,510
1,210,022



8.


Related party transactions

At 30 September 2024, the company owed £664,585 (2023: £227,748 owed to) from Northumberland Events Ltd, a fellow subsidiary and a company of which the directors, C H Boyd and A Brain, are directors. The loan is interest free, unsecured and repayable on demand.
At 30 September 2024, the company owed £262,525 (2023: £87,475 owed from) to Hamilton Boyd Ltd, the parent company and a company of which the directors, C H Boyd and A Brain, are directors. The loan is interest free, unsecured and repayable on demand.

Page 7

 
OPAL FUSION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Parent undertaking

The Company's parent entity is Hamilton Boyd Ltd, the Company's registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal place of business is 8 Northumberland Avenue, London, WC2N 5BY.
 
Page 8