0 false false true false false false false false false false true false false false false true true No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 151,423 151,423 151,423 xbrli:pure xbrli:shares iso4217:GBP 14087194 2023-06-01 2024-05-31 14087194 2024-05-31 14087194 2023-05-31 14087194 2022-06-01 2023-05-31 14087194 2023-05-31 14087194 2022-05-31 14087194 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 14087194 bus:Director1 2023-06-01 2024-05-31 14087194 core:WithinOneYear 2024-05-31 14087194 core:WithinOneYear 2023-05-31 14087194 core:AfterOneYear 2024-05-31 14087194 core:AfterOneYear 2023-05-31 14087194 core:ShareCapital 2024-05-31 14087194 core:ShareCapital 2023-05-31 14087194 core:RetainedEarningsAccumulatedLosses 2024-05-31 14087194 core:RetainedEarningsAccumulatedLosses 2023-05-31 14087194 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 14087194 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 14087194 bus:SmallEntities 2023-06-01 2024-05-31 14087194 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 14087194 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 14087194 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 14087194 bus:FullAccounts 2023-06-01 2024-05-31 14087194 bus:OrdinaryShareClass1 2024-05-31 14087194 bus:OrdinaryShareClass1 2023-05-31
COMPANY REGISTRATION NUMBER: 14087194
Opulent Property Investment Ltd
Filleted Unaudited Financial Statements
31 May 2024
Opulent Property Investment Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
4
151,423
151,423
Current assets
Debtors
5
465
465
Cash at bank and in hand
6,160
415
-------
----
6,625
880
Creditors: amounts falling due within one year
6
55,272
54,832
--------
--------
Net current liabilities
48,647
53,952
---------
---------
Total assets less current liabilities
102,776
97,471
Creditors: amounts falling due after more than one year
7
110,366
110,366
---------
---------
Net liabilities
( 7,590)
( 12,895)
---------
---------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
( 7,690)
( 12,995)
-------
--------
Shareholders deficit
( 7,590)
( 12,895)
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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.
Director's responsibilities:
- The members have 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 Act with respect to accounting records and the preparation of financial statements .
Opulent Property Investment Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 31 May 2025 , and are signed on behalf of the board by:
Miss H Sehmbi
Director
Company registration number: 14087194
Opulent Property Investment Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Studio 10, Clarks courtyard, 145 Granville Street, Birmingham, B1 1SB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property
£
Cost
At 1 June 2023 and 31 May 2024
151,423
---------
Depreciation
At 1 June 2023 and 31 May 2024
---------
Carrying amount
At 31 May 2024
151,423
---------
At 31 May 2023
151,423
---------
5. Debtors
2024
2023
£
£
Other debtors
465
465
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
30,534
30,534
Other creditors
24,738
24,298
--------
--------
55,272
54,832
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
110,366
110,366
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Director's advances, credits and guarantees
During the year advances and credits were transacted with the director. At the period end the director was owed £22,738 (£23,298 - 2023). The loan is interest-free and repayable on demand.
10. Related party transactions
During the period a related party, Opulent Financial Ltd,provided loans to the company. At the period-end the related party was owed £30,534. The party is related through common directorship.