Acorah Software Products - Accounts Production 16.3.350 false true true 31 October 2023 1 November 2022 false 1 November 2023 31 October 2024 31 October 2024 05598572 Mr R Kumar Mr Biju Ramakrishnan Mr Andrew Riley iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05598572 2023-10-31 05598572 2024-10-31 05598572 2023-11-01 2024-10-31 05598572 frs-core:CurrentFinancialInstruments 2024-10-31 05598572 frs-core:PlantMachinery 2024-10-31 05598572 frs-core:PlantMachinery 2023-11-01 2024-10-31 05598572 frs-core:PlantMachinery 2023-10-31 05598572 frs-core:ShareCapital 2024-10-31 05598572 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 05598572 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 05598572 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 05598572 frs-bus:SmallEntities 2023-11-01 2024-10-31 05598572 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 05598572 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 05598572 frs-bus:OrdinaryShareClass1 2023-11-01 2024-10-31 05598572 frs-bus:OrdinaryShareClass1 2024-10-31 05598572 frs-bus:Director1 2023-11-01 2024-10-31 05598572 frs-bus:Director2 2023-11-01 2024-10-31 05598572 frs-bus:Director3 2023-11-01 2024-10-31 05598572 frs-countries:EnglandWales 2023-11-01 2024-10-31 05598572 2022-10-31 05598572 2023-10-31 05598572 2022-11-01 2023-10-31 05598572 frs-core:CurrentFinancialInstruments 2023-10-31 05598572 frs-core:ShareCapital 2023-10-31 05598572 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 05598572 frs-bus:OrdinaryShareClass1 2022-11-01 2023-10-31
Registered number: 05598572
Opulen Asset Management Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—4
Page 1
Statement of Financial Position
Registered number: 05598572
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 14,878 -
14,878 -
CURRENT ASSETS
Debtors 4 44,867 -
Cash at bank and in hand 254,031 100
298,898 100
Creditors: Amounts Falling Due Within One Year 5 (288,795 ) -
NET CURRENT ASSETS (LIABILITIES) 10,103 100
TOTAL ASSETS LESS CURRENT LIABILITIES 24,981 100
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,719 ) -
NET ASSETS 21,262 100
CAPITAL AND RESERVES
Called up share capital 6 100 100
Income Statement 21,162 -
SHAREHOLDERS' FUNDS 21,262 100
For the year ending 31 October 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 Income Statement.
On behalf of the board
Mr R Kumar
Director
10/06/2025
The notes on pages 2 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. Going Concern Disclosure
The directors of the company consider that the company has adequate means of meeting its financial obligations and is well positioned to manage its business risks for at least twelve months from the date of issue of the financial statements. Accordingly, it continues to adopt the going concern basis in the preparation of the financial statements.
1.3. 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.
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.
1.4. 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:
Plant & Machinery 25% on reducing balance method
1.5. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
1.6. 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.
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.
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1.8. Critical Accounting Judgements And Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2023: 2)
3 2
3. Tangible Assets
Plant & Machinery
£
Cost
As at 1 November 2023 -
Additions 19,837
As at 31 October 2024 19,837
Depreciation
As at 1 November 2023 -
Provided during the period 4,959
As at 31 October 2024 4,959
Net Book Value
As at 31 October 2024 14,878
As at 1 November 2023 -
4. Debtors
2024 2023
£ £
Due within one year
Other debtors 44,867 -
44,867 -
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 51,526 -
Other creditors 221,260 -
Taxation and social security 16,009 -
288,795 -
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6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Value Number 2024 2023
Allotted, called up and fully paid £ £ £
Ordinary Shares 100.00 1 100 100
7. General Information
Opulen Asset Management Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05598572 . The registered office is 22-25 Portman Close, Room S3, London, England, W1H 6BS.
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