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Registered number: 07291274










OPAL VENTURES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
OPAL VENTURES LIMITED
 

CONTENTS



Page
Company information
 
1
Group strategic report
 
2 - 3
Directors' report
 
4 - 5
Independent auditor's report
 
6 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Consolidated analysis of net debt
 
17
Notes to the financial statements
 
18 - 36


 
OPAL VENTURES LIMITED
 
 
COMPANY INFORMATION


Directors
P W Grose 
A H English 




Company secretary
K Jeyakanthan



Registered number
07291274



Registered office
400 Marlborough Gate

Milton Keynes

MK9 3FP




Independent auditor
MHA

The Pinnacle

150 Midsummer Boulevard

Milton Keynes

Buckinghamshire

MK9 1LZ




Page 1

 
OPAL VENTURES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present their Strategic Report for the year ended 31 March 2024.
Principal activity
The main trading income for the group in the current and prior year was generated from the operation of a hotel, restaurant and conference facilities.

Business review
 
Group turnover was £11,181,091 (2023: £9,015,403). The group profit for the year attributable to the owners of the parent company was £1,580,152 (2023: loss of £2,342,161). 
Details of the various trading activities is included in each individual company's financial statements. 
The main trading company of the group at the year end is Hotel La Tour Limited.
Below is the company level business review of Bramptonia Limited for the year:
Bramptonia Limited: 
During the year Bramptonia generated a profit of £28,278 (2023: loss of £56,937), demonstrating an improvement in company performance. This improvement in performance is due to fair reflections of the values of core assets in the business, alongside the write-off of a £2,378,278 debtor balance with a subsidiary and the disposal of its investment in Reef Estates Limited, which was sold at a gain of £2,499,730.

Principal risks and uncertainties
 
Economic downturn 
Economic downturns, resulting in a fall in consumer demand for hotel accommodation and conference facilities. The directors regularly monitor the marketing and pricing strategies of the group to reflect the new market conditions. 
In response to this risk, management aim to keep abreast of economic conditions. In cases of severe economic downturn, marketing and pricing strategies are modified to reflect the new market conditions. 
The group’s principal financial instruments comprise of cash, bank borrowings, intercompany loans and various items, such as trade debtors, and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to provide finance for the group’s operations. The main risks arising from the group’s financial instruments are the economic downturn, liquidity risk, interest rate risk, currency risk, and credit risk. The directors review and agree policies for managing each risk and they are summarised below. 
Liquidity risk 
The group seeks to manage financial risk by ensuring sufficient liquidity to meet its future requirements. Short term flexibility is achieved by group borrowings and on-going shareholder support. 
Interest rate risk
The group finances its operations through a combination of bank borrowings and finance leases. The group’s exposure to interest rate fluctuation on its borrowings is managed using both fixed and variable rate facilities. 



 
Page 2

 
OPAL VENTURES LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Credit risk 
The group's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited. The principal credit risk arises therefore from its trade debtors.
 In order to manage credit risk, the directors set limits for customer based on a combination of payment history and third-party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.
There is no concentration of credit risk with any single customer, with exposure being spread over many customers.

Financial key performance indicators
 
Group turnover has increased by 24.6% due to improved trading of Hotel La Tour Milton Keynes during the year. At company level the following KPIs are monitored: 
Hotel La Tour Limited: 
Average room rate: In 2024 has risen to an average of £93.84 per room. (2023 £84.59 per room). 


This report was approved by the board and signed on its behalf.



................................................
A H English
Director

Date: 25 June 2025

Page 3

 
OPAL VENTURES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,644,350 (2023 - loss £2,131,258).

No dividends were paid during the year ended 31 March 2024 (2023: £Nil).

Directors

The Directors who served during the year were:

P W Grose 
A H English 

Future developments

The directors are pleased with the performance of the trading subsidiary, Hotel La Tour Limited during the year and believe that the company is positioned to continue growth in the future

Page 4

 
OPAL VENTURES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory
changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA
Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
A H English
Director

Date: 25 June 2025

Page 5

 
OPAL VENTURES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPAL VENTURES LIMITED
 

Opinion


We have audited the financial statements of Opal Ventures Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
OPAL VENTURES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPAL VENTURES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


Matters on which we are required to report by exception
 




We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
OPAL VENTURES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPAL VENTURES LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
enquiry of management around actual and potential litigation and claims;
• performing audit work over the risk of management override of controls, including testing of journals    entries and other adjustments for appropriateness, evaluating the business rationale of significant     transactions outside the normal course of business and reviewing accounting estimates for bias;
• reviewing financial statement disclosures and testing to supporting documentation to assess compliance    with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 8

 
OPAL VENTURES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPAL VENTURES LIMITED (CONTINUED)


Other matters 
 

The prior year financial statements were not audited, and hence the corresponding comparative figures presented in these financial statements are unaudited.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Martin Herron BA (Hons) ACA (Senior statutory auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
Milton Keynes, United Kingdom

26 June 2025

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales
(registered number OC455542).

Page 9

 
OPAL VENTURES LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
Unaudited 
2023
Note
£
£

  

Turnover
 4 
11,181,091
9,015,403

Cost of sales
  
(2,690,400)
(2,200,494)

Gross profit
  
8,490,691
6,814,909

Administrative expenses
  
(7,625,856)
(7,826,495)

Operating profit/(loss)
 5 
864,835
(1,011,586)

Profit on disposal of fixed assets investments
 9 
2,499,730
-

Interest receivable and similar income
 10 
14,300
3,027

Interest payable and similar expenses
 11 
(1,790,519)
(1,318,747)

Profit/(loss) before taxation
  
1,588,346
(2,327,306)

Tax on profit/(loss)
 12 
-
-

Profit/(loss) for the financial year
  
1,588,346
(2,327,306)

  

Foreign exchange movements
  
(8,194)
(14,855)

Other comprehensive income for the year
  
(8,194)
(14,855)

Total comprehensive income for the year
  
1,580,152
(2,342,161)

Profit/(loss) for the year attributable to:
  

Non-controlling interests
  
(56,004)
(196,048)

Owners of the parent Company
  
1,644,350
(2,131,258)

  
1,588,346
(2,327,306)

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(56,004)
(196,048)

Owners of the parent Company
  
1,636,156
(2,146,113)

  
1,580,152
(2,342,161)

The notes on pages 18 to 36 form part of these financial statements.

Page 10

 
OPAL VENTURES LIMITED
REGISTERED NUMBER: 07291274

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
Unaudited
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
38,252,826
40,526,927

Investments
 14 
-
270

  
38,252,826
40,527,197

Current assets
  

Stocks
 15 
68,248
75,372

Debtors: amounts falling due within one year
 16 
551,375
299,161

Cash at bank and in hand
 17 
102,875
715,482

  
722,498
1,090,015

Creditors: amounts falling due within one year
 18 
(26,794,941)
(9,214,032)

Net current liabilities
  
 
 
(26,072,443)
 
 
(8,124,017)

Total assets less current liabilities
  
12,180,383
32,403,180

Creditors: amounts falling due after more than one year
 19 
(1,604,402)
(23,407,351)

Net assets
  
10,575,981
8,995,829


Capital and reserves
  

Called up share capital 
 22 
35,150,821
35,150,821

Foreign exchange reserve
 23 
(23,049)
(14,855)

Profit and loss account
 23 
(22,554,165)
(24,198,515)

Equity attributable to owners of the parent Company
  
12,573,607
10,937,451

Non-controlling interests
  
(1,997,626)
(1,941,622)

  
10,575,981
8,995,829


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2025.



................................................
A H English
Director

The notes on pages 18 to 36 form part of these financial statements.

Page 11

 
OPAL VENTURES LIMITED
REGISTERED NUMBER: 07291274

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
Unaudited
2023
Note
£
£

Fixed assets
  

Investments
 14 
3,060,080
3,060,080

  
3,060,080
3,060,080

Current assets
  

Debtors: amounts falling due within one year
 16 
13,863,262
13,051,069

Cash at bank and in hand
 17 
6,022
12,635

  
13,869,284
13,063,704

Creditors: amounts falling due within one year
 18 
(1,330,201)
(1,319,967)

Net current assets
  
 
 
12,539,083
 
 
11,743,737

Total assets less current liabilities
  
15,599,163
14,803,817

  

  

Net assets
  
15,599,163
14,803,817


Capital and reserves
  

Called up share capital 
 22 
35,150,821
35,150,821

Profit and loss account brought forward
  
(20,347,004)
(18,597,532)

Profit/(loss) for the year

  

795,346
(1,749,472)

Profit and loss account carried forward
  
(19,551,658)
(20,347,004)

  
15,599,163
14,803,817


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2025.


................................................
A H English
Director

The notes on pages 18 to 36 form part of these financial statements.

Page 12
 

 
OPAL VENTURES LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 April 2022
35,150,821
-
(22,067,257)
13,083,564
(1,745,574)
11,337,990





Loss for the year
-
-
(2,131,258)
(2,131,258)
(196,048)
(2,327,306)


Translation differences
-
(14,855)
-
(14,855)
-
(14,855)





At 1 April 2023
35,150,821
(14,855)
(24,198,515)
10,937,451
(1,941,622)
8,995,829





Profit for the year
-
-
1,644,350
1,644,350
(56,004)
1,588,346


Translation differences
-
(8,194)
-
(8,194)
-
(8,194)



At 31 March 2024
35,150,821
(23,049)
(22,554,165)
12,573,607
(1,997,626)
10,575,981



The notes on pages 18 to 36 form part of these financial statements.

Page 13
 
OPAL VENTURES LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
35,150,821
(18,597,532)
16,553,289



Loss for the year
-
(1,749,472)
(1,749,472)



At 1 April 2023
35,150,821
(20,347,004)
14,803,817



Profit for the year
-
795,346
795,346


At 31 March 2024
35,150,821
(19,551,658)
15,599,163


The notes on pages 18 to 36 form part of these financial statements.

Page 14

 
OPAL VENTURES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
Unaudited
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
1,588,346
(2,327,306)

Adjustments for:

Depreciation of tangible assets
616,524
866,069

Loss on disposal of tangible assets
(82,325)
5,623

Profit on disposal of fixed asset investments
(2,499,730)
-

Interest paid
1,790,519
1,318,747

Interest received
(14,300)
(3,027)

Decrease/(increase) in stocks
7,124
(50,194)

(Increase)/decrease in debtors
(252,214)
623,168

(Decrease)/increase in creditors
(2,084,727)
26,085

Foreign exchange differences on consolidation of reserves
(8,194)
(14,855)

Net cash generated from operating activities

(938,977)
444,310


Cash flows from investing activities

Purchase of tangible fixed assets
(227,535)
(661,062)

Sale of tangible fixed assets
1,967,437
18,781

Sale of fixed asset investments
2,500,000
-

Interest received
14,300
3,027

HP interest paid
(43,880)
(53,479)

Net cash from investing activities

4,210,322
(692,733)
Page 15

 
OPAL VENTURES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
-
800,000

Repayment of loans
(1,400,000)
(60,436)

Repayment of other loans
(690,193)
(173,058)

Repayment of/new finance leases
(47,120)
272,759

Interest paid
(1,746,639)
(1,265,268)

Net cash used in financing activities
(3,883,952)
(426,003)

Net (decrease) in cash and cash equivalents
(612,607)
(674,426)

Cash and cash equivalents at beginning of year
715,482
1,389,908

Cash and cash equivalents at the end of year
102,875
715,482


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
102,875
715,482


The notes on pages 18 to 36 form part of these financial statements.

Page 16

 
OPAL VENTURES LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
Other non-cash changes
At 31 March 2024
£

£

£

£

Cash at bank and in hand

715,482

(612,607)

-

102,875

Debt due after 1 year

(21,726,376)

-

21,726,376

-

Debt due within 1 year

(2,278,752)

1,877,031

(21,726,376)

(22,128,097)

Finance leases

(421,717)

47,120

-

(374,597)


(23,711,363)
1,311,544
-
(22,399,819)

The notes on pages 18 to 36 form part of these financial statements.

Page 17

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Opal Ventures Limited is a private company limited by shares and incorporated in England and Wales. The Company's registered number is 07291274. The address of its registered office and principal place of business is 400 Marlborough Gate, Milton Keynes, MK9 3FP.
The principal activity of the company is that of a holding company. The main trading income for the group in the current and prior year was generated from the operation of a hotel, restaurant and conference facilities.
The financial statements are presented in sterling, which is also the functional currency of the company. The figures in the financial statements are rounded to the nearest £1.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 18

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Going concern

In order to meet its liabilities as they fall due, the Company relies on the support of the A H English (2007) Settlement and A H English. A H English (2007) Settlement and A H English have indicated that they will continue to support Opal Ventures Limited and its subsidiaries for the 12 months following the approval of the Group's financial statements for the year ended 31 March 2024.
The Directors have considered the working capital needs for the business for the next 12 months and concluded that with the support of A H English (2007) Settlement and A H English, the Group will be able to meet its liabilities as they fall due.
On the basis of the above support, the Directors consider that the Group will continue in the operational existence for the period of at least 12 months following the approval of the Group's financial statements and for the foreseeable future and accordingly the Director's consider it appropriate to prepare the financial statements on the going concern basis.
The financial statements do not include any adjustments that would results from a withdrawal of this support.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 19

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

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.

Page 20

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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:

Leasehold property
-
2%
per annum
Plant and machinery
-
20%
per annum
Motor vehicles
-
33%
per annum
Fixtures and fittings
-
25%
per annum
Computer equipment
-
33%
per annum
Yacht
-
10%
per annum

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

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.

Page 21

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

 
2.16

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily separated from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
These 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Key judgements relating to the Group have been deemed to be:
Fixed assets allocation of useful economic lives and residual values in the subsidiary entity. These are based on the information available to the Directors but actual outcomes may differ.
Carrying value of investment in subsidiary entities. Management assess this annual based on any indicators which may be present.

Page 22

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
Unaudited
2023
£
£

Accommodation
6,178,390
4,745,549

Beverage
1,593,170
1,351,440

Food
2,590,383
2,375,807

Other
819,148
542,607

11,181,091
9,015,403


All turnover arose within the United Kingdom.


5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
Unaudited
2023
£
£

Exchange differences
(5,733)
(4,658)


6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
Unaudited
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
14,750
2,500

Fees payable to the Company's auditor in respect of:

The auditing of accounts of associates of the Company
26,000
20,580

Taxation compliance services
5,750
5,000

Page 23

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
Unaudited
2024
2023
Unaudited
£
£
£
£


Wages and salaries
3,776,739
3,463,939
-
-

Social security costs
303,172
241,387
-
(10,346)

Cost of defined contribution scheme
67,962
52,848
-
-

4,147,873
3,758,174
-
(10,346)


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
   2023
Unaudited
        2024
   2023
Unaudited
            No.
            No.
            No.
            No.









Employees
192
153
2
2


8.


Directors' remuneration




During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

The Group Directors are not remunerated.


9.


Income from investments

2024
Unaudited
2023
£
£

Profit on disposal of fixed asset investments
2,499,730
-




The Group's subsidiary company Bramptonia Limited owned 12.97% of the share capital of Reef Estates Limited, an unlisted company registered in England and Wales which was recognised at cost of £270. During the year, the Group realised the investment for proceeds of £2,500,000.

Page 24

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Interest receivable

2024
Unaudited
2023
£
£


Bank interest receivable
14,300
3,027


11.


Interest payable and similar expenses

2024
Unaudited
2023
£
£


Bank interest payable
1,691,119
1,214,452

Other loan interest payable
49,057
50,816

Hire purchase contracts
43,880
53,479

Other interest payable
6,463
-

1,790,519
1,318,747


12.


Taxation


There is no corporation tax or deferred tax charge for the year ended 31 March 2024 or the year ended 31 March 2023.


Page 25

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
Unaudited
2023
£
£


Profit/(loss) on ordinary activities before tax
1,588,346
(2,327,306)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
397,087
(581,827)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
16,985
4,128

Capital allowances for year in excess of depreciation
(333,248)
(676,860)

Profit on disposal added back
(627,009)
-

Unrelieved tax losses carried forward
546,185
1,254,559

Total tax charge for the year
-
-


Factors that may affect future tax charges

Opal Ventures Limited has trading losses of £469,346 (2023: £386,882) which have been carried forward. A deferred tax asset has not been provided in respect of these as a result of the ongoing loss position of the entity. If these were provided for a tax asset of £117,470 (2023: £96,720) would be provided.
The trading company of the group Hotel La Tour Limited has trading losses of £13,723,622 (2023: £12,014,547) which have been carried forward. A deferred tax asset has not been provided in respect of these as a result of the ongoing loss position of the entity. If these were provided for a tax asset of £3,430,906 (2023: £3,003,637) would be provided.
There is a further unprovided deferred tax asset in Hotel La Tour Limited relating to a timing difference of £2,319,598 (2023: £844,716) relating to fixed assets timing differences as a result of capital allowances received being less than depreciation added back.
Another subsidiary, Bramptonia Limited has trading losses of £13,165,206 (2023: £13,109,050) which have been carried forward. A deferred tax asset has not been provided in respect of these as a result of the ongoing loss position of the entity. If these were provided for a tax asset of £3,291,302 (2023: £3,277,263) would be recognised.

Page 26

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets

Group






Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost 


At 1 April 2023
37,002,199
24,971
150,425
1,817,261
6,877


Additions
66,267
13,967
133,026
2,875
-


Disposals
-
-
(98,430)
-
-



At 31 March 2024

37,068,466
38,938
185,021
1,820,136
6,877



Depreciation


At 1 April 2023
-
4,994
67,918
456,097
6,877


Charge for the year on owned assets
-
8,606
4,420
404,348
-


Charge for the year on financed assets
-
-
31,239
56,702
-


Disposals
-
-
(58,197)
-
-



At 31 March 2024

-
13,600
45,380
917,147
6,877



Net book value



At 31 March 2024
37,068,466
25,338
139,641
902,989
-



At 31 March 2023
37,002,199
19,977
82,507
1,361,164
-
Page 27

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           13.Tangible fixed assets (continued)


Computer equipment
Yacht
Total

£
£
£



Cost 


At 1 April 2023
329,817
2,635,541
41,967,091


Additions
11,400
-
227,535


Disposals
-
(2,635,541)
(2,733,971)



At 31 March 2024

341,217
-
39,460,655



Depreciation


At 1 April 2023
113,616
790,662
1,440,164


Charge for the year on owned assets
58,287
-
475,661


Charge for the year on financed assets
52,922
-
140,863


Disposals
-
(790,662)
(848,859)



At 31 March 2024

224,825
-
1,207,829



Net book value



At 31 March 2024
116,392
-
38,252,826



At 31 March 2023
216,201
1,844,879
40,526,927

The Directors have deemed the residual value of the leasehold property to be in excess of the cost and
hence no depreciation has been provided. A valuation was completed on 8 February 2023 where the
leasehold property was valued at £39,400,000, and management do not believe this has significantly
changed.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
139,641
73,877

Fixtures and fittings
113,404
170,106

Computer equipment
105,844
158,767

358,889
402,750

Page 28

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           13.Tangible fixed assets (continued)


Company






Office equipment

£

Cost


At 1 April 2023
6,877



At 31 March 2024

6,877



Depreciation


At 1 April 2023
6,877



At 31 March 2024

6,877



Net book value



At 31 March 2024
-



At 31 March 2023
-






Page 29

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Fixed asset investments

Group





Investments in subsidiary companies

£





At 1 April 2023
270


Disposals
(270)



At 31 March 2024
-




The Group's subsidiary company Bramptonia Limited owned 12.97% of the share capital of Reef Estates Limited, an unlisted company registered in England and Wales. During the year, the Group realised the investment for proceeds of £2,500,000.
The Company owns 9.13% of the share capital of H2 Clubs Limited, an unlisted company registered in England and Wales.

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
3,060,080



At 31 March 2024
3,060,080





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Hotel La Tour Limited
400 Marlborough Gate, Milton Keynes, England, MK9 3FP
Hotel operator
Ordinary
85%
Bramptonia Limited
400 Marlborough Gate, Milton Keynes, England, MK9 3FP
Private yacht charter
Ordinary
100%

Page 30

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Direct subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Hotel La Tour Limited
1,217,545
(373,357)

Bramptonia Limited
(8,259,513)
28,278


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Bramptonia (Malta) Limited
Level 2, Progetta House, Tower Street, Swatar, Birkirkara BKR 4012, Malta
Private yacht charter
Ordinary
100%
Hotel La Tour (Milton Keynes) Limited
400 Marlborough Gate, Milton Keynes, England, MK9 3FP
Dormant company
Ordinary
100%
No Son Hermanos SA
Calle Serrano, 82 Madrid
Dormant company
Ordinary
60%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Bramptonia (Malta) Limited
(1,078,476)
(634,281)

Hotel La Tour (Milton Keynes) Limited
5
-

No Son Hermanos SA
(1,613,669)
-


15.


Stocks

Group
Group
2024
2023
Unaudited
£
£

Goods for resale
68,248
75,372



16.


Debtors

Page 31

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Group
Group
Company
Company
2024
2023
Unaudited
2024
2023
Unaudited
£
£
£
£


Trade debtors
248,984
177,992
-
-

Amounts owed by group undertakings
-
-
13,853,262
13,041,069

Other debtors
10,668
30,646
10,000
10,000

Prepayments and accrued income
291,723
90,523
-
-

551,375
299,161
13,863,262
13,051,069



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
Unaudited
2024
2023
Unaudited
£
£
£
£

Cash at bank and in hand
102,875
715,482
6,022
12,635



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
Unaudited
2024
2023
Unaudited
£
£
£
£

Bank loans
20,600,000
800,000
-
-

Other loans
-
163,817
-
-

Trade creditors
736,203
955,638
8,384
44

Other taxation and social security
544,420
260,830
17
88

Obligations under finance lease and hire purchase contracts
173,546
144,093
-
-

Other creditors
3,152,504
5,348,907
1,315,100
1,314,935

Accruals and deferred income
1,588,268
1,540,747
6,700
4,900

26,794,941
9,214,032
1,330,201
1,319,967


Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Obligations under hire purchase contracts are secured on the assets to which they relate.

Page 32

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
Unaudited
£
£

Bank loans
-
21,200,000

Other loans
-
526,376

Net obligations under finance leases and hire purchase contracts
201,051
277,624

Amounts owed to Directors
1,403,351
1,403,351

1,604,402
23,407,351


Obligations under hire purchase contracts are secured on the assets to which they relate.

Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Page 33

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
Unaudited
£
£

Amounts falling due within one year

Bank loans
20,600,000
800,000

Other loans
-
163,817

Amounts falling due 1-2 years

Bank loans
-
820,000

Other loans
-
179,755

Amounts falling due 2-5 years

Bank loans
-
2,700,000

Other loans
-
346,621

Amounts falling due after more than 5 years

Bank loans
-
17,680,000

20,600,000
22,690,193


There is a loan of £20.6m in favour of Coutts & Co bank and there are securities held over the company relating to this loan agreement. These are:
First legal mortgage over the leasehold property known as Hotel La Tour, 400 Marlborough Gate,
Milton Keynes, MK9 3FP.
Charge over the credit balance of £140,000.00 dated 10 March 2020 held in a nominated account
entitled Coutts & Co re Hotel La Tour Limited.
Composite Guarantee between Hotel La Tour Limited, Opal Ventures Limited and Hotel La Tour
(Milton Keynes) Ltd, dated 10 March 2020.
Mortgage Debenture provided by Hotel La Tour Limited dated 10 March 2020.
During the year the loan covenants placed upon Hotel La Tour Limited were breached and as a result the loans due to Coutts & Co bank are now all shown as due in less than one year.

Page 34

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
Unaudited
£
£

Within one year
173,546
144,093

Between 1-5 years
201,051
277,624

374,597
421,717


22.


Share capital

2024
2023
Unaudited
£
£
Allotted, called up and fully paid



35,150,821 (2023 - 35,150,821) Ordinary shares of £1.00 each
35,150,821
35,150,821



23.


Reserves

Foreign exchange reserve

This represents the difference on the re-translation of reserves dictated in foreign currency

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 35

 
OPAL VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Prior year adjustments

This is the first year that Opal Ventures Limited and its subsidiary companies have prepared consolidated financial statements since 31 March 2020 and therefore the first audit for Opal Ventures Limited and Bramptonia Limited since this date.
A number of prior year adjustments were made to Bramptonia Limited for it's individual accounts, no consolidation had been presented in these periods and therefore no restatement of the consolidation has been required in respect of these items. 
In the individual books of Opal Ventures Limited, a prior year adjustment has been required as the provision for Intercompany balances was overstated for the years ended 31 March 2022 and 2023. Given the nature of the provision against intercompany this affects the Company only numbers within the financial statements.
A prior year adjustment of £2,872,948 was processed to reduce the provision against intercompany in the year ended 31 March 2022 and a subsequent adjustment of £1,708,420 was processed in the completion of the 2023 accounts to align this in line with the circumstances at the year end.



25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £67,962 (2023: £62,848). Contributions totalling £16,218 (2023: £14,924) were payable to the fund at the balance sheet date and are included in creditors.


26.


Controlling party

The immediate controlling party is the A H English (2007) Settlement by virtue of its 72.5% shareholding in Opal Ventures Limited.
A H English is the Group's ultimate controlling party by virtue of his control of the A H English (2007) Settlement.

 
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