OPERA GALLERY HOLDING ASIA LIMITED Company accounts

OPERA GALLERY HOLDING ASIA LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06248615

OPERA GALLERY HOLDING ASIA LIMITED

Financial Statements

31 December 2022

OPERA GALLERY HOLDING ASIA LIMITED

Financial Statements

Year ended 31 December 2022

Contents	Page

Officers and professional advisers	1

Director's report	2

Independent auditor's report to the members	4

Statement of income and retained earnings	8

Statement of financial position	9

Notes to the financial statements	10

OPERA GALLERY HOLDING ASIA LIMITED

Officers and Professional Advisers

Director	Mr G M Dyan

Company secretary	Wilton Corporate Services Ltd

Registered office	26 Grosvenor Street
	Mayfair
	London
	W1K 4QW

Auditor	Higgins Fairbairn & Co
	Chartered Accountants & statutory auditor
	1st Floor
	Sutherland House
	5-6 Argyll Street
	London
	W1F 7TE

Bankers	HSBC
	129 Bond Street
	London
	W1A 2JA

OPERA GALLERY HOLDING ASIA LIMITED

Director's Report

Year ended 31 December 2022

The director presents his report and the financial statements of the company for the year ended 31 December 2022 .

Director

The director who served the company during the year was as follows:

Mr G M Dyan

Director's responsibilities statement

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies 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 company will continue in business. The director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 12 July 2023 and signed on behalf of the board by:

Mr G M Dyan Director

Registered office:

26 Grosvenor Street

Mayfair

London

W1K 4QW

OPERA GALLERY HOLDING ASIA LIMITED

Independent Auditor's Report to the Members of OPERA GALLERY HOLDING ASIA LIMITED

Year ended 31 December 2022

Opinion

We have audited the financial statements of OPERA GALLERY HOLDING ASIA LIMITED (the 'company') for the year ended 31 December 2022 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 company's affairs as at 31 December 2022 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

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 director is responsible for the other information. Our 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the director's report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report. 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, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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 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: We have identified the laws and regulations relevant to the company. We have designed procedures to confirm compliance with these laws and regulations including enquiry of management, review of documentation and confirmation to external sources, where possible. Regarding the risk of fraud, there are limited transactions occurred during the year due to the nature of the company which are monitored on a regular basis by the Accounts Department of the holding company. The company has no income apart from interest income from loan to the immediate holding company which is not highly susceptible to fraud. Management has identified no actual, suspected or alleged fraud during the year. The detection of irregulative is inherently more difficult. We have reviewed the disclosures in the financial statements, undertaken procedures to audit the risk of management override and reviewed Board minutes and transactions. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 2006. Our 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.

FENTON HIGGINS FCA

(Senior Statutory Auditor)

For and on behalf of

Higgins Fairbairn & Co

Chartered Accountants & statutory auditor

1st Floor

Sutherland House

5-6 Argyll Street

London

W1F 7TE

12 July 2023

OPERA GALLERY HOLDING ASIA LIMITED

Statement of Income and Retained Earnings

Year ended 31 December 2022

	2022	2021
Note	£	£

Administrative expenses	3,542	1,959
	-------	-------
Operating loss	( 3,542)	( 1,959)

Interest receivable	5	30,170	13,431
		--------	--------
Profit before taxation		26,628	11,472

Taxation on ordinary activities	5,059	2,180
	--------	--------
Profit for the financial year and total comprehensive income	21,569	9,292
	--------	--------

Retained earnings at the start of the year	474,126	464,834
	---------	---------
Retained earnings at the end of the year	495,695	474,126
	---------	---------

All the activities of the company are from continuing operations.

OPERA GALLERY HOLDING ASIA LIMITED

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Investments	6		207,622	207,622

Current assets

Debtors	7	911,291	881,121
Cash at bank and in hand		257,458	259,817
		------------	------------
		1,168,749	1,140,938

Creditors: amounts falling due within one year	8	15,077		8,835
		------------		------------
Net current assets			1,153,672	1,132,103
			------------	------------
Total assets less current liabilities			1,361,294	1,339,725
			------------	------------
Net assets			1,361,294	1,339,725
			------------	------------

Capital and reserves

Called up share capital	10,000	10,000
Share premium account	855,599	855,599
Profit and loss account	495,695	474,126
	------------	------------
Shareholders funds	1,361,294	1,339,725
	------------	------------

These financial statements have been prepared 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'.

These financial statements were approved by the board of directors and authorised for issue on 12 July 2023 , and are signed on behalf of the board by:

Mr G M Dyan

Director

Company registration number: 06248615

OPERA GALLERY HOLDING ASIA LIMITED

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 26 Grosvenor Street, Mayfair, London, W1K 4QW.

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. Its financial statements are consolidated into the financial statements of Opera Gallery Group Limited which can be obtained from UK Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Income tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

4. Auditor's remuneration

	2022	2021
	£	£
Fees payable for the audit of the financial statements	1,350	1,000
	-------	-------

5. Interest receivable

	2022	2021
	£	£
Interest on loans and receivables	30,170	13,431
	--------	--------

6. Investments

	Other investments other than loans
	£
Cost
At 1 January 2022 and 31 December 2022	207,622
	---------
Impairment
At 1 January 2022 and 31 December 2022	–
	---------

Carrying amount
At 31 December 2022	207,622
	---------
At 31 December 2021	207,622
	---------

7. Debtors

	2022	2021
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	911,291	881,121
	---------	---------

Included in amounts owed by group undertakings, there is a loan of £876,726 including interest, which is repayable by 10 January 2025.

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Corporation tax	6,267	3,387
Other creditors	8,810	5,448
	--------	-------
	15,077	8,835
	--------	-------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2022	2021
	£	£
Mr G M Dyan	( 2,786)	( 2,786)
	-------	-------

There were no director's transactions during the year.

10. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed.

11. Controlling party

The immediate holding company is Opera Gallery Group Limited, which is incorporated in the UK. The ultimate beneficial owner is Mr G M Dyan .