OPM Consulting Limited Filleted accounts for Companies House (small and micro)

OPM CONSULTING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05556925

OPM Consulting Limited

Filleted Unaudited Financial Statements

28 February 2023

OPM Consulting Limited

Statement of Financial Position

28 February 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		1,270	12,904

Current assets

Debtors	6	7,992	23,929
Cash at bank and in hand		1,260	1,649
		-------	--------
		9,252	25,578

Creditors: amounts falling due within one year	7	13,741		48,501
		--------		--------
Net current liabilities			4,489	22,923
			-------	--------
Total assets less current liabilities			( 3,219)	( 10,019)

Creditors: amounts falling due after more than one year	8	16,731	23,660
		--------	--------
Net liabilities		( 19,950)	( 33,679)
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 20,050)	( 33,779)
	--------	--------
Shareholders deficit	( 19,950)	( 33,679)
	--------	--------

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 income and retained earnings has not been delivered.

For the year ending 28 February 2023 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 .

OPM Consulting Limited

Statement of Financial Position (continued)

28 February 2023

These financial statements were approved by the board of directors and authorised for issue on 29 February 2024 , and are signed on behalf of the board by:

P A Western
Director

Company registration number: 05556925

OPM Consulting Limited

Notes to the Financial Statements

Year ended 28 February 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN, 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.

Going concern

The director has considered the current and future cash flows of the business and considers it appropriate to prepare the accounts on a going concern basis.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Furniture and Fixtures	-	25% straight line
Motor vehicles	-	33% straight line
Equipment	-	25% straight line

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 company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 March 2022 and 28 February 2023	59,628	5,000	29,696	94,324
	--------	-------	--------	--------
Depreciation
At 1 March 2022	48,465	5,000	27,955	81,420
Charge for the year	11,163	–	471	11,634
	--------	-------	--------	--------
At 28 February 2023	59,628	5,000	28,426	93,054
	--------	-------	--------	--------
Carrying amount
At 28 February 2023	–	–	1,270	1,270
	--------	-------	--------	--------
At 28 February 2022	11,163	–	1,741	12,904
	--------	-------	--------	--------

6. Debtors

	2023	2022
	£	£
Trade debtors	784	3,975
Other debtors	7,208	19,954
	-------	--------
	7,992	23,929
	-------	--------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	6,925	6,925
Trade creditors	1,643	1,111
Social security and other taxes	2,930	11,151
Other creditors	2,243	29,314
	--------	--------
	13,741	48,501
	--------	--------

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	16,731	23,660
	--------	--------

9. Director's advances, credits and guarantees

At the balance sheet date, the directors owed the company £7,208 (2022: £5,081 Cr). This balance has been repaid in full within 9 months following the end of the accounting period.

10. Related party transactions

Cinderellas Beauty Salon Limited is a company of which P Western and D Western are directors and shareholders. The balance outstanding at the year end is NIL (2022: £13,640 Cr). Skin Care Associates Limited is a company of which P Western and D Western are directors and shareholders. The balance outstanding at the year end is NIL (2022: £10,762 Dr).