OPX Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06289138 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2020

for

OPX Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

S W Goodall

Mrs F M Bickerstaff

Mrs A M Goodall

D Bennett

Ms L Datta

SECRETARY:

Mrs A M Goodall

REGISTERED OFFICE:

The Timberyard

53 Drysdale Street

London

N1 6ND

REGISTERED NUMBER:

06289138 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of OPX Limited for the year ended 30 June 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of OPX Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of OPX Limited and state those matters that we have agreed to state to the Board of Directors of OPX Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OPX Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that OPX Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of OPX Limited. You consider that OPX Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of OPX Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wright Vigar Limited

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

29 March 2021

FIXED ASSETS

Intangible assets

4

180,000

270,000

Tangible assets

5

48,589

64,603

228,589

334,603

CURRENT ASSETS

Debtors

6

187,163

326,075

Investments

7

198,687

-

Cash at bank

675,690

806,044

1,061,540

1,132,119

CREDITORS

Amounts falling due within one year

8

392,003

703,274

NET CURRENT ASSETS

669,537

428,845

TOTAL ASSETS LESS CURRENT LIABILITIES

898,126

763,448

PROVISIONS FOR LIABILITIES

9,374

12,275

NET ASSETS

888,752

751,173

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

10

887,752

750,173

SHAREHOLDERS' FUNDS

888,752

751,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2021 and were signed on its behalf by:

Mrs A M Goodall - Director

1.	STATUTORY INFORMATION

OPX Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost and 15% on reducing balance

Professional equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2019

and 30 June 2020

900,000

AMORTISATION

At 1 July 2019

630,000

Charge for year

90,000

At 30 June 2020

720,000

NET BOOK VALUE

At 30 June 2020

180,000

At 30 June 2019

270,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Professional

fittings

equipment

Totals

£

£

£

COST

At 1 July 2019

27,467

78,320

105,787

Additions

-

6,195

6,195

At 30 June 2020

27,467

84,515

111,982

DEPRECIATION

At 1 July 2019

8,265

32,919

41,184

Charge for year

6,491

15,718

22,209

At 30 June 2020

14,756

48,637

63,393

NET BOOK VALUE

At 30 June 2020

12,711

35,878

48,589

At 30 June 2019

19,202

45,401

64,603

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

173,575

276,611

Amounts owed by group undertakings

4,450

-

Other debtors

9,138

49,464

187,163

326,075

7.	CURRENT ASSET INVESTMENTS

2020

2019

£

£

Listed investments

198,687

-

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

23,019

156,362

Taxation and social security

171,010

153,157

Other creditors

197,974

393,755

392,003

703,274

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

580

Ordinary A

£1

580

580

355

Ordinary B

£1

355

355

65

Ordinary C

£1

65

65

1,000

1,000

All classes of shares rank pari passu.

10.

RESERVES

Retained

earnings

£

At 1 July 2019

750,173

Profit for the year

397,579

Dividends

(260,000

)

At 30 June 2020

887,752

11.	ULTIMATE CONTROLLING PARTY

Ultimate control of the company lies with the directors.