Opportunity Knox Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12254894 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2021

for

Opportunity Knox Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T Mitchell

S R Mitchell

SECRETARY:

Ms J F K Mitchell

REGISTERED OFFICE:

530 Chester Road

Solihull

West Midlands

B36 0LG

REGISTERED NUMBER:

12254894 (England and Wales)

ACCOUNTANTS:

James, Stanley & Co. Limited

1,733 Coventry Road

South Yardley

Birmingham

West Midlands

B26 1DT

FIXED ASSETS

Property, plant and equipment

5

426

-

CURRENT ASSETS

Inventories

224,527

300,309

Debtors

6

17,000

-

Cash at bank and in hand

14,675

5,992

256,202

306,301

CREDITORS

Amounts falling due within one year

7

231,060

273,014

NET CURRENT ASSETS

25,142

33,287

TOTAL ASSETS LESS CURRENT LIABILITIES

25,568

33,287

CREDITORS

Amounts falling due after more than one year

8

42,131

48,333

NET LIABILITIES

(16,563

)

(15,046

)

CAPITAL AND RESERVES

Called up share capital

9

240

240

Retained earnings

(16,803

)

(15,286

)

SHAREHOLDERS' FUNDS

(16,563

)

(15,046

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 30 July 2022 and were signed on its behalf by:

T Mitchell - Director

1.	STATUTORY INFORMATION

Opportunity Knox Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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. There have been no material departures from this standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

At 31 October 2021, the company had an accumulated deficit of £16,803, however the directors believe that the company will be able to operate within its agreed banking facilities in the forthcoming year.

The directors consider that in preparing these financial statements that they have taken into account all information that could reasonably be expected to be available when considering whether the company is a going concern. As a result, the directors consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would arise should the company be unable to continue trading.

Turnover

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

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

-

20% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Loans from directors

As a small entity the company measures a basic financial liability that are loans from directors at transaction price.

Accounting period

The prior period's financial statements covered 387 days in order to bring the company's year end to 31 October. As a result, the results of this year are not directly comparable with those of the previous financial period.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

fittings

£

COST

Additions

533

At 31 October 2021

533

DEPRECIATION

Charge for year

107

At 31 October 2021

107

NET BOOK VALUE

At 31 October 2021

426

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Trade debtors

17,000

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Bank loans and overdrafts

5,556

1,667

Trade creditors

957

175

Other creditors

73,069

84,556

Directors' current accounts

150,428

185,596

Accruals and deferred income

1,050

1,020

231,060

273,014

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.21

31.10.20

£

£

Bank loans 1-2 years

5,556

10,000

Bank loans - 2-5 years

16,667

30,000

Bank loans - more than 5 years

19,908

8,333

42,131

48,333

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - more than 5 years

19,908

8,333

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.21

31.10.20

value:

£

£

240

Ordinary

1

240

240

10.	CAPITAL COMMITMENTS

31.10.21

31.10.20

£

£

Contracted but not provided for in the

financial statements

-

-

11.	RELATED PARTY DISCLOSURES

In the year under review the company received loans from members of key management personnel and shareholders owning a participating interest in the company; at the balance sheet date the company owed £150,428 (2020 - £185,596) in respect of these loans. The loans are unsecured and bear interest at 4% with no specific repayment terms and is presented within creditors due within one year.