Opera Stripped Limited - Period Ending 2020-12-31

Registration number: 03780196

Opera Stripped Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2020

Pages for Filing with Registrar

Opera Stripped Limited

(Registration number: 03780196)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Current assets
Debtors	5	400	400
Creditors: Amounts falling due within one year	6	(27,831)	(27,831)
Total assets less current liabilities		(27,431)	(27,431)
Creditors: Amounts falling due after more than one year	6	(25,000)	(25,000)
Net liabilities		(52,431)	(52,431)
Capital and reserves
Called up share capital		100	100
Share premium reserve		54,980	54,980
Profit and loss account		(107,511)	(107,511)
Shareholders' deficit		(52,431)	(52,431)

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Opera Stripped Limited

(Registration number: 03780196)
Balance Sheet as at 31 December 2020

For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 September 2021 and signed on its behalf by:
 

.........................................

E A Talbot
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

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Opera Stripped Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sovereign House
212-224 Shaftesbury Avenue
London
WC2H 8HQ
England

Principal activity

The principal activity of the company is that of a dormant company.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company is dependent on the support of its shareholders to continue as a going concern. Confirmation of this support has been provided and the directors consider it appropriate to prepare the accounts on a going concern basis.

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Opera Stripped Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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Opera Stripped Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.

4	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2019 - 0).

5

Debtors

	2020 £	2019 £
Other debtors	400	400
	400	400

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Opera Stripped Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

6

Creditors

	Note	2020 £	2019 £
Due within one year
Trade creditors		13,361	13,361
Other creditors		14,470	14,470
		27,831	27,831
Due after one year
Loans and borrowings	7	25,000	25,000

7	Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Other borrowings	25,000	25,000

8

Dividends

There were no dividends paid or proposed in either the current year or the previous year.

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