OPM Consulting Limited Company accounts

OPM CONSULTING LIMITED - Company Information

1 false false false false false false false false false true false false false false false false 2020-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 21,759 28,513 xbrli:pure xbrli:shares iso4217:GBP 05556925 2020-03-01 2021-02-28 05556925 2021-02-28 05556925 2020-02-29 05556925 2019-03-01 2020-02-29 05556925 2020-02-29 05556925 core:FurnitureFittings 2020-03-01 2021-02-28 05556925 core:MotorVehicles 2020-03-01 2021-02-28 05556925 bus:RegisteredOffice 2020-03-01 2021-02-28 05556925 bus:Director1 2020-03-01 2021-02-28 05556925 core:FurnitureFittings 2020-02-29 05556925 core:MotorVehicles 2020-02-29 05556925 core:FurnitureFittings 2021-02-28 05556925 core:MotorVehicles 2021-02-28 05556925 core:AfterOneYear 2021-02-28 05556925 core:WithinOneYear 2021-02-28 05556925 core:WithinOneYear 2020-02-29 05556925 core:RetainedEarningsAccumulatedLosses 2020-02-29 05556925 core:RetainedEarningsAccumulatedLosses 2019-02-28 05556925 core:RetainedEarningsAccumulatedLosses 2021-02-28 05556925 core:RetainedEarningsAccumulatedLosses 2020-02-29 05556925 core:ShareCapital 2021-02-28 05556925 core:ShareCapital 2020-02-29 05556925 core:FurnitureFittings 2020-02-29 05556925 bus:SmallEntities 2020-03-01 2021-02-28 05556925 bus:AuditExempt-NoAccountantsReport 2020-03-01 2021-02-28 05556925 bus:FullAccounts 2020-03-01 2021-02-28 05556925 bus:SmallCompaniesRegimeForAccounts 2020-03-01 2021-02-28 05556925 bus:PrivateLimitedCompanyLtd 2020-03-01 2021-02-28 05556925 core:ComputerEquipment 2020-03-01 2021-02-28 05556925 core:ComputerEquipment 2021-02-28 05556925 core:ComputerEquipment 2020-02-29

COMPANY REGISTRATION NUMBER: 05556925

OPM Consulting Limited

Unaudited Financial Statements

28 February 2021

OPM Consulting Limited

Financial Statements

Year ended 28 February 2021

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

OPM Consulting Limited

Director's Report

Year ended 28 February 2021

The director presents his report and the unaudited financial statements of the company for the year ended 28 February 2021 .

Principal activities

The principal activity of the company during the year was that of management consultancy.

Director

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

P A Western

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 28 February 2022 and signed on behalf of the board by:

P A Western
Director

Registered office:

5th floor, 64 N Row

London

W1K 7DA

OPM Consulting Limited

Statement of Income and Retained Earnings

Year ended 28 February 2021

	2021	2020
Note	£	£
Turnover	93,653	123,466

	--------	---------
Gross profit	93,653	123,466

Administrative expenses	141,156	94,417
Other operating income	25,208	–
	---------	---------
Operating (loss)/profit	( 22,295)	29,049

		---------	---------
(Loss)/profit before taxation	5	( 22,295)	29,049

Tax on (loss)/profit	( 536)	536
	--------	--------
(Loss)/profit for the financial year and total comprehensive income	( 21,759)	28,513
	--------	--------

Retained earnings at the start of the year	31,786	3,273
	--------	--------
Retained earnings at the end of the year	10,027	31,786
	--------	--------

All the activities of the company are from continuing operations.

OPM Consulting Limited

Statement of Financial Position

28 February 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	6		26,070	42,580

Current assets

Debtors	7	44,605	19,223
Cash at bank and in hand		1,553	900
		--------	--------
		46,158	20,123

Creditors: amounts falling due within one year	8	27,476		30,817
		--------		--------
Net current assets/(liabilities)			18,682	( 10,694)
			--------	--------
Total assets less current liabilities			44,752	31,886

Creditors: amounts falling due after more than one year	9	34,625	–
		--------	--------
Net assets		10,127	31,886
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	10,027	31,786
	--------	--------
Shareholders funds	10,127	31,886
	--------	--------

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'.

For the year ending 28 February 2021 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 2021

These financial statements were approved by the board of directors and authorised for issue on 28 February 2022 , 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 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5th floor, 64 N Row, London, W1K 7DA.

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.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2021	2020
	£	£
Depreciation of tangible assets	16,510	13,488
	--------	--------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 March 2020 and 28 February 2021	59,628	5,000	27,815	92,443
	--------	-------	--------	--------
Depreciation
At 1 March 2020	18,651	5,000	26,212	49,863
Charge for the year	14,907	–	1,603	16,510
	--------	-------	--------	--------
At 28 February 2021	33,558	5,000	27,815	66,373
	--------	-------	--------	--------
Carrying amount
At 28 February 2021	26,070	–	–	26,070
	--------	-------	--------	--------
At 29 February 2020	40,977	–	1,603	42,580
	--------	-------	--------	--------

7. Debtors

	2021	2020
	£	£
Trade debtors	11,668	3,660
Other debtors	32,937	15,563
	--------	--------
	44,605	19,223
	--------	--------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	1,340	868
Corporation tax	–	536
Social security and other taxes	5,325	4,455
Other creditors	20,811	24,958
	--------	--------
	27,476	30,817
	--------	--------

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

	2021	2020
	£	£
Bank loans and overdrafts	34,625	–
	--------	----

10. Director's advances, credits and guarantees

During the year the company advanced the director £3,255 (2020:£5,481) leaving a closing balance due to the director of £142 (2020: £3,397)

11. Related party transactions

Cinderellas Beauty Salon Limited is a company of which P Western is a shareholder and of which D Western is a director and shareholder. At the year end they were owed £12,770 (2020: £10,440) by OPM Consulting Limited . Skin Care Associates Limited is a company of which P Western is a director and shareholder and of which D Western is a shareholder. At the year end they owed £9,952 (2020: £11,452) to OPM Consulting Limited .