Opalfast Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 02043537 (England and Wales)

Unaudited Financial Statements For The Year Ended 31 March 2023

for

Opalfast Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J C Fanous

M Fanous

SECRETARY:

M Fanous

REGISTERED OFFICE:

107 Power Road Suite 2, Second Floor

Chiswick

London

W4 5PY

REGISTERED NUMBER:

02043537 (England and Wales)

ACCOUNTANTS:

Bassetts Business Solutions Limited T/A Bassetts

Chartered Certified Accountants

Second Floor

107 Power Road

Chiswick

London

W4 5PY

FIXED ASSETS

Tangible assets

4

8,175

10,901

CURRENT ASSETS

Debtors

5

75

-

Cash at bank and in hand

74,149

63,752

74,224

63,752

CREDITORS

Amounts falling due within one year

6

(43,855

)

(45,295

)

NET CURRENT ASSETS

30,369

18,457

TOTAL ASSETS LESS CURRENT LIABILITIES

38,544

29,358

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

38,542

29,356

38,544

29,358

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 25 May 2023 and were signed on its behalf by:

M Fanous - Director

1.	STATUTORY INFORMATION

Opalfast 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.

TANGIBLE FIXED ASSETS

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

and 31 March 2023

22,104

DEPRECIATION

At 1 April 2022

11,203

Charge for year

2,726

At 31 March 2023

13,929

NET BOOK VALUE

At 31 March 2023

8,175

At 31 March 2022

10,901

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

75

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

328

-

Trade creditors

1

-

Taxation and social security

9,831

13,359

Other creditors

33,695

31,936

43,855

45,295