Opportunity Network International UK Limited
Opportunity Network International UK Limited
Registered number: 09559477
Unaudited Financial Statements
For The Year Ended
31 December 2022
More Group (Accounting) Limited
Opportunity Network International UK Limited
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
| Contents | |
| Page | |
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| Company Information | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—8 |
Opportunity Network International UK Limited
Company Information
For The Year Ended
31 December 2022
Company Information
| Director |
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| Company Number |
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| Registered Office | Third Floor |
| 20 Old Bailey | |
| London | |
| EC4M 7AN | |
| Accountants |
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| London | |
| EC1V 0BN | |
Opportunity Network International UK Limited
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
09559477
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2022 | 2021 | ||||
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| Notes | € | € | € | € | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Other reserves |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (14,532,520) | (13,629,132) | |||
Opportunity Network International UK Limited
Balance Sheet (continued)
As At
31 December 2022
The financial statements were approved by the board of directors on 25 July 2023 and were signed on its behalf by:
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Director
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The notes on pages 4 to 8 form part of these financial statements.
Opportunity Network International UK Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to all the periods presented, unless otherwise stated.
The financial statements are presented in Euros (EUR), as this is the functional currency of the company.
1.2.
Going Concern Disclosure
After making inquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date when these financial statements were approved. The company has received financial support from its parent company, Opportunity Network Holdings Limited. Without such support there would be a significant uncertainty over whether the company was a going concern. The director has reviewed the forecasts for the group and the latest financial information and is confident that the group can provide the required financial support for a period of at least 12 months from the date of approval of the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
1.3.
Turnover
The company sells membership subscriptions and implementation services.
Revenue from membership subscriptions is deferred in the statement of financial position and recognised on a straight line basis over the term of the subscription contract in the period to which it relates.
Revenue in respect of implementation services is recognised in the accounting period in which the services are rendered, by reference to the stage of completion of the specific project and assessed on the basis of the actual costs incurred as a proportion of the total expected costs for that project.
Where a loss is anticipated on a specific implementation service, the loss is recognised in full in the period in which it is identified. No margin is recognised on implementation services where a reliable assessment of the stage of completion cannot be made.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
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1.5.
Financial Instruments
IFRS 9, addresses the classification, measurement and recognition of financial assets and financial liabilities. The standard primarily impacts the classification and measurement of financial assets and liabilities and introduces the ‘expected credit loss’ model for the measurement of the impairment of financial assets so it is no longer necessary for a credit event to have occurred before a credit loss is recognised. Management considers that the effects of applying the new standard
are immaterial on the Group’s financial statements.
1.6.
Foreign Currencies
The company’s functional and presentational currency is EUR.
The company´s functional and presentation currency was changed from GBP to EUR starting on January the 1st 2019.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each year end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.
Opportunity Network International UK Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2021: 1)
3.
Tangible Assets
| Computer Equipment | |
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| Cost | |
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| Depreciation | |
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| Net Book Value | |
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4.
Debtors
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| € | € | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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| Amounts owed by group undertakings |
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Opportunity Network International UK Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
5.
Creditors: Amounts Falling Due Within One Year
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| € | € | ||
| Trade creditors |
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| Corporation tax |
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| Accruals and deferred income |
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| Amounts owed to group undertakings |
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6.
Creditors: Amounts Falling Due After More Than One Year
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| Accruals and deferred income |
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7.
Deferred Taxation
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
1. The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2. Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
9.
Financial Instruments
A number of factors affect the operating results, financial condition and prospects of the company. This section describes those that are considered by the director to be material, their potential impact and the factors that mitigate them:
1. Credit risk
2. Foreign exchange risk
3. Liquidity risk
In common with all other businesses, the company is exposed to risks that arise from its use of financial instruments. This note describes the company’s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.
Principal financial instruments
The principal financial instruments used by the company, from which financial instrument risk arises are as follows:
1. Cash and cash equivalents
2. Trade and other receivables
3. Trade and other payables
4. Borrowings
Opportunity Network International UK Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
10.
Foreign Currency Risk
Foreign exchange risk arises when the company entities enter into transactions denominated in a currency other than its functional currency. Where it is considered that the potential risk to the company is significant, management will discuss possible solutions to mitigate the risk.
11.
Credit Risk
The company’s policy is to collect membership revenues prior to the commencement of the membership, thus eliminating the risk that a customer will fail to meet its contractual obligations. Financial loss to the company in relation to other services is reduced by assessing the credit risk of new customers before entering contracts using sources such as Dun &
Bradstreet.
Credit risk also arises from cash and cash equivalents and deposits with banks and other
financial institutions. For banks and other financial institutions, only independently rated parties
with a minimum “A” are accepted
12.
Liquidity Risk
Liquidity risk arises from the company’s management of working capital and the interest and principal repayments on its debt instruments. It is the risk that the company will encounter difficulty in meeting its financial obligations as they fall due.
The company’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances at a level sufficient to meet expected cash requirements.
The director periodically receives rolling 12-month group cash flow projections as well as information regarding cash balances. At the year end and at the date of this report these projections indicated that the group expected to have sufficient liquid resources to meet the company’s obligations under all reasonably expected circumstances.
13.
Reserves
Share Capital
Amount subscribed for share capital at nominal value.
Translation Reserve
The translation reserve comprises translation differences arising from the conversion of functional currency balances into the presentational currency of the company.
Retained Earnings
Cumulative net gains and losses recognised in the income statement.
Opportunity Network International UK Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
14.
Related Party Transactions
The following table is a summary of the material transactions which took place during the yearwith related parties and the balances outstanding at the year end. All transactions were undertaken on an arms-length basis.
Opportunity Network Inc
(Common Control)
Loan - 2022 : (€ 2,942,937) & 2021 - (€ 4,474) , Sales - 2022 : € 3,092,753 & 2021 : € 155,508 and Loan Amount due to/from related parties - 2022 : € 1,405,465 & 2021 : € 1,409,828
Opportunity Network Holdings Ltd
(Parent Company)
Loan - 2022 : € 12,237 & 2021 - (€ 1,239,370) , Share Based Payments - 2022 : € 7,969 & 2021 : € 2,524 and Loan Amount due to/from related parties - 2022 : (€ 13,375,837) & 2021 : (€ 12,925,277)
Opportunity Network Spain SL
(Common Control)
Loan - 2022 : (€ 4,596,310) & 2021 - (€ 2,827,388) , Purchases - 2022 : € 2,598,333 & 2021 : € 2,905,042 and Loan Amount due to/from related parties - 2022 : € 2,859,058 & 2021 : (€ 3,162,349)
Opportunity Network North America LLC
(Common Control)
Loan - 2022 : (€ 162,063) & 2021 - € Nil , Purchases - 2022 : € 81,031 & 2021 : (€ 53,681) and Loan Amount due to/from related parties - 2022 : € 2,981,798 & 2021 : € 3,039,072
15.
Ultimate Parent Undertaking and Controlling Party
The immediate and ultimate parent undertaking is Opportunity Network Holdings Limited, a company incorporated in England and Wales. Consolidated financial statements are prepared and publicly available from Companies House, Crown Way, Cardiff, CF13 3UZ.
The ultimate controlling party is B Pallas.
16.
General Information
Opportunity Network International UK Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09559477
. The registered office is Third Floor, 20 Old Bailey, London, EC4M 7AN.