Opsium Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 04969146 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

OPSIUM LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

to

4

DIRECTORS:

N D Garner

A S Hughes

S M Baldwin

SECRETARY:

N D Garner

REGISTERED OFFICE:

No 1 Lakeside

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3GW

REGISTERED NUMBER:

04969146 (England and Wales)

AUDITORS:

Allens Accountants Limited

Statutory Auditor and

Chartered Accountants

123 Wellington Road South

Stockport

Cheshire

SK1 3TH

CURRENT ASSETS

Debtors

255,823

60,046

Cash at bank

22,323

1,641

278,146

61,687

CREDITORS

Amounts falling due within one year

497,757

284,927

NET CURRENT LIABILITIES

(219,611

)

(223,240

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(219,611

)

(223,240

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(219,613

)

(223,242

)

SHAREHOLDERS' FUNDS

(219,611

)

(223,240

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 19 April 2017 and were signed on its behalf by:

N D Garner - Director

1.	STATUTORY INFORMATION

Opsium 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational

existence for the foreseeable future and will continue to have the support of the group. The directors have

reached this conclusion giving due consideration to the projected future performance of the company and any

potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they

continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates

Preparation of the financial statements can require management to make significant 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 for the year. However, the nature of estimation means that actual outcomes

could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised if revision only affects that period, or in the period

of the revision and future periods if the revision affects both current and future periods.

In the opinion of management there are no significant judgements or estimates required in the preparation of the

financial statements.

Turnover

Turnover is measured at the fair value of the consideration receivable and represents the total amount receivable

by the company for services provided in the normal course of business, excluding value added tax and trade

discounts.

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 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2015 - 7 ) .

4.	SECURED DEBTS

The company's bankers hold a fixed and floating charge over all assets of the company.

The company has given an unlimited cross company guarantee dated 2 June 2016 to the company's bankers in

respect of all group undertakings.

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Wright (Senior Statutory Auditor)

for and on behalf of Allens Accountants Limited

6.	CONTINGENT LIABILITIES

The company is a member of a group registration for Value Added Tax purposes. Under the terms of the

registration, each member is jointly and severally liable for the Value Added Tax liability for all members.

The group liability at the year end was £100,447 (2015: £215,908).

7.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is N D Garner.

9.	ULTIMATE PARENT COMPANY

The largest group in which the results are consolidated is that headed by its immediate and ultimate holding

company, Drive Further Limited, incorporated and registered in England and Wales.