Registered number:
Unaudited
For the Year Ended
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Opus Property Finance Limited
Company Information
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Opus Property Finance Limited
Contents
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Opus Property Finance Limited
Directors' report
For the Year Ended 31 March 2018
The directors present their report and the financial statements for the year ended 31 March 2018.
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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Opus Property Finance Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Opus Property Finance Limited for the Year Ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Opus Property Finance Limited for the year ended 31 March 2018 which comprise the statement of income and retained earnings, the balance sheet and the related notes from the Company accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/
members/regulations-standards-and-guidance/
.
This report is made solely to the board of directors of Opus Property Finance Limited, as a body, in accordance with the terms of our engagement letter dated
31 July 2017. Our work has been undertaken solely
to prepare for your approval the financial statements of Opus Property Finance Limited and state those matters that we have agreed to state to the board of directors of Opus Property Finance Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Opus Property Finance Limited and its board of directors, as a body, for our work or for this report.
It is your duty to ensure that Opus Property Finance Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Opus Property Finance Limited. You consider that Opus Property Finance Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
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Opus Property Finance Limited
Statement of income and retained earnings
For the Year Ended 31 March 2018
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Opus Property Finance Limited
Registered number:
03873722
Balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 5 to 9 form part of these financial statements.
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Opus Property Finance Limited
Notes to the financial statements
For the Year Ended 31 March 2018
Opus Property Finance Limited a limited liability company incorporated in England and Wales.
The company's registered office is Woolyard, 54 Bermondsey Street, London, SE1 3UD. The company number is 03873722.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The company's functional and presentational currency is Pounds Sterling.
The company's financial statements are presented to the nearest thousand. The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual entity and not about its group.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
In order to meets its day-to-day working capital requirements the company relies upon support provided by its parent company.
After making enquires, the directors have reasonable expectation that the company will have adequate resources together with continued support of its parent company to continue in operational existence for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Revenue is recognised to the extent that the company obtains the right to its receipt. Revenue is measured at the fair value of consideration received excluding VAT. The following criteria must also be met before revenue is recognised:
∙
Interest income is recognised on a time accrued basis by reference to the principal outstanding and effective interest rate
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Rental income arising from investment properties is accounted for on a straight-line basis over the lease term
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Profit on the sale of investments is recognised when a sale is made under a contract
Revenue is not recognised where there is doubt as to the recoverability of the income as a result of the impairment of the underlying loan.
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Opus Property Finance Limited
Notes to the financial statements
For the Year Ended 31 March 2018
2.
Accounting policies (continued)
Investments in subsidiary undertakings are valued at cost less provision for impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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 the statement of income and retained earnings.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
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.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Opus Property Finance Limited
Notes to the financial statements
For the Year Ended 31 March 2018
2.
Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Opus Property Finance Limited
Notes to the financial statements
For the Year Ended 31 March 2018
6.
Subsidiary undertakings
The following were subsidiary undertakings of the company:
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Opus Property Finance Limited
Notes to the financial statements
For the Year Ended 31 March 2018
The company is a wholly owned subsidiary undertaking of Opus 102 Limited, a company incorporated in England and Wales.
The ultimate parent undertaking is Opus Trust Investments Limited, a company incorporated in England and Wales.
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