REGISTERED NUMBER: |
Strategic Report, Director's Report and |
Financial Statements |
for the Year Ended 30 April 2023 |
for |
Opus Building Services Limited |
REGISTERED NUMBER: |
Strategic Report, Director's Report and |
Financial Statements |
for the Year Ended 30 April 2023 |
for |
Opus Building Services Limited |
Opus Building Services Limited (Registered number: 05810674) |
Contents of the Financial Statements |
for the year ended 30 April 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Director's Report | 4 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 9 |
Statement of Financial Position | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 |
Opus Building Services Limited |
Company Information |
for the year ended 30 April 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
Opus Building Services Limited (Registered number: 05810674) |
Strategic Report |
for the year ended 30 April 2023 |
The director presents his strategic report for the year ended 30 April 2023. |
REVIEW OF BUSINESS |
The company provides electrical installation services to various sectors which include regional hospitals and schools. |
The directors feel at present, the market for the industry is positive and trading conditions have remained strong despite difficult economic conditions. |
A key performance indicator used by the director is turnover achieved and gross profit percentage generated. Results for the year under review indicate that turnover has increased and profitability has increased, both being in line with companies objectives. |
Key financial results are as follows :- |
2023 | 2022 | 2021 | 2020 | 2019 |
£ | £ | £ | £ | £ |
Sales | 12,482,662 | 11,796,918 | 7,404,737 | 7,428,726 | 8,602,433 |
Cost of sales | 11,170,589 | 11,047,059 | 6,130,849 | 6,713,737 | 7,724,220 |
Gross profit % | 10.51% | 6.36% | 17.20% | 9.62% | 10.21% |
The position of the company as at 30 April 2023 indicates a strong hold in the market despite competitive pressure. The director is continually looking to grow the business and seek new contracts going forward to maintain their market position. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors are of the opinion that the principle risks and uncertainties which face the company are those associated with trading within the current economic environment. |
The risks and uncertainties have been monitored by the directors during the year and the company's performance would appear reasonable. |
FINANCIAL RISK MANAGEMENT |
The company's operations may expose it to a variety of financial risks that include the effects of changes in prices, credit risk, liquidity risk and interest rate risk. The company seeks to limit the adverse effect on the financial performance of the company as follows: |
Price Risk |
The market in which the company operates is highly competitive and this can place pressure on the company's pricing strategies. The directors are constantly monitoring pricing strategies and making use of economies of scale in order to remain a force within the market. |
Credit Risk |
The company is mainly credit based and therefore the risk from credit is high. Where credit is provided, credit checks policies are in place to mitigate any risk where possible |
Liquidity Risk |
The company has good cash reserves and actively maintains sufficient liquid working capital balances to fund its operations. It is therefore not subject to a significant liquidity risk. |
Interest Rate Risk |
The company does not hold any equities or securities and does not have any borrowings other than HP agreements. Cash balances earn interest at variable rates and the directors consider that exposure to interest rate risk is low. |
Opus Building Services Limited (Registered number: 05810674) |
Strategic Report |
for the year ended 30 April 2023 |
FUTURE DEVELOPMENTS |
The director anticipates the business environment will remain competitive. They believe the company is in a good financial position and that the risks that have been identified are being well managed. With careful focus on expanding into other geographical locations throughout the UK, the directors are confident in the company's ability to maintain and build on this position, albeit with cautious growth expectations. |
ON BEHALF OF THE BOARD: |
Opus Building Services Limited (Registered number: 05810674) |
Director's Report |
for the year ended 30 April 2023 |
The director presents his report with the financial statements of the company for the year ended 30 April 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of electrical contractors. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 April 2023 will be £ |
DIRECTOR |
STRATEGIC REPORT |
The Director's of the company have taken advantage of the small company exemption available to them in relation to the preparation of a strategic report. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, TTR Barnes Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Opus Building Services Limited |
Opinion |
We have audited the financial statements of Opus Building Services Limited (the 'company') for the year ended 30 April 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Director's Report, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Opus Building Services Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Opus Building Services Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, |
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other |
management, and from our commercial knowledge and experience of the electrical contractors sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the |
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and |
data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment |
recycling (WEEE) Regulations 2013) and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of |
management and inspecting legal correspondence; |
- and identified laws and regulations were communicated within the audit team regularly and the team remained |
alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of |
actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of |
potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the |
company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Opus Building Services Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
Opus Building Services Limited (Registered number: 05810674) |
Statement of Income and |
Retained Earnings |
for the year ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
813,886 | 238,008 |
Other operating income |
815,386 | 254,648 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION | 6 |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 8 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
Opus Building Services Limited (Registered number: 05810674) |
Statement of Financial Position |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Opus Building Services Limited (Registered number: 05810674) |
Statement of Cash Flows |
for the year ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | - | (10,455 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
838,151 |
Cash and cash equivalents at end of year | 2 | 1,627,435 | 834,549 |
Opus Building Services Limited (Registered number: 05810674) |
Notes to the Statement of Cash Flows |
for the year ended 30 April 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 3,404 | 2,283 |
857,391 | 292,251 |
(Increase)/decrease in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 1,627,435 | 834,549 |
Year ended 30 April 2022 |
30/4/22 | 1/5/21 |
£ | £ |
Cash and cash equivalents | 834,549 | 838,151 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/5/22 | Cash flow | At 30/4/23 |
£ | £ | £ |
Net cash |
Cash at bank | 834,549 | 792,886 | 1,627,435 |
834,549 | 1,627,435 |
Debt |
Finance leases | (94,627 | ) | 14,457 | (80,170 | ) |
(94,627 | ) | 14,457 | (80,170 | ) |
Total | 739,922 | 807,343 | 1,547,265 |
Opus Building Services Limited (Registered number: 05810674) |
Notes to the Financial Statements |
for the year ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Opus Building Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate. |
Significant judgements and estimates |
The following estimates have been made in the process of applying the above accounting policies, these are the estimates that have the most significant effect on the financial statements: |
Depreciation - depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset. An estimate of the useful economic life of assets is detailed in the depreciation accounting policy. The depreciation charge for the year is £56,549. |
Bad debt provision - management reviews the ageing debtors ledger regularly to identify any irrecoverable debts, they do this by considering their age, credit terms and knowledge of the customer. |
Amounts recoverable on contracts - management reviews the contracts and work completed to date to estimate the stage the projects are at. They also use their knowledge in the area to determine if there are any losses to be recognised. |
Revenue recognition |
Revenue is measured at the fair value of consideration received or receivable and represents the amount receivable for goods supplied and services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; it is probable that future economic benefits will flow to the entity and when the specific criteria relating to each of the company's sales channels have been met as described below. |
The company's main stream of income is supplying electrical contracting services which includes the installation of electrical supplies. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract can be estimated reliably. The company uses a job costing system to measure work in progress reliably for inclusion in the financial statements. |
Construction contracts |
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered possible. |
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period to which they are incurred. |
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. |
Opus Building Services Limited (Registered number: 05810674) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Assets held under finance leases are depreciated in the same manner as owned assets. |
At each reporting date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of any asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. The impairment loss is recognised as an expense immediately. |
Where the impairment loss subsequently reverses, the carrying amount of the asset is increase to the revised estimate of its recoverable amount, to the extent that the increase carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Work-in-progress |
Work-in-progress is stated at the lower of cost and net realisable value. Costs, which compromise materials and direct labour and an appropriate allocation of overheads, are based on the method most appropriate to the company. Net realisable value is based on the estimated recoverable costs less any estimated completion costs. |
As costs occur they are recognised as an expense in the period in which they arise. The amount of any write-down of work-in-progress to net realisable value and all losses of irrecoverable costs are recognised as an expense in the period in which the write-down occurs. |
The amount of any reversal of write-down of work-in-progress is recognised as a reduction in the amount of work-in-progress recognised as an expense in the period in which the reversal occurs. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
Opus Building Services Limited (Registered number: 05810674) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Defered tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Employee benefits |
The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds. |
Amounts recoverable on contracts |
Amounts recoverable on contracts are valued using the stage of completion method by reference to applications made on the contracts entered into. An element of profit is added onto the costs to date based on a proportion the directors consider appropriate on a contract by contract basis. Consideration is then made for for any losses/bad debt risk which may be suffered, on a contract by contract basis. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities where appropriate. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Opus Building Services Limited (Registered number: 05810674) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Contracts managers and staff | 59 | 60 |
Administration staff | 1 | 1 |
Directors | 1 | 1 |
4. | DIRECTORS' EMOLUMENTS |
2023 | 2022 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Interest on tax payments | ( |
) |
Hire purchase interest |
6. | PROFIT BEFORE TAXATION |
The profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Opus Building Services Limited (Registered number: 05810674) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Rounding | 21 | 1 |
Deferred tax | 26,173 | 16,362 |
purchase interest restatement |
Total tax charge | 167,627 | 65,396 |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
A Ordinary Shares shares of £1 each |
Dividends |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Opus Building Services Limited (Registered number: 05810674) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) |
Transfer to ownership | (32,053 | ) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to ownership | (22,121 | ) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Work-in-progress |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Opus BSL Holdings Ltd | 206,751 | 110,812 |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 14) |
Trade creditors |
Taxation |
Social security and other taxes |
VAT | 183,541 | 95,821 |
Other creditors |
Accrued expenses |
Opus Building Services Limited (Registered number: 05810674) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 14) |
14. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 80,170 | 94,627 |
Hire purchase contracts are secured on the assets to which they relate. |
16. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 52,402 | 26,229 |
Deferred |
tax |
£ |
Balance at 1 May 2022 |
Accelerated capital allowances | 26,173 |
Balance at 30 April 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
A Ordinary Shares | £1 | 20 | 20 |
B Ordinary Shares | £1 | 20 | 20 |
140 | 140 |
Opus Building Services Limited (Registered number: 05810674) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
17. | CALLED UP SHARE CAPITAL - continued |
The holders of ordinary shares, A class shares, and B class shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the Company's residual assets. |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 April 2023 |
19. | RELATED PARTY DISCLOSURES |
2023 | 2022 |
£ | £ |
Transfers | 289,938 | 178,812 |
Dividends | (194,000 | ) | (68,000 | ) |
Amount due from related party |
The holding company Opus BSL (Holdings) Ltd also owns 50% of the share capital of Construction Refurbishment Services Limited. During the year Construction Refurbishment Services Limited acquired the entire share capital of Laminform Limited. |
During the year, the company purchased services on normal commercial terms from Construction Refurbishment Services Limited, amounting to £174,990 (2022: £172,070). At the balance sheet date there were no balances outstanding. |
During the year sales were made to Laminform Limited amounting to £1,578, and goods were purchased from Laminform Limited amounting to £78,388. At the balance sheet date £21,064 remained owing to the company. The transactions occurred on normal commercial terms. The company was not a related party in 2022. |
During the year, a total of key management personnel compensation of £ |
The company's key management personnel are considered to be the director, the Business Development Manager, the Estimating Manager and the Office Manager. |
20. | AUDITOR LIABILITY LIMITATION AGREEMENT |
The limitation of liability in respect of this audit is 10 times the audit fee which was agreed in our terms of engagement letter dated 21 June 2023. |
21. | ULTIMATE PARENT COMPANY |
The controlling party is G A Richardson. |
The immediate and ultimate parent undertaking is Opus BSL (Holdings) Limited, which prepares group financial statements. Opus BSL Holdings Limited is a company incorporated in the United Kingdom. Their registered office address is Unit 7 Boldon Court, Boldon, Tyne and Wear, United Kingdom, NE35 9LZ. |