REGISTERED NUMBER: 13230603 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 April 2023 |
for |
Opus BSL (Holdings) Ltd |
REGISTERED NUMBER: 13230603 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 April 2023 |
for |
Opus BSL (Holdings) Ltd |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Contents of the Consolidated Financial Statements |
for the year ended 30 April 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Financial Statements | 17 |
Opus BSL (Holdings) Ltd |
Company Information |
for the year ended 30 April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Group Strategic Report |
for the year ended 30 April 2023 |
The directors present their strategic report of the company and the group for the year ended 30 April 2023. |
REVIEW OF BUSINESS |
The trading company provides construction and 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 | 11,796,920 | 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% | 17.2% | 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. |
The holding company's principle activity in the year under review was that of a property investment and holding company. |
The directors feel at present, the market is positive despite difficult economic conditions. |
A key performance indicator used by the director is rental income. Results for the year under review indicate that rental income has increased and profitability has increased, both being in line with companies objectives. |
Key financial results are as follows :- |
2023 | 2022 |
£ | £ |
Rent received | 6,038 | 3,180 |
The position of the company as at 30 April 2023 indicates a strong revenues and profits. The director is continually looking to grow the business and develop existing and new properties. |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Group Strategic Report |
for the year ended 30 April 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
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. |
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 expectation. |
ON BEHALF OF THE BOARD: |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Report of the Directors |
for the year ended 30 April 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of construction and electrical installation services, and a property investment and holding company. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 April 2023 will be £ 110,500 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
Other matters relating to the company's exposure to risks and uncertainties as well as future development, have been included in the strategic report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Report of the Directors |
for the year ended 30 April 2023 |
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 BSL (Holdings) Ltd |
Opinion |
We have audited the financial statements of Opus BSL (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 April 2023 and of the group's 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 group 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. The prior year financial statements of Opus BSL (Holdings) limited were not audited. However, we are satisfied that we have obtained sufficient, appropriate audit evidence to substantiate the opening balances and agree that they are free from material mis-statement. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' 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 group's and the parent 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Opus BSL (Holdings) Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
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. |
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 BSL (Holdings) Ltd |
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 BSL (Holdings) Ltd (Registered number: 13230603) |
Consolidated |
Income Statement |
for the year ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 12,482,662 | 11,796,920 |
Cost of sales | 11,170,589 | 11,047,059 |
GROSS PROFIT | 1,312,073 | 749,861 |
Administrative expenses | 425,953 | 436,746 |
886,120 | 313,115 |
Other operating income | 7,538 | 19,820 |
OPERATING PROFIT | 4 | 893,658 | 332,935 |
Income from shares in group undertakings | 78,600 | 25,000 |
972,258 | 357,935 |
Revaluation | 5 | (165,000 | ) | - |
1,137,258 | 357,935 |
Interest payable and similar expenses | 6 | 3,404 | 2,283 |
PROFIT BEFORE TAXATION | 1,133,854 | 355,652 |
Tax on profit | 7 | 208,877 | 65,396 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 924,977 | 290,256 |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Consolidated |
Other Comprehensive Income |
for the year ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 924,977 | 290,256 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
924,977 |
290,256 |
Total comprehensive income attributable to: |
Owners of the parent | 924,977 | 290,256 |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Consolidated Statement of Financial Position |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | (297,962 | ) | (394,598 | ) |
Tangible assets | 11 | 261,977 | 168,532 |
Investments | 12 | 50 | 50 |
Investment property | 13 | 504,684 | 318,956 |
468,749 | 92,940 |
CURRENT ASSETS |
Stocks | 14 | 165,790 | 42,812 |
Debtors | 15 | 1,837,690 | 2,598,525 |
Cash at bank and in hand | 1,642,937 | 840,216 |
3,646,417 | 3,481,553 |
CREDITORS |
Amounts falling due within one year | 16 | 2,939,719 | 3,272,903 |
NET CURRENT ASSETS | 706,698 | 208,650 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,175,447 |
301,590 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(44,892 |
) |
(52,935 |
) |
PROVISIONS FOR LIABILITIES | 20 | (93,652 | ) | (26,229 | ) |
NET ASSETS | 1,036,903 | 222,426 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 170 | 170 |
Retained earnings - non |
distributable | 22 | 123,750 | - |
Retained earnings | 22 | 912,983 | 222,256 |
SHAREHOLDERS' FUNDS | 1,036,903 | 222,426 |
The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2023 and were signed on its behalf by: |
G A Richardson - Director |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Company Statement of Financial Position |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings - non |
distributable | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 377,985 | 82,704 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Consolidated Statement of Changes in Equity |
for the year ended 30 April 2023 |
Retained |
Called up | earnings |
share | Retained | - non | Total |
capital | earnings | distributable | equity |
£ | £ | £ | £ |
Balance at 1 May 2021 | 100 | - | - | 100 |
Changes in equity |
Issue of share capital | 70 | - | - | 70 |
Dividends | - | (68,000 | ) | - | (68,000 | ) |
Total comprehensive income | - | 290,256 | - | 290,256 |
Balance at 30 April 2022 | 170 | 222,256 | - | 222,426 |
Changes in equity |
Dividends | - | (110,500 | ) | - | (110,500 | ) |
Total comprehensive income | - | 801,227 | 123,750 | 924,977 |
Balance at 30 April 2023 | 170 | 912,983 | 123,750 | 1,036,903 |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Company Statement of Changes in Equity |
for the year ended 30 April 2023 |
Retained |
Called up | earnings |
share | Retained | - non | Total |
capital | earnings | distributable | equity |
£ | £ | £ | £ |
Balance at 1 May 2021 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Consolidated Statement of Cash Flows |
for the year ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,278,139 | 552,940 |
Interest paid | (7 | ) | 680 |
Interest element of hire purchase payments paid |
(3,397 |
) |
(2,963 |
) |
Tax paid | (51,032 | ) | - |
Net cash from operating activities | 1,223,703 | 550,657 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | 483,181 |
Purchase of tangible fixed assets | (149,820 | ) | (179,768 | ) |
Purchase of fixed asset investments | - | (50 | ) |
Purchase of investment property | (20,728 | ) | (318,956 | ) |
Sale of tangible fixed assets | 47,251 | 30,500 |
Dividends received | 50,000 | 25,000 |
Net cash from investing activities | (73,297 | ) | 39,907 |
Cash flows from financing activities |
Capital repayments in year | (47,337 | ) | 94,627 |
Amount introduced by directors | 118,600 | 385,053 |
Amount withdrawn by directors | (308,448 | ) | (162,198 | ) |
Share issue | - | 70 |
Equity dividends paid | (110,500 | ) | (68,000 | ) |
Net cash from financing activities | (347,685 | ) | 249,552 |
Increase in cash and cash equivalents | 802,721 | 840,116 |
Cash and cash equivalents at beginning of year |
2 |
840,216 |
100 |
Cash and cash equivalents at end of year | 2 | 1,642,937 | 840,216 |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated 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 | 1,133,854 | 355,652 |
Depreciation charges | (39,783 | ) | (37,648 | ) |
Profit on disposal of fixed assets | (14,848 | ) | (13,332 | ) |
Gain on revaluation of fixed assets | (165,000 | ) | - |
Finance costs | 3,404 | 2,283 |
Finance income | (78,600 | ) | (25,000 | ) |
839,027 | 281,955 |
Increase in stocks | (122,978 | ) | (42,812 | ) |
Decrease/(increase) in trade and other debtors | 790,435 | (2,598,525 | ) |
(Decrease)/increase in trade and other creditors | (228,345 | ) | 2,912,322 |
Cash generated from operations | 1,278,139 | 552,940 |
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 | 1,642,937 | 840,216 |
Year ended 30 April 2022 |
30/4/22 | 1/5/21 |
£ | £ |
Cash and cash equivalents | 840,216 | 100 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1/5/22 | Cash flow | changes | At 30/4/23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 840,216 | 802,721 | 1,642,937 |
840,216 | 802,721 | 1,642,937 |
Debt |
Finance leases | (94,627 | ) | 47,337 | (32,880 | ) | (80,170 | ) |
(94,627 | ) | 47,337 | (32,880 | ) | (80,170 | ) |
Total | 745,589 | 850,058 | (32,880 | ) | 1,562,767 |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements |
for the year ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Opus BSL (Holdings) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The financial statements consolidate the financial statements of Opus BSL (Holdings) Limited and its subsidiary Opus Building Services Limited. All of the entities are made up to 30 April 2023. The associate Construction Refurbishment Services Limited has been excluded from the consolidation as it is not controlled by Opus BSL (Holdings) Limited. The investment details are shown in note 12. Transactions between the group companies have been eliminated on consolidation. |
Related party exemption |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
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 £56,852. |
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. |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
A lessor of investment property measured at fair value shall recognise rental income arising from leases of investment property (other than fair value gains or losses) in profit or loss on a straight- line basis. |
Other income includes rents receivable excluding value added tax which are recognised inline with rental service contracts. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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. |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants received in relation to employment of Apprentices are recognised in the profit and loss account when received. |
Investments in subsidiaries |
Investment in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is hown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Amounts recoverable on contract |
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. |
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 Consolidated 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 statement of financial position date. |
Deferred 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. |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
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. |
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. |
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. |
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. |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 3,617,883 | 2,627,993 |
Social security costs | 268,065 | 247,173 |
Other pension costs | 50,956 | 142,419 |
3,936,904 | 3,017,585 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Contracts managers and staff | 59 | 60 |
Administration staff | 1 | 1 |
Directors | 2 | 2 |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL). |
2023 | 2022 |
£ | £ |
Directors' remuneration | 25,818 | 23,736 |
Directors' pension contributions to money purchase schemes | - | 93,180 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 35,985 | 16,860 |
Other operating leases | 40,079 | 33,361 |
Depreciation - owned assets | 33,146 | 14,857 |
Depreciation - assets on hire purchase contracts | 23,706 | 36,077 |
Profit on disposal of fixed assets | (14,848 | ) | (13,332 | ) |
Goodwill amortisation | (96,636 | ) | (88,583 | ) |
Formation costs | - | 250 |
Auditors remuneration | 17,500 | 12,000 |
5. | REVALUATION |
2023 | 2022 |
£ | £ |
Revaluation of investment |
property | (165,000 | ) | - |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Interest on tax payment | 7 | (680 | ) |
Hire purchase interest | 3,397 | 2,963 |
3,404 | 2,283 |
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 | 141,454 | 49,034 |
Deferred tax | 67,423 | 16,362 |
Tax on profit | 208,877 | 65,396 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 1,133,854 | 355,652 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
215,432 |
67,574 |
Effects of: |
Expenses not deductible for tax purposes | 7,480 | (940 | ) |
Income not taxable for tax purposes | (64,645 | ) | (21,581 | ) |
Capital allowances in excess of depreciation | (19,434 | ) | - |
Depreciation in excess of capital allowances | - | 2,024 |
Utilisation of tax losses | (1,908 | ) | 1,956 |
Rounding | - | 1 |
Deferred tax on accelerated capital allowances | 26,173 | 16,362 |
Deferred tax on revaluation | 41,250 | - |
Effect of marginal rate | 4,529 | - |
Total tax charge | 208,877 | 65,396 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
A Ordinary shares of £1 each |
Interim | 73,000 | 21,100 |
B Ordinary shares of £1 each |
Interim | 37,500 | 46,900 |
110,500 | 68,000 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 | (483,181 | ) |
AMORTISATION |
At 1 May 2022 | (88,583 | ) |
Amortisation for year | (96,636 | ) |
At 30 April 2023 | (185,219 | ) |
NET BOOK VALUE |
At 30 April 2023 | (297,962 | ) |
At 30 April 2022 | (394,598 | ) |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2022 | 3,174 | 2,731 | 183,159 | 9,490 | 198,554 |
Additions | - | 294 | 178,330 | 4,076 | 182,700 |
Disposals | (3,174 | ) | (2,731 | ) | (36,723 | ) | (79 | ) | (42,707 | ) |
At 30 April 2023 | - | 294 | 324,766 | 13,487 | 338,547 |
DEPRECIATION |
At 1 May 2022 | 635 | 409 | 26,628 | 2,350 | 30,022 |
Charge for year | - | 13 | 52,855 | 3,984 | 56,852 |
Eliminated on disposal | (635 | ) | (409 | ) | (9,181 | ) | (79 | ) | (10,304 | ) |
At 30 April 2023 | - | 13 | 70,302 | 6,255 | 76,570 |
NET BOOK VALUE |
At 30 April 2023 | - | 281 | 254,464 | 7,232 | 261,977 |
At 30 April 2022 | 2,539 | 2,322 | 156,531 | 7,140 | 168,532 |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 May 2022 | 137,306 |
Additions | 32,880 |
Disposals | (30,501 | ) |
Transfer to ownership | (13,244 | ) |
At 30 April 2023 | 126,441 |
DEPRECIATION |
At 1 May 2022 | 15,165 |
Charge for year | 23,706 |
Eliminated on disposal | (7,625 | ) |
Transfer to ownership | (3,312 | ) |
At 30 April 2023 | 27,934 |
NET BOOK VALUE |
At 30 April 2023 | 98,507 |
At 30 April 2022 | 122,141 |
12. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 | 50 |
NET BOOK VALUE |
At 30 April 2023 | 50 |
At 30 April 2022 | 50 |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Unit 7 Boldon Court, Boldon, Tyne and Wear, United Kingdom, NE35 9LZ |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 7 Boldon Court, Burford Way, Boldon Colliery, Tyne and Wear, United Kingdom, NE35 9PY |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 May 2022 | 318,956 |
Additions | 20,728 |
Revaluations | 165,000 |
At 30 April 2023 | 504,684 |
NET BOOK VALUE |
At 30 April 2023 | 504,684 |
At 30 April 2022 | 318,956 |
Fair value at 30 April 2023 is represented by: |
£ |
Valuation in 2023 | 165,000 |
Cost | 339,684 |
504,684 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 250,000 | 250,000 |
Investment property was valued on an open market basis on 20 June 2023 by Ashley O'Carroll - BSc MNAEA MARLA . |
Company |
Total |
£ |
FAIR VALUE |
At 1 May 2022 |
Additions |
Revaluations | 165,000 |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Fair value at 30 April 2023 is represented by: |
£ |
Valuation in 2023 | 165,000 |
Cost | 339,684 |
504,684 |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
13. | INVESTMENT PROPERTY - continued |
Company |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 250,000 | - |
Investment property was valued on an open market basis on 20 June 2023 by Ashley O'Carroll - Bsc MNAEA MARLA . |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Work-in-progress | 165,790 | 42,812 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 866,356 | 1,809,332 |
Amounts owed by group undertakings | 53,550 | 24,950 |
Amounts recoverable on contract | 897,517 | 626,517 |
Prepayments and accrued income | 20,267 | 137,726 |
1,837,690 | 2,598,525 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts (see note 18) | 35,278 | 41,692 |
Trade creditors | 2,207,207 | 2,623,219 |
Amounts owed to group undertakings | - | - |
Tax | 139,456 | 49,034 |
Social security and other taxes | 76,374 | 63,407 |
VAT | 183,541 | 95,821 | - | - |
Other creditors | 497 | - |
Directors' current accounts | 81,008 | 269,855 | 81,008 | 269,856 |
Accrued expenses | 216,358 | 129,875 |
2,939,719 | 3,272,903 |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 18) | 44,892 | 52,935 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 35,278 | 41,692 |
Between one and five years | 44,892 | 52,935 |
80,170 | 94,627 |
The hire purchase contract relates to assets which are subject to a sale and leasebackarrangement. |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 80,170 | 94,627 |
Hire purchase contracts are secured on the assets to which they relate. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 93,652 | 26,229 | 41,250 | - |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2022 | 26,229 |
Provided during year | 67,423 |
Balance at 30 April 2023 | 93,652 |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
20. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Revaluation on property | 41,250 |
Balance at 30 April 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £1 | 102 | 102 |
B Ordinary | £1 | 68 | 68 |
170 | 170 |
Called up share capital represents the nominal value of the shares in issue. |
All Ordinary A & B shares carry full voting and dividend rights. |
22. | RESERVES |
Group |
Retained |
earnings |
Retained | - non |
earnings | distributable | Totals |
£ | £ | £ |
At 1 May 2022 | 222,256 | - | 222,256 |
Profit for the year | 924,977 | 924,977 |
Dividends | (110,500 | ) | (110,500 | ) |
Revaluation | (123,750 | ) | 123,750 | - |
At 30 April 2023 | 912,983 | 123,750 | 1,036,733 |
Company |
Retained |
earnings |
Retained | - non |
earnings | distributable | Totals |
£ | £ | £ |
At 1 May 2022 | 14,704 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation | (123,750 | ) | 123,750 | - |
At 30 April 2023 | 282,189 |
Opus BSL (Holdings) Ltd (Registered number: 13230603) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
22. | RESERVES - continued |
Retained earnings represent all current and prior period profits and losses less any distributions made. |
Non distributable retained earnings represent the fair value adjustments for investment property that is not yet realised. |
23. | RELATED PARTY DISCLOSURES |
Entities over which the entity has control, joint control or significant influence |
2023 | 2022 |
£ | £ |
Purchases | 174,990 | - |
Opus BSL (Holdings) Limited owns 50% of the share capital in Construction Refurbishment Services Limited. At the balance sheet date the company was owed £53,550 (2022: £24,950) by Construction Refurbishment Services Limited. |
Key management personnel of the entity or its parent (in the | aggregate) |
Key management personnel remuneration amounted to £154,284. |
The total benefits in kind incurred by the director in the year ending 30/04/2023 totals £9,023 (2022 - £6,443). |
Other related parties |
The parent company, Opus BSL (Holdings) Ltd owns 50% of Construction Refurbishment Services Ltd. During the year Construction Refurbishment Services Limited acquired the entire share capital of Laminform Limited. |
During the period ending 30/04/2023 Opus Building Services Ltd have made sales totalling £1,578 to,and received purchases totalling £78,388 from Laminform Ltd. A creditors balance for Laminform is outstanding at the year end totalling £21,064 |
24. | 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. |
25. | ULTIMATE CONTROLLING PARTY |
The controlling party is G A Richardson. |