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Company Registration No. 04172505 (England and Wales)







OPUS AGENCY LTD.

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023




































Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

 
OPUS AGENCY LTD.
REGISTERED NUMBER:04172505

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,076
8,374

  
22,076
8,374

Current assets
  

Debtors
 5 
1,748,376
2,558,230

Cash at bank and in hand
  
3,987,403
1,656,685

  
5,735,779
4,214,915

Creditors: amounts falling due within one year
 6 
(1,351,885)
(797,356)

Net current assets
  
 
 
4,383,894
 
 
3,417,559

Total assets less current liabilities
  
4,405,970
3,425,933

Provisions for liabilities
  

Deferred tax
 7 
(5,519)
-

  
 
 
(5,519)
 
 
-

Net assets
  
4,400,451
3,425,933


Capital and reserves
  

Called up share capital 
 8 
102
102

Profit and loss account
 9 
4,400,349
3,425,831

  
4,400,451
3,425,933


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 August 2024.




___________________________
DeEtte Kapustka
Director

Page 1

 
OPUS AGENCY LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Opus Agency Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor, Sati Building, The Tanneries, 55 Bermondsey Street, London, SE1 3XN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 
2.2

Going concern

At the time of approving the financial statements, the directors believe that the company has adequate resources to continue in operational existence and that it is well placed to manage its business risks successfully. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

 
2.4

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Revenue from contracts for the provision of events management services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials as proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 
OPUS AGENCY LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for the current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. 
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 
2.8

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 
2.9

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Page 3

 
OPUS AGENCY LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 10).


4.


Tangible fixed assets





Fixtures, fittings and equipment

£



Cost or valuation


At 1 January 2023
41,763


Additions
21,880



At 31 December 2023

63,643



Depreciation


At 1 January 2023
33,389


Charge for the year
8,178



At 31 December 2023

41,567



Net book value



At 31 December 2023
22,076



At 31 December 2022
8,374

Page 4

 
OPUS AGENCY LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,130,476
1,801,924

Amounts owed by group undertakings
400,585
675,960

Other debtors
19,677
10,000

Prepayments
197,638
70,346

1,748,376
2,558,230


The amounts owed by group undertakings are unsecured, interest free and repayable on demand.


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
29,869
134,521

Corporation tax
257,245
72,679

Other taxation and social security
221,635
40,625

Other creditors
719,560
549,531

Accruals
123,576
-

1,351,885
797,356


Other creditors include event deposits of £717,699 (2022: £511,922).


7.


Deferred taxation




2023


£






Charged to profit or loss
5,519



At end of year
5,519

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
5,519
-

5,519
-

Page 5

 
OPUS AGENCY LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



102 (2022 - 102) Ordinary shares of £1 each
102
102



9.


Profit and loss reserves

2023
2022
£
£



At the beginning of the year
3,425,831
2,924,842

Profit for the year
974,518
500,989

4,400,349
3,425,831


10.


Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounts to £22,723 (2022: £65,881). There was a contribution of £1,861 (2022: £3,130) payable to the fund at the balance sheet date.


11.


Related party transactions

The company is related to Verve - The Live Agency Ltd, Mas Event & Design LLC and Tencue Productions LLC by virtue of being under common control of Opus Solutions Holdings LP.
During the year, the company entered into the following transaction with related parties:
Event organising on behalf of associates - £741,535 (2022 - £333,026).


12.


Post balance sheet events

There were no events since the year end which materially affected the company.


13.


Controlling party

The ultimate parent undertaking is Opus Solutions Holdings LP, incorporated in the USA.

Page 6

 
OPUS AGENCY LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 15 August 2024 by Patrick McNamara (Senior Statutory Auditor) on behalf of Riordan O'Sullivan & Co.

 
Page 7