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Company registration number: 13288579
Opus Safety Ltd
Unaudited filleted financial statements
31 March 2024
Opus Safety Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Opus Safety Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 566,270 535,530
Tangible assets 6 26,335 15,099
Investments 7 1,384,810 1,384,810
_______ _______
1,977,415 1,935,439
Current assets
Debtors 8 284,852 96,872
Cash at bank and in hand 273,212 143,407
_______ _______
558,064 240,279
Creditors: amounts falling due
within one year 9 ( 772,620) ( 474,130)
_______ _______
Net current liabilities ( 214,556) ( 233,851)
_______ _______
Total assets less current liabilities 1,762,859 1,701,588
Creditors: amounts falling due
after more than one year 10 ( 1,407,271) ( 1,367,966)
_______ _______
Net assets 355,588 333,622
_______ _______
Capital and reserves
Called up share capital 11 7 7
Share premium account 429,994 430,019
Profit and loss account ( 74,413) ( 96,404)
_______ _______
Shareholders funds 355,588 333,622
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 August 2024 , and are signed on behalf of the board by:
Mr John Robert Southall
Director
Company registration number: 13288579
Opus Safety Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 April 2022 1 - ( 7,543) ( 7,542)
Profit/(loss) for the year ( 88,861) ( 88,861)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 88,861) ( 88,861)
Issue of shares 6 430,019 430,025
_______ _______ _______ _______
Total investments by and distributions to owners 6 430,019 - 430,025
_______ _______ _______ _______
At 31 March 2023 and 1 April 2023 7 430,019 ( 96,404) 333,622
Profit/(loss) for the year 21,991 21,991
_______ _______ _______ _______
Total comprehensive income for the year - - 21,991 21,991
Redemption of shares - ( 25) - ( 25)
_______ _______ _______ _______
Total investments by and distributions to owners - ( 25) - ( 25)
_______ _______ _______ _______
At 31 March 2024 7 429,994 ( 74,413) 355,588
_______ _______ _______ _______
Opus Safety Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office and business address is Opus Safety Ltd, 16 Sharmans Cross Road, Solihull, West Midlands, B91 1RG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity and have been rounded to the nearest £1
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 22.11 % reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Debtors and creditors receivable or payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2023: 3 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2023 559,203 559,203
Additions 164,286 164,286
_______ _______
At 31 March 2024 723,489 723,489
_______ _______
Amortisation
At 1 April 2023 23,673 23,673
Charge for the year 133,546 133,546
_______ _______
At 31 March 2024 157,219 157,219
_______ _______
Carrying amount
At 31 March 2024 566,270 566,270
_______ _______
At 31 March 2023 535,530 535,530
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 20,796 20,796
Additions 14,713 14,713
Disposals ( 756) ( 756)
_______ _______
At 31 March 2024 34,753 34,753
_______ _______
Depreciation
At 1 April 2023 5,697 5,697
Charge for the year 6,201 6,201
Disposals ( 3,480) ( 3,480)
_______ _______
At 31 March 2024 8,418 8,418
_______ _______
Carrying amount
At 31 March 2024 26,335 26,335
_______ _______
At 31 March 2023 15,099 15,099
_______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2023 and 31 March 2024 1,384,810 1,384,810
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 1,384,810 1,384,810
_______ _______
At 31 March 2023 1,384,810 1,384,810
_______ _______
8. Debtors
2024 2023
£ £
Trade debtors 255,224 96,872
Other debtors 29,628 -
_______ _______
284,852 96,872
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 65,418 165,755
Amounts owed to group undertakings and undertakings in which the company has a participating interest 530,823 248,570
Social security and other taxes 112,817 32,286
Other creditors 63,562 27,519
_______ _______
772,620 474,130
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 1,407,271 1,367,966
_______ _______
Included in other creditors is a loan from FDC General Partner Limited, Birmingham City Council as security agent for the loan hold a fixed and floating charge over all the assets of the company by way of a debenture dated 17 January 2023.
11. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
A Ordinary shares of £ 0.000001 each 3,688,172 3 3,688,172 3
B Ordinary shares of £ 0.000001 each 1,946,530 2 1,946,530 2
C Ordinary shares of £ 0.000001 each 1,024,492 1 1,024,492 1
D Ordinary shares of £ 0.000001 each 170,749 1 170,749 1
_______ _______ _______ _______
6,829,943 7 6,829,943 7
_______ _______ _______ _______