Silverfin false false 31/03/2024 01/04/2023 31/03/2024 A L Lovat 17/08/2001 C A Lovat 11/04/2000 D J Lovat 31/12/2021 J Lovat 31/12/2021 S Miller 31/12/2021 02 October 2024 The principal activity of the Company during the financial year was that of marketing and sale of protective sports clothing and equipment. 03969219 2024-03-31 03969219 bus:Director1 2024-03-31 03969219 bus:Director2 2024-03-31 03969219 bus:Director3 2024-03-31 03969219 bus:Director4 2024-03-31 03969219 bus:Director5 2024-03-31 03969219 2023-03-31 03969219 core:CurrentFinancialInstruments 2024-03-31 03969219 core:CurrentFinancialInstruments 2023-03-31 03969219 core:Non-currentFinancialInstruments 2024-03-31 03969219 core:Non-currentFinancialInstruments 2023-03-31 03969219 core:ShareCapital 2024-03-31 03969219 core:ShareCapital 2023-03-31 03969219 core:RetainedEarningsAccumulatedLosses 2024-03-31 03969219 core:RetainedEarningsAccumulatedLosses 2023-03-31 03969219 core:OtherResidualIntangibleAssets 2023-03-31 03969219 core:OtherResidualIntangibleAssets 2024-03-31 03969219 core:LandBuildings 2023-03-31 03969219 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 03969219 core:PlantMachinery 2023-03-31 03969219 core:Vehicles 2023-03-31 03969219 core:FurnitureFittings 2023-03-31 03969219 core:ComputerEquipment 2023-03-31 03969219 core:LandBuildings 2024-03-31 03969219 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 03969219 core:PlantMachinery 2024-03-31 03969219 core:Vehicles 2024-03-31 03969219 core:FurnitureFittings 2024-03-31 03969219 core:ComputerEquipment 2024-03-31 03969219 bus:OrdinaryShareClass1 2024-03-31 03969219 bus:OrdinaryShareClass2 2024-03-31 03969219 bus:OrdinaryShareClass3 2024-03-31 03969219 bus:OrdinaryShareClass4 2024-03-31 03969219 2023-04-01 2024-03-31 03969219 bus:FilletedAccounts 2023-04-01 2024-03-31 03969219 bus:SmallEntities 2023-04-01 2024-03-31 03969219 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03969219 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03969219 bus:Director1 2023-04-01 2024-03-31 03969219 bus:Director2 2023-04-01 2024-03-31 03969219 bus:Director3 2023-04-01 2024-03-31 03969219 bus:Director4 2023-04-01 2024-03-31 03969219 bus:Director5 2023-04-01 2024-03-31 03969219 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-04-01 2024-03-31 03969219 core:LandBuildings core:BottomRangeValue 2023-04-01 2024-03-31 03969219 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 03969219 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 03969219 core:Vehicles 2023-04-01 2024-03-31 03969219 core:FurnitureFittings 2023-04-01 2024-03-31 03969219 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 03969219 2022-04-01 2023-03-31 03969219 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 03969219 core:LandBuildings 2023-04-01 2024-03-31 03969219 core:ConstructionInProgressAssetsUnderConstruction 2023-04-01 2024-03-31 03969219 core:PlantMachinery 2023-04-01 2024-03-31 03969219 core:ComputerEquipment 2023-04-01 2024-03-31 03969219 core:LandBuildings 1 2023-04-01 2024-03-31 03969219 core:ConstructionInProgressAssetsUnderConstruction 1 2023-04-01 2024-03-31 03969219 core:PlantMachinery 1 2023-04-01 2024-03-31 03969219 core:Vehicles 1 2023-04-01 2024-03-31 03969219 core:FurnitureFittings 1 2023-04-01 2024-03-31 03969219 core:ComputerEquipment 1 2023-04-01 2024-03-31 03969219 1 2023-04-01 2024-03-31 03969219 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 03969219 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 03969219 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 03969219 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 03969219 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 03969219 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 03969219 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 03969219 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 03969219 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 03969219 1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03969219 (England and Wales)

OPRO INTERNATIONAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

OPRO INTERNATIONAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

OPRO INTERNATIONAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
OPRO INTERNATIONAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 98,475 88,785
Tangible assets 4 785,300 620,913
883,775 709,698
Current assets
Stocks 445,185 534,870
Debtors 5 1,227,613 1,769,776
Cash at bank and in hand 450,968 193,289
2,123,766 2,497,935
Creditors: amounts falling due within one year 6 ( 523,086) ( 1,398,675)
Net current assets 1,600,680 1,099,260
Total assets less current liabilities 2,484,455 1,808,958
Creditors: amounts falling due after more than one year 7 ( 7,607) ( 47,779)
Net assets 2,476,848 1,761,179
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 2,476,846 1,761,177
Total shareholder's funds 2,476,848 1,761,179

For the financial 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 financial statements of OPRO International Limited (registered number: 03969219) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

A L Lovat
Director

02 October 2024

OPRO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
OPRO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

OPRO International Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

During the period the company entered into a Company Voluntary Arrangement with its creditors which allowed them to remain a going concern.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for goods supplied net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods).

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 probable.

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 in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Other intangible assets 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 7 - 10 years straight line
Assets under construction not depreciated
Plant and machinery 10 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cash and cash equivalents

Cash and cash equivalents 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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Research and development expenditure

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial, and financial viability of the individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 5 5

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 141,606 141,606
Additions 15,615 15,615
At 31 March 2024 157,221 157,221
Accumulated amortisation
At 01 April 2023 52,821 52,821
Charge for the financial year 5,925 5,925
At 31 March 2024 58,746 58,746
Net book value
At 31 March 2024 98,475 98,475
At 31 March 2023 88,785 88,785

4. Tangible assets

Land and buildings Assets under construc-
tion
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £ £
Cost
At 01 April 2023 241,659 60,616 1,568,783 25,951 427,532 607,517 2,932,058
Additions 151,345 0 133,245 0 74,198 7,680 366,468
Disposals 0 0 0 ( 4,451) 0 0 ( 4,451)
Transfer from assets under construction 49,467 ( 60,616) 6,172 0 4,977 0 0
At 31 March 2024 442,471 0 1,708,200 21,500 506,707 615,197 3,294,075
Accumulated depreciation
At 01 April 2023 223,669 0 1,085,374 21,674 387,028 593,400 2,311,145
Charge for the financial year 28,226 0 125,571 1,069 25,419 21,796 202,081
Disposals 0 0 0 ( 4,451) 0 0 ( 4,451)
0 0 0 0 0 0 0
At 31 March 2024 251,895 0 1,210,945 18,292 412,447 615,196 2,508,775
Net book value
At 31 March 2024 190,576 0 497,255 3,208 94,260 1 785,300
At 31 March 2023 17,990 60,616 483,409 4,277 40,504 14,117 620,913

5. Debtors

2024 2023
£ £
Trade debtors 487,426 305,670
Amounts owed by group undertakings 552,364 1,297,409
Other debtors 187,823 166,697
1,227,613 1,769,776

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 285,169 206,342
Amounts owed to group undertakings 75,225 210,173
Obligations under finance leases and hire purchase contracts 39,884 64,745
Other creditors 122,808 917,415
523,086 1,398,675

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 7,607 47,779

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
152 Ordinary A shares of £ 0.01 each 1.52 1.52
30 Ordinary B shares of £ 0.01 each 0.30 0.30
9 Ordinary C shares of £ 0.01 each 0.09 0.09
9 Ordinary D shares of £ 0.01 each 0.09 0.09
2.00 2.00

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 47,791 112,525
2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 953,848 1,223,820

Other financial commitments

2024 2023
£ £
The company has given a guarantee in respect of a loan outstanding at the balance sheet date. This is secured by a fixed and floating charge over the assets of the company. 0 180,486

The company completed its Creditors Voluntary Arrangement (CVA) on 14 September 2023.

10. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts owed by entities with control, joint control or significant influence over the company 360,574 1,193,743
Amounts owed to related parties (75,225) (1,061,171)
Amounts owed by related parties 191,788 103,666

During the year, the company paid rent and service charges of £269,792 (2023: £288,500) and a management charge of £750,000 (2023: £600,000) to a related party.

11. Ultimate controlling party

Parent Company:

OPROGROUP Limited
35 Ballards Lane, London, United Kingdom, N3 1XW

The company is controlled by A Lovat.