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Company No: 08688611 (England and Wales)

OPROGROUP LIMITED

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

OPROGROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

OPROGROUP LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
OPROGROUP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 221,915 115,451
Investments 4 2,225,175 2,106,367
2,447,090 2,221,818
Current assets
Debtors 5 347,755 386,477
Cash at bank and in hand 26,173 31,140
373,928 417,617
Creditors: amounts falling due within one year 6 ( 2,415,813) ( 2,089,959)
Net current liabilities (2,041,885) (1,672,342)
Total assets less current liabilities 405,205 549,476
Creditors: amounts falling due after more than one year 7 ( 2,708) ( 91,597)
Net assets 402,497 457,879
Capital and reserves
Called-up share capital 8 1,149 1,149
Profit and loss account 401,348 456,730
Total shareholders' funds 402,497 457,879

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 OPROGROUP Limited (registered number: 08688611) 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

OPROGROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
OPROGROUP 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

OPROGROUP 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 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. The validity of the assumption depends upon the continued financial support of the company's bankers and subsidiary undertakings.

If the company were unable to continue in existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide for any further liabilities that might arise.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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 Comprehensive Income 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.

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.

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:

Leasehold improvements depreciated over the life of the lease
Assets under construction not depreciated
Plant and machinery 25 % reducing balance
Vehicles 3 years straight line
Fixtures and fittings 25 % reducing balance

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 lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

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.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company . Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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, 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 4 4

3. Tangible assets

Leasehold improve-
ments
Assets under construc-
tion
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 April 2023 0 114,286 0 1,678 0 115,964
Additions 93,223 0 15,085 0 34,815 143,123
Transfer from assets under construction 111,983 ( 114,185) 0 0 2,202 0
Reclassified to repairs and maintenance 0 ( 101) 0 0 0 ( 101)
At 31 March 2024 205,206 0 15,085 1,678 37,017 258,986
Accumulated depreciation
At 01 April 2023 0 0 0 513 0 513
Charge for the financial year 27,094 0 3,056 559 5,849 36,558
At 31 March 2024 27,094 0 3,056 1,072 5,849 37,071
Net book value
At 31 March 2024 178,112 0 12,029 606 31,168 221,915
At 31 March 2023 0 114,286 0 1,165 0 115,451

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 2,106,367
At 31 March 2024 2,106,367
Carrying value at 31 March 2024 2,106,367
Carrying value at 31 March 2023 2,106,367

Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

5. Debtors

2024 2023
£ £
Trade debtors 773 14,253
Amounts owed by group undertakings 220,381 183,624
Other debtors 126,601 188,600
347,755 386,477

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 88,889 88,889
Trade creditors 14,221 74,881
Amounts owed to group undertakings 742,815 1,517,932
Other creditors 1,569,888 408,257
2,415,813 2,089,959

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

2024 2023
£ £
Bank loans 2,708 91,597

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
50 Ordinary D shares of £ 1.00 each 50 50
99 Ordinary C shares of £ 1.00 each 99 99
50 Ordinary E shares of £ 1.00 each 50 50
900 Ordinary shares of £ 1.00 each 900 900
50 Ordinary B shares of £ 1.00 each 50 50
1,149 1,149

B and D Non voting shares carry no voting rights but carry limited dividend and capital distribution rights.

C and E Non voting shares carry no voting rights but carry rights to dividend and capital distribution.

Ordinary shares carry full rights towards voting, dividends and capital distribution.

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Other 0 180,486

The company has given a guarantee in respect of a loan outstanding at the balance sheet. This is secured by a fixed and floating charge over the assets of the company.

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 1,093,313 1,310,056

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed to entities over which the entity has control, joint control or significant influence (742,815) (1,517,933)
Amounts owed by entities over which the entity has control, joint control or significant influence 220,381 183,624

Other related party transactions

During the year the company charged rent of £300,000 (2023: £50,000) to related parties.

11. Ultimate controlling party

The ultimate controlling party is A Lovat.