Silverfin false false 31/01/2024 01/02/2023 31/01/2024 K Hyde 10/02/1999 K Sweet 10/02/1999 28 October 2024 The principal activity of the Company during the financial year was commercial and industrial screen printing and graphic design. 03679163 2024-01-31 03679163 bus:Director1 2024-01-31 03679163 bus:Director2 2024-01-31 03679163 2023-01-31 03679163 core:CurrentFinancialInstruments 2024-01-31 03679163 core:CurrentFinancialInstruments 2023-01-31 03679163 core:Non-currentFinancialInstruments 2024-01-31 03679163 core:Non-currentFinancialInstruments 2023-01-31 03679163 core:ShareCapital 2024-01-31 03679163 core:ShareCapital 2023-01-31 03679163 core:CapitalRedemptionReserve 2024-01-31 03679163 core:CapitalRedemptionReserve 2023-01-31 03679163 core:RetainedEarningsAccumulatedLosses 2024-01-31 03679163 core:RetainedEarningsAccumulatedLosses 2023-01-31 03679163 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-01-31 03679163 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-01-31 03679163 core:LeaseholdImprovements 2023-01-31 03679163 core:PlantMachinery 2023-01-31 03679163 core:Vehicles 2023-01-31 03679163 core:LeaseholdImprovements 2024-01-31 03679163 core:PlantMachinery 2024-01-31 03679163 core:Vehicles 2024-01-31 03679163 core:CostValuation 2023-01-31 03679163 core:DisposalsDecreaseInInvestments 2024-01-31 03679163 core:CostValuation 2024-01-31 03679163 2023-02-01 2024-01-31 03679163 bus:FilletedAccounts 2023-02-01 2024-01-31 03679163 bus:SmallEntities 2023-02-01 2024-01-31 03679163 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 03679163 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03679163 bus:Director1 2023-02-01 2024-01-31 03679163 bus:Director2 2023-02-01 2024-01-31 03679163 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-02-01 2024-01-31 03679163 core:LeaseholdImprovements core:TopRangeValue 2023-02-01 2024-01-31 03679163 core:PlantMachinery core:BottomRangeValue 2023-02-01 2024-01-31 03679163 core:PlantMachinery core:TopRangeValue 2023-02-01 2024-01-31 03679163 core:Vehicles core:BottomRangeValue 2023-02-01 2024-01-31 03679163 core:Vehicles core:TopRangeValue 2023-02-01 2024-01-31 03679163 2022-02-01 2023-01-31 03679163 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-02-01 2024-01-31 03679163 core:LeaseholdImprovements 2023-02-01 2024-01-31 03679163 core:PlantMachinery 2023-02-01 2024-01-31 03679163 core:Vehicles 2023-02-01 2024-01-31 03679163 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: 03679163 (England and Wales)

OPUS SCREENPRINT (1999) LIMITED

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

OPUS SCREENPRINT (1999) LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

OPUS SCREENPRINT (1999) LIMITED

BALANCE SHEET

As at 31 January 2024
OPUS SCREENPRINT (1999) LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 718 0
Tangible assets 4 262,191 309,618
Investments 5 0 631
262,909 310,249
Current assets
Stocks 6 130,435 97,510
Debtors 7 358,170 741,399
Cash at bank and in hand 7,021 18,953
495,626 857,862
Creditors: amounts falling due within one year 8 ( 466,159) ( 536,473)
Net current assets 29,467 321,389
Total assets less current liabilities 292,376 631,638
Creditors: amounts falling due after more than one year 9 ( 97,423) ( 225,707)
Provision for liabilities ( 65,727) ( 58,827)
Net assets 129,226 347,104
Capital and reserves
Called-up share capital 20,000 20,000
Capital redemption reserve 20,000 20,000
Profit and loss account 89,226 307,104
Total shareholders' funds 129,226 347,104

For the financial year ending 31 January 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 Opus Screenprint (1999) Limited (registered number: 03679163) were approved and authorised for issue by the Board of Directors on 28 October 2024. They were signed on its behalf by:

K Hyde
Director
OPUS SCREENPRINT (1999) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
OPUS SCREENPRINT (1999) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 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

Opus Screenprint (1999) 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 Units 11 & 12 Drewitt Ind Estate, 865 Ringwood Road, Bournemouth, BH11 8LW, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted. The deferred tax charge has been updated to reflect the increase in Corporation Tax rates as at 1 April 2023 to 25%.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 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 basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 3 - 7 years straight line
Vehicles 3 - 7 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 28 29

3. Intangible assets

Website costs Total
£ £
Cost
At 01 February 2023 0 0
Additions 760 760
At 31 January 2024 760 760
Accumulated amortisation
At 01 February 2023 0 0
Charge for the financial year 42 42
At 31 January 2024 42 42
Net book value
At 31 January 2024 718 718
At 31 January 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 February 2023 54,887 1,052,937 50,153 1,157,977
Additions 0 4,868 25,245 30,113
Disposals 0 ( 9,174) 0 ( 9,174)
At 31 January 2024 54,887 1,048,631 75,398 1,178,916
Accumulated depreciation
At 01 February 2023 52,988 787,961 7,410 848,359
Charge for the financial year 1,411 57,805 18,324 77,540
Disposals 0 ( 9,174) 0 ( 9,174)
At 31 January 2024 54,399 836,592 25,734 916,725
Net book value
At 31 January 2024 488 212,039 49,664 262,191
At 31 January 2023 1,899 264,976 42,743 309,618

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 February 2023 631
Disposals ( 631)
At 31 January 2024 0
Carrying value at 31 January 2024 0
Carrying value at 31 January 2023 631

Details of the investments in which the company disposed of the nominal value of any class of share capital are as follows:

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.01.2024
Ownership
31.01.2023
Opus Screenprint Limited Units 11 & 12 Drewitt Industrial, Estate 865 Ringwood Road, Bournemouth, Dorset, BH11 8LW Dissolved company Ordinary 0.00% 100.00%

6. Stocks

2024 2023
£ £
Stocks 80,394 83,033
Work in progress 50,041 14,477
130,435 97,510

7. Debtors

2024 2023
£ £
Trade debtors 274,596 381,072
Other debtors 83,574 360,327
358,170 741,399

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 190,114 254,474
Amounts owed to Group undertakings 0 631
Taxation and social security 93,069 127,205
Obligations under finance leases and hire purchase contracts 33,552 33,552
Other creditors 149,424 120,611
466,159 536,473

Included in trade creditors are liabilities in respect of invoice financing, with a carrying amount of £25,075 (2023 - £0). A fixed and floating charge is held over the assets of the company in respect of this debt.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 30,756 67,104
Other creditors 66,667 158,603
97,423 225,707

10. Financial commitments

Amounts not provided for in the balance sheet:

The total amount of financial commitments not included in the balance sheet is £397,613 (2022 - £455,614)