Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-30The principal activity of the Company is the provision of outsourced administration service and software solutions to the financial services sector. The activities of the Company are regulated under the Financial Services and Markets Act 2000. For analysis of performance and management of financial and other risks, see the Strategic Report. Outsourced Professional Administration Limited (the "Company") is a private company limited by shares, registered in England and Wales. The Company's registered office address is Centrium 1 Griffiths Way, St. Albans, AL1 2RD. The Company's registered number is 02947475. The principal activity of the Company is the provision of outsourced administration service and software solutions to the financial services sector. The activities of the Company are regulated under the Financial Services and Markets Act 2000. For analysis of performance and management of financial and other risks, see the Company's Strategic Report.In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. The Company meets its day-to-day working capital requirements through its own cash. The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current cash reserve. After making· enquiries, the Directors have a reasonable· expectation that the Company has adequate resources to continue in operational existence for the at least 12 months from approval of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.2024-06-30Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.The Company operates a defined contribution pension scheme. 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 amounted to £77k (2023 - £74k). 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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. 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Registered number: 02947475









OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
COMPANY INFORMATION


Directors
H C Elliott 
N H Elliott 
R Arya 




Company secretary
A Karmacharya



Registered number
02947475



Registered office
Centrium 1 Griffiths Way

St. Albans

AL1 2RD




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

30 Old Bailey

London

EC4M 7AU





 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditor's Report
6 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 26


 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The Directors present their Strategic Report for the Company for the year ended 30 June 2024.

Business review
 
Turnover for the year was  £6,318k (2023 - £5,883k). The result is an operating profit of £194k for the financial year (2023 - £532k).
In the financial year to June 2024 Outsourced Professional Administration Limited, (hereby OPAL), has continued to develop fully digital administration solutions. The Directors have an agreed strategy to continue to develop the capability of the platform and to market digital solutions. 
The Directors are satisfied with the results for the year, as the business has continued to focus on business development to win new clients and to develop services for our existing clients. Looking forward, the Directors feel confident following re-negotiating some contracts will deliver profitable growth and give OPAL the opportunity to develop more business. 

Financial key performance indicators
 
30 June 2024
30 June 2023
30 June 2022

Turnover £'000

6,318

5,883

4,890
 
Operating Profit £'000

194

532

16
 
Total Policies in force '000

284

270

245
 
Operating Profit/Turnover %

3.07%

9.04%

0.3%
 
Operating Profit/Policies £

£0.68

£1.97

£0.07
 


Principal risks and uncertainties
 
The Company's activities expose it to a number of risks including financial risk, credit risk, liquidity risk, and regulatory risk.
Financial risk
The Company operates in a rapidly changing and competitive market place where continuing growth is dependent on maintaining existing customer relationships and winning new clients Customer service is paramount. The Company is confident that it can achieve its objectives and minimise the risk of falling short of its targets by providing a high quality service to its customers and regularly reviewing its processes and procedures. 
The Company's risk management objectives and policies aim to mitigate specific financial risks where there is a possibility that any financial risk may lead to material changes in the Company's financial performance, position or cash flow. The Company has limited exposure to financial risk through its financial assets and financial liabilities. The Company is not exposed to currency risk. The Company has no contractually determined cash flows and so interest rate risk is minimal. No hedging techniques are employed. 
 
Page 1

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Credit risk
Cash is held in major UK banks in an attempt to mitigate liquidity and credit risk, regular reviews of the bank ratings are conducted by management. At the Statement of Financial Position date the maximum exposure to credit risk is limited to the carrying amount of each financial asset in the Statement of Financial Position. 
Liquidity risk
The Company manages liquidity risk by maintaining sufficient funds in cash held in major UK banks to meet liabilities in a timely and orderly manner.
Regulatory risk
Our business and products are regulated by the Financial Conduct Authority in the UK, and we are therefore exposed to the risk of not complying with regulatory requirements, regulatory change or regulators' expectations. Failure to properly manage regulatory risk may result in regulatory sanctions being imposed and could harm our reputation. We therefore monitor the regulatory environment on an on-going basis and our own internal controls have been designed to counter such risk. Management receive regular reports on compliance which include results from compliance reviews on specific topics, suggestions for improvements of systems and information on customer complaints. We also engage external specialists where appropriate to review elements of our controls in this area.

Statement by the Directors relating to their statutory duties under section 172(1) of the Companies Act 2006

The Directors, in line with their duties under s172 of the Companies Act 2006, act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its member, and in doing so have regard, amongst other matters, to the:

Likely consequences of any decision in the long term;
Interest of the Company's employees
Need to foster the Company's business relationships with suppliers, customers and others;
Impact of the Company's operations on the community and the environment;
Desirability of the Company maintaining a reputation for high standards of business conduct;
Need to act fairly as between members of the Company

Stakeholders
The Board understands the importance of engagement with all of its stakeholders and gives appropriate weighting to the outcome of its decisions for the relevant stakeholder in weighing up how best to promote the success of the Company. The Board regularly discusses issues concerning customers, suppliers, employees, community and environment, regulators and its shareholder, which it takes into account in its discussions and in· its decision-making process. In addition to this, the Board seeks to understand the interests and views of the Company's stakeholders by engaging with them directly when required. The below summarises the key stakeholders and how we engage with each: 
Customers
The Board is in regular contact with existing and potential customers, to obtain feedback on matters such as product quality and customer service. The Company's customer relations team is critical to ensuring long term customer satisfaction through communication and product improvement.
 
Page 2

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Suppliers
We work with a range of suppliers and remain committed to being fair and transparent in our dealings with all-of our suppliers. Suppliers are generally relevant to the whole Company and the Company has, where relevant, procedures in place requiring due diligence of suppliers as to their internal governance, including for example, their anti-bribery and corruption practices, data protection policies and modern slavery matters. The Company has systems and processes in place to ensure suppliers are paid in a timely manner.
Employees
The Company has a well-established management reporting structure which encourages employee engagement in an open working environment. The Board is responsible for ensuring that this structure enables effective communication and feedback between employees and management.
Environment and carbon emissions
The Board is aware of the impact its activities can have on the environment, and is committed to minimising our environmental footprint. 
Regulators
We work with our regulators in an open and proactive manner to help develop processes and controls that meet the needs of all our stakeholders. The Board's intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards and good governance expected of a regulated business like ours. 
Shareholders
The Board also seeks to behave in a responsible manner towards our shareholders. The Board frequently communicates information relevant to the shareholders, such as its financial reporting and updates on commercial activity. 

Directors' statement of compliance with duty to promote the success of the Company

The Directors of the Company through considering the views of its employees, customers and suppliers, acting in good faith, have taken informed decisions during the year ending 30 June 2024 to ensure that they have promoted the success of the Company for the benefit of its participants and stakeholders. The Company continues to follow its value strategy, which has long term beneficial impacts including a fulfilling working environment.


This report was approved by the board and signed on its behalf.



R Arya
Director

Date: 31 October 2024

Page 3

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The Directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless they either intend to liquidate the
Company or to cease operations, or have no realistic alternative but to do so.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is the provision of outsourced administration service and software solutions to the financial services sector. The activities of the Company are regulated under the Financial Services and Markets Act 2000. For analysis of performance and management of financial and other risks, see the Strategic Report. 

Results and dividends

The profit for the year, after taxation, amounted to £347k (2023 - £593k).

The Directors did not pay any interim dividends during the year (2023 - £Nil).

Directors

The Directors who served during the year were:

H C Elliott 
N H Elliott 
E Lyons (resigned 26 June 2024)
R Arya (appointed 4 September 2024)
 
Page 4

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Matters covered in the Strategic Report

As permitted by paragraph 1A of Schedule 7 to the large and medium size companies and groups (accounts and records) regulations 2008 certain matters which are required to be disclosed in the Director's Report have been omitted as they are included in the Strategic Report. Those matter relate to the Company's business review, financial risk management objectives and policies, and financial key performance indicators.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Directors are aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Directors have taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Economic impact of global events

UK businesses are currently facing many uncertainties such as the consequences of environmental sustainability and geopolitical events. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





R Arya
Director

Date: 31 October 2024

Page 5

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 

Opinion

We have audited the financial statements of Outsourced Professional Administration Limited (the ‘Company’) for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 6

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Page 7

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. 
Page 8

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 

In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to: i) posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, and ii) revenue recognition which we pinpointed to the cut off assertion, and significant one-off or unusual transactions. 

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Diego Fernandez (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
30 Old Bailey
London
EC4M 7AU

31 October 2024
Page 9

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
6,318
5,883

Gross profit
  
6,318
5,883

Administrative expenses
  
(6,124)
(5,351)

Operating profit
 5 
194
532

Interest receivable and similar income
 9 
151
62

Profit before tax
  
345
594

Tax on profit
 10 
2
(1)

Profit for the financial year
  
347
593

There was no other comprehensive income for 2024 (2023 - £Nil).

The notes on pages 13 to 26 form part of these financial statements.

Page 10

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
REGISTERED NUMBER: 02947475

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 11 
187
184

  
187
184

Current assets
  

Debtors: amounts falling due within one year
 12 
5,045
3,851

Cash and cash equivalents
 13 
2,361
2,869

  
7,406
6,720

Creditors: amounts falling due within one year
 14 
(1,069)
(728)

Net current assets
  
 
 
6,337
 
 
5,992

Total assets less current liabilities
  
6,524
6,176

Deferred taxation
 15 
(6)
(5)

  
 
 
(6)
 
 
(5)

Net assets
  
6,518
6,171


Capital and reserves
  

Called up share capital 
 16 
1
1

Profit and loss account
 17 
6,517
6,170

  
6,518
6,171


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Arya
Director

Date: 31 October 2024

The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 July 2023
1
6,170
6,171


Comprehensive income for the year

Profit for the year
-
347
347
Total comprehensive income for the year
-
347
347


At 30 June 2024
1
6,517
6,518



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 July 2022
1
5,577
5,578


Comprehensive income for the year

Profit for the year
-
593
593
Total comprehensive income for the year
-
593
593


At 30 June 2023
1
6,170
6,171


The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Outsourced Professional Administration Limited (the "Company") is a private company limited by shares, registered in England and Wales. The Company's registered office address is Centrium 1 Griffiths Way, St. Albans, AL1 2RD. The Company's registered number is 02947475.
The principal activity of the Company is the provision of outsourced administration service and software solutions to the financial services sector. The activities of the Company are regulated under the Financial Services and Markets Act 2000. For analysis of performance and management of financial and other risks, see the Company's Strategic Report. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in Pounds Sterling (£), this being the functional currency of the Company and the currency of the primary economic environment in which the Company operates.
Monetary amounts in these financial statements are rounded to the nearest £1,000.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of OPAL (UK) Holdings Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

Page 13

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Company meets its day-to-day working capital requirements through its own cash. The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current cash reserve. After making· enquiries, the Directors have a reasonable· expectation that the Company has adequate resources to continue in operational existence for the at least 12 months from approval of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

  
2.4

Turnover

Turnover is recognised when administrative services have been provided to and are accepted by clients. Ongoing service and licence revenue is recognised monthly in arrears following the provision of administration and hosting services for that month. Development fees are recognised following set up of the system and service fees are recognised in line with the contractual agreements on the monthly basis of the associated products change. Requests that have partially completed at the Statement of Financial Position date are recognised for the fair value of the services provided to date based on the stage of completion. 

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.7

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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10 years
Computer and office equipment
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 15

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

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 the Statement of Comprehensive Income.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 16

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 17

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
 
i.material judgements
ii.key accounting estimates and assumptions

For contract spanning across more than one accounting year, the overall profitability of those contracts would be assessed. If a contract is expected to be loss making overall, the full expected loss will be recognised as an expense in the current year.

There have been no material judgements, key accounting estimates, or assumptions reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year ended 30 June 2024.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£000
£000

Ongoing services and licence revenue
4,464
4,069

Development fees
1,854
1,814

6,318
5,883


Turnover (excluding value added tax) represents fees receivable from clients, principally from financial organisations in respect of the provision of administrative services for their single premium and regular premium products. Depending on the product a separate fee may be received on set up of the product, recurring fees from ongoing administration of the product and on maturity for some products. In addition, turnover includes fees in respect of the development of bespoke administrative systems and portfolio licence fee for ongoing maintenance of administration of the hosted environment, software and other infrastructure.
During the year ended 30 June 2024 all turnover was derived from the provision of administrative services, the development of bespoke administrative systems, the fulfilment of change requests and the monthly portfolio licence fee.
All sales are made in the UK market and are deemed to orginate from one class of business.

Page 18

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation of tangible fixed assets
51
63

Operating lease rentals
102
259


6.


Auditor's remuneration

2024
2023
£000
£000

Fees payable to the Company's auditor for the audit of the Company's financial statements
42
40
The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the Parent Company.


7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£000
£000

Wages and salaries
2,605
2,352

Social security costs
270
251

Cost of defined contribution pension scheme
77
74

2,952
2,677


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration
50
47



Information technology
19
18

69
65

Page 19

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Directors' remuneration

2024
2023
£000
£000

Directors' emoluments
90
112

Company contributions to defined contribution pension schemes
4
4

94
116


During the year retirement benefits were accruing to no Directors (2023 - Nil) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£000
£000


Bank interest receivable
151
62


10.


Taxation


2024
2023
£000
£000

Corporation tax


Adjustments in respect of previous periods
(3)
-

Total current tax
(3)
-

Deferred tax


Origination and reversal of timing differences
1
1

Total deferred tax
1
1

Page 20

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of25% (2023 - 20.5%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
345
594


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
86
122

Effects of:


Fixed asset differences
-
(1)

Expenses not deductible for tax purposes
2
-

Remeasurement of deferred tax for changes in tax rates
-
1

Movement in deferred tax not recognised
-
(7)

Group relief claimed
(87)
(114)

Adjustments to tax charge in respect of prior periods
(3)
-

Total tax (credit)/charge for the year
(2)
1


Factors that may affect future tax charges

Aside from the availability of group relief, there are no factors affecting future tax charges.

Page 21

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Tangible fixed assets





Fixtures and fittings
Computer and office equipment
Total

£000
£000
£000



Cost


At 1 July 2023
596
1,061
1,657


Additions
10
44
54



At 30 June 2024

606
1,105
1,711



Depreciation


At 1 July 2023
462
1,011
1,473


Charge for the year
27
24
51



At 30 June 2024

489
1,035
1,524



Net book value



At 30 June 2024
117
70
187



At 30 June 2023
134
50
184

Page 22

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Debtors

2024
2023
£000
£000


Trade debtors
1,656
1,047

Amounts owed by group undertakings
2,751
2,155

Other debtors
3
2

Prepayments and accrued income
635
647

5,045
3,851


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


13.


Cash and cash equivalents

2024
2023
£000
£000

Cash at bank and in hand
2,361
2,869



14.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Trade creditors
299
221

Amounts owed to group undertakings
17
-

Other taxation and social security
176
141

Other creditors
-
3

Accruals and deferred income
577
363

1,069
728


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 23

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Deferred taxation




2024


£000






At beginning of year
(5)


Charged to the Statement of Comprehensive Income
(1)



At end of year
(6)

The provision for deferred taxation, calculated at a rate of 25% (2023 - 20.5%), is made up as follows:

2024
2023
£000
£000


Accelerated capital allowances
(34)
(31)

Other timing differences
28
26

(6)
(5)


16.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1
1

Each Ordinary share carries voting rights but no right to fixed income.



17.


Reserves

Profit and loss account

This reserve represents cumulative profits or losses net of dividends and other adjustments.


18.


Pension commitments

The Company operates a defined contribution pension scheme. 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 amounted to £77k (2023 - £74k). 

Page 24

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£000
£000


Not later than 1 year
223
152

Later than 1 year and not later than 5 years
656
582

Later than 5 years
55
-

934
734


20.


Related party transactions

On 27 September 2023, the Company paid £600,019 to shareholders of its parent to satisfy dividends declared by the Parent Company.
The Company has taken advantage of the exemption within FRS 102 not to disclose transactions entered into by two or more members of the Group, provided that any subsidiary which is party to the transactions is wholly owned by such a member.
Management, staff and other support and services have been provided to and received from Outsourced Professional Administration Limited by Synergy Financial Products Limited, Pandora Software Solution Limited and Black Ink Processing Limited. Synergy Financial Products Limited, Pandora Software  Solutions Limited and Black Ink Processing Limited qualify as related parties under FRS 102 on the basis that they have a degree of common key management or the same shareholders.
The net transactions in respect of this were income/(expense) to Outsourced Professional Administration Limited as set out below:

2024
2023
£000
£000

Synergy Financial Products Limited


Turnover - provision of administration services
124
140

Staff costs recharged
(11)
(2)

Page 25

 
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Related party transactions (continued)

2024
2023
£000
£000

Black Ink Processing Limited


Turnover - provision of administration services
(1)
-

Staff costs recharged
(3)
-

Consultancy services
(296)
-

(300)
-

2024
2023
£000
£000

Pandora Software Solutions Limited


Turnover - provision of administration services
(752)
(503)

Consultancy services
(175)
(444)

Licence fees
(303)
(303)

Staff and office costs recharged
-
(1)

2024
2023
£000
£000

Balances outstanding at the year end, which have now been settled:


Synergy Financial Products Limited - Debtor
23
27

Synergy Financial Products Limited - Creditor
(11)
(12)

Pandora Software Solutions Limited - Creditor
(96)
(96)

Black Ink Processing Limited - Creditor
(34)
-


21.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


22.


Controlling party

The immediate and ultimate parent undertaking is OPAL (UK) Holdings Limited, a company incorporated in England and Wales, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
The ultimate controlling party of the Company is N H Elliot through virtue of their shareholding.

Page 26