REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
OPALION LIMITED |
PREVIOUSLY KNOWN AS |
OPALION PLASTICS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
OPALION LIMITED |
PREVIOUSLY KNOWN AS |
OPALION PLASTICS LIMITED |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
OPALION LIMITED |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
COMPANY INFORMATION |
For The Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
1 Rushmills |
Bedford Road |
Northampton |
Northamptonshire |
NN4 7YB |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
STRATEGIC REPORT |
For The Year Ended 30 September 2024 |
The directors present their strategic report for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
The directors are satisfied with the trading position of the business for the year and encouraged by the result and position of the business presented, especially given the ongoing economic challenges that remain both for our sector and the wider economic environment. The company continues to work closely with both customers and suppliers to the benefit of all. We remain grateful for these relationships, which we believe continue to develop and strengthen as we work together to meet the economic challenges presented. We continue to value these partnerships highly. |
We are also grateful and appreciative of our own team for the support that they also continue to offer. Opalion remains a family business and the results and position of the company would not be possible without the dedication of our team. |
The directors judge that careful management of the company and sustained investment in key areas has enabled it to maintain its market position. |
The directors have continued to actively monitor trading risks, including cash flow and working capital such that the company remains in a position to support customers and suppliers and the development of our product offerings and service. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. |
Given the size of the company, the directors themselves are responsible for monitoring financial risks that the company faces. |
Price risk |
The company is exposed to price risk due to normal inflationary increases in the purchase price of goods and services. |
Credit risk |
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed continuously based on the manner of recoveries from particular customers. |
Liquidity risk |
The company actively maintains short-term debt finance that is designed to ensure that the company has sufficient funds for operations and planned expansions. |
PERFORMANCE ANALYSIS |
2024 | 2023 |
£ | £ |
Turnover | 15,476,084 | 15,582,993 |
Gross profit | 5,438,039 | 4,891,148 |
GP% | 35.14% | 31.39% |
Profit before tax | 1,923,887 | 1,469,895 |
Net current assets | 2,471,928 | 2,667,545 |
Net assets | 7,133,234 | 6,470,462 |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
STRATEGIC REPORT |
For The Year Ended 30 September 2024 |
FUTURE DEVELOPMENTS |
The directors are of the view that progress during the year has been positive. They remain vigilant in relation to the ongoing business economy and will actively continue to seek new opportunities with both customers and suppliers. |
Post year end the business underwent a restructuring where by the investments were transferred out of the business to a new holding company. |
ON BEHALF OF THE BOARD: |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
REPORT OF THE DIRECTORS |
For The Year Ended 30 September 2024 |
The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
CHANGE OF NAME |
The company passed a special resolution on 8 October 2024 changing its name from Opalion Plastics Limited to Opalion Limited. |
PRINCIPAL ACTIVITY |
The principal activity of the company during the year continued to be that of the wholesale distribution of polythene bags. |
DIVIDENDS |
Interim dividends totalling £750,000 were paid on the Ordinary £1 shares during the year. The directors did not declare any further interim or final dividends on Ordinary £1 shares or Ordinary 'A' £1 shares. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
REPORT OF THE DIRECTORS |
For The Year Ended 30 September 2024 |
AUDITORS |
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OPALION LIMITED |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
Opinion |
We have audited the financial statements of Opalion Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 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 September 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OPALION LIMITED |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
Matters on which we are required to report by exception |
In the 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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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. |
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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK. |
We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance. |
We assess the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets. |
Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above. |
We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OPALION LIMITED |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
Use of our 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 a Report of the Auditors 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. |
for and on behalf of |
1 Rushmills |
Bedford Road |
Northampton |
Northamptonshire |
NN4 7YB |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
INCOME STATEMENT |
For The Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
3,213,944 | 3,279,391 |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
OTHER COMPREHENSIVE INCOME |
For The Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
BALANCE SHEET |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Revaluation reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 30 September 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2024 |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
CASH FLOW STATEMENT |
For The Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | - | (352,920 | ) |
Sale of intangible fixed assets |
Sale of tangible fixed assets |
Loans to associates | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
792,549 |
Cash and cash equivalents at end of year | 2 | 91,515 | 369,507 |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
NOTES TO THE CASH FLOW STATEMENT |
For The Year Ended 30 September 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 300,208 | 141,862 |
2,362,401 | 1,743,994 |
Decrease in stocks |
Decrease in trade and other debtors |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 91,515 | 369,507 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 369,507 | 792,549 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.10.23 | Cash flow | changes | At 30.9.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 369,507 | (277,992 | ) | 91,515 |
369,507 | ( |
) | 91,515 |
Debt |
Finance leases | - | - | - | (400,000 | ) |
Debts falling due |
within 1 year | (435,831 | ) | 4,550 | - | (431,281 | ) |
Debts falling due |
after 1 year | (1,736,903 | ) | (3,071,903 | ) | - | (4,808,806 | ) |
(2,172,734 | ) | (3,067,353 | ) | - | (5,640,087 | ) |
Total | (1,803,227 | ) | (3,345,345 | ) | - | (5,548,572 | ) |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Opalion Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts. |
Preparation of consolidated financial statements |
All of the company's subsidiaries are assessed to be immaterial and therefore able to be excluded from |
the requirement to be consolidated in group accounts under section 405(2) of the Companies Act 2006. |
In accordance with section 402 of the Companies Act 2006, the company is exempt from the requirement to prepare group accounts as all subsidiary companies can be excluded from the consolidation. |
Critical accounting judgements and key sources of estimation |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses, is amortised evenly over its estimated useful economic life. |
The goodwill purchased in the year ended 30 September 2022 is being amortised evenly over 4 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software is being amortised evenly over its estimated useful economic life of 2 years. |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
The company has chosen to elect the valuation of freehold property as deemed cost on transition to FRS 102 and accordingly no further movements will be adjusted through the revaluation reserve. |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
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. Stocks are valued at average cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument. |
Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability. |
If a financial instrument contains both an equity and a liability element then the liability element is first established with any residual value being disclosed within equity shareholders funds. The liability element is the present value of the future payments guaranteed to be made to the holders of the financial instrument. |
Fixed asset investments |
Fixed asset investments are stated at cost less provision for permanent diminution in value. |
Fixed asset investments are assessed as being an associate when significant influence is considered to exist by virtue of size of shareholding and in the context of any management or business control. |
Going concern |
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the |
going concern assumption to still be appropriate. The directors acknowledge that given the rapidly |
changing business and social environment, there are likely to be significant unknown factors which |
may present themselves. Such factors are considered by the directors to represent a general |
inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Administration | 28 | 36 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom pension benefits were accruing was 1 (2023: 1). |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Goodwill amortisation |
Computer software amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
Other loan interest |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 22%). |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Amortisation | - | 354 |
Profit on disposals | (925 | ) | (1,925 | ) |
Deferred tax | 246,662 | 86,912 |
Capital items expensed | 2,171 | 866 |
Trade intangibles debit on capital items | (2,892 | ) | (854 | ) |
Other | - | 69 |
Total tax charge | 511,115 | 415,038 |
From 1st April 2023 the corporation tax main rate increased from 19% to 25% for companies with profits over £250,000. The small company rate remains at 19% for taxable profits under £50,000. For profits falling between £50,000 and £250,000 marginal relief is applied. Deferred tax has therefore been calculated at 25%.. |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of 1 each |
Interim |
8. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
Disposals | ( |
) | ( |
) |
At 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
Amortisation for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2024 |
9. | TANGIBLE FIXED ASSETS |
Assets | Fixtures |
Freehold | under | and | Motor |
property | construction | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Included in cost of land and buildings is freehold land of £740,000 (2023 - £740,000) which is not |
depreciated. Included in cost of assets under construction is freehold land of £586,080 (2023 - £586,080) which is not depreciated. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
and |
fittings |
£ |
COST |
Additions |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
10. | FIXED ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Shares in group undertakings |
Participating interests |
Loans to undertakings in which the company has a participating interest |
Unlisted investments |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Shares in | Interest |
group | in | Unlisted |
undertakings | associate | investments | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 | 1,152,920 |
Additions | 1 |
At 30 September 2024 | 1,152,921 |
NET BOOK VALUE |
At 30 September 2024 | 1,152,921 |
At 30 September 2023 | 1,152,920 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Unit 1 Royston Road, Ashville Trading Estate, Baldock, Hertfordshire, United Kingdom, SG7 6NN |
Nature of business: |
% |
Class of shares: | holding |
This company was incorporated on 28th August 2024 and is dormant up to 30th September 2024. |
Associated company |
Registered office: PO Box 1369 Sarit Centre, Nairobi, Kenya. |
Nature of business: |
% |
Class of shares: | holding |
Loans to |
associates |
£ |
At 1 October 2023 |
New in year |
At 30 September 2024 |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2024 |
12. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 5,838 | - |
Other creditors |
Directors' current accounts | 31,576 | 7,780 |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 15) |
Other loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2024 |
15. | LOANS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Other loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 3,078,751 | 45,482 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
Hire purchase creditors are secured on the related assets. |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 400,000 | - |
Invoice discounting creditor | 1,769,284 | 2,233,544 |
The bank overdraft and invoice discounting creditor are secured via charges over the company's assets held by NatWest Bank Plc. |
Bank loans are secured via charges over land & buildings at |
Eurocentral, Lanarkshire |
Cumbernauld, Lanarkshire |
Ashville Trading Estate, Baldock |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2024 |
18. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 333,574 | 86,912 |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Charge to Income Statement during year |
Balance at 30 September 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 400,000 | 400,000 |
Ordinary A | 1 | 500,000 | 500,000 |
900,000 | 900,000 |
On 7th October 2024, the Ordinary A shares were redesignated as Ordinary shares. |
20. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 October 2023 | 5,570,462 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 September 2024 | 6,233,234 |
21. | 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 £63,070 (2023 £64,458). |
22. | CAPITAL COMMITMENTS |
The company has a long-term project, for which funding has been agreed, to purchase and develop land in Glasgow to build a warehouse for future business use. |
At the year-end the assets under construction had a cost of £4,547,543. |
The company is committed to this project and has arranged long-term funding with NatWest bank to enable it. Further costs will be incurred in the next accounting period. |
The total further costs of the project are anticipated to be approximately £602k. |
OPALION LIMITED (REGISTERED NUMBER: 01574983) |
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2024 |
23. | RELATED PARTY DISCLOSURES |
Opalion Limited has made loans to a company is which V N Shah is a director and a shareholder. The loan balance outstanding at 30 September 2024 was £1,685,000 (2023 £1,685,000). This amount is included in other debtors. No interest was charged on the loan during the period under review. |
Opalion Limited has an investment of £800,000 (2023 £800,000) in an entity which holds shares in a company of which V N Shah is a director. |
Opalion Limited has an investment of £352,920 in an entity in which V N Shah is a shareholder and a director, and N K Shah is a director. It has also made a loan of £552,566 to the same entity which is outstanding at 30 September 2024. |
24. | POST BALANCE SHEET EVENTS |
Post year end the business underwent a restructuring where by the fixed asset investments were transferred out of the business to a new holding company owned and subject to the same ultimate controlling parties. |
25. | ULTIMATE CONTROLLING PARTY |
Opalion Limited was under the control of N K Shah and V N Shah, the directors, by virtue of their ownership of the majority of the shares in the company. On 23rd December 2024 the company was transferred to Opalion Holdings Limited, the new parent entity is under the control of N K Shah and V N Shah. |