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Ordinary 1.00000 Ordinary A 1.00000 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REGISTERED NUMBER: 01574983 (England and Wales)
























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: N K Shah
V N Shah





SECRETARY: T N Shah





REGISTERED OFFICE: Unit 1, Ashville Trading Estate
Royston Road
Baldock
Hertfordshire
SG7 6NN





REGISTERED NUMBER: 01574983 (England and Wales)





AUDITORS: TC Group
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:





N K Shah - Director


22 January 2025

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.

N K Shah
V N Shah

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:





N K Shah - Director


22 January 2025

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.




Benjamin Young (Senior Statutory Auditor)
for and on behalf of TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

22 January 2025

OPALION LIMITED (REGISTERED NUMBER: 01574983)
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED

INCOME STATEMENT
For The Year Ended 30 September 2024

2024 2023
Notes £    £    £    £   

TURNOVER 15,476,084 15,582,993

Cost of sales 10,038,045 10,691,845
GROSS PROFIT 5,438,039 4,891,148

Distribution costs 759,432 748,491
Administrative expenses 2,454,512 2,530,900
3,213,944 3,279,391
OPERATING PROFIT 4 2,224,095 1,611,757


Interest payable and similar expenses 5 300,208 141,862
PROFIT BEFORE TAXATION 1,923,887 1,469,895

Tax on profit 6 511,115 415,038
PROFIT FOR THE FINANCIAL YEAR 1,412,772 1,054,857

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 1,412,772 1,054,857


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,412,772

1,054,857

OPALION LIMITED (REGISTERED NUMBER: 01574983)
PREVIOUSLY KNOWN AS OPALION PLASTICS LIMITED

BALANCE SHEET
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 29,985 81,762
Tangible assets 9 8,406,206 4,232,227
Investments 10 1,705,587 1,312,743
10,141,778 5,626,732

CURRENT ASSETS
Stocks 11 2,040,307 2,385,522
Debtors 12 4,251,045 5,254,251
Cash at bank and in hand 91,515 369,507
6,382,867 8,009,280
CREDITORS
Amounts falling due within one year 13 3,910,939 5,341,735
NET CURRENT ASSETS 2,471,928 2,667,545
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,613,706

8,294,277

CREDITORS
Amounts falling due after more than one
year

14

(5,146,898

)

(1,736,903

)

PROVISIONS FOR LIABILITIES 18 (333,574 ) (86,912 )
NET ASSETS 7,133,234 6,470,462

CAPITAL AND RESERVES
Called up share capital 19 900,000 900,000
Revaluation reserve 20 191,956 191,956
Retained earnings 20 6,041,278 5,378,506
SHAREHOLDERS' FUNDS 7,133,234 6,470,462

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by:





N K Shah - Director


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 900,000 4,913,649 191,956 6,005,605

Changes in equity
Dividends - (590,000 ) - (590,000 )
Total comprehensive income - 1,054,857 - 1,054,857
Balance at 30 September 2023 900,000 5,378,506 191,956 6,470,462

Changes in equity
Dividends - (750,000 ) - (750,000 )
Total comprehensive income - 1,412,772 - 1,412,772
Balance at 30 September 2024 900,000 6,041,278 191,956 7,133,234

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 2,434,392 2,441,112
Interest paid (296,201 ) (140,362 )
Interest element of hire purchase payments
paid

(4,007

)

(1,500

)
Tax paid (476,179 ) (132,173 )
Net cash from operating activities 1,658,005 2,167,077

Cash flows from investing activities
Purchase of tangible fixed assets (3,877,973 ) (1,078,074 )
Purchase of fixed asset investments - (352,920 )
Sale of intangible fixed assets 13,766 -
Sale of tangible fixed assets 3,700 8,750
Loans to associates (392,843 ) (159,823 )
Net cash from investing activities (4,253,350 ) (1,582,067 )

Cash flows from financing activities
New loans in year 3,067,353 -
Loan repayments in year - (418,052 )
Equity dividends paid (750,000 ) (590,000 )
Net cash from financing activities 2,317,353 (1,008,052 )

Decrease in cash and cash equivalents (277,992 ) (423,042 )
Cash and cash equivalents at beginning
of year

2

369,507

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 1,923,887 1,469,895
Depreciation charges 142,006 140,987
Profit on disposal of fixed assets (3,700 ) (8,750 )
Finance costs 300,208 141,862
2,362,401 1,743,994
Decrease in stocks 345,215 207,324
Decrease in trade and other debtors 1,003,206 869,996
Decrease in trade and other creditors (1,276,430 ) (380,202 )
Cash generated from operations 2,434,392 2,441,112

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 (277,992 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Land 0%, buildings 2% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost

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 1,087,147 1,188,158
Social security costs 106,904 116,765
Other pension costs 63,070 64,458
1,257,121 1,369,381

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Administration 28 36
30 38

2024 2023
£    £   
Directors' remuneration 94,800 91,200
Directors' pension contributions to money purchase schemes 24,000 24,000

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 103,994 98,637
Profit on disposal of fixed assets (3,700 ) (8,750 )
Goodwill amortisation 24,999 25,000
Computer software amortisation 13,012 17,350
Auditors' remuneration 15,000 12,380
Auditors' remuneration for non audit work 31,437 10,922

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 285,694 129,855
Other loan interest 10,507 10,507
Hire purchase 4,007 1,500
300,208 141,862

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 264,453 328,126

Deferred tax 246,662 86,912
Tax on profit 511,115 415,038

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 1,923,887 1,469,895
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22%)

480,972

323,377

Effects of:
Expenses not deductible for tax purposes 20,585 1,837
Capital allowances in excess of depreciation (235,458 ) -
Depreciation in excess of capital allowances - 4,402
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 750,000 590,000

8. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 October 2023 135,000 87,700 222,700
Disposals (13,766 ) - (13,766 )
At 30 September 2024 121,234 87,700 208,934
AMORTISATION
At 1 October 2023 66,250 74,688 140,938
Amortisation for year 24,999 13,012 38,011
At 30 September 2024 91,249 87,700 178,949
NET BOOK VALUE
At 30 September 2024 29,985 - 29,985
At 30 September 2023 68,750 13,012 81,762

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 3,519,849 1,015,390 419,947 149,350 5,104,536
Additions - 3,106,301 1,125,677 45,995 4,277,973
Disposals - - - (31,000 ) (31,000 )
Reclassification/transfer 15,072 (15,072 ) - - -
At 30 September 2024 3,534,921 4,106,619 1,545,624 164,345 9,351,509
DEPRECIATION
At 1 October 2023 460,548 - 288,415 123,346 872,309
Charge for year 58,167 - 30,685 15,142 103,994
Eliminated on disposal - - - (31,000 ) (31,000 )
At 30 September 2024 518,715 - 319,100 107,488 945,303
NET BOOK VALUE
At 30 September 2024 3,016,206 4,106,619 1,226,524 56,857 8,406,206
At 30 September 2023 3,059,301 1,015,390 131,532 26,004 4,232,227

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 440,924
At 30 September 2024 440,924
NET BOOK VALUE
At 30 September 2024 440,924

10. FIXED ASSET INVESTMENTS

2024 2023
£    £   
Shares in group undertakings 1 -
Participating interests 352,920 352,920
Loans to undertakings in which the company
has a participating interest

552,666

159,823
Unlisted investments 800,000 800,000
1,705,587 1,312,743

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 - 352,920 800,000 1,152,920
Additions 1 - - 1
At 30 September 2024 1 352,920 800,000 1,152,921
NET BOOK VALUE
At 30 September 2024 1 352,920 800,000 1,152,921
At 30 September 2023 - 352,920 800,000 1,152,920

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Stanvak Investments Limited
Registered office: Unit 1 Royston Road, Ashville Trading Estate, Baldock, Hertfordshire, United Kingdom, SG7 6NN
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 100.00

This company was incorporated on 28th August 2024 and is dormant up to 30th September 2024.

Associated company

Green Stem Products Limited
Registered office: PO Box 1369 Sarit Centre, Nairobi, Kenya.
Nature of business: Sustainable food packaging
%
Class of shares: holding
Ordinary 20.00
Loans to
associates
£   
At 1 October 2023 159,823
New in year 392,843
At 30 September 2024 552,666

11. STOCKS
2024 2023
£    £   
Finished goods 2,040,307 2,385,522

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 2,472,107 3,475,899
Other debtors - 20,000
Prepayments and accrued income 93,938 93,352
2,566,045 3,589,251

Amounts falling due after more than one year:
Other debtors 1,685,000 1,665,000

Aggregate amounts 4,251,045 5,254,251

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 431,281 435,831
Hire purchase contracts (see note 16) 61,908 -
Trade creditors 1,218,964 2,059,508
Amounts owed to group undertakings 1 -
Corporation tax 116,453 328,179
Social security and other taxes 40,357 153,583
VAT 5,838 -
Other creditors 1,813,786 2,256,089
Directors' current accounts 31,576 7,780
Accruals and deferred income 190,775 100,765
3,910,939 5,341,735

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 4,658,702 1,586,799
Other loans (see note 15) 150,104 150,104
Hire purchase contracts (see note 16) 338,092 -
5,146,898 1,736,903

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 431,281 435,831

Amounts falling due between one and two years:
Bank loans - 1-2 years 423,296 1,028,202

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 1,156,655 513,115
Other loans - 2-5 years 150,104 150,104
1,306,759 663,219

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 61,908 -
Between one and five years 338,092 -
400,000 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 20,434 18,803
Between one and five years 29,772 48,575
50,206 67,378

Hire purchase creditors are secured on the related assets.

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 5,089,983 2,022,630
Hire purchase contracts 400,000 -
Invoice discounting creditor 1,769,284 2,233,544
7,259,267 4,256,174

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 86,912
Charge to Income Statement during year 246,662
Balance at 30 September 2024 333,574

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
400,000 Ordinary 1 400,000 400,000
500,000 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 5,378,506 191,956 5,570,462
Profit for the year 1,412,772 1,412,772
Dividends (750,000 ) (750,000 )
At 30 September 2024 6,041,278 191,956 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.