| REGISTERED NUMBER: 02672672 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| OPERA HOLDINGS LIMITED |
| REGISTERED NUMBER: 02672672 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| OPERA HOLDINGS LIMITED |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Statement of Financial Position | 11 |
| Company Statement of Financial Position | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Statement of Cash Flows | 16 |
| Notes to the Consolidated Statement of Cash Flows | 17 |
| Notes to the Consolidated Financial Statements | 19 |
| OPERA HOLDINGS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 3 Doolittle Yard |
| Froghall Road |
| Ampthill |
| Bedfordshire |
| MK45 2NW |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
| The purpose of the Strategic Report is to inform shareholders and help them to assess how the directors have performed their duties to promote the success of the company. The report, together with the further information in the Directors' Report, provides a fair and balanced review of the company's business including; the development and performance of the business during the year, the position of the company at the end of the year and a description of the principal risks and uncertainties facing the company. |
| REVIEW OF BUSINESS |
| The year to 30 September 2024 was a satisfactory year for the group. The group profit before tax decreased to £502,529 (2023 - £921,792). Adjusted EBITA was £886,055 (2023 £1,279,254). |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| As the subsidiary companies are involved with recruitment, the principal risk facing the group continues to be that it is dependent on a strong economy. In addition, there is a risk from ongoing changes in government policy and legislation. |
| The group primarily supply nurses to the NHS and private hospitals. We, therefore, rely on there being adequate demand and growth in the economy so that these essential services are properly funded. We would draw your attention to note 2 concerning current Government policy. |
| The company makes little use of financial instruments other than operational bank accounts and an invoice discounting facility, so its exposure to price risk, liquidity risk and cash flow risk is not material for the assessment of the assets,liabilities, financial position and profit and loss of the company. All customers who wish to trade on credit terms are subject to credit verification procedures. Receivables balances are monitored on an ongoing basis and provisions made for doubtful debts where necessary. The company maintains debt insurance through a group policy organised by the holding company |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| KEY PERFORMANCE INDICATORS |
| Key performance indicators revolve around gross profit percentage, staff retention and productivity ratios, adjusted EBITA and cash conversion rate. The comparison of these ratios with the previous year is set out below: |
| 2024 | 2023 |
| Gross profit percentage | 21.81% | 21.51% |
| Staff retention | 81% | 79% |
| Adjusted EBITA | £886,055 | £1,279,254 |
| Cash conversion rate | 24.71% | 124.42% |
| Staff productivity | £1.78 | £2.01 |
| The strategy of the directors continues to be to review performance of the individual subsidiaries and local management, and to provide additional leadership and training where skill gaps are apparent. |
| ON BEHALF OF THE BOARD: |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
| DIVIDENDS |
| Dividends per share on the ordinary £1 shares were paid as follows: |
| £NIL (2023 £1 per share). |
| Preference share dividends totalling £48,240 were paid during the year (2023 £40,200). |
| FUTURE DEVELOPMENTS |
| The directors are working to diversity the company income streams away from NHS work into domiciliary care and complex care packages. The directors are implementing cost savings including reduced office hours, redundancies and the reduction of senior management team salaries. |
| 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 Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| OPERA HOLDINGS LIMITED |
| Opinion |
| We have audited the financial statements of Opera Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 30 September 2024 and of the group's 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 group 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. |
| Material uncertainty relating to going concern |
| We draw attention to note 2 in the financial statements, which indicates that conditions are impacting the industry in which the group operates as a result of changes in Government policy. These conditions indicate that a material uncertainty exists that may cast some doubt on the group's ability to continue as a going concern. |
| Our opinion is not modified in respect of this matter. |
| 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. 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 Group 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| OPERA HOLDINGS LIMITED |
| 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| OPERA HOLDINGS LIMITED |
| 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| - A part of the audit planning process was to look at each area of the financial statements and ascertain the level of risk for each applicable audit assertion. Where an increased risk was identified, specific audit work was designed to ensure those risks were at the forefront of the audit work carried out. |
| - During the audit planning process, important laws and regulations applying to the company were identified by making enquiries of management in addition to our own checks of the laws and regulations applying to a business of this nature. |
| - The audit process has documented the systems and internal controls adopted by the company and considered their adequacy. Our audit work included testing journal entries due to an inherent risk of management override of controls. |
| - An audit team planning meeting was held which communicated areas of identified risks and considered possible opportunities for fraud within the company. |
| - The engagement partner assessed the experience and abilities of the engagement team to ensure they were collectively competent to identify irregularities. |
| - All risks identified at the planning stage and the related audit work were reviewed and results considered to confirm that no irregularities had been identified. |
| - Our audit has included a review of the disclosures in the financial statements and comparison of those disclosures with the results of our audit work to identify any disparities. |
| - Analytical review of the financial statements has been undertaken at both the planning and completion stages of the audit to identify risks of irregularities and the results of the audit work carried out on those areas of risks. |
| - The judgements made in making accounting estimates have been assessed as to whether they indicate potential bias. |
| - Enquiries have been made of management regarding known instances of fraud, litigation or claims in progress. |
| 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. |
| 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 |
| Statutory Auditor |
| 3 Doolittle Yard |
| Froghall Road |
| Ampthill |
| Bedfordshire |
| MK45 2NW |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 4 | 13,991,282 | 16,245,353 |
| Cost of sales | 10,939,566 | 12,750,642 |
| GROSS PROFIT | 3,051,716 | 3,494,711 |
| Administrative expenses | 2,489,206 | 2,523,427 |
| 562,510 | 971,284 |
| Other operating income | 5 | 15,575 | - |
| OPERATING PROFIT | 7 | 578,085 | 971,284 |
| Interest receivable and similar income | 572 | 23 |
| 578,657 | 971,307 |
| Interest payable and similar expenses | 8 | 76,128 | 49,515 |
| PROFIT BEFORE TAXATION | 502,529 | 921,792 |
| Tax on profit | 9 | 203,574 | 270,517 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 176,871 | 576,465 |
| Non-controlling interests | 122,084 | 74,810 |
| 298,955 | 651,275 |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 298,955 | 651,275 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
298,955 |
651,275 |
| Total comprehensive income attributable to: |
| Owners of the parent | 176,872 | 576,465 |
| Non-controlling interests | 122,083 | 74,810 |
| 298,955 | 651,275 |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 14 | 615,936 | 923,906 |
| Tangible assets | 15 | 389,243 | 367,599 |
| Investments | 16 | - | - |
| 1,005,179 | 1,291,505 |
| CURRENT ASSETS |
| Debtors | 17 | 1,196,711 | 1,423,756 |
| Cash at bank | 10,067 | 21,139 |
| 1,206,778 | 1,444,895 |
| CREDITORS |
| Amounts falling due within one year | 18 | 2,133,667 | 2,778,841 |
| NET CURRENT LIABILITIES | (926,889 | ) | (1,333,946 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
78,290 |
(42,441 |
) |
| CREDITORS |
| Amounts falling due after more than one year | 19 | (37,501 | ) | (106,667 | ) |
| PROVISIONS FOR LIABILITIES | 23 | (17,905 | ) | (10,610 | ) |
| NET ASSETS/(LIABILITIES) | 22,884 | (159,718 | ) |
| CAPITAL AND RESERVES |
| Called up share capital | 24 | 225,240 | 225,240 |
| Capital redemption reserve | 235,820 | 235,820 |
| Retained earnings | (935,227 | ) | (1,060,328 | ) |
| SHAREHOLDERS' DEFICIT | (474,167 | ) | (599,268 | ) |
| NON-CONTROLLING INTERESTS | 25 | 497,051 | 439,550 |
| TOTAL EQUITY | 22,884 | (159,718 | ) |
| The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2025 and were signed on its behalf by: |
| Mr J A Plinston - Director |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| COMPANY STATEMENT OF FINANCIAL POSITION |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 14 |
| Tangible assets | 15 |
| Investments | 16 |
| CURRENT ASSETS |
| Debtors | 17 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 18 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 19 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 23 | ( |
) | ( |
) |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 24 |
| Revaluation reserve |
| Capital redemption reserve |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| Company's (loss)/profit for the financial year | (1,536,624 | ) | 725,333 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up | Capital |
| share | Retained | redemption |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 October 2022 | 296,360 | (842,754 | ) | 164,700 |
| Changes in equity |
| Total comprehensive income | - | 576,465 | - |
| Reduction in preference share |
| capital | (60,300 | ) | (60,300 | ) | 60,300 |
| Reduction in ordinary share |
| capital | (10,820 | ) | (236,676 | ) | 10,820 |
| Dividends | - | (256,160 | ) | - |
| Acquisition of non-controlling |
| interest | - | (240,903 | ) | - |
| Balance at 30 September 2023 | 225,240 | (1,060,328 | ) | 235,820 |
| Changes in equity |
| Total comprehensive income | - | 176,871 | - |
| Dividends | - | (48,240 | ) | - |
| Acquisition of non-controlling |
| interest | - | (3,530 | ) | - |
| Balance at 30 September 2024 | 225,240 | (935,227 | ) | 235,820 |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Balance at 1 October 2022 | (381,694 | ) | 801,899 | 420,205 |
| Changes in equity |
| Total comprehensive income | 576,465 | 74,810 | 651,275 |
| Reduction in preference share |
| capital | (60,300 | ) | - | (60,300 | ) |
| Reduction in ordinary share |
| capital | (236,676 | ) | - | (236,676 | ) |
| Dividends | (256,160 | ) | - | (256,160 | ) |
| Acquisition of non-controlling |
| interest | (240,903 | ) | (437,159 | ) | (678,062 | ) |
| Balance at 30 September 2023 | (599,268 | ) | 439,550 | (159,718 | ) |
| Changes in equity |
| Total comprehensive income | 176,871 | 122,083 | 298,954 |
| Dividends | (48,240 | ) | (64,582 | ) | (112,822 | ) |
| Acquisition of non-controlling |
| interest | (3,530 | ) | - | (3,530 | ) |
| Balance at 30 September 2024 | (474,167 | ) | 497,051 | 22,884 |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up | Capital |
| share | Retained | Revaluation | redemption | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 October 2022 | ( |
) |
| Changes in equity |
| Reduction in preference share |
| capital | (60,300 | ) | (60,300 | ) | - | 60,300 | (60,300 | ) |
| Reduction in ordinary share |
| capital | (10,820 | ) | (236,676 | ) | - | 10,820 | (236,676 | ) |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30 September 2024 | ( |
) | ( |
) |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 507,525 | 1,883,663 |
| Interest paid | (76,128 | ) | (49,515 | ) |
| Tax paid | (212,413 | ) | (243,069 | ) |
| Net cash from operating activities | 218,984 | 1,591,079 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (35,110 | ) | (17,471 | ) |
| Sale of tangible fixed assets | - | 665 |
| Purchase of investments | (3,530 | ) | (678,062 | ) |
| Minority interest dividends | (64,582 | ) | - |
| Interest received | 572 | 23 |
| Net cash from investing activities | (102,650 | ) | (694,845 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (79,166 | ) | (60,000 | ) |
| Redemption of preference shares | - | (60,300 | ) |
| Purchase of own shares | - | (236,676 | ) |
| Redemption of loan notes | - | (280,000 | ) |
| Equity dividends paid | (48,240 | ) | (256,160 | ) |
| Net cash from financing activities | (127,406 | ) | (893,136 | ) |
| (Decrease)/increase in cash and cash equivalents | (11,072 | ) | 3,098 |
| Cash and cash equivalents at beginning of year |
2 |
21,139 |
18,041 |
| Cash and cash equivalents at end of year | 2 | 10,067 | 21,139 |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 502,529 | 921,792 |
| Depreciation charges | 321,436 | 317,399 |
| Profit on disposal of fixed assets | - | (277 | ) |
| Movement in provisions | 1,072 | 1,341 |
| Finance costs | 76,128 | 49,515 |
| Finance income | (572 | ) | (23 | ) |
| 900,593 | 1,289,747 |
| Decrease in trade and other debtors | 227,045 | 848,000 |
| Decrease in trade and other creditors | (620,113 | ) | (254,084 | ) |
| Cash generated from operations | 507,525 | 1,883,663 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 30 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 10,067 | 21,139 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| £ | £ |
| Cash and cash equivalents | 21,139 | 18,041 |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 21,139 | (11,072 | ) | 10,067 |
| 21,139 | (11,072 | ) | 10,067 |
| Debt |
| Debts falling due within 1 year | (60,000 | ) | 10,000 | (50,000 | ) |
| Debts falling due after 1 year | (106,667 | ) | 69,166 | (37,501 | ) |
| (166,667 | ) | 79,166 | (87,501 | ) |
| Total | (145,528 | ) | 68,094 | (77,434 | ) |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Opera Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| Going concern |
| Key subsidiaries of the group operate as recruitment agencies for the nursing profession. Since July 2024 this industry has faced challenges as a result of changes in Government policy to reduce the amount of agency nurses used within the NHS.This event casts doubt upon the group's long term ability to adopt the going concern basis. |
| The directors have considered the short term impact of these changes and, post year end, the company has increased its share capital to ensure that the group will have sufficient funds available to meet liabilities as they fall due. |
| Longer term, the directors are working to diversify the income streams away from NHS work into domiciliary work and complex care packages. The directors are implementing cost savings including reducing office hours, redundancies and the reduction of senior management team salaries. |
| On this basis, the financial statements have been prepared on the going concern basis. |
| Basis of consolidation |
| The group financial statements consolidate the accounts of Opera Holdings Limited and all its subsidiary undertakings made up to 30 September each year. The Group profit and loss account includes the results of all subsidiary undertakings for the period from the date of their acquisition and up to the date of disposal. |
| Turnover |
| Turnover represents the net invoiced sales of services, stated after trade discounts, other sales taxes and net of VAT, and fees and commissions receivable less any appropriate provision for commissions received on indemnity terms. Revenue from the supply of temporary workers is recognised based on the hours worked each week. Revenue from the placement of permanent staff is recognised when the position is started. |
| Goodwill |
| Goodwill may arise on the acquisition of subsidiary and associated undertakings and interests in joint ventures. It represents the cost of fair value of the group share of tangible assets acquired. In accordance with Financial Reporting Standard 102 such goodwill is capitalised as an intangible fixed asset and amortised by equal instalments over its expected life. Goodwill is now being amortised over 5 or 10 years, which is the directors' view of the duration of the relevant business cycles. |
| 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. |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED 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 the cost less estimated residual value of each asset over its estimated useful life: |
| Fixtures and fittings - 33.33% on cost, 20% on cost and 15% on cost; |
| Freehold property - no depreciation is charged as the estimated residual value is expected to be at least the cost value. |
| Financial instruments |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Investments |
| Investments held as fixed assets are stated at cost or valuation less provision for permanent diminution in value. Dividends are brought into the profit and loss account when received. |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In preparing the financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies. Actual results may differ from these estimates. |
| Going concern assumption |
| The financial statements have been prepared on a going concern basis, which assumes that the group will continue in operational existence for the foreseeable future. In making this assessment, management has considered all available information about the future, including the group's current financial position, the future projections of profitability and cashflow, and the potential impact of external factors. |
| Key judgements |
| - Revenue projections: |
| Management has made assumptions regarding future revenue based on historical performance and market |
| conditions. These projections are subject to significant uncertainty, particularly in respect of the Government policy to reduce the amount of agency nurses used within the NHS. |
| - Cost management: |
| Assumptions have been made about the group's ability to manage costs effectively, including the implementation of cost-saving initiatives and the control of discretionary spending. These assumptions are critical in determining the group's ability to maintain positive cashflows. |
| Key sources of estimation uncertainty: |
| - Revenue sensitivity: |
| The sensitivity of revenue projections to changes in key variables, such as the speed at which NHS work will decline and the diversification of income steams will take effect, involve significant estimation uncertainty. Variations in these assumptions can materially impact the forecast result that the going concern assumption is based upon. |
| Management believes that the judgements and estimates used in preparing the forecasts are reasonable and support the going concern assumption. However, due to the inherent uncertainty in these estimates, actual results may differ,and these differences could be material. |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 4. | TURNOVER |
| The turnover and loss are attributable to the two main activities of the group: |
| 1/ Employment and recruitment agents. |
| 2/ Providers of financial & management services. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| Employment and recruitment | 13,999,552 | 16,241,712 |
| Financial & management services | 1,730 | 23,641 |
| 14,001,282 | 16,245,343 |
| 5. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Rents received | 15,000 | - |
| Sundry receipts | 500 | - |
| Sundry income | 75 | - |
| 15,575 | - |
| 6. | EMPLOYEES AND DIRECTORS |
| Group | Group | Company | Company |
| 2024 | 2023 | 2024 | 2023 |
| Wages & salaries | 1,461,702 | 1,528,501 | 388,858 | 439,903 |
| Social security | 144,569 | 139,078 | 42,864 | 46,114 |
| Pension | 56,722 | 44,447 | 29,976 | 24,770 |
| 1,662,993 | 1,712,026 | 461,698 | 510,787 |
| The average number of employees during the year was as follows: |
| Group | Group | Company | Company |
| 2024 | 2023 | 2024 | 2023 |
| Administration | 27 | 28 | 12 | 12 |
| Sales | 20 | 21 | - | - |
| 47 | 49 | 12 | 12 |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 264,252 | 345,652 |
| Directors' pension contributions to money purchase schemes | 22,621 | 17,837 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 3 | 3 |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc | 100,681 | 100,167 |
| Pension contributions to money purchase schemes | 10,933 | 8,470 |
| 7. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets | 13,466 | 9,429 |
| Profit on disposal of fixed assets | - | (277 | ) |
| Goodwill amortisation | 307,970 | 307,970 |
| Auditors' remuneration | 34,200 | 30,150 |
| Operating lease rentals - Land & buildings | 43,114 | 41,647 |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest | (29 | ) | 1,549 |
| Bank loan interest | 2,897 | 4,113 |
| Invoice discounting interest | 51,391 | 31,380 |
| Other interest | 21,263 | 11,608 |
| Loan | 606 | 865 |
| 76,128 | 49,515 |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 9. | 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 | 196,692 | 268,784 |
| Adjustment re previous years | 660 | - |
| Total current tax | 197,352 | 268,784 |
| Deferred tax | 6,222 | 1,733 |
| Tax on profit | 203,574 | 270,517 |
| UK corporation tax has been charged at 25 % (2023 - 22.01 %). |
| 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 | 502,529 | 921,792 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
125,632 |
230,448 |
| Effects of: |
| Expenses not deductible for tax purposes | 80 | 960 |
| Capital allowances in excess of depreciation | (5,588 | ) | (2,243 | ) |
| Adjustments to tax charge in respect of previous periods | 660 | - |
| Goodwill on consolidation | 76,992 | 76,992 |
| Deferred tax movement | 6,223 | 1,733 |
| Effect of marginal rate relief | (111 | ) | (76 | ) |
| Charged at different rate | (314 | ) | (37,297 | ) |
| Total tax charge | 203,574 | 270,517 |
| 10. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 11. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Minority interest dividend | 64,582 | 0 |
| Preference share dividend | 48,240 | 20,100 |
| Ordinary share dividend | 0 | 236,080 |
| £112,822 | £256,180 |
| 12. | PRIOR YEAR ADJUSTMENT |
| The company has revised its interpretation of the contracts with agency workers, which had the impact of removing the associated costs and average employee numbers from the disclosure in note 6. Wages and salaries costs and social security costs previously disclosed were reduced by £11,679,678 and £1,049,989 respectively. Average employee numbers reduced by 363. |
| 13. | OPERATING LEASE INCOME |
| Minimum lease income due to the company is as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year | 15,000 | 15,000 |
| Between one and five years | 18,750 | 18,750 |
| 33,750 | 33,750 |
| 14. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 | 3,705,475 |
| AMORTISATION |
| At 1 October 2023 | 2,781,569 |
| Amortisation for year | 307,970 |
| At 30 September 2024 | 3,089,539 |
| NET BOOK VALUE |
| At 30 September 2024 | 615,936 |
| At 30 September 2023 | 923,906 |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 15. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 | 345,660 | 265,178 | 610,838 |
| Additions | - | 35,110 | 35,110 |
| Disposals | - | (64,664 | ) | (64,664 | ) |
| At 30 September 2024 | 345,660 | 235,624 | 581,284 |
| DEPRECIATION |
| At 1 October 2023 | - | 243,239 | 243,239 |
| Charge for year | - | 13,466 | 13,466 |
| Eliminated on disposal | - | (64,664 | ) | (64,664 | ) |
| At 30 September 2024 | - | 192,041 | 192,041 |
| NET BOOK VALUE |
| At 30 September 2024 | 345,660 | 43,583 | 389,243 |
| At 30 September 2023 | 345,660 | 21,939 | 367,599 |
| The company purchased freehold office premises on 27 May 2022 (see also note 2). |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 15. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| 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 |
| 16. | FIXED ASSET INVESTMENTS |
| Company |
| Unlisted |
| investments |
| £ |
| COST OR VALUATION |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) |
| Impairments | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 16. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Cost or valuation at 30 September 2024 is represented by: |
| Unlisted |
| investments |
| £ |
| Valuation in 2024 | 3,726,003 |
| The company's investments in subsidiary companies represent the costs of acquisition of the whole of the issued share capital together with revaluations of the following companies: |
| Freight Personnel Limited | £24,998 |
| The following companies are all included in the consolidation and have the same registered office as the parent, details of which can be found on the company information page. |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: 15 Wheatstone Court, Waterwells Business Park, Quedgeley, Gloucestershire. GL2 2AQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 15 Wheatstone Court, Waterwells Business Park, Quedgeley, Gloucestershire. GL2 2AQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 15 Wheatstone Court, Waterwells Business Park, Quedgeley, Gloucestershire. GL2 2AQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 16. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 15 Wheatstone Court, Waterwells Business Park, Quedgeley, Gloucestershire. GL2 2AQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| For the year ended 30 September 2024 Merlin Financial Consultants Limited was entitled to exemption from audit under S479A of the Companies Act 2006 relating to subsidiary companies. |
| Opera Holdings Limited has provided a guarantee over all liabilities of Merlin Financial Consultants Limited at 30 September 2024. |
| Registered office: 15 Wheatstone Court, Waterwells Business Park, Quedgeley, Gloucestershire. GL2 2AQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 15 Wheatstone Court, Waterwells Business Park, Quedgeley, Gloucestershire. GL2 2AQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 15 Wheatstone Court, Waterwells Business Park, Quedgeley, Gloucestershire. GLT 2AQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 15 Wheatstone Court, Waterwells Business Park, Quedgeley, Gloucestershire. GL2 2AQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 16. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 15 Wheatstone Court, Waterwells Business Park, Quedgeley, Gloucestershire. GL2 2AQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| For the year ended 30 September 2024 Richmond Support Services Limited was entitled to exemption from audit under S479A of the Companies Act 2006 relating to subsidiary companies. Opera Holdings Limited has provided a guarantee over all the liabilities of Richmond Support Services Limited at 30 September 2024. |
| Registered office: 15 Wheatstone Court, Waterwells Business Park, Quedgeley, Gloucestershire. GL2 2AQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 15 Wheatstone Court, Waterwells Business Park, Quedgeley, Gloucestershire. GL2 2AQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| 17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 1,141,557 | 1,361,851 |
| Other debtors | 3,168 | 3,167 |
| Amounts due from |
| group undertakings | - | - | 53,662 | 140,679 |
| Prepayments & accrued income | 51,986 | 58,738 |
| 1,196,711 | 1,423,756 |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 20) | 50,000 | 60,000 |
| Trade creditors | 29,625 | 29,853 |
| Corporation tax | 253,691 | 268,752 |
| Social security and other taxes | 464,030 | 637,447 |
| Other creditors (see note 21) | 1,199,987 | 1,598,408 |
| Amounts due to group undertakings | - | - | 4,379,545 | 4,408,103 |
| Accrued expenses | 136,334 | 184,381 |
| 2,133,667 | 2,778,841 |
| 19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans (see note 20) | 37,501 | 106,667 |
| 20. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 50,000 | 60,000 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 37,501 | 60,000 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | - | 46,667 |
| The bank loan has been taken out under the Bounce Back Loan Scheme. The loan is repayable monthly over five years from June 2021 and the interest charged is 2.5% per annum. |
| 21. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Group |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 4,012 | 17,523 |
| 22. | SECURED DEBTS |
| The company administers a receivables finance agreement with Lloyds Commercial Finance Limited on behalf of the following group companies: The Workbank Recruitment Consultancy Limited, Richmond Support Services Limited (formerly Workworld Limited), Total Staff Services UK Limited, ProHealthCare Limited, Staff Call Recruitment Specialists Limited, Freight Personnel Limited and Richmond Nursing Agency Limited. All amounts due to or owed by these group companies under the agreement are reflected in the accounts of Opera Holdings Limited. |
| At 30 September 2024 the group owed £780,577 (2023 - £877,278) under the agreement. This amount is included in other creditors due in less than one year. |
| The liability is secured by a debenture giving a fixed and floating charge over the assets of each group company covered by the agreement with each company having a cross guarantee with the other companies. |
| 23. | PROVISIONS FOR LIABILITIES |
| Group | Deferred | Dilapid- |
| Tax | ations | Total |
| £ | £ | £ |
| At 1 October 2023 | 3,444 | 7,166 | 10,610 |
| Arising | 6,852 | 1,444 | 8,296 |
| Utilised or released | (629 | ) | (372 | ) | (1,001 | ) |
| At 30 September 2024 | 9,667 | 8,238 | 17,905 |
| Company | Deferred | Dilapid- |
| Tax | ations | Total |
| £ | £ | £ |
| At 1 October 2023 | 689 | 0 | 689 |
| Arising | 6,852 | 0 | 6,852 |
| Utilised or released | 0 | (0 | ) | 0 |
| At September 2024 | 7,541 | 0 | 7,541 |
| The provision against dilapidations relates to the estimated claims for dilapidations of the group's leasehold properties which falls due for assessment between the year end date and October 2025. |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 24. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | as restated |
| £ | £ |
| Ordinary | £1 | 225,240 | 225,240 |
| The ordinary shares have attached to them full voting, dividend and capital distribution rights. |
| 25. | NON-CONTROLLING INTERESTS |
| The minority interest represents: |
| 12.5% (2023 - 12.5%) of the ordinary issued share capital of Richmond Nursing Agency Limited. |
| 2024 | 2023 |
| Balance at beginning of year | 439,550 | 801,899 |
| - |
| Movement in year | 57,503 | 74,810 |
| Acquisition of non-controlling interest | - | (437,159 | ) |
| Balance at end of year | £497,053 | £439,550 |
| 26. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Entities with control, joint control or significant influence over the entity |
| Artisan Contract Services Limited, a company which is owned by Mr J A Plinston, made a loan amounting to £80,000 (2023 £NIL). Interest was charged on the loan at the rate of 5% per annum and the amount charged in the year ended 30 September 2024 was £5,036 (2023 £1,246). |
| Entities over which the entity has control, joint control or significant | influence |
| The company received management charges of £304,299 (2023 £345,304) from Richmond Nursing Agency Limited, an 87.5% owned subsidiary. Any amounts owing are interest free and are repayable on demand. In addition, the company received interest free loans from Richmond Nursing Agency Limited and the total amount outstanding at 30 September 2024 was £3,916,554 (2023 £3,345,384). |
| OPERA HOLDINGS LIMITED (REGISTERED NUMBER: 02672672) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 27. | POST BALANCE SHEET EVENTS |
| Subsequent to the year end, the directors have issued 225,240 ordinary shares at £1 per share to raise additional capital through a rights issue. The rights issue was successfully completed in June 2025 and the new shares have been duly allotted to the participating shareholders. £225,240 was generated through the rights issue |
| 28. | ULTIMATE CONTROLLING PARTY |
| In the opinion of the directors the company has no single controlling party. |
| The directors jointly hold 85.61% (2023 - 85.61%) of the issued ordinary share capital of the company. |