Opus Workspace Limited Company accounts

COMPANY REGISTRATION NUMBER: SC683375

Opus Workspace Limited

Unaudited Financial Statements

31 December 2024

Opus Workspace Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Directors' report	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	5

Opus Workspace Limited

Directors' Report

Year ended 31 December 2024

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

Mr T Nevin
Mr G Orr

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 20 August 2025 and signed on behalf of the board by:

Mr T Nevin	Mr G Orr
Director	Director

Registered office:

216 West George Street

Glasgow

G2 2PQ

Opus Workspace Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Opus Workspace Limited

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Opus Workspace Limited for the year ended 31 December 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Opus Workspace Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Opus Workspace Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Opus Workspace Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Opus Workspace Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Opus Workspace Limited. You consider that Opus Workspace Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Opus Workspace Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

20 August 2025

Opus Workspace Limited

Statement of Income and Retained Earnings

Year ended 31 December 2024

	2024	2023
Note	£	£
Turnover	520,967	221,684

Cost of sales	1,751	19,121
	---------	---------
Gross profit	519,216	202,563

Administrative expenses	380,031	268,236
	---------	---------
Operating profit/(loss)	139,185	( 65,673)

Other interest receivable and similar income		4,151	2,609
Interest payable and similar expenses		59,052	69,572
		---------	---------
Profit/(loss) before taxation	5	84,284	( 132,636)

Tax on profit/(loss)	–	–
	--------	---------
Profit/(loss) for the financial year and total comprehensive income	84,284	( 132,636)
	--------	---------

Retained losses at the start of the year	( 132,636)	–
	---------	---------
Retained losses at the end of the year	( 48,352)	( 132,636)
	---------	---------

All the activities of the company are from continuing operations.

Opus Workspace Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Intangible assets	6	12,000	13,500
Tangible assets	7	548,177	548,979
		---------	---------
		560,177	562,479

Current assets

Debtors	8	12,186	39,161
Cash at bank and in hand		243,415	258,963
		---------	---------
		255,601	298,124

Creditors: amounts falling due within one year	9	376,295		359,100
		---------		---------
Net current liabilities			120,694	60,976
			---------	---------
Total assets less current liabilities			439,483	501,503

Creditors: amounts falling due after more than one year	10	487,833	634,137
		---------	---------
Net liabilities		( 48,350)	( 132,634)
		---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 48,352)	( 132,636)
	--------	---------
Shareholders deficit	( 48,350)	( 132,634)
	--------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 20 August 2025 , and are signed on behalf of the board by:

Mr T Nevin	Mr G Orr
Director	Director

Company registration number: SC683375

Opus Workspace Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Cash and cash equivalents

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	20% straight line

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2024	2023
	£	£
Amortisation of intangible assets	1,500	1,500
Depreciation of tangible assets	62,620	42,330
	--------	--------

6. Intangible assets

	Development costs
	£
Cost
At 1 January 2024 and 31 December 2024	15,000
	--------
Amortisation
At 1 January 2024	1,500
Charge for the year	1,500
	--------
At 31 December 2024	3,000
	--------
Carrying amount
At 31 December 2024	12,000
	--------
At 31 December 2023	13,500
	--------

7. Tangible assets

	Fixtures and fittings
	£
Cost
At 1 January 2024	591,309
Additions	61,818
	---------
At 31 December 2024	653,127
	---------
Depreciation
At 1 January 2024	42,330
Charge for the year	62,620
	---------
At 31 December 2024	104,950
	---------
Carrying amount
At 31 December 2024	548,177
	---------
At 31 December 2023	548,979
	---------

8. Debtors

	2024	2023
	£	£
Other debtors	12,186	39,161
	--------	--------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	98,002	97,549
Social security and other taxes	40,704	36,174
Other creditors	237,589	225,377
	---------	---------
	376,295	359,100
	---------	---------

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

	2024	2023
	£	£
Bank loans and overdrafts	269,500	365,804
Other creditors	218,333	268,333
	---------	---------
	487,833	634,137
	---------	---------

11. Related party transactions

A s at 31 December 2024, the company owed £105,000 to Omnitel Communications Limited, which has a director in common with Opus Workspace Limited . £105,000 was also owed to Go Project Management Consultancy Limited, which also has a director in common with Opus Workspace Limited .