Caseware UK (AP4) 2024.0.164 2024.0.164 2025-06-30 The principal activity of the Company is the provision of outsourced administration service and software solutions to the financial services sector. The activities of the Company are regulated under the Financial Services and Markets Act 2000. For analysis of performance and management of financial and other risks, see the Strategic Report. Outsourced Professional Administration Limited (the "Company") is a private company limited by shares, registered in England and Wales. The Company's registered office address is Centrium 1 Griffiths Way, St. Albans, AL1 2RD. The Company's registered number is 02947475. The principal activity of the Company is the provision of outsourced administration service and software solutions to the financial services sector. The activities of the Company are regulated under the Financial Services and Markets Act 2000. For analysis of performance and management of financial and other risks, see the Company's Strategic Report.The Company meets its day-to-day working capital requirements through its own cash. The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current cash reserve. After making· enquiries, the Directors have a reasonable· expectation that the Company has adequate resources to continue in operational existence for the at least 12 months from approval of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements. In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. The Company meets its day-to-day working capital requirements through its own cash. The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current cash reserve. After making· enquiries, the Directors have a reasonable· expectation that the Company has adequate resources to continue in operational existence for the at least 12 months from approval of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.2025-06-30 Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £80k (2024 - £77k). Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. 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Registered number: 02947475 OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED COMPANY INFORMATION
Directors | H C Elliott
| R Arya
| H Mitchell (appointed 3 February 2025)
Company secretary | J Jones
Registered number | 02947475
Registered office | Centrium 1 Griffiths Way
| St. Albans
| AL1 2RD
Independent auditor | Forvis Mazars LLP
| Chartered Accountants & Statutory Auditor
| 30 Old Bailey
| London
| EC4M 7AU
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 6
Independent Auditor's Report | 7 - 10
Statement of Comprehensive Income | 11
Statement of Financial Position | 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 - 27
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
Introduction
The Directors present their Strategic Report for the Company for the year ended 30 June 2025.
Business review
Turnover for the year was £8,063k (2024 - £6,318k). The result is an operating profit of £807k for the financial year (2024 - £194k). In the financial year to June 2025 Outsourced Professional Administration Limited, (hereby OPAL), has continued to develop fully digital administration solutions. The Directors have an agreed strategy to continue to develop the capability of the platform and to market digital solutions. The Directors are satisfied with the results for the year, as the business has continued to focus on business development to win new clients and to develop services for our existing clients. Looking forward, the Directors feel confident following re-negotiating some contracts will deliver profitable growth and give OPAL the opportunity to develop more business.
Financial key performance indicators
|  | 30 June 2025 | 30 June 2024 | 30 June 2023
| Turnover £'000 | 8,063 | 6,318 | 5,883
| Operating Profit £'000 | 807 | 194 | 532
| Total Policies in force '000 | 307 | 284 | 270
| Operating Profit/Turnover % | 10.01% | 3.07% | 9.04%
| Operating Profit/Policies £ | £2.63 | £0.68 | £1.97
Principal risks and uncertainties
The Company's activities expose it to a number of risks including financial risk, credit risk, liquidity risk, and regulatory risk. Financial risk The Company operates in a rapidly changing and competitive market place where continuing growth is dependent on maintaining existing customer relationships and winning new clients Customer service is paramount. The Company is confident that it can achieve its objectives and minimise the risk of falling short of its targets by providing a high-quality service to its customers and regularly reviewing its processes and procedures. The Company's risk management objectives and policies aim to mitigate specific financial risks where there is a possibility that any financial risk may lead to material changes in the Company's financial performance, position or cash flow. The Company has limited exposure to financial risk through its financial assets and financial liabilities. The Company is not exposed to currency risk. The Company has no contractually determined cash flows and so interest rate risk is minimal. No hedging techniques are employed. Page 1
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Credit risk Cash is held in major UK banks in an attempt to mitigate liquidity and credit risk, regular reviews of the bank ratings are conducted by management. At the Statement of Financial Position date the maximum exposure to credit risk is limited to the carrying amount of each financial asset in the Statement of Financial Position. Liquidity risk The Company manages liquidity risk by maintaining sufficient funds in cash held in major UK banks to meet liabilities in a timely and orderly manner. Regulatory risk Our business and products are regulated by the Financial Conduct Authority in the UK, and we are therefore exposed to the risk of not complying with regulatory requirements, regulatory change or regulators' expectations. Failure to properly manage regulatory risk may result in regulatory sanctions being imposed and could harm our reputation. We therefore monitor the regulatory environment on an on-going basis and our own internal controls have been designed to counter such risk. Management receive regular reports on compliance which include results from compliance reviews on specific topics, suggestions for improvements of systems and information on customer complaints. We also engage external specialists where appropriate to review elements of our controls in this area.
Statement by the Directors relating to their statutory duties under section 172(1) of the Companies Act 2006
The Directors, in line with their duties under s172 of the Companies Act 2006, act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its member, and in doing so have regard, amongst other matters, to the: ∙Likely consequences of any decision in the long term; ∙Interest of the Company's employees ∙Need to foster the Company's business relationships with suppliers, customers and others; ∙Impact of the Company's operations on the community and the environment; ∙Desirability of the Company maintaining a reputation for high standards of business conduct; ∙Need to act fairly as between members of the Company Stakeholders The Board understands the importance of engagement with all of its stakeholders and gives appropriate weighting to the outcome of its decisions for the relevant stakeholder in weighing up how best to promote the success of the Company. The Board regularly discusses issues concerning customers, suppliers, employees, community and environment, regulators and its shareholder, which it takes into account in its discussions and in· its decision-making process. In addition to this, the Board seeks to understand the interests and views of the Company's stakeholders by engaging with them directly when required. The below summarises the key stakeholders and how we engage with each: Customers The Board is in regular contact with existing and potential customers, to obtain feedback on matters such as product quality and customer service. The Company's customer relations team is critical to ensuring long term customer satisfaction through communication and product improvement. Page 2
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Suppliers We work with a range of suppliers and remain committed to being fair and transparent in our dealings with all-of our suppliers. Suppliers are generally relevant to the whole Company and the Company has, where relevant, procedures in place requiring due diligence of suppliers as to their internal governance, including for example, their anti-bribery and corruption practices, data protection policies and modern slavery matters. The Company has systems and processes in place to ensure suppliers are paid in a timely manner. Employees The Company has a well-established management reporting structure which encourages employee engagement in an open working environment. The Board is responsible for ensuring that this structure enables effective communication and feedback between employees and management. Environment and carbon emissions The Board is aware of the impact its activities can have on the environment, and is committed to minimising our environmental footprint. Regulators We work with our regulators in an open and proactive manner to help develop processes and controls that meet the needs of all our stakeholders. The Board's intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards and good governance expected of a regulated business like ours. Shareholders The Board also seeks to behave in a responsible manner towards our shareholders. The Board frequently communicates information relevant to the shareholders, such as its financial reporting and updates on commercial activity.
Directors' statement of compliance with duty to promote the success of the Company
The Directors of the Company through considering the views of its employees, customers and suppliers, acting in good faith, have taken informed decisions during the year ending 30 June 2025 to ensure that they have promoted the success of the Company for the benefit of its participants and stakeholders. The Company continues to follow its value strategy, which has long term beneficial impacts including a fulfilling working environment. This report was approved by the board and signed on its behalf.
R Arya Director
Date: 1 October 2025
Page 3
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The Directors present their report and the financial statements for the year ended 30 June 2025.
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless they either intend to liquidate the Company or to cease operations or have no realistic alternative but to do so. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.
Principal activity
The principal activity of the Company is the provision of outsourced administration service and software solutions to the financial services sector. The activities of the Company are regulated under the Financial Services and Markets Act 2000. For analysis of performance and management of financial and other risks, see the Strategic Report.
Results and dividends
The profit for the year, after taxation, amounted to £763 k (2024 - £347 k). The Company declared dividends of £1,200k, half of it was paid in cash and part was settled within the intercompany debtor (as an advance that was made in prior year) (2024 - £Nil).
Directors
The Directors who served during the year and to the date of the financial statements being approved, unless otherwise stated, were as follows:
H C Elliott
N H Elliott (resigned 5 February 2025)
R Arya
H Mitchell (appointed 3 February 2025)
Page 4
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Matters covered in the Strategic Report
As permitted by paragraph 1A of Schedule 7 to the large and medium size companies and groups (accounts and records) regulations 2008 certain matters which are required to be disclosed in the Director's Report have been omitted as they are included in the Strategic Report. Those matters relate to the Company's business review, financial risk management objectives and policies, and financial key performance indicators.
Disclosure of information to auditor
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Going concern
The Company meets its day-to-day working capital requirements through its own cash. The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current cash reserve. After making· enquiries, the Directors have a reasonable· expectation that the Company has adequate resources to continue in operational existence for the at least 12 months from approval of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Economic impact of global events
UK businesses are currently facing many uncertainties such as the consequences of environmental sustainability and geopolitical events. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment. The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
Post balance sheet events
Subsequent to the year end, the Directors became aware that one of the Company’s key clients is the subject of a proposed acquisition. At the date of this report, the outcome and potential impact on the Company cannot be reliably estimated. The Directors continue to monitor developments closely and do not currently envisage any material impact over the forthcoming 18-24 months.
Auditor
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 5
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 This report was approved by the board and signed on its behalf.
R Arya Director
Date: 1 October 2025
Page 6
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED Opinion We have audited the financial statements of Outsourced Professional Administration Limited (the ‘Company’) for the year ended 30 June 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: ∙give a true and fair view of the state of the Company’s affairs as at 30 June 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 7
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 8
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED Responsibilities of Directors As explained more fully in the Directors' Responsibilities Statement set out on page 4, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation and tax legislation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. Page 9
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to: i) posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, and ii) revenue recognition which we pinpointed to the cut off assertion, and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; and ∙Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of the audit report This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed. Diego Fernandez (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 30 Old Bailey London EC4M 7AU 2 October 2025 Page 10
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 8,063 | 6,318
Gross profit |  | 8,063 | 6,318
Administrative expenses |  | (7,256) | (6,124)
Operating profit | 5 | 807 | 194
Interest receivable and similar income | 9 | 144 | 151
Profit before tax |  | 951 | 345
Tax on profit | 10 | (188) | 2
Profit for the financial year |  | 763 | 347
There was no other comprehensive income for 2025 (2024 - £Nil).
The notes on pages 14 to 27 form part of these financial statements.
Page 11
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED REGISTERED NUMBER: 02947475 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 211 |  | 187
|  |  | 211 |  | 187
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 3,706 |  | 5,045 |
Cash and cash equivalents | 14 | 3,317 |  | 2,361 |
|  | 7,023 |  | 7,406 |
Creditors: amounts falling due within one year | 15 | (1,136) |  | (1,069) |
Net current assets |  |  | 5,887 |  | 6,337
Total assets less current liabilities |  |  | 6,098 |  | 6,524
Deferred taxation | 16 | (17) |  | (6) |
|  |  | (17) |  | (6)
Net assets |  |  | 6,081 |  | 6,518
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 1 |  | 1
Profit and loss account | 18 |  | 6,080 |  | 6,517
|  |  | 6,081 |  | 6,518
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R Arya
Director
Date: 1 October 2025
The notes on pages 14 to 27 form part of these financial statements. Page 12
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 July 2024 | 1 | 6,517 | 6,518
Comprehensive income for the year |  |  |
Profit for the year | - | 763 | 763
Total comprehensive income for the year | - | 763 | 763
Dividends: Equity capital (note 11) | - | (1,200) | (1,200)
At 30 June 2025 | 1 | 6,080 | 6,081
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 July 2023 | 1 | 6,170 | 6,171
Comprehensive income for the year |  |  |
Profit for the year | - | 347 | 347
Total comprehensive income for the year | - | 347 | 347
At 30 June 2024 | 1 | 6,517 | 6,518
| The notes on pages 14 to 27 form part of these financial statements.
Page 13
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Outsourced Professional Administration Limited (the "Company") is a private company limited by shares, registered in England and Wales. The Company's registered office address is Centrium 1 Griffiths Way, St. Albans, AL1 2RD. The Company's registered number is 02947475. The principal activity of the Company is the provision of outsourced administration service and software solutions to the financial services sector. The activities of the Company are regulated under the Financial Services and Markets Act 2000. For analysis of performance and management of financial and other risks, see the Company's Strategic Report. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). These financial statements are presented in Pounds Sterling (£), this being the functional currency of the Company and the currency of the primary economic environment in which the Company operates. Monetary amounts in these financial statements are rounded to the nearest £1,000. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of OPAL (UK) Holdings Limited as at 30 June 2025 and these financial statements may be obtained from Companies House. Page 14
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Company meets its day-to-day working capital requirements through its own cash. The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current cash reserve. After making· enquiries, the Directors have a reasonable· expectation that the Company has adequate resources to continue in operational existence for the at least 12 months from approval of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 2.4 | Turnover
Turnover is recognised when administrative services have been provided to and are accepted by clients. Ongoing service and licence revenue is recognised monthly in arrears following the provision of administration and hosting services for that month. Development fees are recognised following set up of the system and service fees are recognised in line with the contractual agreements on the monthly basis of the associated products change. Requests that have partially completed at the Statement of Financial Position date are recognised for the fair value of the services provided to date based on the stage of completion.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 15
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 10 years
|  |  |  | Computer and office equipment | - | 5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. Page 16
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to the Statement of Comprehensive Income.
| 2.14 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Page 17
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 18
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. i.material judgements ii.key accounting estimates and assumptions For contract spanning across more than one accounting year, the overall profitability of those contracts would be assessed. If a contract is expected to be loss making overall, the full expected loss will be recognised as an expense in the current year. There have been no material judgements, key accounting estimates, or assumptions reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year ended 30 June 2 025.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Ongoing services and licence revenue | 5,321 | 4,464
| Development fees | 2,742 | 1,854
|  | 8,063 | 6,318
| Turnover (excluding value added tax) represents fees receivable from clients, principally from financial organisations in respect of the provision of administrative services for their single premium and regular premium products. Depending on the product a separate fee may be received on set up of the product, recurring fees from ongoing administration of the product and on maturity for some products. In addition, turnover includes fees in respect of the development of bespoke administrative systems and portfolio licence fee for ongoing maintenance of administration of the hosted environment, software and other infrastructure. During the year ended 30 June 2025 all turnover was derived from the provision of administrative services, the development of bespoke administrative systems, the fulfilment of change requests and the monthly portfolio licence fee. All sales are made in the UK market and are deemed to originate from one class of business.
Page 19
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Depreciation of tangible fixed assets | 61 | 51
| Other operating lease rentals | 223 | 102
6. | Auditor's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 60 | 42
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the Parent Company.
7. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | 3,357 | 2,605
| Social security costs | 378 | 270
| Cost of defined contribution pension scheme | 80 | 77
|  | 3,815 | 2,952
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 60 | 50
|  | Information technology | 18 | 19
|  |  | 78 | 69
Page 20
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 337 | 90
| Company contributions to defined contribution pension schemes | 5 | 4
|  | 342 | 94
| During the year retirement benefits were accruing to no Directors (2024 - Nil) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £210k (2024 - £112k).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £Nil (2024 - £Nil).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank interest receivable | 144 | 151
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 177 | -
| Adjustments in respect of prior periods | - | (3)
| Total current tax | 177 | (3)
| Deferred tax |  |
| Origination and reversal of timing differences | 11 | 1
| Total deferred tax | 11 | 1
| Taxation on profit on ordinary activities | 188 | (2)
Page 21
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 951 | 345
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 238 | 86
| Effects of: |  |
| Expenses not deductible for tax purposes | 1 | 2
| Group relief claimed | (51) | (87)
| Adjustments to tax charge in respect of prior periods | - | (3)
| Total tax charge/(credit) for the year | 188 | (2)
| Factors that may affect future tax charges
Aside from the availability of group relief, there are no factors affecting future tax charges.
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Dividends paid (£1,200 per share) | 1,200 | -
Page 22
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
12. | Tangible fixed assets
|  | Fixtures and fittings | Computer and office equipment | Total
|  | £000 | £000 | £000
| Cost |  |  |
| At 1 July 2024 | 606 | 1,105 | 1,711
| Additions | 25 | 60 | 85
| At 30 June 2025 | 631 | 1,165 | 1,796
| Depreciation |  |  |
| At 1 July 2024 | 489 | 1,035 | 1,524
| Charge for the year | 29 | 32 | 61
| At 30 June 2025 | 518 | 1,067 | 1,585
| Net book value |  |  |
| At 30 June 2025 | 113 | 98 | 211
| At 30 June 2024 | 117 | 70 | 187
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 1,426 | 1,656
| Amounts owed by group undertakings | 1,948 | 2,751
| Other debtors | 2 | 3
| Prepayments and accrued income | 330 | 635
|  | 3,706 | 5,045
14. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 3,317 | 2,361
Page 23
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 235 | 299
| Amounts owed to group undertakings | - | 17
| Corporation tax | 177 | -
| Other taxation and social security | 284 | 176
| Accruals and deferred income | 440 | 577
|  | 1,136 | 1,069
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
16. | Deferred taxation
|  | 2025
|  | £000
| At beginning of year | (6)
| Charged to the Statement of Comprehensive Income | (11)
| At end of year | (17)
| The provision for deferred taxation, calculated at a rate of 25% (2024 - 25%), is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Accelerated capital allowances | (42) | (34)
| Other timing differences | 25 | 28
|  | (17) | (6)
Page 24
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
17. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2024 - 1,000) Ordinary shares of £1.00 each | 1 | 1
| Each Ordinary share carries voting rights but no right to fixed income.
18. | Reserves
Profit and loss account This reserve represents cumulative profits or losses net of dividends and other adjustments.
19. | 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 £80k (2024 - £77k).
20. | Commitments under operating leases
| At 30 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Not later than 1 year | 223 | 223
| Later than 1 year and not later than 5 years | 456 | 656
| Later than 5 years | 33 | 55
|  | 712 | 934
Page 25
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
21. | Related party transactions
| In the prior year, the Company paid £600,019 to shareholders of its Parent Company as an advance to its shareholders for dividends declared in the current year. The Company declared dividends of £1,200k, half of it paid in cash and half of it settled by the intercompany debtor within the Parent Company (2024 - £Nil). The Company has taken advantage of the exemption within FRS 102 not to disclose transactions entered into by two or more members of the Group, provided that any subsidiary which is party to the transactionsis wholly owned by such a member. Management, staff and other support and services have been provided to and received from Outsourced Professional Administration Limited by Synergy Financial Products Limited, Pandora Software Solution Limited and Black Ink Processing Limited. Synergy Financial Products Limited, Pandora Software Solutions Limited and Black Ink Processing Limited qualify as related parties under FRS 102 on the basis that they have a degree of common key management or the same shareholders. The net transactions in respect of this were income/(expense) to Outsourced Professional Administration Limited as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Synergy Financial Products Limited |  |
| Turnover - provision of administration services | 123 | 124
| Staff and office costs recharged | (302) | (11)
|  | (179) | 113
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Black Ink Processing Limited |  |
| Turnover - provision of administration services | - | (1)
| Staff costs recharged | (1) | (3)
| Consultancy services | (252) | (296)
|  | (253) | (300)
Page 26
OUTSOURCED PROFESSIONAL ADMINISTRATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Pandora Software Solutions Limited |  |
| Turnover - provision of administration services | (1,090) | (752)
| Consultancy services | - | (175)
| Licence fees | (228) | (303)
| Staff and office costs recharged | (5) | -
|  | (1,323) | (1,230)
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Balances outstanding at the year end, which have now been settled: |  |
| Synergy Financial Products Limited - Debtor | 24 | 23
| Synergy Financial Products Limited - Creditor | (71) | (11)
| Pandora Software Solutions Limited - Creditor | (85) | (96)
| Black Ink Processing Limited - Creditor | (12) | (34)
22. | Post balance sheet events
Subsequent to the year end, the Directors became aware that one of the Company’s key clients is the subject of a proposed acquisition. At the date of this report, the outcome and potential impact on the Company cannot be reliably estimated. The Directors continue to monitor developments closely and do not currently envisage any material impact over the forthcoming 18-24 months.
23. | Controlling party
The immediate and ultimate parent undertaking is OPAL (UK) Holdings Limited, a company incorporated in England and Wales, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. The ultimate controlling party of the Company is N H Elliot through virtue of their shareholding.
Page 27