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Registered number: 09366065 Opus Trust Investments Limited Unaudited Directors' Report and Financial Statements For the Year Ended 31 March 2025
Opus Trust Investments Limited Company Information
Directors | P C De Haan
| S C Johnson
| M G Greville
| J Thompson
Company secretary | S J Ghysen
Registered number | 09366065
Registered office | 37 St. Margaret's Street
| Canterbury
| Kent
| CT1 2TU
Accountants | Kreston Reeves LLP
| Chartered Accountants
| 37 St Margaret's Street
| Canterbury
| Kent
| CT1 2TU
Bankers | Handlesbanken
| 5th Floor
| 13 Charles II Street
| London
| SW1Y AQU
Solicitors | Taylor Wessing LLP
| 5 New Street Square
| London
| EC4A 3TW
Opus Trust Investments Limited Contents
| Page
Directors' Report | 1 - 2
Accountants' Report | 3
Statement of Comprehensive Income | 4
Balance Sheet | 5
Statement of Changes in Equity | 6
Notes to the Financial Statements | 7 - 12
Opus Trust Investments Limited Directors' Report For the Year Ended 31 March 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing 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; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 to act as the ultimate parent holding company for a group whose activities during the year were: - Hold and manage a broad range of investments for long term capital growth; - Hold and manage a portfolio of residential property for the long term; - Invest in a range of syndicated commercial property interests; and - Invest in a number of residential property development opportunities.
Directors
The directors who served during the year were:
P C De Haan
S C Johnson
M G Greville
J Thompson
Page 1
Opus Trust Investments Limited Directors' Report (continued) For the Year Ended 31 March 2025
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
S C Johnson Director
Date: 6 October 2025
Page 2
Opus Trust Investments Limited Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Opus Trust Investments Limited for the Year Ended 31 March 2025 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 Trust Investments Limited for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the Board of Directors of Opus Trust Investments Limited, as a body, in accordance with the terms of our engagement letter dated 22 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Opus Trust Investments Limited and state those matters that we have agreed to state to the Board of Directors of Opus Trust Investments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Opus Trust Investments Limited and its Board of Directors, as a body, for our work or for this report. It is your duty to ensure that Opus Trust Investments 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 Trust Investments Limited. You consider that Opus Trust Investments Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of Opus Trust Investments 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. Kreston Reeves LLP Chartered Accountants Canterbury 6 October 2025 Page 3
Opus Trust Investments Limited Statement of Comprehensive Income For the Year Ended 31 March 2025
| 2025 | 2024
| £000 | £000
Administrative expenses |  | (3) | (4)
Operating loss |  | (3) | (4)
Income from fixed assets investments |  | 2,595 | -
Amounts reversed on investments |  | 700 | 2,100
Profit before tax |  | 3,292 | 2,096
Profit for the financial year |  | 3,292 | 2,096
The notes on pages 7 to 12 form part of these financial statements.
Page 4
Opus Trust Investments Limited Registered number: 09366065 Balance Sheet As at 31 March 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Investments | 5 |  | 16,900 |  | 16,200
|  |  | 16,900 |  | 16,200
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | - |  | 75 |
|  | - |  | 75 |
Creditors: amounts falling due within one year | 7 | (306) |  | (4) |
Net current (liabilities)/assets |  |  | (306) |  | 71
Total assets less current liabilities |  |  | 16,594 |  | 16,271
Net assets |  |  | 16,594 |  | 16,271
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 182 |  | 216
Capital redemption reserve | 9 |  | 506 |  | 471
Merger reserve | 9 |  | 16,214 |  | 15,514
Profit and loss account | 9 |  | (308) |  | 70
|  |  | 16,594 |  | 16,271
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P C De Haan | S C Johnson
Director | Director
Date: 6 October 2025 |
The notes on pages 7 to 12 form part of these financial statements. Page 5
Opus Trust Investments Limited Statement of Changes in Equity For the Year Ended 31 March 2025
| Called up share capital | Capital redemption reserve | Merger reserve | Profit and loss account | Total equity
| £000 | £000 | £000 | £000 | £000
At 1 April 2023 | 216 | 471 | 13,414 | 74 | 14,175
Profit for the year | - | - | - | 2,096 | 2,096
Transfer to merger reserve | - | - | - | (2,100) | (2,100)
Transfer from profit and loss account | - | - | 2,100 | - | 2,100
At 1 April 2024 | 216 | 471 | 15,514 | 70 | 16,271
Profit for the year | - | - | - | 3,292 | 3,292
Transfer to merger reserve | - | - | - | (700) | (700)
Transfer from profit and loss account | - | - | 700 | - | 700
Purchase of own shares | - | 35 | - | (2,970) | (2,935)
Shares redeemed during the year | (35) | - | - | - | (35)
At 31 March 2025 | 181 | 506 | 16,214 | (308) | 16,593
| The notes on pages 7 to 12 form part of these financial statements.
Page 6
Opus Trust Investments Limited Notes to the Financial Statements For the Year Ended 31 March 2025
1. | General information
Opus Trust Investments Limited is a limited liability company incorporated in England and Wales. The company's registered office is 37 St. Margaret's Street, Canterbury, Kent, CT1 2TU. The company number is 09366065. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. 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). The company's functional and presentational currency is Pound Sterling. The company's financial statements are presented to the nearest thousand. The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual entity and not about its group. The following principal accounting policies have been applied:
| 2.2 | Going concern
Following the year end the intention of the company is that it will cease trading and then become dormant and as such the financial statements have been prepared on a basis other than that of a going concern. The financial statements do not include any provision for the future costs of terminating the business of the company.
| 2.3 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.4 | 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. Page 7
Opus Trust Investments Limited Notes to the Financial Statements For the Year Ended 31 March 2025 2.Accounting policies (continued)
| 2.5 | 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 Balance Sheet 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 8
Opus Trust Investments Limited Notes to the Financial Statements For the Year Ended 31 March 2025 2.Accounting policies (continued)
| 2.6 | Taxation
Tax is recognised in the Profit and loss account, except that a change 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that: ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙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; Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probably in the foreseeable future. Deferred tax balances are not recognised in respect of permanent timing differences except in respect of business combinations, when deferred tax is recognised on the difference between the fair values of assets acquired and the future tax deductions available for them and the difference 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 substantially enacted by the balance sheet date.
| 2.7 | 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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcome could differ significantly from those estimates. The following are the company's key sources of estimation uncertainty: Carrying value of fixed asset investments The company considers if any of the fixed asset investments are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the investment. This requires the estimation of the future cash flows from the investment and also selection of appropriate discount rates in order to calculate the net present values of those cash flows. Page 9
Opus Trust Investments Limited Notes to the Financial Statements For the Year Ended 31 March 2025
4. | Employees
| The company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL). The directors are remunerated by other group companies, as their services to Opus Trust Investments Limited are considered incidental.
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £000
| Cost or valuation |
| At 1 April 2024 | 23,124
| At 31 March 2025 | 23,124
| Impairment |
| At 1 April 2024 | 6,924
| Revaluations | (700)
| At 31 March 2025 | 6,224
| Net book value |
| At 31 March 2025 | 16,900
| At 31 March 2024 | 16,200
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts owed by group undertakings | - | 75
|  | - | 75
Page 10
Opus Trust Investments Limited Notes to the Financial Statements For the Year Ended 31 March 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts owed to group undertakings | 303 | -
| Accruals and deferred income | 3 | 4
|  | 306 | 4
Page 11
Opus Trust Investments Limited Notes to the Financial Statements For the Year Ended 31 March 2025
8. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 726,401 (2024 - 865,722) Ordinary shares of £0.25 each | 182 | 216
| During the year the company repurchased 139,321 ordinary shares with a nominal value of £34,830. The aggregate consideration paid for these shares was £2,962,075.
9. | Reserves
Capital redemption reserve This reserve records the nominal value of shares repurchased by the company. Merger Reserve This reserve comprises the additional cost of the investment over the nominal value of the company's share capital less any impairment. Profit and loss account This reserve comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. Non-distributable reserve To assist with the identification of profits available for distribution this reserve represents changes in the fair value of the company's fixed asset investments to the extent that they are not considered to be distributable to the company's shareholders, less any related provision for current or deferred tax.
10. | Related party transactions
| The company is exempt from disclosing related party transaction as they are with other companies that are wholly owned within the group. In the year Opus Trust Investments Limited repurchased 139,321 of shares which resulted in a distribution of £2,962,075. See note 8 for further details.
Page 12