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Registered number: 03782947
Opus 102 Limited
Unaudited
Director's report and financial statements
For the Year Ended 31 March 2025
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Opus 102 Limited
Company Information
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Opus 102 Limited
Contents
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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Opus 102 Limited
Director's report
For the Year Ended 31 March 2025
The director presents his report and the financial statements for the year ended 31 March 2025.
Director's responsibilities statement
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The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The Principal activity of the company during the year is to hold a broad range of investments for long term capital growth.
The director who served during the year was:
In preparing this report, the director has 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.
Page 1
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Opus 102 Limited
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Opus 102 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 102 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's 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 director of Opus 102 Limited 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 102 Limited and state those matters that we have agreed to state to the director of Opus 102 Limited 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 102 Limited and its director for our work or for this report.
It is your duty to ensure that Opus 102 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 loss of Opus 102 Limited. You consider that Opus 102 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 102 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
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Opus 102 Limited
Statement of comprehensive income
For the Year Ended 31 March 2025
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(Loss)/profit for the year
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The notes on pages 6 to 12 form part of these financial statements.
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Page 3
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Opus 102 Limited
Registered number: 03782947
Balance sheet
As at 31 March 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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The director considers 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 director acknowledges his 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:
The notes on pages 6 to 12 form part of these financial statements.
Page 4
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Opus 102 Limited
Statement of changes in equity
For the Year Ended 31 March 2025
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Non-distributable reserve
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Surplus on revaluation of other fixed assets
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Transfer to/from profit and loss account
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Deficit on revaluation of other fixed assets
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Transfer to/from profit and loss account
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The notes on pages 6 to 12 form part of these financial statements.
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Page 5
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Opus 102 Limited
Notes to the financial statements
For the Year Ended 31 March 2025
Opus 102 Limited is a limited liability company incorporated in England.
The address of the registered office is 37 St. Margaret's Street, Canterbury, Kent, CT1 2TU.
The company number is 03782947.
2.Accounting policies
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Basis of preparation of financial statements
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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 Pounds Sterling.
The company's financial statements are presented to the nearest round 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:
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.
Revenue is recognised to the extent that the Company obtains the right to its receipt. Revenue is measured as the fair value of the consideration received excluding VAT. The following criteria must also be met before revenue is recognised:
- Dividend income from investments is recognised when the shareholder's right to receive payment has been established. UK dividend income is shown without any associated tax credit.
- Interest income is recognised on a time accrued basis by reference to the principal outstanding and the effective interest rate.
- Rental income arising from investment properties is accounted for on a straight-line basis over the lease term.
- Profit on sale of investments is recognised when a sale is made under a contract.
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Opus 102 Limited
Notes to the financial statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Syndicated investments in properties are held at cost less any provision for impairment.
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.
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Cash and cash equivalents
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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.
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
Page 7
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Opus 102 Limited
Notes to the financial statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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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.
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.
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.
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 8
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Opus 102 Limited
Notes to the financial statements
For the Year Ended 31 March 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and laibilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following are the Company's key sources of estimation uncertainty.
Unquoted equity investments
The fair value of unquoted equity investments held by the company at the reporting date was £246,000 (2024: £295,000), see note 5. When the fair value of financial assets cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques. The inputs to these techniques are taken from observable market were possible, but where feasible, a degree of judgement is required in establishing fair values. the judgements include considerations of input such as liquidity risk, credit risk and volatility. changes in assumptions relating to these factors could affect the reported fair value of financial instruments.
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The company has no employees other than the director, who did not receive any remuneration (2024 - £Nil)
The director is remunerated by other group companies, as their services to Opus 102 Limited are considered incidental.
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Page 9
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Opus 102 Limited
Notes to the financial statements
For the Year Ended 31 March 2025
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Page 10
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Opus 102 Limited
Notes to the financial statements
For the Year Ended 31 March 2025
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise listed investments which have been measured using quoted prices at the reporting date and unlisted investments which have determined using valuation techniques that utilise observable inputs.
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Allotted, called up and fully paid
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1,055,388 (2024 - 1,055,388) Ordinary Shares shares of £0.25 each
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4 (2024 - 4) Deferred Shares shares of £0.25 each
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The deferred shares carry no voting rights at a general meeting of the company, are not able to receive dividends nor participate in any return of excess capital upon winding up.
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Profit & loss account
The reserve comprises all current and prior retained profits and losses after deducting any distributions made to the company's shareholders.
Non-distributable reserve
To assist with identification of profits available for distribution this reserve represents changes in the fair value of the company's fixed assets 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.
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Related party transactions
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The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group. The company is also exempt from disclosing related party transactions that are conducted under normal market conditions.
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Page 11
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Opus 102 Limited
Notes to the financial statements
For the Year Ended 31 March 2025
The company is a wholly owned subsidiary of Opus Trust Group Limited, a company incorporated in England and Wales.
The company's ultimate parent undertaking is Opus Trust investment Limited, a company incorporated in England and Wales.
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