Opus Tech Limited
Annual Report and Financial Statements
For the year ended 30 April 2025
Company Registration No. 12520403 (England and Wales)
Opus Tech Limited
Company Information
Directors
M J O'Donnell
H O'Donnell
M E O'Donnell
C Terry
M H O'Donnell
Secretary
M J O'Donnell
Company number
12520403
Registered office
1st Floor London Court
39 London Road
Reigate
Surrey
United Kingdom
RH2 9AQ
Auditor
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Opus Tech Limited
Strategic Report
For the year ended 30 April 2025
Page 1

The Director’s present their strategic report for Opus Tech Limited (“The Company”) and its subsidiaries (“The Group”) for the year ended 30 April 202 5. This strategic report has been prepared for the Group as a whole.

Group reorganisation

During the prior year, with an effective date of 1 February 2024, Opus Technology Limited was brought into the Group. These are the second year accounts of the consolidated group.

Fair review of the business

The principal activity of Opus Tech Limited is to provide end-to-end communications and technology including cloud unified communications (“UC”), contact centre solutions, mobile, network connectivity and managed services to public and private sector organisations across the UK.

We work together with our industry leading partners to provide best-of-breed technology to our customers.

During the financial year ended 30 April 2025, total revenue increased by 35% to £37.4m (£27.6m prior year). Growth continues to be largely attributable to Opus’ Cloud UC, mobile and technology solutions. The value of recurring revenue increased by 31% to £33.5m (£25.5m prior year).

Recurring revenues as an indicator of our future contracted revenue has remained a similar proportion of total revenue at 90% (92% prior year) and we predict that recurring revenue will continue to represent around 88%-90% of the business in Financial Year 2026. Opus continues to maintain a low level of churn, which is testament to our excellent customer service and product range, as demonstrated by our NPS score.

Operating Profit is reported as £2.5m (£2.4m prior year). During the year, the Company invested for sustainable long-term growth. This included continued and significant investment in IT infrastructure as part of a program of digital transformation; in adding key headcount; in augmenting our employee benefits package; and in delivering our 100 days of volunteering initiative we have invested in our local community. These investments have been made to ensure we meet our growth plan over the coming years.

Future growth

Through an organic growth strategy, the company is positioned well to continue along the same trajectory with FY26 revenue anticipated to be in the region of £45m, reflecting double-digit growth.

Opus Tech Limited
Strategic Report (Continued)
For the year ended 30 April 2025
Page 2
Principal risks and uncertainties

The management and stewardship of the business and the execution of the company’s strategy are subject to a number of risks. The key risks to Opus are Social and Economic Risks, Competition Risk, Credit Risk and Liquidity Risk.

Social and Economic Risks

Social and Economic Risks including but not limited to; the general macro-economic environment and in recent times inflationary pressures, interest rate changes and tax changes impacting companies. The directors and leadership team have bi-monthly reviews of these risks and review the impact this has had or could have on the company in the future, including ways in which these risks can be mitigated and/or managed. These risks are not specific to our business or sector, and we ensure we are adequately diversified in terms of our customer base, our supplier base and the solutions we provide in order to mitigate our risk.

Competitive risk

The unified communications and managed technology markets continue to remain highly competitive with pressures on margins and rapid product development. We continue to advance our product suite, develop our staff and select our partners carefully; in order to deliver cost effective, efficient and enhancing solutions for our customers.

Credit risk

Opus’s principle financial assets are cash, trade, and other receivables. The Companies credit risk primarily arises from trade receivables. A large proportion of our revenue is received on a monthly basis, with a high volume of this amount derived from large corporations and public sector customers. The credit risk is managed through controlled credit allocation and cash collection process, with credit checks on daily basis automated by our CRM system and monthly reviews on outstanding balances. All customers are credit checked prior to Opus commencing business with them, and debtors days is a tracked KPI reported monthly in the business.

Liquidity risk

The Company manages liquidity risk through regular short to medium term cash flow and revenue forecasts, which are reviewed weekly by senior management. The company has a Revolving Credit Facility with Lloyds which we have used only lightly to date.

Opus Tech Limited
Strategic Report (Continued)
For the year ended 30 April 2025
Page 3
Key performance indicators

Financial Key Performance Indicators

202 5 202 4 Var

£000’s £000’s

Turnover 37,385 27,627 +35%

Monthly Recursive Revenue (MRR) 33,486 25,546 +31%

MRR % of Revenue 90% 9 2% -2%

Gross Profit 17,904 13,771 +30%

GP Margin 48% 50% -2%

Non-Financial Key Performance Indicators

Environmental

We are committed to our on-going environmental objectives of offsetting our carbon emissions by investing in certified sustainability projects around the world. Opus continue to educate our staff and customers on ways to reduce the energy consumption, with the use of technology to help drive cleaner and more environmentally friendly ways in operating. We are also committed to being Net Zero by 2050 with the implementation of a Carbon Reduction Plan.

Operational

As a Group we continue to maintain a high quality of operational standard, monitored, and certified under Cyber Essentials Plus, ISO27001, ISO14001 and ISO9001 British Standards Accreditations.

Our people

At Opus, we are very proud of our people and our culture. Our culture code, called “The Opus Way”, sets out our core values and how we live them. It also sets out the various ways we support our staff in their development and effectiveness. We believe in feedback and ensure there is the right level of meeting cadence from one-to-ones, through to daily team stand ups and a monthly all-hands Company Update. During the year we augmented our benefits package, by launching a Private Medical Insurance (PMI) scheme for all staff, switching to a better pension provider and establishing quarterly pension seminars to enable staff to make good long term decisions for their financial future. Our people have the opportunity to feedback to the business too, and we were delighted to achieve a “World Class” ranking in the 2024 and 2025 Best Companies to Work for Awards.

Customers

We continue to focus strongly on customer services and customer satisfaction, tracking a key industry metric of Net Promoter Score. Our NPS for April 2025 was 89. We pride ourselves on delivering a consistently outstanding customer experience and hold the Service Mark accreditation from the Institute of Customer Service.

Supported users

A key measurement that the Opus Board of Directors focus on, is total amount of end users support by our telecommunication services. At the end of the April 2025, the company increased their support to 173,000 End Users.

Opus Tech Limited
Strategic Report (Continued)
For the year ended 30 April 2025
Page 4

On behalf of the board

M H O'Donnell
Director
28 January 2026
Opus Tech Limited
Directors' Report
For the year ended 30 April 2025
Page 5

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company continued to be that of a leading provider of unified communications and managed technology solutions to the private and public sector.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M J O'Donnell
H O'Donnell
M E O'Donnell
C Terry
M H O'Donnell
Results and dividends

Ordinary dividends were paid amounting to £1,162,095. The directors do not recommend payment of a further dividend.

Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
M H O'Donnell
Director
28 January 2026
Opus Tech Limited
Directors' Responsibilities Statement
For the year ended 30 April 2025
Page 6

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- 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 it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opus Tech Limited
Independent Auditor's Report
To the Members of Opus Tech Limited
Page 7
Opinion

We have audited the financial statements of Opus Tech Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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.

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.

Opus Tech Limited
Independent Auditor's Report (Continued)
To the Members of Opus Tech Limited
Page 8

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the Strategic Report and the Directors' R eport 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 the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the Strategic Report or the Directors' R eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' R esponsibilities S tatement, 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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Opus Tech Limited
Independent Auditor's Report (Continued)
To the Members of Opus Tech Limited
Page 9
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Opus Tech Limited
Independent Auditor's Report (Continued)
To the Members of Opus Tech Limited
Page 10

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

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. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Ian Matthews (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
29 January 2026
Chartered Accountants
Statutory Auditor
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Opus Tech Limited
Group Statement of Comprehensive Income
For the year ended 30 April 2025
Page 11
2025
2024
Notes
£
£
Turnover
3
37,384,516
27,627,531
Cost of sales
(19,480,189)
(13,856,185)
Gross profit
17,904,327
13,771,346
Administrative expenses
(15,500,118)
(11,813,894)
Other operating income
133,840
401,390
Operating profit
4
2,538,049
2,358,842
Interest receivable and similar income
8
-
0
245
Interest payable and similar expenses
9
(62,797)
(110,197)
Profit before taxation
2,475,252
2,248,890
Tax on profit
10
(645,831)
(597,005)
Profit for the financial year
1,829,421
1,651,885
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Opus Tech Limited
Group Balance Sheet
As at 30 April 2025
30 April 2025
Page 12
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
473,039
330,301
Tangible assets
13
310,443
397,182
783,482
727,483
Current assets
Stocks
16
77,727
107,727
Debtors
17
13,010,158
10,108,162
Cash at bank and in hand
2,048,955
2,119,714
15,136,840
12,335,603
Creditors: amounts falling due within one year
18
(13,326,006)
(10,659,949)
Net current assets
1,810,834
1,675,654
Total assets less current liabilities
2,594,316
2,403,137
Creditors: amounts falling due after more than one year
19
(40,195)
(570,342)
Net assets
2,554,121
1,832,795
Capital and reserves
Called up share capital
24
10,002
10,002
Equity reserve
54,000
-
0
Other reserves
226,622
226,622
Profit and loss reserves
2,263,497
1,596,171
Total equity
2,554,121
1,832,795
The financial statements were approved by the board of directors and authorised for issue on 28 January 2026 and are signed on its behalf by:
28 January 2026
M H O'Donnell
Director
Opus Tech Limited
Company Balance Sheet
As at 30 April 2025
30 April 2025
Page 13
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
11,183,390
11,183,390
Current assets
Debtors
17
1,939,188
1,275,383
Creditors: amounts falling due within one year
18
(1,731,519)
(1,257,950)
Net current assets
207,669
17,433
Net assets
11,391,059
11,200,823
Capital and reserves
Called up share capital
24
10,002
10,002
Equity reserve
54,000
-
0
Other reserves
11,173,390
11,173,390
Profit and loss reserves
153,667
17,431
Total equity
11,391,059
11,200,823

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,298,331 (2024 - £1,267,431 profit).

The financial statements were approved by the board of directors and authorised for issue on 28 January 2026 and are signed on its behalf by:
28 January 2026
M H O'Donnell
Director
Company Registration No. 12520403 (England and Wales)
Opus Tech Limited
Group Statement of Changes in Equity
For the year ended 30 April 2025
Page 14
Share capital
Equity reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2023
1
-
0
-
1,194,286
1,194,287
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
1,651,885
1,651,885
Issue of share capital
24
10,001
-
-
-
10,001
Dividends
11
-
-
-
(1,250,000)
(1,250,000)
Transfers
-
-
226,622
-
226,622
Balance at 30 April 2024
10,002
-
0
226,622
1,596,171
1,832,795
Year ended 30 April 2025:
Profit and total comprehensive income for the year
-
-
-
1,829,421
1,829,421
Dividends
11
-
-
-
(1,162,095)
(1,162,095)
Other movements
-
54,000
-
-
54,000
Balance at 30 April 2025
10,002
54,000
226,622
2,263,497
2,554,121
Opus Tech Limited
Company Statement of Changes in Equity
For the year ended 30 April 2025
Page 15
Share capital
Equity reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2023
1
-
0
-
-
0
1
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
1,267,431
1,267,431
Issue of share capital
24
10,001
-
-
-
10,001
Dividends
11
-
-
-
(1,250,000)
(1,250,000)
Transfers
-
-
11,173,390
-
11,173,390
Balance at 30 April 2024
10,002
-
0
11,173,390
17,431
11,200,823
Year ended 30 April 2025:
Profit and total comprehensive income for the year
-
-
-
1,298,331
1,298,331
Dividends
11
-
-
-
(1,162,095)
(1,162,095)
Other movements
-
54,000
-
-
54,000
Balance at 30 April 2025
10,002
54,000
11,173,390
153,667
11,391,059
Opus Tech Limited
Group Statement of Cash Flows
For the year ended 30 April 2025
Page 16
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,088,677
1,917,823
Interest paid
(62,797)
(110,197)
Income taxes paid
(549,599)
(523,701)
Net cash inflow from operating activities
1,476,281
1,283,925
Investing activities
Purchase of intangible assets
(276,014)
(328,099)
Purchase of tangible fixed assets
(85,597)
(112,483)
Proceeds from disposal of tangible fixed assets
6,813
-
Purchase of subsidiaries, net of cash acquired
-
236,623
Repayment of loans
-
6,734
Interest received
-
0
245
Net cash used in investing activities
(354,798)
(196,980)
Financing activities
Payment of finance leases obligations
(30,147)
(30,146)
Dividends paid to equity shareholders
(1,162,095)
(1,250,000)
Net cash used in financing activities
(1,192,242)
(1,280,146)
Net decrease in cash and cash equivalents
(70,759)
(193,201)
Cash and cash equivalents at beginning of year
2,119,714
2,312,915
Cash and cash equivalents at end of year
2,048,955
2,119,714
Opus Tech Limited
Notes to the Group Financial Statements
For the year ended 30 April 2025
Page 17
1
Accounting policies
Company information

Opus Tech Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor London Court, 39 London Road, Reigate, Surrey, United Kingdom, RH2 9AQ.

The group consists of Opus Tech Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Opus Tech Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 April 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 18
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. Goodwill has been fully amortised.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software
3-4 years straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 19

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line over the life of the lease
Plant and equipment
50% on costs and 25% on cost
Fixtures and fittings
20% on cost
Computers
25% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 20
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 21
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 22
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 23
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the c ompany as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 24
1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Equipment
2,142,755
2,151,807
Services
35,241,761
25,475,724
37,384,516
27,627,531
2025
2024
£
£
Other revenue
Interest income
-
245
Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
Page 25
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
149
228
Depreciation of owned tangible fixed assets
144,960
138,039
Depreciation of tangible fixed assets held under finance leases
23,031
29,650
(Profit)/loss on disposal of tangible fixed assets
(2,468)
168
Amortisation of intangible assets
133,276
22,274
Share-based payments
54,000
-
Operating lease charges
333,582
283,684
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,250
7,950
Audit of the financial statements of the company's subsidiaries
41,500
44,360
47,750
52,310
For other services
Accounts and taxation compliance services
24,000
10,560
Tax advisory services
-
31,549
All other non-audit services
18,816
-
42,816
42,109
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Operation
35
27
-
-
Finance
14
12
-
-
Sales
33
33
-
-
Professional services
53
47
-
-
Total
135
119
0
0
Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
6
Employees
(Continued)
Page 26

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
10,124,304
7,368,226
54,000
-
0
Social security costs
1,258,536
975,725
-
-
Pension costs
895,322
777,584
-
0
-
0
12,278,162
9,121,535
54,000
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
1,454,820
225,505
Company pension contributions to defined contribution schemes
110,962
18,501
1,565,782
244,006
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
1,009,966
108,612
Company pension contributions to defined contribution schemes
84,588
9,065
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
-
245
Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
Page 27
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
57,956
105,356
Other finance costs:
Interest on finance leases and hire purchase contracts
4,841
4,841
Total finance costs
62,797
110,197
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
645,987
597,005
Adjustments in respect of prior periods
(156)
-
0
Total current tax
645,831
597,005

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,475,252
2,248,890
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
618,813
562,223
Tax effect of expenses that are not deductible in determining taxable profit
26,528
27,289
Change in unrecognised deferred tax assets
646
(65,287)
Under/(over) provided in prior years
(156)
-
0
Impact of mid-year acquisition
-
0
72,780
Taxation charge
645,831
597,005
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
1,162,095
1,250,000
Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
Page 28
12
Intangible fixed assets
Group
Goodwill
Computer software
Total
£
£
£
Cost
At 1 May 2024
480,129
566,438
1,046,567
Additions
-
0
276,014
276,014
At 30 April 2025
480,129
842,452
1,322,581
Amortisation and impairment
At 1 May 2024
480,129
236,137
716,266
Amortisation charged for the year
-
0
133,276
133,276
At 30 April 2025
480,129
369,413
849,542
Carrying amount
At 30 April 2025
-
0
473,039
473,039
At 30 April 2024
-
0
330,301
330,301
The company had no intangible fixed assets at 30 April 2025 or 30 April 2024.
Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
Page 29
13
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2024
438,958
205,765
270,558
234,804
249,984
1,400,069
Additions
3,622
2,470
9,416
70,089
-
0
85,597
Disposals
-
0
-
0
-
0
(6,471)
(33,400)
(39,871)
At 30 April 2025
442,580
208,235
279,974
298,422
216,584
1,445,795
Depreciation and impairment
At 1 May 2024
304,027
193,202
235,945
171,481
98,232
1,002,887
Depreciation charged in the year
58,582
3,711
17,506
55,850
32,342
167,991
Eliminated in respect of disposals
-
0
-
0
-
0
(6,471)
(29,055)
(35,526)
At 30 April 2025
362,609
196,913
253,451
220,860
101,519
1,135,352
Carrying amount
At 30 April 2025
79,971
11,322
26,523
77,562
115,065
310,443
At 30 April 2024
134,931
12,563
34,613
63,323
151,752
397,182
The company had no tangible fixed assets at 30 April 2025 or 30 April 2024.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
80,129
103,160
-
0
-
0
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
11,183,390
11,183,390
Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
14
Fixed asset investments
(Continued)
Page 30
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2024 and 30 April 2025
11,183,390
Carrying amount
At 30 April 2025
11,183,390
At 30 April 2024
11,183,390
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Opus Telephone Systems Limited
United Kingdom
Ordinary
100.00
Opus Business Systems Limited
United Kingdom
Ordinary
100.00
Opus Technology Limited
United Kingdom
Ordinary
100.00
Opus ICT Limited
United Kingdom
Ordinary
100.00
Opus Network Technology Limited
United Kingdom
Ordinary
100.00
Opus Network Services Limited
United Kingdom
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Opus Telephone Systems Limited
295,103
-
0
Opus Business Systems Limited
2,588,732
1,739,984
Opus Technology Limited
88,871
176,591
Opus ICT Limited
8,198
(4,231)
0
Opus Network Technology Limited
491,895
(4,229)
0
Opus Network Services Limited
418,786
975
Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
15
Subsidiaries
(Continued)
Page 31

The subsidiary companies are all registered in England and Wales and have the same registered office address as Opus Tech Limited.

By virtue of S479a of Companies Act 2006, the following subsidiaries were exempt from audit due to the statutory guarantee provided by Opus Tech Limited:

Opus Telephone Systems Limited

Opus ICT Limited

Opus Network Technology Limited

Opus Network Services Limited

16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
77,727
107,727
-
0
-
0
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,696,659
2,964,905
-
0
-
0
Corporation tax recoverable
156
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
1,939,186
1,275,381
Other debtors
598,532
301,914
2
2
Prepayments and accrued income
6,118,687
4,890,764
-
0
-
0
10,414,034
8,157,583
1,939,188
1,275,383
Amounts falling due after more than one year:
Prepayments and accrued income
2,596,124
1,950,579
-
0
-
0
Total debtors
13,010,158
10,108,162
1,939,188
1,275,383
Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
Page 32
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
500,000
-
0
-
0
-
0
Obligations under finance leases
21
30,147
30,147
-
0
-
0
Trade creditors
2,944,791
2,206,852
-
0
-
0
Corporation tax payable
368,393
272,005
-
0
-
0
Other taxation and social security
1,736,234
1,124,673
-
-
Other creditors
1,880,109
1,889,815
1,713,819
1,250,000
Accruals and deferred income
5,866,332
5,136,457
17,700
7,950
13,326,006
10,659,949
1,731,519
1,257,950
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
-
0
500,000
-
0
-
0
Obligations under finance leases
21
40,195
70,342
-
0
-
0
40,195
570,342
-
-
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
500,000
500,000
-
0
-
0
Payable within one year
500,000
-
0
-
0
-
0
Payable after one year
-
0
500,000
-
0
-
0

The long-term loans are secured by a debenture, including fixed and floating charge.

Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
Page 33
21
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
30,147
30,147
-
0
-
0
In two to five years
40,195
70,342
-
0
-
0
70,342
100,489
-
-

Finance lease payments represent rentals payable by the group for motor vehicles. The lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
895,322
777,584

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share-based payment transactions
Group
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 May 2024
-
-
-
-
Granted
400
-
161.10
-
Outstanding at 30 April 2025
400
-
161.10
-
Exercisable at 30 April 2025
-
-
-
-

The options outstanding at 30 April 2025 had an exercise price of £161.10.

Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
23
Share-based payment transactions
(Continued)
Page 34
Group

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).

The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

Inputs were as follows:
2025
2024
Weighted average share price
282.88
-
Weighted average exercise price
161.10
-
Expected volatility
20.00
-
Expected life
1.00
-
Risk free rate
4.00
-
Group
Company
2025
2024
2025
2024
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
54,000
-
54,000
-
24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
A Ordinary shares of £1 each
2
2
2
2
10,002
10,002
10,002
10,002

The ordinary shares and A ordinary have equal voting rights.

A ordinary shares are entitled to a fixed, cumulative preferential dividend at the rate of 4% per annum on the share amount balance.

Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
Page 35
25
Financial commitments, guarantees and contingent liabilities

The company has provided security under a multilateral cross guarantee for a revolving loan facility covering a number of companies connected to Opus Business Systems Limited. The facility allows £2,000,000 to be drawn down upon until the repayment date of 3 November 2025. This has been refinanced post year-end.

26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
250,938
242,803
-
-
Between two and five years
135,048
352,069
-
-
385,986
594,872
-
-
27
Events after the reporting date

On 18 November 2025, the following subsidiaries were struck off and ceased to trade:

Opus Telephone Systems Limited

Opus ICT Limited

Opus Network Technology Limited

28
Related party transactions

Group

Included within other creditors is an amount owed to the director s and close family of £1,713,819 (202 4: £449,871).

Included w ithin other creditors is an amount of £nil (202 4: £2,500) owed to companies under common control.

Included within other debtors is an amount owed to a company under common control of £nil (2024: £80,000).

During the year invoices totalling £129,418 (202 4: £728,882) were received during the year from a company under common control.

Company

The company has taken the exemption from disclosing intra group transaction under FRS 102 section 33 "Related Party Disclosures".

Opus Tech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2025
Page 36
29
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
1,829,421
1,651,885
Adjustments for:
Taxation charged
645,831
597,005
Finance costs
62,797
110,197
Investment income
-
0
(245)
(Gain)/loss on disposal of tangible fixed assets
(2,468)
168
Amortisation and impairment of intangible assets
133,276
22,274
Depreciation and impairment of tangible fixed assets
167,991
167,689
Equity settled share based payment expense
54,000
-
Movements in working capital:
Decrease in stocks
30,000
30,620
Increase in debtors
(2,901,840)
(2,150,068)
Increase in creditors
2,069,669
1,488,298
Cash generated from operations
2,088,677
1,917,823
30
Analysis of changes in net funds - group
1 May 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
2,119,714
(70,759)
2,048,955
Borrowings excluding overdrafts
(500,000)
-
(500,000)
Obligations under finance leases
(100,489)
30,147
(70,342)
1,519,225
(40,612)
1,478,613
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