Opus Business Systems Limited
Annual Report and Financial Statements
For the year ended 30 April 2025
Company Registration No. 02695133 (England and Wales)
Opus Business Systems Limited
Company Information
Directors
M H O'Donnell
M E O'Donnell
(Appointed 1 October 2025)
Secretary
M J O'Donnell
Company number
02695133
Registered office
1st Floor London Court
39 London Road
Reigate
Surrey
England
RH2 9AQ
Auditor
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Opus Business Systems Limited
Strategic Report
For the year ended 30 April 2025
Page 1

The directors present the strategic report for the year ended 30 April 2025.

Fair review of the business

The principal activity of Opus Business Systems Limited is to provide end-to-end communications including cloud unified communications (“UC”), contact centre solutions, mobile, network connectivity and supporting 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 18% to £30.45m (£25.82m prior year). Growth continues to be largely attributable to Opus' Cloud UC and mobile solutions. The value of recurring revenue increased by 22% to £27.5m (£22.6m prior year).

Recurring revenues as an indicator of our future contracted revenue has remained a similar proportion of total revenue at 90% (88% 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 £2.4m (£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 launching 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 £35m, reflecting double-digit growth.

Opus Business Systems 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 Risk

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 market continues 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 customer 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 Business Systems Limited
Strategic Report (Continued)
For the year ended 30 April 2025
Page 3
Key performance indicators

Financial Key Performance Indicators

2025 2024 Var

£000’s £000’s

Turnover 30,449 25,821 +18%

Monthly Recursive Revenue (MRR) 27,504 22,629 +22%

MRR % of Revenue 90% 88% +2%

Gross Profit 14,995 12,932 +16%

GP Margin 49% 50% -1%

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 Business Systems 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 Business Systems 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 solutions to the private and public sector.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £1,098,000. The directors do not recommend payment of a further dividend.

Directors

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

M H O'Donnell
M E O'Donnell
(Appointed 1 October 2025)
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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
M H O'Donnell
Director
28 January 2026
2026-01-28
Opus Business Systems 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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 company will continue in business.

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

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

We have audited the financial statements of Opus Business Systems Limited (the 'company') for the year ended 30 April 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 Business Systems Limited
Independent Auditor's Report (Continued)
To the Members of Opus Business Systems 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 company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

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 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 company or to cease operations, or have no realistic alternative but to do so.

Opus Business Systems Limited
Independent Auditor's Report (Continued)
To the Members of Opus Business Systems 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 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 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.

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 Business Systems Limited
Independent Auditor's Report (Continued)
To the Members of Opus Business Systems 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 non-compliance 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 so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Opus Business Systems Limited
Independent Auditor's Report (Continued)
To the Members of Opus Business Systems Limited
Page 11
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 Business Systems Limited
Statement of Comprehensive Income
For the year ended 30 April 2025
Page 12
2025
2024
Notes
£
£
Turnover
3
30,449,458
25,820,737
Cost of sales
(15,454,176)
(12,888,609)
Gross profit
14,995,282
12,932,128
Administrative expenses
(13,447,753)
(11,247,350)
Other operating income
841,816
731,390
Operating profit
4
2,389,345
2,416,168
Interest receivable and similar income
8
-
0
245
Interest payable and similar expenses
9
(62,797)
(110,007)
Profit before taxation
2,326,548
2,306,406
Tax on profit
10
(586,564)
(530,022)
Profit for the financial year
1,739,984
1,776,384

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Opus Business Systems Limited
Balance Sheet
As at 30 April 2025
30 April 2025
Page 13
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
473,039
330,301
Tangible assets
13
306,277
395,700
779,316
726,001
Current assets
Stock
14
77,727
107,727
Debtors
15
12,499,744
9,083,270
Cash at bank and in hand
1,290,548
1,930,363
13,868,019
11,121,360
Creditors: amounts falling due within one year
16
(12,018,408)
(9,330,271)
Net current assets
1,849,611
1,791,089
Total assets less current liabilities
2,628,927
2,517,090
Creditors: amounts falling due after more than one year
17
(40,195)
(570,342)
Net assets
2,588,732
1,946,748
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
2,588,632
1,946,648
Total equity
2,588,732
1,946,748
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:
M H O'Donnell
Director
Company Registration No. 02695133
Opus Business Systems Limited
Statement of Changes in Equity
For the year ended 30 April 2025
Page 14
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2023
100
1,470,264
1,470,364
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
1,776,384
1,776,384
Dividends
11
-
(1,300,000)
(1,300,000)
Balance at 30 April 2024
100
1,946,648
1,946,748
Year ended 30 April 2025:
Profit and total comprehensive income for the year
-
1,739,984
1,739,984
Dividends
11
-
(1,098,000)
(1,098,000)
Balance at 30 April 2025
100
2,588,632
2,588,732
Opus Business Systems Limited
Notes to the Financial Statements
For the year ended 30 April 2025
Page 15
1
Accounting policies
Company information

Opus Business Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor London Court, 39 London Road, Reigate, Surrey, England, RH2 9AQ.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iv), 11.48(b) and 11.48(c).

The financial statements of the company are consolidated in the financial statements of Opus Tech Limited. These consolidated financial statements are available from its registered office, 1st Floor London Court, 39 London Road, Reigate, Surrey, RH2 9AQ.

1.2
Going concern

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

1.3
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.

Opus Business Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 16

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 recover ed.

1.4
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.

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 or 4 years straight line
1.5
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.

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
25% on cost.
Fixtures and fittings
20% on cost.
Computers
25% on cost.
Motor vehicles
25% on 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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

Opus Business Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 17

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.

1.7
Stock

Stock 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 stock to their present location and condition.

Stock 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 stock 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.

1.8
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.

1.9
Financial instruments

The company 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 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 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 method 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.

Opus Business Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 18
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 company 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 company after deducting all of its liabilities.

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. A m ounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

Opus Business Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 19
1.11
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

1.12
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.

1.13
Retirement benefits

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

1.14
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.

Opus Business Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 20

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 s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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
Telephony equipment
2,142,755
2,151,807
Telephony services
28,306,703
23,668,930
30,449,458
25,820,737
2025
2024
£
£
Other significant revenue
Interest income
-
245
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
140,275
134,749
Depreciation of tangible fixed assets held under finance leases
23,031
29,650
Profit on disposal of tangible fixed assets
(2,468)
-
Amortisation of intangible assets
133,276
22,274
Operating lease charges
333,582
283,684
Opus Business Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 21
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 company
48,369
61,891
6
Employees

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

2025
2024
Number
Number
Operation
13
10
Finance
14
12
Sales
33
33
Professional Services
53
47
Total
113
102

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
8,466,446
7,027,081
Social security costs
1,061,084
922,447
Pension costs
797,497
716,493
10,325,027
8,666,021
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
74,779
74,319
Company pension contributions to defined contribution schemes
-
6,700
74,779
81,019
Opus Business Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 22
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
-
0
245
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
57,956
105,166
Other finance costs:
Interest on finance leases and hire purchase contracts
4,841
4,841
62,797
110,007
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
586,564
530,022

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
2,326,548
2,306,406
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
581,637
576,602
Tax effect of expenses that are not deductible in determining taxable profit
26,300
20,853
Change in unrecognised deferred tax assets
(19,231)
(67,433)
Group relief
(2,142)
-
0
Taxation charge for the year
586,564
530,022
Opus Business Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 23
11
Dividends
2025
2024
£
£
Final paid
1,098,000
1,300,000
12
Intangible fixed assets
Computer software
£
Cost
At 1 May 2024
566,438
Additions
276,014
At 30 April 2025
842,452
Amortisation and impairment
At 1 May 2024
236,137
Amortisation charged for the year
133,276
At 30 April 2025
369,413
Carrying amount
At 30 April 2025
473,039
At 30 April 2024
330,301
Opus Business Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 24
13
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2024
438,958
205,765
270,558
233,099
249,984
1,398,364
Additions
3,622
2,470
9,416
62,720
-
0
78,228
Disposals
-
0
-
0
-
0
(6,471)
(33,400)
(39,871)
At 30 April 2025
442,580
208,235
279,974
289,348
216,584
1,436,721
Depreciation and impairment
At 1 May 2024
304,027
193,202
235,945
171,258
98,232
1,002,664
Depreciation charged in the year
58,582
3,711
17,506
51,165
32,342
163,306
Eliminated in respect of disposals
-
0
-
0
-
0
(6,471)
(29,055)
(35,526)
At 30 April 2025
362,609
196,913
253,451
215,952
101,519
1,130,444
Carrying amount
At 30 April 2025
79,971
11,322
26,523
73,396
115,065
306,277
At 30 April 2024
134,931
12,563
34,613
61,841
151,752
395,700

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

2025
2024
£
£
Motor vehicles
80,129
103,160
14
Stock
2025
2024
£
£
Finished goods and goods for resale
77,727
107,727
Opus Business Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 25
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,250,329
2,211,239
Amounts owed by group undertakings
314,171
424,277
Other debtors
598,430
301,812
Prepayments and accrued income
5,740,690
4,195,363
9,903,620
7,132,691
2025
2024
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
2,596,124
1,950,579
Total debtors
12,499,744
9,083,270
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
500,000
-
0
Obligations under finance leases
19
30,147
30,147
Trade creditors
2,384,428
1,545,834
Amounts owed to group undertakings
1,659,186
1,725,254
Corporation tax
308,970
205,022
Other taxation and social security
1,549,985
996,296
Other creditors
94,708
120,973
Accruals and deferred income
5,490,984
4,706,745
12,018,408
9,330,271
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
-
0
500,000
Obligations under finance leases
19
40,195
70,342
40,195
570,342
Opus Business Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 26
18
Loans and overdrafts
2025
2024
£
£
Bank loans
500,000
500,000
Payable within one year
500,000
-
0
Payable after one year
-
0
500,000

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

19
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
30,147
30,147
In two to five years
40,195
70,342
70,342
100,489

Finance lease payments represent rentals payable by the company for a motor vehicle. 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.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
797,497
716,493

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
22
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.

Opus Business Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 27
23
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
250,938
242,803
Between two and five years
135,048
352,069
385,986
594,872
24
Events after the reporting date

On 19 August 2025, Opus Tech Limited became the immediate and ultimate parent undertaking following a group restructuring.

25
Related party transactions
Remuneration of key management personnel

The number of directors for whom retirement benefits are accruing under the money purchase scheme amounted to 1 (202 4:1).

Other information

The group has taken advantage of the exemption in The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") from the requirement to disclose transactions with wholly owned group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

Within debtors is amount of £nil (202 4: £80,000) owed from companies under common control.

During the year invoices totalling £841,816 (202 4: £728,882) were received during the year from a company with common control.

26
Ultimate controlling party

The ultimate parent undertaking became Opus Tech Limited, a company incorporated in England and Wales.

The immediate parent undertaking is Opus Telephone Systems Limited, a company incorporated in England and Wales.

No one person ultimately controlled Opus Business Systems Limited.

Group financial statements have been prepared for Opus Tech Limited and are publicly available from 1st Floor London Court, 39 London Road, Reigate, Surrey, RH2 9AQ.

Opus Business Systems Limited
Management Information
For the year ended 30 April 2025
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