Company registration number: 03376202
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The principal activity of the Company continued to be that of design, installation and maintenance of electrical security and fire safety systems.
The directors have reviewed the performance of the Company during the period, as detailed under "Key performance indicators" below.
OpenView is an independent electronic security systems integrator, fire safety and electrical maintenance contractor providing smart city solutions and compliance services. Our core target markets are in Local Authorities, Social Housing, Retirement Homes, Housing Associations, Blue Light services, NHS Trusts, Higher Education and Building Managing Agents. OpenView delivers the services from 6 regional offices throughout mainland UK, employing 328 employees.
The directors have reviewed the performance of the Company during the period, as detailed under "Key performance indicators" below.
OpenView is an independent electronic security systems integrator, fire safety and electrical maintenance contractor providing smart city solutions and compliance services. Our core target markets are in Local Authorities, Social Housing, Retirement Homes, Housing Associations, Blue Light services, NHS Trusts, Higher Education and Building Managing Agents. OpenView delivers the services from 6 regional offices throughout mainland UK, employing 328 employees.
Results to 31 March 2025 are as follows:
Turnover: £59,160,804
Gross profit: £15,438,339
Compared with the year ended 31 March 2024:
- Turnover increased by 5.4% to £59,160,804.
- Gross profit margin improved from 24.0% to 26.1%, reflecting a 2.1% increase compared to the previous year.
- Turnover per employee increased from £167k to £180k, representing an 8.3% increase year-on-year.
Activity levels in the UK Security and Compliance market remain buoyant. Growth in this market is driven by legislation.
The results for the year show a gross profit of £15.4m (26.1%) compared to FY24 £13.5m (24.0%), an increase of £1.9m.
The Company reported a pre-tax profit of £2,654,243 for the year (2024 - £788,101).
The marketplace continues to be competitive. Winning new contracts & retaining existing contracts continues to be challenging.
The Company is confident that it can continue to adapt to the changing market & will continue to produce profits in the foreseeable future.
At the year end the Company had net assets of £12,948,673 an increase of £1,987,833 on the March 2024 position. The Company had net current assets of £12,688,122 as at 31 March 2025 (2024 - £10,770,651). The Company continues to be able to meet its liabilities as they fall due post year end.
Turnover: £59,160,804
Gross profit: £15,438,339
Compared with the year ended 31 March 2024:
- Turnover increased by 5.4% to £59,160,804.
- Gross profit margin improved from 24.0% to 26.1%, reflecting a 2.1% increase compared to the previous year.
- Turnover per employee increased from £167k to £180k, representing an 8.3% increase year-on-year.
Activity levels in the UK Security and Compliance market remain buoyant. Growth in this market is driven by legislation.
The results for the year show a gross profit of £15.4m (26.1%) compared to FY24 £13.5m (24.0%), an increase of £1.9m.
The Company reported a pre-tax profit of £2,654,243 for the year (2024 - £788,101).
The marketplace continues to be competitive. Winning new contracts & retaining existing contracts continues to be challenging.
The Company is confident that it can continue to adapt to the changing market & will continue to produce profits in the foreseeable future.
At the year end the Company had net assets of £12,948,673 an increase of £1,987,833 on the March 2024 position. The Company had net current assets of £12,688,122 as at 31 March 2025 (2024 - £10,770,651). The Company continues to be able to meet its liabilities as they fall due post year end.
OpenView continues to price competitively and plans to grow and train staff in order to increase their capability and raise the quality of our service. An apprenticeship scheme has been in place since October 2024 and has proved so successful that the scheme is repeated twice yearly.
The Company is blessed with a strong committed order book and remains positive about the future outlook.
The directors aim to continue to focus on the growth of the Company, increase recurring income as a % of turnover, and to build on its reputation within the security and electrical sectors.
The Company is blessed with a strong committed order book and remains positive about the future outlook.
The directors aim to continue to focus on the growth of the Company, increase recurring income as a % of turnover, and to build on its reputation within the security and electrical sectors.
Page 1
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors of OpenView Security Solutions Limited (OSS) consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of the shareholders as a whole.
OSS's directors receive regular reports on staff members and staff turnover is regarded as an important indicator of staff satisfaction. Annual salary reviews are supplemented by benchmarking exercises.
OSS engages with suppliers on agreed appropriate terms and pays its suppliers accordingly.
OSS's clients are its key relationship and all relationships are maintained with direct, constant contact to maintain business development and to seek new clients.
OSS's directors receive regular reports on staff members and staff turnover is regarded as an important indicator of staff satisfaction. Annual salary reviews are supplemented by benchmarking exercises.
OSS engages with suppliers on agreed appropriate terms and pays its suppliers accordingly.
OSS's clients are its key relationship and all relationships are maintained with direct, constant contact to maintain business development and to seek new clients.
The continuing volatility of the macro-economic climate caused by worldwide political tension and the UK government’s uncertainty in policy, does generate commercial challenges in the business.
However, the Company was able to absorb the significant increases in national insurance contributions implemented in April 2025 without a deterioration in GM or net profit compared to the year ended 31st March 2025. This has been achieved by continued improvements in productivity. We are cognisant of the future threat from potential increases in inflation and higher interest rates. The Company is confident that it will remain cash generative.
While local Government funding for future capital works projects could be impacted by a change of government, we do benefit from long term service and maintenance contracts. Much of this work being compliance work driven by legislation.
Whilst the work OpenView provides is largely an essential service, increased pressure on margins may be expected in future periods. Competition in the market place therefore continues to be a primary risk to the company, as price pressure to secure new business and successfully re-tender existing contracts increases the threat of margin erosion.
Continuous development of the supply chain plus increased service levels and added value to clients remains key to future growth.
The Company meets its day to day working capital requirements through its ongoing banking facilities. These facilities were renewed, on improved terms, for a further 2 years in March 2024.
Forecasts and projections show that the Company will be able to operate comfortably within the level of its agreed facilities.
On the basis of their assessment of the Company's financial position, the directors have a reasonable expectation that the Company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
However, the Company was able to absorb the significant increases in national insurance contributions implemented in April 2025 without a deterioration in GM or net profit compared to the year ended 31st March 2025. This has been achieved by continued improvements in productivity. We are cognisant of the future threat from potential increases in inflation and higher interest rates. The Company is confident that it will remain cash generative.
While local Government funding for future capital works projects could be impacted by a change of government, we do benefit from long term service and maintenance contracts. Much of this work being compliance work driven by legislation.
Whilst the work OpenView provides is largely an essential service, increased pressure on margins may be expected in future periods. Competition in the market place therefore continues to be a primary risk to the company, as price pressure to secure new business and successfully re-tender existing contracts increases the threat of margin erosion.
Continuous development of the supply chain plus increased service levels and added value to clients remains key to future growth.
The Company meets its day to day working capital requirements through its ongoing banking facilities. These facilities were renewed, on improved terms, for a further 2 years in March 2024.
Forecasts and projections show that the Company will be able to operate comfortably within the level of its agreed facilities.
On the basis of their assessment of the Company's financial position, the directors have a reasonable expectation that the Company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
This section describes how the directors have had regard to the matters set out in section 172(1)(a) to (f) Companies Act 2006 in exercising their duty to promote the success of the Company for the benefit of its stakeholders as a whole.
Page 2
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Consequences of any decision in the long term
Within the ever increasing, complex technologies used in our business the Board remains mindful that its strategic decisions can have long term implications for the business and its stakeholders, and these implications are carefully assessed.
The most prevalent example of this is in the Board’s decisions with regard to capital works and service contracts taken on. During the year, in approving the contracts accepted the Board balanced the anticipated return over the life of a contract, with the technical complexity of the contract, with the resources available to complete.
Within the ever increasing, complex technologies used in our business the Board remains mindful that its strategic decisions can have long term implications for the business and its stakeholders, and these implications are carefully assessed.
The most prevalent example of this is in the Board’s decisions with regard to capital works and service contracts taken on. During the year, in approving the contracts accepted the Board balanced the anticipated return over the life of a contract, with the technical complexity of the contract, with the resources available to complete.
The interests of the Company’s employees
The Board and senior management team take active steps to ensure that the suggestions, views and interests of the workforce are captured and considered in our decision-making.
OpenView benefits from having a Managing Director and two other executive directors who have served and worked with the Company from inception. They all, therefore, perform a high degree of personal oversight and engagement in the Company’s affairs. This knowledge of the business and active style of engagement means our executive directors maintain an exceptionally acute insight into the mood, culture and views of the workforce, which they are then able to report on to the senior management team.
In regard to health, safety and well-being, during the year the Board of Directors receive monthly updates from the Company Health and Safety Manager. These include updates on safety performance, safety risk management and mental health well-being initiatives. The Company holds OHSAS 18001 accreditation for Health & Safety Management.
Employee engagement: Employees are kept informed of performance and strategy through regular presentations and updates from the Managing Director.
By invitation the Company HR Manager attends certain meetings of the Board to brief on employee-related matters, including workforce demographics, engagement activities, the results of employee opinion surveys, staff retention rates, diversity, disciplinary and grievance procedures, learning and development activity, pay and reward including gender pay gap and HR initiatives.
The Board considers that taken together, these arrangements deliver an effective means of ensuring the Board stays alert to the views of the workforce.
Diversity: Putting diversity and inclusion on the agenda helps the business to attract, retain and develop the best talent from every walk of life. Our recruitment policy is completely open and transparent. We only want to employ the best colleagues regardless of any background.
To ensure that these values are upheld throughout our recruitment processes, candidate data is anonymised during the initial selection phase.
The need to foster the Company’s business relationships with suppliers, customers and others
Suppliers: Throughout the year the Board was briefed on major contract renegotiations and strategy with regard to key suppliers. The Board seeks to balance the benefits of maintaining strong partnering relationships with key suppliers alongside the need to obtain value for money for the Company and the desired quality and service levels for our customers.
Customers: OpenView is the UK’S largest privately owned independent security company and provides unique, innovative and technologically excellent solutions to meet individual client needs in both the private and public sectors.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
All customers are assigned a relationship manager who reports into a department head and ultimately to the Board, in order to ensure customers’ needs are met on a daily basis, with key issues escalated to Board level where appropriate.
We are continually investing in and growing our teams in order to foster positive relationships with our customers, including investing in our project managers and quantity surveyors to ensure the sustainable management of existing and future client relationships.
Regulators: The Company holds a number of accreditations over and above those required by law, to demonstrate its commitment to operate safely and responsibly in the following key business areas:
• Our fire safety division is BAFE and FIRAS accredited and OpenView is a member of the FIA (Fire Industry
We are continually investing in and growing our teams in order to foster positive relationships with our customers, including investing in our project managers and quantity surveyors to ensure the sustainable management of existing and future client relationships.
Regulators: The Company holds a number of accreditations over and above those required by law, to demonstrate its commitment to operate safely and responsibly in the following key business areas:
• Our fire safety division is BAFE and FIRAS accredited and OpenView is a member of the FIA (Fire Industry
Association). We also hold NSI Fire Gold (ISO 9001) and NACOSS Gold (ISO 9001) accreditations.
• We hold various Contractors Health & Safety accreditations including Contractors Health & Safety Assessment
Scheme (Chas), Constructionline, Safecontractor and Achillies
• We hold an integrated management ISO which includes ISO 9001 (Quality Management System), ISO 14001
(Environmental Management Systems), ISO 45001 (Occupational Health and Safety Management Systems) and
also hold ISO 27001 (Cyber Essentials Plus) accreditations.
• We also hold various general accreditations and memberships which include Cyber Essentials Plus, National
• We hold various Contractors Health & Safety accreditations including Contractors Health & Safety Assessment
Scheme (Chas), Constructionline, Safecontractor and Achillies
• We hold an integrated management ISO which includes ISO 9001 (Quality Management System), ISO 14001
(Environmental Management Systems), ISO 45001 (Occupational Health and Safety Management Systems) and
also hold ISO 27001 (Cyber Essentials Plus) accreditations.
• We also hold various general accreditations and memberships which include Cyber Essentials Plus, National
Inspection Council for Electrical Installation Contracting (NICEIC), the Automatic Door Installation Association
(ADIA), TEC Services Association (TSA) and their TSA Quality Standards Framework.
OpenView manages its tax affairs to ensure compliance with tax legislation. The Company’s approach is to seek, to build solid and constructive working relationships with all tax authorities. The Company engages with HMRC constructively, honestly and in a timely & professional manner; and seeks to resolve disputed matters through active and transparent engagement. Engagement with HMRC is led by the Company Financial Director who provides regular updates to the Board on tax matters.
Our community and the environment
The Board prides itself on the positive impact on numerous communities that it touches around the country through its work supporting security measures.
The Board intends to give additional consideration in 2025 to the Company’s approach to climate change and further measures we can take to contribute to the reduction of our impact on the environment.
Streamline Energy and Carbon Reporting
The table below represents OpenView Security Solutions energy use and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for the year ended 31 March 2025. The data covers 6 sites in the UK.
UK Greenhouse gas emissions and energy use data for the period 1 April 2024 to 31 March 2025:
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
OpenView Security Solutions - SECR Methodology Statement 2021
The SECR submission has been compiled using the 2019HM Government Environmental Reporting Guidelines. We have used the following data sources for the report:
The SECR submission has been compiled using the 2019HM Government Environmental Reporting Guidelines. We have used the following data sources for the report:
∙Energy and fuel data – Energy supplier billing data and electricity half hour data.
∙Transport data – Company mileage records.
∙CO2 emissions have been calculated using the 2020 UK Government Conversion Factors for Company Reporting.
Emissions have been calculated for the company financial year 1 April 2024 to 31 March 2025.
In addition, the company has completed its declaration for the Energy Savings Opportunity Scheme (ESOS) for the Environment Agency. We are fully compliant with this scheme and going forward plan to reduce energy usage.
In addition, the company has completed its declaration for the Energy Savings Opportunity Scheme (ESOS) for the Environment Agency. We are fully compliant with this scheme and going forward plan to reduce energy usage.
Our business conduct
Corporate governance: The Board recognises the importance of operating a robust corporate governance framework and frequently reviews its procedures to ensure the Company is complying with any new regulations.
Political donations: No donations were made for political purposes (2024 - £Nil).
The need to act fairly as between members of the Company
The Company has just one class of share in issue and so all shareholders benefit from the same rights, as set out in the Company’s articles of association and the Companies Act 2006. The Board recognises its legal and regulatory duties, including under the EU Market Abuse Regulation, and does not take any decisions or actions, such as selectively disclosing confidential or inside information, that would provide any shareholder or group of shareholders with any unfair advantage or position compared to the shareholders as a whole.
Shareholder engagement: During the year, the Shareholder Directors regularly held meetings, video and telephone calls. This enables them to be kept informed of all aspects of the Company although it may not be their direct responsibility.
Corporate governance: The Board recognises the importance of operating a robust corporate governance framework and frequently reviews its procedures to ensure the Company is complying with any new regulations.
Political donations: No donations were made for political purposes (2024 - £Nil).
The need to act fairly as between members of the Company
The Company has just one class of share in issue and so all shareholders benefit from the same rights, as set out in the Company’s articles of association and the Companies Act 2006. The Board recognises its legal and regulatory duties, including under the EU Market Abuse Regulation, and does not take any decisions or actions, such as selectively disclosing confidential or inside information, that would provide any shareholder or group of shareholders with any unfair advantage or position compared to the shareholders as a whole.
Shareholder engagement: During the year, the Shareholder Directors regularly held meetings, video and telephone calls. This enables them to be kept informed of all aspects of the Company although it may not be their direct responsibility.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,987,833 (2024 - £641,154).
The directors do not recommend the payment of a dividend (2024 - £Nil).
The directors who served during the year were:
The directors have a reasonable expectation that the Company has adequate resources to continue operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The Company maintains directors' and officers' liability insurance providing appropriate cover for any legal action brought against its directors.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004. Regular meetings are held between local management and employees to allow a free flow of information and ideas.
Where existing employees become disabled, it is the Company’s policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.
The Company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Company's strategic report information required by the schedule 7 of the Large and Medium-sized companies and Groups (Accounts and Reports) Regulation 2008 it must be stated in the Director's Report that it has done so. This includes information that would have been included in the business review and the principal risks and uncertainties.
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
Page 7
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPENVIEW SECURITY SOLUTIONS LIMITED
We have audited the financial statements of Openview Security Solutions Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPENVIEW SECURITY SOLUTIONS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPENVIEW SECURITY SOLUTIONS LIMITED (CONTINUED)
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.
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 Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
°The Companies Act 2006;
°Financial Reporting Standard 102;
°UK Employment Legislation;
°UK Health and Safety Legislation;
°General Data Protection Regulation; and
°UK Tax Legislation.
∙We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Company are complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgements made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount;
°Timing of revenue recognition;
°The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in their best interests; and
°The misappropriation or misuse of Company assets for personal gain by employees or subcontractors.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPENVIEW SECURITY SOLUTIONS LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Surrey
KT22 8DY
Page 11
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
Page 12
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 28 form part of these financial statements.
Page 13
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Page 14
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
Page 15
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Openview Security Solutions Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office and principal place of business is disclosed on the Company Information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been presented in Pounds Sterling and are rounded to the nearest pound as this is the currency of the primary economic environment within which the Company operates.
The preparation of financial statements is in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The preparation of financial statements is in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Openview Group Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.
The directors have assessed the current and forecast financial position of the Company. On the basis of this assessment they consider the Company can continue to operate within its current banking arrangements and with support from the group within which it operates. The directors therefore consider that the Company will continue to operate profitably for the foreseeable future and as such the accounts are prepared on a going concern basis.
Page 16
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Revenue is recognised in accordance with anticipated margin on contracts where the outcome can be assessed with reasonable certainty. Where the outcome is uncertain, revenue will not be accrued.
Revenue on service contracts is recognised as services are provided.
Retention income is accrued over the length of the contract and released when a contract is completed and the obligations of the contract have been met.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Invoice discounting is accounted for using the separate presentation method. Gross assets are recognised on the balance sheet and a corresponding liability is recognised in respect of the proceeds received from the
factor. This is in line with the substance of the transactions entered by the Company.
factor. This is in line with the substance of the transactions entered by the Company.
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Significant Judgements
The Company did not make any significant judgements (apart from those involving estimations which are detailed below) that have a significant effect on the amounts recognised in the financial statements.
Key Sources of Estimation Uncertainty
Accounting estimates and assumptions are made concerning the future and by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Revenue on long term contracts is accrued to bring the contract's recognised margin in line with management's expectation. The project's stage of completion is estimated with reference to its expected start and end date, adjusted for any variances from the contract schedule.
Revenue from retentions on long term contracts are recognised evenly in line with invoicing in relation to each contract and adjusted by a provision when management become aware of circumstances which may impact the recoverability of the retention debtor.
Management have estimated the amount of provisions in connection with commercial liabilities on long term contracts using all information available to them at the time of signing the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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FOR THE YEAR ENDED 31 MARCH 2025
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FOR THE YEAR ENDED 31 MARCH 2025
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There is an unlimited composite guarantee in place between the company and its parent company, in favour of Royal Bank of Scotland.
The total amount of leasehold rent payable by the Company to KPM partnership, a business whose partners are P. Bullen, M.P. Ingleson and K.C. Hall, was £57,000 (2024 - £54,000).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
The immediate and ultimate parent company is Openview Group Limited, a company incorporated in England and Wales. This is the parent of the smallest and largest group for which consolidated financial statements are drawn up. Copies of the consolidated financial statements for Openview Group Limited are publicly available from Companies House.
The directors do not consider there to be an ultimate controlling party.
The directors do not consider there to be an ultimate controlling party.
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