OPERATIVES_SERVICES_&_SOL - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Operatives Services & Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Richard House, 9 Winckley Square, Preston, PR1 3HP. The company's place of business is 15 Riversway Business Village, Navigation Way, Ashton-on-Ribble, Preston, PR2 2YP.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. true

However, the directors are aware of certain material uncertainties which may cause doubt over the company's ability to continue as a going concern. These wholly relate to the recent escalation of measures taken within society to combat the Covid-19 pandemic. At the date of signing the financial statements nearly all performances within the entertainments industry have recently been suspended, owing to a UK Government directive over 'mass gatherings'.

A number of measures have been implemented, predominantly surrounding the significant reduction of overhead wherever possible. The company currently has sufficient levels of working capital available to see it through the upcoming months and therefore remains wholly solvent at this time.

The company is positioned such that it could swiftly resume support to performances within the industry and therefore earn further income, once the current situation recovers. However there is uncertainty over the level of Government assistance in respect of the funding and taxation landscape in addition to the length of time over which these issues will affect the industry.

As a consequence the directors believe that whilst material uncertainties do exist, the company is a going concern at this time.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. Turnover is recognised based on the period for which the service is provided.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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, which include debtors are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

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.

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

There were no employees during the current and previous year other than the directors.

Creditors amounting to £399,758 (2018: £858,426) were secured by way of an inter-company guarantee and a debenture over the company's assets.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

Material uncertainty related to going concern

We draw attention to Note 1.2 to the financial statements which explains that despite reporting profits of £508 and net assets of £23,434 at the balance sheet date, conditions relating to the current Covid-19 pandemic indicate that a material uncertainty exists which may cast doubt over the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The auditor's report was unqualified.

The company has taken advantage of the exemption conferred by Section 33 FRS 102, namely from disclosing any transactions entered into between two or members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

A cross-company unlimited guarantee is in place in favour of Natwest Bank Plc between the company, McIntyre Entertainments Group Limited, Phil McIntyre TV Limited, Phil McInytre Management Services Limited, Phil McInytre Entertainments Limited, PME Live Limited, PMP (Theatre Productions) Limited and Phil McIntyre Management Ltd.

At the balance sheet date, group borrowings payable to Natwest Bank Plc totalled £399,758.

The ultimate parent company is Phil McIntyre Holdings Limited, a company incorporated in England and Wales. The registered office of Phil McIntyre Holdings Limited is Richard House, 9 Winckley Square, Preston, PR1 3HP.

The largest and smallest group in which the results of the company are consolidated is that headed by Phil McIntyre Holdings Limited. Copies of the accounts can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.