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Registered number: 03782941
Opus Trust Group Limited
Unaudited
Directors' report and financial statements
For the year ended 31 March 2022
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Opus Trust Group Limited
Company Information
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Opus Trust Group Limited
Contents
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Statement of income and retained earnings
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Notes to the financial statements
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Opus Trust Group Limited
Directors' report
For the year ended 31 March 2022
The directors present their report and the financial statements for the year ended 31 March 2022.
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The 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 principal activity of the company is to act as an intermediate holding company for a group whose activities during the year were:
- Hold and manage a broad range of investments for long term capital growth;
- Hold and manage a portfolio of residential property for the long term;
- Invest in a range of syndicated commercial property interests; and
- Invest in a number of residential property development opportunities.
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Opus Trust Group Limited
Directors' report (continued)
For the year ended 31 March 2022
The directors who served during the year were:
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 15 December 2022 and signed on its behalf.
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Opus Trust Group Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Opus Trust Group Limited for the year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Opus Trust Group Limited for the year ended 31 March 2022 which comprise the Statement of income and retained earnings, the Balance sheet and the related notes from the company accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Opus Trust Group Limited, as a body, in accordance with the terms of our engagement letter dated 26 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Opus Trust Group Limited and state those matters that we have agreed to state to the Board of directors of Opus Trust Group Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Opus Trust Group Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Opus Trust Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Opus Trust Group Limited. You consider that Opus Trust Group Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Opus Trust Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Canterbury
16 December 2022
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Opus Trust Group Limited
Statement of income and retained earnings
For the year ended 31 March 2022
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Income from fixed assets investments
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Interest receivable and similar income
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Retained earnings at the beginning of the year
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Retained earnings at the end of the year
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There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of income and retained earnings.
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The notes on pages 6 to 12 form part of these financial statements.
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Opus Trust Group Limited
Registered number: 03782941
Balance sheet
As at 31 March 2022
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 6 to 12 form part of these financial statements.
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Opus Trust Group Limited
Notes to the financial statements
For the year ended 31 March 2022
Opus Trust Group Limited a limited liability company incorporated in England and Wales.
The company's registered office is 133-137 Scudamore Road Leicester, LE3 1UQ.
The company number is 03782941.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's functional and presentational currency is Pounds Sterling.
The company's financial statements are presented to the nearest thousand.
The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual entity and not about its group.
The following principal accounting policies have been applied:
The directors have a reasonable expectation that the company has adeqaute resources to continue in operational existence for the foreseeable future however, if required, the group of which this company is part of, will continue to provide their support to ensure the company is able to pay its' liabilities as they fall due. Consequently, the going concern basis has been adopted in preparing the financial statements.
Turnover is recognised to the extent that it is probably that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
∙Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
∙Rental income is accounted for on a straight-line basis.
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.
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Opus Trust Group Limited
Notes to the financial statements
For the year ended 31 March 2022
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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.
The estimated useful lives range as follows:
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over the minimum lease duration
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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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Opus Trust Group Limited
Notes to the financial statements
For the year ended 31 March 2022
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
∙at fair value with changes recognised in the Statement of income and retained earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;
∙at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
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Opus Trust Group Limited
Notes to the financial statements
For the year ended 31 March 2022
2.Accounting policies (continued)
Tax is recognised in profit and loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been
enacted or substantively enacted by the balance sheet date in the countries where the company
operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not
reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will
be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of
business combinations, when deferred tax is recognised on the differences between the fair values
of assets acquired and the future tax deductions available for them and the differences between the
fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is
determined using tax rates and laws that have been enacted or substantively enacted by the
balance sheet date.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Lease commitments
The company has entered into a range of lease commitments in respect of property. The classification of these lease as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the company has acquired the risks and rewards associated with the ownership of the underlying assets.
Impairment of fixed asset investments
The company considers if any of the fixed asset investments are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the investment. This requires the estimation of the future cash flows from the investment and also selection of appropriate discount rates in order to calculate the net present values of those cash flows.
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The average monthly number of employees, including directors, during the year was 6 (2021 - 6).
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Page 9
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Opus Trust Group Limited
Notes to the financial statements
For the year ended 31 March 2022
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Fixtures, fittings and equipment
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Charge for the year on owned assets
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Investments in subsidiary companies
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Page 10
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Opus Trust Group Limited
Notes to the financial statements
For the year ended 31 March 2022
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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1,372,972 (2021 - 1,372,972) Ordinary shares shares of £0.25 each
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1,374,403 (2021 - 1,374,403) Deferred shares of £0.25 each
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The holders of deferred shares are not entitled to any participation in the profits or assets of the company, nor do they have any right to attend and vote at any general meeting of the company.
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Page 11
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Opus Trust Group Limited
Notes to the financial statements
For the year ended 31 March 2022
Group banking arrangements
The company has guaranteed the bank facilities of all the companies within the Opus Trust Group, the company had no exposure under this liability at the balance sheet date or in the previous year.
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Related party transactions
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All directors' remuneration paid by the company during the year was done so under normal market conditions.
The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group. The company is also exempt from disclosing related party transactions that are conducted under normal market conditions.
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Amounts due from related trusts
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Ultimate parent undertaking and controlling party
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The company is a wholly owned subsidiary undertaking of Opus Trust Investments Limited, a company incorporated in England and Wales.
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