Registered number:
Unaudited
For the Year Ended
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Opus Trust Investments Limited
Company Information
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Opus Trust Investments Limited
Contents
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Opus Trust Investments Limited
Directors' Report
For the Year Ended 31 March 2018
The directors present their report and the financial statements for the year ended 31 March 2018.
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.
- 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.
The directors who served during the year were:
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Opus Trust Investments Limited
Directors' Report (continued)
For the Year Ended 31 March 2018
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
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Opus Trust Investments Limited
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Opus Trust Investments Limited for the Year Ended 31 March 2018
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 Investments Limited for the year ended 31 March 2018 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
http://www.icaew.com/en/
members/regulations-standards-and-guidance/
.
This report is made solely to the Board of Directors of Opus Trust Investments Limited, as a body, in accordance with the terms of our engagement letter dated
31 July 2017. Our work has been undertaken solely
to prepare for your approval the financial statements of Opus Trust Investments Limited and state those matters that we have agreed to state to the Board of Directors of Opus Trust Investments 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 Investments 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 Investments 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 or loss of Opus Trust Investments Limited. You consider that Opus Trust Investments Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
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Opus Trust Investments Limited
Statement of Income and Retained Earnings
For the Year Ended 31 March 2018
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Opus Trust Investments Limited
Registered number:
09366065
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 6 to 13 form part of these financial statements.
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Opus Trust Investments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
Opus Trust Investments Limited is a limited liability company incorporated in England and Wales.
The company's registered office is Woolyard, 54 Bermondsey Street, London, SE1 3UD. The company number is 09366065
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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company accounting policies (see note 3).
The company's functional and presentational currency is Pound 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:
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.
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 Investments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
2.
Accounting policies (continued)
Tax is recognised in the Profit and loss account, 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 substantially enacted by the balance sheet date in countries where the company and the Group operate and generate 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:
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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;
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Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
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Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probably in the foreseeable future.
Deferred tax balances are not recognise in respect of permanent timing differences except in respect of business combinations, when deferred tax is recognised on the difference between the fair values of assets acquired and the future tax deductions available for them and the difference 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 substantially enacted by the balance sheet date.
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Opus Trust Investments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
2.
Accounting policies (continued)
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 financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:
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.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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Opus Trust Investments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
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 outcome could differ significantly from those estimates.
The following are the company's key sources of estimation uncertainty: 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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Opus Trust Investments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
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Opus Trust Investments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
6.
Fixed asset investments (continued)
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Opus Trust Investments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
Merger Reserve
This reserve comprises the additional cost of the investment over the nominal value of the company's share capital.
Profit and loss account
This reserve comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders.
Non-distributable reserve To assist with the identification of profits available for distribution this reserve represents changes in the fair value of the company's fixed asset investments to the extent that they are not considered to be distributable to the company's shareholders, less any related provision for current or deferred tax.
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Opus Trust Investments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
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