Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01falseNo description of principal activity1013falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05304988 2021-01-01 2021-12-31 05304988 2020-01-01 2020-12-31 05304988 2021-12-31 05304988 2020-12-31 05304988 c:Director2 2021-01-01 2021-12-31 05304988 d:MotorVehicles 2021-01-01 2021-12-31 05304988 d:MotorVehicles 2021-12-31 05304988 d:MotorVehicles 2020-12-31 05304988 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05304988 d:FurnitureFittings 2021-01-01 2021-12-31 05304988 d:FurnitureFittings 2021-12-31 05304988 d:FurnitureFittings 2020-12-31 05304988 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05304988 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05304988 d:CurrentFinancialInstruments 2021-12-31 05304988 d:CurrentFinancialInstruments 2020-12-31 05304988 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 05304988 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 05304988 d:ShareCapital 2021-12-31 05304988 d:ShareCapital 2020-12-31 05304988 d:RetainedEarningsAccumulatedLosses 2021-12-31 05304988 d:RetainedEarningsAccumulatedLosses 2020-12-31 05304988 c:FRS102 2021-01-01 2021-12-31 05304988 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 05304988 c:FullAccounts 2021-01-01 2021-12-31 05304988 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

        Registered number:05304988













OPENROOM EVENTS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

 
OPENROOM EVENTS LTD
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
OPENROOM EVENTS LTD
REGISTERED NUMBER:05304988

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
123,680
24,862

Current assets
  

Debtors: amounts falling due within one year
 5 
719,435
583,935

Cash at bank and in hand
  
1,590,090
605,738

  
2,309,525
1,189,673

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(878,370)
(401,215)

Net current assets
  
 
 
1,431,155
 
 
788,458

Total assets less current liabilities
  
1,554,835
813,320

Provisions for liabilities
  

Deferred tax
  
(23,499)
-

Net assets
  
1,531,336
813,320


Capital and reserves
  

Called up share capital 
  
118
100

Profit and loss account
  
1,531,218
813,220

  
1,531,336
813,320


Page 1

 
OPENROOM EVENTS LTD
REGISTERED NUMBER:05304988
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 March 2022.




F M B Horan
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
OPENROOM EVENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Openroom Events Limited is a company which is incorporated in England and Wales and the registered office is Unit 2C, 36-37 Warple Way, London, W3 0RG.
The principal activity of the company continued to be that of event organisation.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Turnover

Turnover is measured at the fair value of amounts receivable in respect of services provided in the
year, net of trade discounts and excluding value added tax. The company recognises revenue from
services is when the event takes place.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 3

 
OPENROOM EVENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.5

Pensions

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge 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 reporting 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 Statement of Financial Position 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 reporting date.

Page 4

 
OPENROOM EVENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
Fixtures, fittings and equipment
-
25%
reducing balance

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.

 
2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 5

 
OPENROOM EVENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties. 
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method. 
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2020 - 13).

Page 6

 
OPENROOM EVENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£



Cost or valuation


At 1 January 2021
-
42,125
42,125


Additions
110,463
6,904
117,367


Disposals
-
(6,724)
(6,724)



At 31 December 2021

110,463
42,305
152,768



Depreciation


At 1 January 2021
-
17,263
17,263


Charge for the year on owned assets
9,160
5,783
14,943


Disposals
-
(3,118)
(3,118)



At 31 December 2021

9,160
19,928
29,088



Net book value



At 31 December 2021
101,303
22,377
123,680



At 31 December 2020
-
24,862
24,862

Page 7

 
OPENROOM EVENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Debtors

2021
2020
£
£


Trade debtors
531,531
58,680

Other debtors
26,519
364,550

Prepayments and accrued income
161,385
160,705

719,435
583,935



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
3,009
563

Other taxation and social security
202,764
25,192

Other creditors
14,210
4,591

Accruals and deferred income
658,387
370,869

878,370
401,215



7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,133 (2020 - £5,058).


8.


Controlling party

The directors regard Openroom Holdings Limited, a company registered in England and Wales, as the ultimate parent undertaking. 

 
Page 8