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Registered number: 11304459









OPENARCH HOLDINGS LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
OPENARCH HOLDINGS LIMITED
REGISTERED NUMBER: 11304459

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Investments
 4 
35,901,699
35,901,699

Creditors: amounts falling due within one year
 5 
(4,748,664)
(4,748,664)

NET ASSETS
  
31,153,035
31,153,035


CAPITAL AND RESERVES
  

Called up share capital 
 6 
1,349
1,349

Merger relief reserve
  
31,151,686
31,151,686

  
31,153,035
31,153,035


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 profit and loss account 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 by: 




M J Horan
Director

Date: 6 October 2023

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
OPENARCH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

OpenArch Holdings Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is The Grange, Market Street, Swavesey, Cambridge, Cambridgeshire, CB24 4QG.
The Company's functional and presentational currency is GBP.

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

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

GOING CONCERN

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment the directors have considered the Company’s financial resources at the time of approving the financial statements, as well as anticipated future activity and financial results.
The global uncertainty caused by the turbulent socio-economic environment and subsequent general economic downturn has not had a significant negative impact on the Company since it operates as a holding company at the top of the OpenArch Group. However, the general economic downturn has had a negative impact on many of the Group's tenants across all rental sectors; commercial, residential and student. Despite this, occupancy remains high and efforts are being made to mitigate against cost increases. During the year a number of hedging arrangements have been entered into mitigating the risk of rising interest rates. These provide the directors with further comfort over the ongoing continuance of the Group. The directors have assessed the Company's liquidity requirements and are confident sufficient working capital is available to support any downturn in cash collection from tenants. The directors regularly review the liquidity position in order to safeguard the business during the current uncertainty and beyond.
On the basis of their review and given the Company’s strong net asset and cash position the directors believe they are well placed to manage the Company's business risks successfully in the current economic climate and remain satisfied that the going concern assessment is appropriate.

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue comprises income from shares in group undertakings, in the form of dividend income. Dividend income is recognised when they become legally payable.

Page 2

 
OPENARCH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

CREDITORS

Short term creditors are measured at the transaction price.

 
2.7

DIVIDENDS

Equity dividends are recognised when they become legally payable.


3.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


4.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



VALUATION


At 1 April 2022
35,901,699



At 31 March 2023

35,901,699



NET BOOK VALUE



At 31 March 2023
35,901,699



At 31 March 2022
35,901,699


5.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Amounts owed to group undertakings
4,748,664
4,748,664

4,748,664
4,748,664


Page 3

 
OPENARCH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



13,493,196 (2022 - 13,493,196) Ordinary shares of £0.0001 each
1,349
1,349



7.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 6 October 2023 by Warren Tilbury (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.

Page 4