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Registered number: 08381631









OPENARCH PROPERTIES LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
OPENARCH PROPERTIES LIMITED
REGISTERED NUMBER: 08381631

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
61,087
66,876

Investments
 5 
18,624,248
18,624,248

  
18,685,335
18,691,124

CURRENT ASSETS
  

Stocks
  
8,752
53,439

Debtors: amounts falling due within one year
 6 
36,334,102
35,538,003

Cash at bank and in hand
  
1,708,505
1,691,202

  
38,051,359
37,282,644

Creditors: amounts falling due within one year
 7 
(2,580,685)
(2,007,662)

NET CURRENT ASSETS
  
 
 
35,470,674
 
 
35,274,982

TOTAL ASSETS LESS CURRENT LIABILITIES
  
54,156,009
53,966,106

Creditors: amounts falling due after more than one year
 8 
(33,964,962)
(34,340,590)

Deferred tax
 9 
-
(15,217)

NET ASSETS
  
20,191,047
19,610,299


CAPITAL AND RESERVES
  

Called up share capital 
 10 
181,597
181,597

Merger relief reserve
  
18,592,501
18,592,501

Profit and loss account
  
1,416,949
836,201

  
20,191,047
19,610,299


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.

Page 1

 
OPENARCH PROPERTIES LIMITED
REGISTERED NUMBER: 08381631
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 October 2023.




M J Horan
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

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

1.


GENERAL INFORMATION

OpenArch Properties 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 property management company predominantly providing services to its property-owning subsidiary companies in 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 Company. 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.

Page 3

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Turnover comprises revenue recognised by the Company in respect of management and administrative services supplied to subsidiary and related companies and tenants during the year, exclusive of Value Added Tax and trade discounts. Revenue is recognised as the fair value of the consideration received or receivable and is recognised on the date that the contracted services are performed.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

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 the Profit and Loss Account when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

INTEREST INCOME

Interest income comprises amounts charged to group undertakings during the year on outstanding balances and is recognised in the Profit and Loss Account using the effective interest method.

 
2.8

INTEREST EXPENSE

interest expendifure is charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

Page 4

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

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 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.

 
2.10

DIVIDENDS

Equity dividends are recognised when they become legally payable.

 
2.11

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, using both the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
straight line

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.

Page 5

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

STOCKS

Stocks are stated at cost and includes parts and consumables held for use in the upkeep of the investment properties.

 
2.14

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.15

CASH AT BANK AND IN HAND

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.16

CREDITORS

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.

 
2.17

HEDGE ACCOUNTING

The Company uses interest rate swaps and interest cap spreads to manage its exposure to interest rate risk on its long-term mortgage loans. These derivatives are measured at fair value at each balance sheet date.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 33 (2022 - 32).

Page 6

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

4.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



COST OR VALUATION


At 1 April 2022
5,209
115,491
134,207
254,907


Additions
-
-
18,065
18,065



At 31 March 2023

5,209
115,491
152,272
272,972



DEPRECIATION


At 1 April 2022
4,667
82,199
101,165
188,031


Charge for the year on owned assets
299
8,323
15,232
23,854



At 31 March 2023

4,966
90,522
116,397
211,885



NET BOOK VALUE



At 31 March 2023
243
24,969
35,875
61,087



At 31 March 2022
542
33,292
33,042
66,876


5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 1 April 2022
18,624,248



At 31 March 2023
18,624,248




Page 7

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

6.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade debtors
22,321
39,961

Amounts owed by group undertakings
35,164,690
35,282,990

Other debtors
28,862
127,066

Prepayments
87,769
87,986

Financial instruments
1,030,460
-

36,334,102
35,538,003



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
816
816

Bank loans
224,783
224,783

Trade creditors
245,844
112,890

Corporation tax
200,597
70,540

Other taxation and social security
59,320
50,412

Obligations under finance lease and hire purchase contracts
2,374
2,375

Other creditors
1,322,029
1,218,115

Accruals and deferred income
524,922
327,731

2,580,685
2,007,662


Bank loans are secured on investment properties owned by the Company's subsidiaries; OpenArch Greenside Limited, OpenArch Estates Limited and OpenArch Towerview Limited.
Finance leases are secured on the assets concerned.
Other creditors include contributions of £8,098 (2022 - £6,007) payable to the Company's defined contribution pension scheme at the balance sheet date.

Page 8

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

8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
26,287,860
26,366,568

Other loans
7,677,102
7,970,856

Obligations under finance leases and hire purchase contracts
-
3,166

33,964,962
34,340,590


Bank loans are secured on investment properties owned by the Company's subsidiaries; OpenArch Greenside Limited, OpenArch Estates Limited and OpenArch Towerview Limited.
Finance leases are secured on the assets concerned.


9.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
15,217
14,857


(Credited)/charged to profit or loss
(15,217)
360



AT END OF YEAR
-
15,217

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
-
16,719

Short term timing differences
-
(1,502)

-
15,217


10.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



181,597 (2022 - 181,597) Ordinary shares of £1 each
181,597
181,597


Page 9

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

11.FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies that are not included in the balance sheet amount to £89,239 (2022 - £73,184).


12.


TRANSACTIONS WITH DIRECTORS

As at 31 March 2023 £NIL (2022 - £4,760) was due from J P Whitfield, director, which is included within other debtors. This loan bears interest at a rate of 2.25% per annum over the Bank of England Base Rate and is repayable on demand.
As at 31 March 2023 £4,760 (2022 - £4,760) was due from J A Bridgeman, director, which is included within other debtors. This loan bears interest at a rate of 2.25% per annum over the Bank of England Base Rate and is repayable on demand.


13.


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 10