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Registered number: 05276391










OPENCFD LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022
 


 
OPENCFD LIMITED
 

COMPANY INFORMATION


Directors
C R Regnier 
O Zorgati 
ESI Group 




Company secretary
F Mendonca



Registered number
05276391



Registered office
Unit 6
The Courtyard

Eastern Road

Bracknell

Berkshire

RG12 2XB




Independent auditors
Richardsons
Chartered Accountants and Statutory Auditors

30 Upper High Street

Thame

Oxfordshire

OX9 3EZ





 
OPENCFD LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 7
Statement of Comprehensive Income
 
8
Balance Sheet
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 20


 
OPENCFD LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
OpenCFD Ltd, owner of the OpenFOAM Trademark, is a wholly owned subsidiary of ESI Group. 
ESI Group is the world’s foremost creator of Virtual Prototyping software and services. Specializing in the physics of materials, ESI Group has developed unique expertise to help industrial players replace physical prototypes with virtual ones, thus making it possible to virtually manufacture and test the products of the future, ensuring pre-certification. Used together with latest-generation technologies, today Virtual Prototyping is part of an overarching approach to the Product Performance LifecycleTM (PPL), which addresses products’ operating performance throughout its useful lifecycle, from rollout to withdrawal. The creation of Hybrid TwinTM incorporating simulation, physics and data analysis makes it possible to create smart products, particularly using connected objects, as well as to predict their performance and anticipate their maintenance requirements. 
ESI Group is a French company listed in compartment B of NYSE Euronext Paris. It is the parent company of some 30 subsidiaries operating throughout the world. Present in more than 40 countries, and addressing every major industrial sector, ESI Group employs about 1200 high-level specialists around the world.

Business review
 
OpenCFD Limited produces the OpenFOAM® open source CFD toolbox and distributes freely via www.openfoam.com.
It continues to focus on three activities related to this OpenFOAM business:
1. Software development – Fixed cost based on specific deliverables
2. Support: Offer starts at minimum 40 hrs per year
3. Public and customer on site training. The yearly schedule is available on web

Principal risks and uncertainties
 
From a commercial perspective the nature of the business means it is responding to ad hoc demand from its main customers on a long business cycle (3-6 months to close opportunities). It remains vulnerable to the economic situation and investment from major industrial companies. However, such risk is inherent in the industry sector and remains unchanged when compared with previous years.
As of today the main uncertainties remain the impacts of the Brexit and of the Covid-19 pandemic.
The resilience of our business model solidly anchored on renewable and critical software licenses will help us manage risks. There are currently no doubts about the Company’s ability to continue as a going concern, we see no threat of the Company not being able to realize its assets and therefore also see no additional risk for its suppliers and employees.

An analysis of the business using KPI's
 
OpenCFD Limited activity decreased in 2022 as compared with the previous year, actual revenue amounts to 402kGBP as compared with 944kGBP in 2021. 
The loss for the year to December 2022 amounts to - 533kGBP, compared with -60kGBP  in 2021.

Page 1

 
OPENCFD LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

The future development of the business
 
The industrial market is deeply changing while new challenges appear for its players. Draconian regulations, disruptive technologies (Artificial Intelligence, big data, Internet of Things…), competition more and more numerous, shorter time to market, constrain industrial players to change and to look to really competitive and performing partners. For OpenCFD Limited and its customers, this highlights more than ever the clear need for Virtual Prototyping. With Virtual Prototyping, manufacturing industries have the means necessary to rise to the foremost industrial challenge: delivering innovative products at a lower cost, more quickly, with greater reliability, while ensuring their lifetime in a transformation of the economy to focus more on the experience (“the Outcome Economy”).


This report was approved by the board and signed on its behalf.





O Zorgati
Director

Date: 3 November 2023

Page 2

 
OPENCFD LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The Directors present their report and the financial statements for the Year ended 31 December 2022.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, 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 judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 2006They 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.

Results and dividends

The loss for the Year, after taxation, amounted to £489,953 (2021 - profit £8,389).

No dividends were taken or proposed in the year.

Directors

The Directors who served during the Year were:

C R Regnier 
O Zorgati 
ESI Group 

Future developments

The future opportunities will be driven by aggressive marketing. The OpenFOAM software has been well accepted by the community and requires global resources close to customers. The deployment of application solutions in automotive industry driven by ESI Visual CFD process will be one of the key means of increasing revenue.

Page 3

 
OPENCFD LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

Auditors

The auditorsRichardsonswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





O Zorgati
Director

Date: 3 November 2023

Page 4

 
OPENCFD LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OPENCFD LIMITED
 

Opinion


We have audited the financial statements of OpenCFD Limited (the 'Company') for the Year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its loss for the Year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
OPENCFD LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OPENCFD LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial Year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
OPENCFD LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OPENCFD LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of the company's staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jemima King (Senior Statutory Auditor)
  
for and on behalf of
Richardsons
 
Chartered Accountants and Statutory Auditors
  
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ

3 November 2023
Page 7

 
OPENCFD LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
  
402,013
944,540

Cost of sales
  
(302,921)
(339,132)

Gross profit
  
99,092
605,408

Administrative expenses
  
(620,250)
(664,913)

Operating loss
 3 
(521,158)
(59,505)

Interest payable and similar expenses
 6 
(16,791)
-

Loss before tax
  
(537,949)
(59,505)

Tax on loss
 7 
47,996
67,894

(Loss)/profit for the financial Year
  
(489,953)
8,389

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 11 to 20 form part of these financial statements.

Page 8

 
OPENCFD LIMITED
REGISTERED NUMBER: 05276391

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 8 
4,108
5,452

  
4,108
5,452

Current assets
  

Debtors: amounts falling due within one year
 9 
362,557
748,463

Cash at bank and in hand
 10 
103,039
84,898

  
465,596
833,361

Creditors: amounts falling due within one year
 11 
(1,656,541)
(1,535,697)

Net current liabilities
  
 
 
(1,190,945)
 
 
(702,336)

Total assets less current liabilities
  
(1,186,837)
(696,884)

  

Net liabilities
  
(1,186,837)
(696,884)


Capital and reserves
  

Called up share capital 
 13 
1
1

Profit and loss account
  
(1,186,838)
(696,885)

  
(1,186,837)
(696,884)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




O Zorgati
Director

Date: 3 November 2023

The notes on pages 11 to 20 form part of these financial statements.

Page 9

 
OPENCFD LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE 11 MONTHS ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2021
1
(705,274)
(705,273)



Profit for the year
-
8,389
8,389



At 1 January 2022
1
(696,885)
(696,884)



Loss for the Year
-
(489,953)
(489,953)


At 31 December 2022
1
(1,186,838)
(1,186,837)


The notes on pages 11 to 20 form part of these financial statements.

Page 10

 
OPENCFD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

OpenCFD Limited is a private company, limited by share capital and incorporated in England and Wales. The registered office and principal place of business is Suite 1B, Braccans, London Road, Bracknell, Berkshire, RG12 2XH.
The principal activity of the Company is software development, support and training.

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 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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of ESI Group SA as at 31 January 2020 and these financial statements may be obtained from 100 Avenue de Suffren, 75015, Paris, France.

 
2.3

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.  
The ultimate parent company, ESI Group SA has confirmed it will continue to make funds available for the foreseeable future in order for the Company to meet its liabilities as they fall due.

Page 11

 
OPENCFD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
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 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 revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

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 the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
3 - 7 years
Computer equipment
-
3 - 5 years
Other fixed assets
-
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.

 
2.6

Debtors

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.

 
2.7

Cash and cash equivalents

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.

Page 12

 
OPENCFD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Financial instruments

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

 
2.9

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.

 
2.10

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.

 
2.11

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Operating leases

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

 
2.13

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
OPENCFD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.14

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 balance sheet 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 Balance Sheet.

 
2.15

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.


3.


Operating loss

The operating loss is stated after charging:

2022
2021
£
£

Depreciation of tangible fixed assets
1,344
3,614

Exchange differences
17,706
(786)

Other operating lease rentals
53,254
63,095

Defined contribution pension cost
19,126
19,079

Fees paid to the Company's auditor and its associates for the audit of the Company's annual financial statements
-
6,650

Page 14

 
OPENCFD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2022
2021
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements

-
6,650

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


5.


Employees

Staff costs were as follows:


2022
2021
£
£

Wages and salaries
383,112
396,292

Social security costs
48,300
46,380

Cost of defined contribution scheme
19,126
19,079

450,538
461,751


The average monthly number of employees, including the Directors, during the year was as follows:


        2022
        2021
            No.
            No.







Employees
4
2



Directors
3
3

7
5


6.


Interest payable and similar expenses

2022
2021
£
£


IC Interests expense on partners' current accounts
16,791
-

16,791
-

Page 15

 
OPENCFD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
(79,097)
(44,207)

Adjustments in respect of previous periods
44,207
-


(34,890)
(44,207)


Total current tax
(34,890)
(44,207)

Deferred tax


Origination and reversal of timing differences
(64,680)
1,263

Changes to tax rates
51,574
(24,950)

Total deferred tax
(13,106)
(23,687)


Taxation on loss on ordinary activities
(47,996)
(67,894)

Factors affecting tax charge for the year/year

The tax assessed for the year is the same as (2021 - the same as) the standard rate of corporation tax in the UK of 19% (2021 - 19%) as set out below:

2022
2021
£
£


Loss on ordinary activities before tax
(537,949)
(59,504)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(102,210)
(11,306)

Effects of:


Adjustments to tax charge in respect of prior periods
44,207
(44,207)

Adjust closing deferrred tax to average rate of 25%
(15,524)
-

Adjustments to tax charge in respect of prior periods - deferred tax
51,574
-

Other differences leading to an increase (decrease) in the tax charge
(78,271)
(24,646)

Group relief
52,228
12,265

Total tax charge for the Year
(47,996)
(67,894)

Page 16

 
OPENCFD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
7.Taxation (continued)


Factors that may affect future tax charges

The main rate of corporation tax rose from 19% to 25% on 1 April 2023. On this basis deferred tax is provided at the future rate of 25%.


8.


Tangible fixed assets





Plant and machinery
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2022
1,747
118,436
44,055
164,238



At 31 December 2022

1,747
118,436
44,055
164,238



Depreciation


At 1 January 2022
1,148
113,583
44,055
158,786


Charge for the Year on owned assets
106
1,238
-
1,344



At 31 December 2022

1,254
114,821
44,055
160,130



Net book value



At 31 December 2022
493
3,615
-
4,108



At 31 December 2021
599
4,853
-
5,452

Page 17

 
OPENCFD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Debtors

2022
2021
£
£


Trade debtors
4,896
14,928

Amounts owed by group undertakings
155,046
554,246

Other debtors
65,871
55,629

Prepayments and accrued income
20,941
20,963

Tax recoverable
75,175
-

Deferred taxation
40,628
102,697

362,557
748,463



10.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
103,039
84,898

103,039
84,898



11.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
110,741
99,038

Amounts owed to group undertakings
1,449,424
1,358,385

Other taxation and social security
11,815
11,911

Other creditors
11,615
63,546

Accruals and deferred income
72,946
2,817

1,656,541
1,535,697



12.


Deferred taxation




2022
2021


£

£






At beginning of year
102,697
79,010


Charged to profit or loss
(62,069)
23,687



At end of year
40,628
102,697

Page 18

 
OPENCFD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
12.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2022
2021
£
£


Accelerated capital allowances
1,519
1,319

Tax losses carried forward
107,124
101,362

Other differences
(75,175)
-

Short term timing differences
7,160
16

40,628
102,697


13.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares of £0.01 each
1
1



14.


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 £19,126 (2021 - £19,079). There were £nil outstanding at the period end (2021 - £nil).


15.


Operating lease commitments

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
21,604
-

21,604
-


16.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 section 33.1A not to disclose transactions with 100% owned group companies. 
No Directors received any remuneration in the current or prior years.

Page 19

 
OPENCFD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

17.


Controlling party

The ultimate parent of the Company and controlling party was ESI Group SA, a company incorporated in France. Consolidated accounts are available from ESI Group SA, 100 Avenue de Suffren, 75015, Paris, France.

Page 20