Open Junction Networks Limited
Unaudited Financial Statements
For the year ended 30 June 2023
Pages for Filing with Registrar
Company Registration No. 08098773 (England and Wales)
Open Junction Networks Limited
Company Information
Directors
Ms H Millard
Mr N Grinstead
Company number
08098773
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Open Junction Networks Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Open Junction Networks Limited
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
283
661
Current assets
Debtors
4
2,905
6,308
Cash at bank and in hand
1,293
4,845
4,198
11,153
Creditors: amounts falling due within one year
5
(19,404)
(26,729)
Net current liabilities
(15,206)
(15,576)
Total assets less current liabilities
(14,923)
(14,915)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(15,023)
(15,015)
Total equity
(14,923)
(14,915)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
Open Junction Networks Limited
Balance Sheet (Continued)
As at 30 June 2023
Page 2
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
Mr N Grinstead
Director
Company Registration No. 08098773
Open Junction Networks Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 3
1
Accounting policies
Company information
Open Junction Networks Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net liabilities of £true14,923 (2022: £14,915) and made a loss in the year of £8 (2022: £11,139).
At the time of approval the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months following the approval of these financial statements. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
Computer equipment
3 years straight line
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
Open Junction Networks Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 4
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of employees (including directors) employed by the company during the year was :
2023
2022
Number
Number
Total
6
Open Junction Networks Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
9,994
Disposals
(8,861)
At 30 June 2023
1,133
Depreciation and impairment
At 1 July 2022
9,333
Depreciation charged in the year
378
Eliminated in respect of disposals
(8,861)
At 30 June 2023
850
Carrying amount
At 30 June 2023
283
At 30 June 2022
661
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
294
1,200
Corporation tax recoverable
1,996
1,996
Other debtors
4
-
Prepayments and accrued income
611
3,112
2,905
6,308
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,768
2,074
Corporation tax
87
Other taxation and social security
3,906
Other creditors
15,649
18,549
Accruals and deferred income
900
2,200
19,404
26,729
Open Junction Networks Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 6
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
7
Related party transactions
Loans to directors
Included within other creditors is an amount of £8,255 (2022: £11,635) owed to Mr N Grinstead and £7,394 (2022: £6,760) owed to Ms H Millard, the directors.