REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Open Trading Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Open Trading Limited |
Open Trading Limited (Registered number: 10969858) |
Contents of the Financial Statements |
for the Year Ended 30 APRIL 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Open Trading Limited |
Company Information |
for the Year Ended 30 APRIL 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 2C, Brosnan House |
175 Darkes Lane |
Potters Bar |
Hertfordshire |
EN6 1BW |
Open Trading Limited (Registered number: 10969858) |
Balance Sheet |
30 APRIL 2023 |
30.4.23 | 30.4.22 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 4 |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Open Trading Limited (Registered number: 10969858) |
Notes to the Financial Statements |
for the Year Ended 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
Open Trading Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Stocks |
Stocks are valued at the lower of cost and net realisable value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | STOCKS |
30.4.23 | 30.4.22 |
£ | £ |
Stock of properties |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Other debtors |
Deposits paid | 90,269 | 65,403 |
Amounts due on completion | - | 514,849 |
Open Trading Limited (Registered number: 10969858) |
Notes to the Financial Statements - continued |
for the Year Ended 30 APRIL 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Tax |
Other creditors |
Sundry loans | - | 78,000 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans (see note 8) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 229,121 | - |
8. | LOANS |
An analysis of the maturity of loans is given below: |
30.4.23 | 30.4.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 229,121 | - |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans |
The bank loans are secured by a fixed charge over the company's properties. |
Open Trading Limited (Registered number: 10969858) |
Notes to the Financial Statements - continued |
for the Year Ended 30 APRIL 2023 |
10. | RELATED PARTY DISCLOSURES |
Other creditors is an amount of £2,936,245 due to Open Property Finance Limited, a company of which Mr Harris-Cohen, Mr Cove and Mrs Cove are directors and shareholders. |
Other debtors includes an amount of £96,171 due from Open Trading Two Limited, a company of which Mr Harris-Cohen, Mr Cove and Mrs Cove are directors and shareholders. |
During the year, the company sold properties at market value of £258,000 to Open Trading Two Limited. |
The administration charge of £30,000 in the Trading and Profit and Loss Account was charged by Landlord Buyer Limited, a company under common control. |
Expenditure in the Trading and Profit and Loss Account includes wages of £400,242 and advertising of £490,610 that are recharged expenses from Open Property Finance Limited. |
Expenditure in the Trading and Profit and Loss Account includes wages of £115,048 that are recharged expenses from Landlord Buyer Limited, a wholly owned subsidiary of Open Property Finance Limited. |
Expenditure in the Trading and Profit and Loss Account includes wages of £51,060 that are recharged expenses from Move Places Limited, a company of which Mr Harris-Cohen, Mr Cove and Mrs Cove are directors and shareholders. |
Loan interest of £437,837 was charged by Open Property Finance Limited. |