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REGISTERED NUMBER: 10249841 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

OPEN DEVELOPMENT INVEST O.D.I LIMITED

OPEN DEVELOPMENT INVEST O.D.I LIMITED (REGISTERED NUMBER: 10249841)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OPEN DEVELOPMENT INVEST O.D.I LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2022







Director: Mr M Bouhadba





Secretary: Vistra Cosec Limited





Registered office: Suite 1, 7th Floor
50 Broadway
London
SW1H 0BL





Registered number: 10249841 (England and Wales)






OPEN DEVELOPMENT INVEST O.D.I LIMITED (REGISTERED NUMBER: 10249841)

BALANCE SHEET
30 JUNE 2022

30/6/22 30/6/21
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,762 -
Investments 5 122,393 105,129
124,155 105,129

CURRENT ASSETS
Debtors 6 1,050,854 1,718

CREDITORS
Amounts falling due within one year 7 (1,101,394 ) (60,735 )
NET CURRENT LIABILITIES (50,540 ) (59,017 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,615

46,112

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 73,614 46,111
SHAREHOLDERS' FUNDS 73,615 46,112

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 January 2024 and were signed by:





Mr M Bouhadba - Director


OPEN DEVELOPMENT INVEST O.D.I LIMITED (REGISTERED NUMBER: 10249841)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

1. STATUTORY INFORMATION

Open Development Invest O.D.I Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The Company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Open Development Invest O.D.I Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and any impairment losses. Depreciation is charged to profit or loss over the estimated useful economic lives, as follows:

- Plant & machinery: 5 years on a straight line basis

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

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.

OPEN DEVELOPMENT INVEST O.D.I LIMITED (REGISTERED NUMBER: 10249841)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

2. ACCOUNTING POLICIES - continued

Foreign currencies
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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
Additions 2,202
At 30 June 2022 2,202
Depreciation
Charge for year 440
At 30 June 2022 440
Net book value
At 30 June 2022 1,762

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
Cost
At 1 July 2021 64,459 40,670 105,129
Additions 17,264 - 17,264
At 30 June 2022 81,723 40,670 122,393
Net book value
At 30 June 2022 81,723 40,670 122,393
At 30 June 2021 64,459 40,670 105,129

OPEN DEVELOPMENT INVEST O.D.I LIMITED (REGISTERED NUMBER: 10249841)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

5. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Branding Corporation Investment Limited
Registered office: Suite 1, 7th Floor, 50 Broadway, London, SW1H 0BL
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 100.00

MGI Fitness International Limited
Registered office: Third Floor, 207 Regent Street, London, W1B 3HH
Nature of business: Fitness facilities
%
Class of shares: holding
Ordinary 51.00

VR 22 (previously Gestion FF)
Registered office: 78 Avenue des Champs Elysees, 75008 Paris, France
Nature of business: Fitness industry
%
Class of shares: holding
Ordinary 100.00

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/22 30/6/21
£    £   
Amounts owed by group undertakings 1,050,854 1,717
Called up share capital not paid - 1
1,050,854 1,718

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/22 30/6/21
£    £   
Trade creditors - 7,835
Tax 9,978 -
Other creditors 1,052,365 46,600
Directors' loan accounts 32,544 -
Accrued expenses 6,507 6,300
1,101,394 60,735

8. RELATED PARTY DISCLOSURES

As at the balance sheet date, the company owed the director £32,544 (2021: £3,991). This amount is included within Creditors. The director's loan account is unsecured, interest free and repayable on demand.

During the year, a subsidiary undertaking made payments on behalf of the company totalling £988,046 (2021: £226,445) and received income on behalf of the company totalling £45,517 (2021: £208,946). As at the balance sheet date, the company owed the subsidiary undertaking £1,052,365 (2021: £42,609). This amount is included within Other Creditors. This amount is unsecured, non-interest bearing and is repayable on demand.

As at the balance sheet date, the company owed £1,050,854 (2021: £1,717) to other subsidiaries. These amounts are included in debtors and are unsecured, non-interest bearing and are repayable on demand.