REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
FOR |
OPEN DEVELOPMENT INVEST O.D.I LIMITED |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
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 |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
Cost |
Additions |
At 30 June 2022 |
Depreciation |
Charge for year |
At 30 June 2022 |
Net book value |
At 30 June 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Cost |
At 1 July 2021 | 105,129 |
Additions | 17,264 |
At 30 June 2022 | 122,393 |
Net book value |
At 30 June 2022 | 122,393 |
At 30 June 2021 | 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: |
Registered office: Suite 1, 7th Floor, 50 Broadway, London, SW1H 0BL |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Third Floor, 207 Regent Street, London, W1B 3HH |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 78 Avenue des Champs Elysees, 75008 Paris, France |
Nature of business: |
% |
Class of shares: | holding |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/22 | 30/6/21 |
£ | £ |
Amounts owed by group undertakings |
Called up share capital not paid |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/22 | 30/6/21 |
£ | £ |
Trade creditors |
Tax |
Other creditors | 1,052,365 | 46,600 |
Directors' loan accounts | 32,544 | - |
Accrued expenses |
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. |