Company registration number 03943999 (England and Wales)
OPEN CREDO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
OPEN CREDO LIMITED
COMPANY INFORMATION
Directors
Mrs N S Watt
Mr J Bowkett
Mr D W Reynolds
Company number
03943999
Registered office
5-11 Lavington Street
London
SE1 0NZ
Auditor
HJS Chartered Accountants
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
OPEN CREDO LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
OPEN CREDO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,518
4
2,950,650
2,952,172
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
348,869
348,869
Dividends
-
-
(1,453,547)
(1,453,547)
Balance at 31 December 2022
1,518
4
1,845,972
1,847,494
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
1,049,755
1,049,755
Dividends
-
-
(80,000)
(80,000)
Balance at 31 December 2023
1,518
4
2,815,727
2,817,249
OPEN CREDO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
49,153
29,730
Current assets
Debtors
5
1,701,527
1,099,905
Cash at bank and in hand
2,015,909
1,166,155
3,717,436
2,266,060
Creditors: amounts falling due within one year
6
(937,051)
(440,864)
Net current assets
2,780,385
1,825,196
Total assets less current liabilities
2,829,538
1,854,926
Provisions for liabilities
(12,289)
(7,432)
Net assets
2,817,249
1,847,494
Capital and reserves
Called up share capital
1,518
1,518
Capital redemption reserve
4
4
Profit and loss reserves
2,815,727
1,845,972
Total equity
2,817,249
1,847,494
OPEN CREDO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 31 January 2024 and are signed on its behalf by:
Mrs N S Watt
Director
Company Registration No. 03943999
OPEN CREDO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Open Credo Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5-11 Lavington Street, London, SE1 0NZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 

Turnover is recognised depending on the terms of the contract:

 

Fixed price contract

Where the contract is agreed at a fixed price, this is billed monthly in arrears to the customer. Where the company has invoiced more or less against the contract, the income is deferred / accrued accordingly and this mostly occurs on support contracts.

 

Time and materials

Where the contract is for time and materials, income is recognised based on the work in progress to date and actual hours billed against the relevant project. Where this is yet to be invoiced, it is included as accrued income.

1.3
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 bases:

Leasehold improvements
33% straight line
Fixtures, fittings & equipment
33% straight line
Computer equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

OPEN CREDO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

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 enters into Basic financial instrument transactions.

 

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

OPEN CREDO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

 

Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
32
30
OPEN CREDO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
152,721
163,532
316,253
Additions
-
0
41,993
41,993
Disposals
(36,974)
(9,516)
(46,490)
At 31 December 2023
115,747
196,009
311,756
Depreciation and impairment
At 1 January 2023
148,524
137,999
286,523
Depreciation charged in the year
1,945
20,245
22,190
Eliminated in respect of disposals
(36,594)
(9,516)
(46,110)
At 31 December 2023
113,875
148,728
262,603
Carrying amount
At 31 December 2023
1,872
47,281
49,153
At 31 December 2022
4,197
25,533
29,730
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
718,568
667,786
Corporation tax recoverable
495,974
182,518
Amounts owed by group undertakings
307,370
33,862
Other debtors
179,615
215,739
1,701,527
1,099,905
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
322,409
97,246
Corporation tax
136,591
-
0
Other taxation and social security
330,585
216,673
Other creditors
147,466
126,945
937,051
440,864
OPEN CREDO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Statutory Auditor:
HJS Chartered Accountants
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
513,810
624,450
9
Related party transactions

During the year the company made sales to Erlang Solutions Limited, a company owned by Trifork Holding AG, totalling £3,432,000 (2022: £3,137,204). At the year end Erlang Solutions Limited owed the company £343,200 (2022: £316,800).

 

The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

10
Parent company

The parent company is Trifork Limited and the ultimate parent company is Trifork Holding AG. The company is included within the consolidated financial statements of Trifork Holding AG, which is the smallest and largest group to consolidate the results of the company. The consolidated financial statements are publicly available from Neuhofstrasse 8, Schindellegi 8834, Switzerland.

2023-12-312023-01-01false31 January 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMrs N S WattMr J BowkettMr D W Reynoldsfalse039439992023-01-012023-12-3103943999bus:Director12023-01-012023-12-3103943999bus:Director22023-01-012023-12-3103943999bus:Director32023-01-012023-12-3103943999bus:RegisteredOffice2023-01-012023-12-3103943999core:ShareCapital2021-12-3103943999core:CapitalRedemptionReserve2021-12-3103943999core:RetainedEarningsAccumulatedLosses2021-12-3103943999core:ShareCapital2022-12-3103943999core:CapitalRedemptionReserve2022-12-3103943999core:RetainedEarningsAccumulatedLosses2022-12-31039439992022-12-3103943999core:ShareCapital2023-12-3103943999core:CapitalRedemptionReserve2023-12-3103943999core:RetainedEarningsAccumulatedLosses2023-12-31039439992023-12-3103943999core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31039439992022-01-012022-12-3103943999core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103943999core:LandBuildings2023-12-3103943999core:OtherPropertyPlantEquipment2023-12-3103943999core:LandBuildings2022-12-3103943999core:OtherPropertyPlantEquipment2022-12-3103943999core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103943999core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103943999core:CurrentFinancialInstruments2023-12-3103943999core:CurrentFinancialInstruments2022-12-3103943999core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3103943999core:FurnitureFittings2023-01-012023-12-3103943999core:ComputerEquipment2023-01-012023-12-3103943999core:LandBuildings2022-12-3103943999core:OtherPropertyPlantEquipment2022-12-31039439992022-12-3103943999core:LandBuildings2023-01-012023-12-3103943999core:OtherPropertyPlantEquipment2023-01-012023-12-3103943999core:WithinOneYear2023-12-3103943999core:WithinOneYear2022-12-3103943999bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103943999bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103943999bus:FRS1022023-01-012023-12-3103943999bus:Audited2023-01-012023-12-3103943999bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP