Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31Construction of utility projects for electricity and telecommunications2022-06-01false11truetrue 13470538 2022-06-01 2022-12-31 13470538 2022-01-01 2022-05-31 13470538 2022-12-31 13470538 2022-05-31 13470538 c:Director1 2022-06-01 2022-12-31 13470538 d:PlantMachinery 2022-06-01 2022-12-31 13470538 d:PlantMachinery 2022-12-31 13470538 d:PlantMachinery 2022-05-31 13470538 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2022-12-31 13470538 d:FurnitureFittings 2022-06-01 2022-12-31 13470538 d:FurnitureFittings 2022-12-31 13470538 d:FurnitureFittings 2022-05-31 13470538 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2022-12-31 13470538 d:OtherPropertyPlantEquipment 2022-06-01 2022-12-31 13470538 d:OtherPropertyPlantEquipment 2022-12-31 13470538 d:OtherPropertyPlantEquipment 2022-05-31 13470538 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-06-01 2022-12-31 13470538 d:OwnedOrFreeholdAssets 2022-06-01 2022-12-31 13470538 d:CurrentFinancialInstruments 2022-12-31 13470538 d:CurrentFinancialInstruments 2022-05-31 13470538 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13470538 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 13470538 d:ShareCapital 2022-12-31 13470538 d:ShareCapital 2022-05-31 13470538 d:RetainedEarningsAccumulatedLosses 2022-12-31 13470538 d:RetainedEarningsAccumulatedLosses 2022-05-31 13470538 c:OrdinaryShareClass1 2022-06-01 2022-12-31 13470538 c:OrdinaryShareClass1 2022-12-31 13470538 c:OrdinaryShareClass1 2022-05-31 13470538 c:FRS102 2022-06-01 2022-12-31 13470538 c:Audited 2022-06-01 2022-12-31 13470538 c:FullAccounts 2022-06-01 2022-12-31 13470538 c:PrivateLimitedCompanyLtd 2022-06-01 2022-12-31 13470538 c:SmallCompaniesRegimeForAccounts 2022-06-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13470538
















OPEN INFRA LTD




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2022


































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OPEN INFRA LTD
REGISTERED NUMBER:13470538

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

31 December
31 May
2022
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
611,914
32,002

  
611,914
32,002

Current assets
  

Debtors: amounts falling due within one year
 5 
237,342
19,709

Cash at bank and in hand
  
72,176
2

  
309,518
19,711

Creditors: amounts falling due within one year
 6 
(1,873,384)
(233,690)

Net current liabilities
  
 
 
(1,563,866)
 
 
(213,979)

Total assets less current liabilities
  
(951,952)
(181,977)

  

Net liabilities
  
(951,952)
(181,977)


Capital and reserves
  

Called up share capital 
 7 
2
2

Profit and loss account
  
(951,954)
(181,979)

  
(951,952)
(181,977)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Tobias Bengt Robin Uller
Director

Date: 4 March 2024

The notes on  form part of these financial statements.



OPEN INFRA LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Open Infra Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Salt Quay House 4 North East Quay, Sutton Harbour, Plymouth, PL4 0BN, United Kingdom.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has generated a loss after tax of £769,975 in the current period (May 2022: £181,979) and at the year-end date had net current liabilities of £1,563,866 (May 2022: £213,979). The Company plans to continue expanding its network infrastructure which requires additional investment in addition to cash generated to facilitate this growth. The Company has no external debt and is reliant on the financial support of its parent undertaking Open Infra UK AB to fund expansion plans and cover   the costs of the business as it continues to expand its network infrastructure.
The group is also continuing to expand its network internationally and is also in a net current liabilities financial position itself. The directors of the group have confirmed that external funding will need to be raised to fund the future expansion, though this is yet to be put in place.
Therefore, due to the financial position of Open Infra UK AB (ultimate controlling party) and uncertainty regarding its ability to continue to support the Company going forwards, the Directors have concluded that a material uncertainty exists in relation to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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.



OPEN INFRA LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.6

Impairment assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.



OPEN INFRA LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.8
Tangible fixed assets (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5 years straight line basis
Network
-
30 years straight line basis
Assets under construction
-
not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2022: 1).



OPEN INFRA LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

4.


Tangible fixed assets







Plant and machinery
Network
Assets under construction
Total

£
£
£
£



COST


At 1 June 2022
-
-
32,002
32,002


Additions
65,609
-
518,728
584,337


Transfers between classes
-
173,291
(173,291)
-



At 31 December 2022

65,609
173,291
377,439
616,339



DEPRECIATION


Charge for the period on owned assets
3,735
690
-
4,425



At 31 December 2022

3,735
690
-
4,425



NET BOOK VALUE



At 31 December 2022
61,874
172,601
377,439
611,914



At 31 May 2022
-
-
32,002
32,002


5.


Debtors

31 December
31 May
2022
2022
£
£


Other debtors
177,512
19,709

Prepayments and accrued income
59,830
-

237,342
19,709




OPEN INFRA LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

6.


Creditors: AMOUNTS FALLING DUE WITHIN ONE YEAR

31 December
31 May
2022
2022
£
£

Amounts owed to director
218
-

Trade creditors
330,759
10,282

Amounts owed to group undertakings
1,415,565
213,658

Other taxation and social security
1,722
-

Accruals and deferred income
125,120
9,750

1,873,384
233,690


Interest payable on intercompany loan amounted to £22,207 as at 31 December 2022 (May 2022: Nil).


7.


Share capital

31 December
31 May
2022
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2 (2022: 2) Ordinary shares of £1.00 each
2.00
2.00



8.


Related party transactions

As the company is a wholly owned subsidiary of Open Infra UK AB, the company has taken advantage of the exemption contained in FRS102 paragraph 33.1A, and not disclosed transactions or balances with wholly owned subsidiaries which form part of the group. 

9.


Controlling party

The Company's ultimate parent undertaking at the balance sheet date was Open Infra UK AB, which is incorporated in Sweden.


10.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2022 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

The Company is reliant on continued Group support and due to the financial position of the Group, has concerns regarding the ability of the Group to provide sufficient support. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 4 March 2024 by Kevin Connor FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.