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REGISTERED NUMBER: 01469990 (England and Wales)




































FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29TH FEBRUARY 2024

FOR

THE OPEN HOUSE DESIGN COMPANY LIMITED

THE OPEN HOUSE DESIGN COMPANY LIMITED (REGISTERED NUMBER: 01469990)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE OPEN HOUSE DESIGN COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29TH FEBRUARY 2024







DIRECTORS: M D Gingell
Mrs B J Gingell





SECRETARY: Mrs B J Gingell





REGISTERED OFFICE: 28 Fitzherbert Road
Portsmouth
Hampshire
PO6 1RU





REGISTERED NUMBER: 01469990 (England and Wales)





ACCOUNTANTS: Compass Accountants Limited
Chartered Accountants
Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR

THE OPEN HOUSE DESIGN COMPANY LIMITED (REGISTERED NUMBER: 01469990)

BALANCE SHEET
29TH FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 161,127 164,295
161,127 164,295

CURRENT ASSETS
Stocks 260,027 315,121
Debtors 6 69,898 19,421
Cash at bank and in hand 171,012 173,136
500,937 507,678
CREDITORS
Amounts falling due within one year 7 500,119 547,748
NET CURRENT ASSETS/(LIABILITIES) 818 (40,070 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

161,945

124,225

CREDITORS
Amounts falling due after more than one
year

8

(135,788

)

(155,309

)

PROVISIONS FOR LIABILITIES (14,804 ) (11,224 )
NET ASSETS/(LIABILITIES) 11,353 (42,308 )

CAPITAL AND RESERVES
Called up share capital 9 10,350 10,350
Retained earnings 1,003 (52,658 )
SHAREHOLDERS' FUNDS 11,353 (42,308 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

THE OPEN HOUSE DESIGN COMPANY LIMITED (REGISTERED NUMBER: 01469990)

BALANCE SHEET - continued
29TH FEBRUARY 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th April 2024 and were signed on its behalf by:





M D Gingell - Director


THE OPEN HOUSE DESIGN COMPANY LIMITED (REGISTERED NUMBER: 01469990)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024


1. STATUTORY INFORMATION

The Open House Design Company 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

THE OPEN HOUSE DESIGN COMPANY LIMITED (REGISTERED NUMBER: 01469990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised 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, where 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.

The company's financial assets and liabilities consist of cash and cash equivalents, short term investments, trade and other debtors, trade and other creditor, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

Going concern
The financial statements for the year ended 29 February 2024 have been prepared on a going concern basis. In making this going concern assessment, all available information about the foreseeable future has been taken into account.

Despite net liabilities exceeding net assets for the period ending 29 February 2024, the directors feel that as the majority of net liabilities are directors loan accounts, the going concern basis of preparation remains appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st March 2023
and 29th February 2024 50,000
AMORTISATION
At 1st March 2023
and 29th February 2024 50,000
NET BOOK VALUE
At 29th February 2024 -
At 28th February 2023 -

THE OPEN HOUSE DESIGN COMPANY LIMITED (REGISTERED NUMBER: 01469990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st March 2023 165,551 8,533 147,140 107,611 428,835
Additions - - - 17,644 17,644
At 29th February 2024 165,551 8,533 147,140 125,255 446,479
DEPRECIATION
At 1st March 2023 60,330 5,207 116,883 82,120 264,540
Charge for year 3,311 665 6,052 10,784 20,812
At 29th February 2024 63,641 5,872 122,935 92,904 285,352
NET BOOK VALUE
At 29th February 2024 101,910 2,661 24,205 32,351 161,127
At 28th February 2023 105,221 3,326 30,257 25,491 164,295

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 52,705 7,423
Other debtors 17,193 11,998
69,898 19,421

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 22,120 22,120
Trade creditors 144,104 135,969
Taxation and social security 44,502 57,788
Other creditors 289,393 331,871
500,119 547,748

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 135,788 155,309

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000
100 Ordinary B £1 100 100
100 Ordinary C £1 100 100
150 Ordinary D £1 150 150
10,350 10,350