IRIS Accounts Production v24.1.9.2 09684926 Board of Directors 1.8.22 31.7.23 31.7.23 false true false false false true false Ordinary 0.01 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh096849262022-07-31096849262023-07-31096849262022-08-012023-07-31096849262021-07-31096849262021-08-012022-07-31096849262022-07-3109684926ns15:EnglandWales2022-08-012023-07-3109684926ns14:PoundSterling2022-08-012023-07-3109684926ns10:Director12022-08-012023-07-3109684926ns10:PrivateLimitedCompanyLtd2022-08-012023-07-3109684926ns10:SmallEntities2022-08-012023-07-3109684926ns10:AuditExempt-NoAccountantsReport2022-08-012023-07-3109684926ns10:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3109684926ns10:SmallCompaniesRegimeForAccounts2022-08-012023-07-3109684926ns10:FullAccounts2022-08-012023-07-310968492612022-08-012023-07-3109684926ns10:OrdinaryShareClass12022-08-012023-07-3109684926ns10:Director32022-08-012023-07-3109684926ns10:Director42022-08-012023-07-3109684926ns10:RegisteredOffice2022-08-012023-07-3109684926ns5:CurrentFinancialInstruments2023-07-3109684926ns5:CurrentFinancialInstruments2022-07-3109684926ns5:Non-currentFinancialInstruments2023-07-3109684926ns5:Non-currentFinancialInstruments2022-07-3109684926ns5:ShareCapital2023-07-3109684926ns5:ShareCapital2022-07-3109684926ns5:SharePremium2023-07-3109684926ns5:SharePremium2022-07-3109684926ns5:RetainedEarningsAccumulatedLosses2023-07-3109684926ns5:RetainedEarningsAccumulatedLosses2022-07-3109684926ns5:IntangibleAssetsOtherThanGoodwill2022-08-012023-07-3109684926ns5:ComputerSoftware2022-08-012023-07-3109684926ns5:PlantMachinery2022-08-012023-07-3109684926ns5:IntangibleAssetsOtherThanGoodwill2022-07-3109684926ns5:IntangibleAssetsOtherThanGoodwill2023-07-3109684926ns5:IntangibleAssetsOtherThanGoodwill2022-07-3109684926ns5:PlantMachinery2022-07-3109684926ns5:PlantMachinery2023-07-3109684926ns5:PlantMachinery2022-07-3109684926ns5:UnlistedNon-exchangeTradedns5:CostValuation2022-07-3109684926ns5:UnlistedNon-exchangeTraded2023-07-3109684926ns5:UnlistedNon-exchangeTraded2022-07-3109684926ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3109684926ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-3109684926ns10:OrdinaryShareClass12023-07-31096849261ns10:Director12022-07-31096849261ns10:Director12021-07-31096849261ns10:Director12022-08-012023-07-31096849261ns10:Director12021-08-012022-07-31096849261ns10:Director12023-07-31096849261ns10:Director12022-07-31
REGISTERED NUMBER: 09684926 (England and Wales)















OPEN FOR VINTAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






OPEN FOR VINTAGE LIMITED (REGISTERED NUMBER: 09684926)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


OPEN FOR VINTAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: J Loftus
C Saunders
Q Wang





REGISTERED OFFICE: 14 All Saints Street
Stamford
Lincolnshire
PE9 2PA





REGISTERED NUMBER: 09684926 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT

OPEN FOR VINTAGE LIMITED (REGISTERED NUMBER: 09684926)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 90,880 122,556
Tangible assets 5 1,560 1,849
Investments 6 1 1
92,441 124,406

CURRENT ASSETS
Debtors 7 113,996 93,799
Cash at bank 38,218 821,708
152,214 915,507
CREDITORS
Amounts falling due within one year 8 255,586 148,113
NET CURRENT (LIABILITIES)/ASSETS (103,372 ) 767,394
TOTAL ASSETS LESS CURRENT LIABILITIES (10,931 ) 891,800

CREDITORS
Amounts falling due after more than one year 9 211,083 207,083
NET (LIABILITIES)/ASSETS (222,014 ) 684,717

CAPITAL AND RESERVES
Called up share capital 10 186 186
Share premium 2,891,220 2,891,220
Retained earnings (3,113,420 ) (2,206,689 )
SHAREHOLDERS' FUNDS (222,014 ) 684,717

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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 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 Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:




C Saunders - Director


OPEN FOR VINTAGE LIMITED (REGISTERED NUMBER: 09684926)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Open For Vintage 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.

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
- the costs incurred and the costs to complete the contract can be measured reliably.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life
cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 5 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


OPEN FOR VINTAGE LIMITED (REGISTERED NUMBER: 09684926)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be measured reliably. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Going concern
The directors have assessed going concern and are satisfied that, given further investment and support received since the year end, along with better trading conditions, the going concern basis is appropriate.

Finance and borrowing 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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 6 ) .

OPEN FOR VINTAGE LIMITED (REGISTERED NUMBER: 09684926)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. INTANGIBLE ASSETS
Other
intangible
assets
£   
COST
At 1 August 2022 358,420
Additions 9,233
At 31 July 2023 367,653
AMORTISATION
At 1 August 2022 235,864
Charge for year 40,909
At 31 July 2023 276,773
NET BOOK VALUE
At 31 July 2023 90,880
At 31 July 2022 122,556

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 6,060
Additions 404
Disposals (1,461 )
At 31 July 2023 5,003
DEPRECIATION
At 1 August 2022 4,211
Charge for year 693
Eliminated on disposal (1,461 )
At 31 July 2023 3,443
NET BOOK VALUE
At 31 July 2023 1,560
At 31 July 2022 1,849

6. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 August 2022
and 31 July 2023 1
NET BOOK VALUE
At 31 July 2023 1
At 31 July 2022 1

OPEN FOR VINTAGE LIMITED (REGISTERED NUMBER: 09684926)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 56,244 -
Amounts owed by group undertakings 1,751 -
Other debtors 56,001 93,799
113,996 93,799

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 105 -
Trade creditors 127,592 40,104
Other creditors 127,889 108,009
255,586 148,113

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans 211,083 207,083

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
15,841,348 Share capital 1 0.000 01 186 186

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

31.7.23 31.7.22
£    £   
C Saunders
Balance outstanding at start of year 158 -
Amounts advanced - 158
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 158 158

12. RELATED PARTY DISCLOSURES

Within other loans due after more than one year is an unsecured interest bearing loan from a director to the value of £211,083 (2022: £207,083). During the year, there was £4,000 (2022: £4,064) of interest charged on this loan.

The company owed £4,908 (2022: £4,908) to a family member of one of the directors at the year end.
The loan is free of interest, unsecured and repayable on demand.