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Registered number: 10500537
Open Box Software Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 May 2024
Directors' Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Directors' Report 2
Accountants' Report 3
Statement of Income and Retained Earnings 4
Balance Sheet 5—6
Notes to the Financial Statements 7—9
Page 1
Company Information
Directors S J Thorne
M B Hall
C R McDermott
Company Number 10500537
Registered Office Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Accountants Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
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Directors' Report
The directors present their report and the financial statements for the year ended 31 May 2024.
Principal Activity
The company's principal activity continues to be that of information technology services.
Directors
The directors who held office during the year were as follows:
S J Thorne
M B Hall
C R McDermott
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
M B Hall
Director
05/08/2024
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Accountants' Report
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 May 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
05/08/2024
Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
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Statement of Income and Retained Earnings
2024 2023
Notes £ £
TURNOVER 330,534 28,538
Cost of sales (251,355 ) (23,009 )
GROSS PROFIT 79,179 5,529
Administrative expenses (53,875 ) (3,536 )
Other operating income 2,863 160
OPERATING PROFIT 28,167 2,153
Interest payable and similar charges (3,024 ) -
PROFIT BEFORE TAXATION 25,143 2,153
Tax on Profit (4,415 ) (436 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 20,728 1,717
RETAINED EARNINGS
As at 1 June 2023 41,834 40,117
As at 31 May 2024 62,562 41,834
The notes on pages 7 to 9 form part of these financial statements.
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Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 1,908 -
1,908 -
CURRENT ASSETS
Debtors 4 131,084 5,458
Cash at bank and in hand 22,602 39,298
153,686 44,756
Creditors: Amounts Falling Due Within One Year 5 (92,932 ) (2,822 )
NET CURRENT ASSETS (LIABILITIES) 60,754 41,934
TOTAL ASSETS LESS CURRENT LIABILITIES 62,662 41,934
NET ASSETS 62,662 41,934
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account 62,562 41,834
SHAREHOLDERS' FUNDS 62,662 41,934
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
M B Hall
Director
05/08/2024
The notes on pages 7 to 9 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 33% on cost
1.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 4 (2023: 4)
4 4
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3. Tangible Assets
Computer Equipment
£
Cost
As at 1 June 2023 -
Additions 2,311
As at 31 May 2024 2,311
Depreciation
As at 1 June 2023 -
Provided during the period 403
As at 31 May 2024 403
Net Book Value
As at 31 May 2024 1,908
As at 1 June 2023 -
4. Debtors
2024 2023
£ £
Due within one year
Trade debtors 38,046 5,400
VAT 4,096 58
Amounts owed by group undertakings 88,942 -
131,084 5,458
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 86
Corporation tax 4,415 436
Net wages 803 150
Accruals and deferred income 9,690 2,150
Amounts owed to group undertakings 78,024 -
92,932 2,822
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6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Value Number 2024 2023
Allotted, called up and fully paid £ £ £
Ordinary Shares 1 100 100 100
7. Related Party Transactions
At the financial reporting date, included within debtors, are balances owed by related parties to the company:
Open Box Software (Pty) Ltd: £38,046 (2023: £5,400); this balance is payable on a monthly basis, in full.
Open Box eConnect Ltd: £88,942 (2023: £Nil); this loan has no fixed repayment date.
At the financial reporting date, included within creditors, are balances owed by the company to related parties:
Open Box Investments Ltd: £78,024 (2023 : NIL);  this loan has no fixed repayment date.
The controlling party of the company is Open Box Investments (Pty) Limited who owns 100% shares in the company. The ultimate controlling party is M B Hall. 
8. General Information
Open Box Software Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10500537 . The registered office is Ground Floor Marlborough House, 298 Regents Park Road, London, N3 2SZ.
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