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Registered number: NI678548










OpenData Belfast Ltd










Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
OpenData Belfast Ltd
Registered number: NI678548

Balance Sheet
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
193,896
221,012

  
193,896
221,012

Current assets
  

Debtors: amounts falling due within one year
 5 
410,245
327,073

Cash at bank and in hand
 6 
147,361
100,640

  
557,606
427,713

Creditors: amounts falling due within one year
 7 
(295,248)
(352,974)

Net current assets
  
 
 
262,358
 
 
74,739

Total assets less current liabilities
  
456,254
295,751

Creditors: amounts falling due after more than one year
 8 
(27,500)
(31,167)

Provisions for liabilities
  

Deferred tax
 9 
(52,727)
(52,648)

Net assets
  
376,027
211,936


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
375,927
211,836

  
376,027
211,936


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OpenData Belfast Ltd
Registered number: NI678548

Balance Sheet (continued)
As at 31 December 2023

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 comprehensive income 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 on 28 June 2024.




Leman Miles Porter
Director

The notes on pages 3 to 9 form part of these financial statements.

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OpenData Belfast Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

OpenData Belfast Limited is a private company limited by shares incorporated in Northern Ireland. The registrations number and address of the registered office are given in the company section of these financial statements. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The director of OpenData Belfast Limited has reviewed the resorces available and believes that the company has adequate resources in operational existence for the forseeable future. 
With support from its parent company, OpenData Belfast Limited continues to adopt the going concern basis in preparing the finanacial statements.

 
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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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OpenData Belfast Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

  
2.4

Turnover

Turnover shown in the Statement of Comprehensive Income represents amounts receivable from OpenData Belfast Limited immediate parent company, Frontline Insurance Managers Inc. during the period for the provision of support services, exclusive of VAT.
Turnover in respect of the provision of support services to Frontline Insurance Managers Inc. is calculated as attributable cost plus a mark up, in accordance with an intercompany agreement between OpenData Belfast Limited and Frontline Insurance Managers Inc..

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

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.

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OpenData Belfast Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

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.

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:

Fixtures and fittings
-
20%
straight-line method
Computer equipment
-
33%
straight-line method

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.

 
2.10

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.

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OpenData Belfast Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2022 - 10).

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OpenData Belfast Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
125,995
118,438
244,433


Additions
13,278
29,988
43,266



At 31 December 2023

139,273
148,426
287,699



Depreciation


At 1 January 2023
5,672
17,749
23,421


Charge for the year on owned assets
27,037
43,345
70,382



At 31 December 2023

32,709
61,094
93,803



Net book value



At 31 December 2023
106,564
87,332
193,896



At 31 December 2022
120,323
100,689
221,012


5.


Debtors

2023
2022
£
£


Other debtors
335,396
265,184

Prepayments and accrued income
74,849
61,889

410,245
327,073



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
147,361
100,640

147,361
100,640


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OpenData Belfast Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
41,076
57,543

Amounts owed to group undertakings
61,881
203,812

Other taxation and social security
77,796
59,451

Other creditors
21,329
15,854

Accruals and deferred income
93,166
16,314

295,248
352,974



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
27,500
31,167

27,500
31,167



9.


Deferred taxation




2023


£






At beginning of year
(52,648)


Charged to profit or loss
(79)



At end of year
(52,727)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(52,727)
(52,648)

(52,727)
(52,648)


 

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OpenData Belfast Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares shares of £1.00 each
100
100



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £77,462 (2022: £29,763). Contributions totalling £17,587 (2022: £9,748) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
110,000
110,000

Later than 1 year
825,000
935,000

935,000
1,045,000


13.


Ultimate parent undertaking

Frontline Insurance Managers Inc, a company established in the USA, controls 100% of the Company's equity share capital and is the ultimate parent company.

14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 28 June 2024 by Adrian Patton (Senior Statutory Auditor) on behalf of ASM (B) Ltd.

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