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Registered number: 1578999










OPENYARD LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
OPENYARD LIMITED
REGISTERED NUMBER: 1578999

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,439
1,693

Investments
 5 
1
1

Investment property
 6 
1,600,000
1,600,000

  
1,601,440
1,601,694

Current assets
  

Debtors: amounts falling due within one year
 7 
6,439,085
6,602,589

Cash at bank and in hand
 8 
1,070
471

  
6,440,155
6,603,060

Creditors: amounts falling due within one year
 9 
(3,496)
(147,411)

Net current assets
  
 
 
6,436,659
 
 
6,455,649

Total assets less current liabilities
  
8,038,099
8,057,343

Creditors: amounts falling due after more than one year
 10 
(829,431)
(831,609)

  

Net assets
  
7,208,668
7,225,734


Capital and reserves
  

Called up share capital 
 12 
100
100

Investment property reserve
  
410,000
410,000

Profit and loss account
  
6,798,568
6,815,634

  
7,208,668
7,225,734


Page 1

 
OPENYARD LIMITED
REGISTERED NUMBER: 1578999

BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 28 August 2024.




M J Osborne
Director

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

Page 2

 
OPENYARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Openyard Limited is a private company, limited by shares, incorporated in England and Wales, United Kingdom.  The address of the registered office is Beaufort House, 12 Abingdon Road, London, W8 6AF.
The principal activity of the company continued to be that of property developers.

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 Company's functional and presentational currency is GBP. These financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

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.

Page 3

 
OPENYARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Borrowing costs

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

 
2.5

Taxation

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 corporation 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.

 
2.6

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
per annum on the reducing balance

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.

  
2.7

Investment property

Investment property includes assets owned by the company and those held on trust by the directors. Properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings. All borrowings in respect of investment properties are included on the company balance sheet.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
OPENYARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

  
2.9

Work in progress

Work in progress is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the directly attritubale costs to the specific development. Work in progress includes all directly attributable costs including labour and interest.

 
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.

 
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

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.


3.


Employees

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

Page 5

 
OPENYARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 December 2022
58,143



At 30 November 2023

58,143



Depreciation


At 1 December 2022
56,450


Charge for the year on owned assets
254



At 30 November 2023

56,704



Net book value



At 30 November 2023
1,439



At 30 November 2022
1,693


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 December 2022
1



At 30 November 2023
1




Page 6

 
OPENYARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
1,600,000



At 30 November 2023
1,600,000

The 2023 valuations were made by the director, on an open market value for existing use basis.

2023
2022
£
£

Revaluation reserves


At 1 December 2022
410,000
410,000

At 30 November 2023
410,000
410,000




7.


Debtors

2023
2022
£
£


Amounts owed by related parties
6,434,971
6,597,021

Other debtors
4,114
5,568

6,439,085
6,602,589



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,070
471

1,070
471


Page 7

 
OPENYARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
711
3,000

Corporation tax
-
139,437

Other creditors
-
2,324

Accruals and deferred income
2,785
2,650

3,496
147,411



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
829,431
831,609


Bank loans totalling £829,431 (2022 - £831,609) are secured by way of a fixed charge over the assets of the company.


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
829,431
831,609


Page 8

 
OPENYARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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



13.


Related party transactions

At the year end, there was a balance of £6,434,971 (2022 - £6,597,021) due from Beaufort House Limited, a company under common control. 


14.


Controlling party

The company is under the ultimate control of M J Osborne.


Page 9