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REGISTERED NUMBER: 03768233 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

OPEN CONNECTIONS SOLUTIONS LIMITED

OPEN CONNECTIONS SOLUTIONS LIMITED (REGISTERED NUMBER: 03768233)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OPEN CONNECTIONS SOLUTIONS LIMITED

COMPANY INFORMATION
for the Year Ended 31 DECEMBER 2023







DIRECTOR: E Fourakis



SECRETARY: R Strawford



REGISTERED OFFICE: C/O Bracher Rawlins LLP
16 High Holborn
London
WC1V 6BX



REGISTERED NUMBER: 03768233 (England and Wales)



AUDITORS: Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ



SOLICITORS: Bracher Rawlins LLP
16 High Holborn
London
WC1V 6BX

OPEN CONNECTIONS SOLUTIONS LIMITED (REGISTERED NUMBER: 03768233)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,176 534

CURRENT ASSETS
Debtors 5 670,124 648,996
Cash at bank 78,804 217,660
748,928 866,656
CREDITORS
Amounts falling due within one year 6 203,003 334,109
NET CURRENT ASSETS 545,925 532,547
TOTAL ASSETS LESS CURRENT
LIABILITIES

547,101

533,081

CREDITORS
Amounts falling due after more than
one year

7

(14,000

)

(22,000

)

PROVISIONS FOR LIABILITIES 9 (450,258 ) (470,951 )
NET ASSETS 82,843 40,130

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 82,841 40,128
SHAREHOLDERS' FUNDS 82,843 40,130

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 Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 September 2024 and were signed by:





E Fourakis - Director


OPEN CONNECTIONS SOLUTIONS LIMITED (REGISTERED NUMBER: 03768233)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

Open Connections Solutions 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.

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Turnover
The turnover shown in the statement of comprehensive income represents amounts receivable in respect of goods sold and services provided during the year, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office & Exhibition Equipment - 50% on cost and 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, 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 that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation
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.

OPEN CONNECTIONS SOLUTIONS LIMITED (REGISTERED NUMBER: 03768233)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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
Short term employee benefits including holiday pay and annual bonuses are accrued as services are rendered.

The company operates a defined contribution pension scheme for employees. Contributions payable to the company's pension scheme are charged to the statement of comprehensive income as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the balance sheet.

Financial instruments
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs.

Maintenance revenues and costs
Revenue and costs arising from renewable maintenance contracts are recognised in the statement of comprehensive income according to the period to which they relate. Where the amounts have been received in advance in respect of maintenance contracts, the income has been deferred so as to ensure that the correct proportion of the amount received is recognised in the year.

Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis of accounting in preparing the financial statements.

OPEN CONNECTIONS SOLUTIONS LIMITED (REGISTERED NUMBER: 03768233)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Office &
Exhibition
Equipment
£   
COST
At 1 January 2023 9,754
Additions 1,723
Disposals (5,301 )
At 31 December 2023 6,176
DEPRECIATION
At 1 January 2023 9,220
Charge for year 1,081
Eliminated on disposal (5,301 )
At 31 December 2023 5,000
NET BOOK VALUE
At 31 December 2023 1,176
At 31 December 2022 534

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 228,480 189,643
Other debtors 5,715 -
Amounts owed by group
undertakings 2 2
Deferred maintenance costs 254,618 263,814
Deferred tax asset 159,207 169,197
Prepayments and accrued income 2,859 16,850
650,881 639,506

Amounts falling due after more than one year:
Deferred maintenance costs 19,243 9,490

Aggregate amounts 670,124 648,996

OPEN CONNECTIONS SOLUTIONS LIMITED (REGISTERED NUMBER: 03768233)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

5. DEBTORS - continued

Deferred tax asset
2023 2022
£    £   
Accelerated capital allowances (223 ) (101 )
Tax losses carried forward 158,973 168,703
Other timing differences 457 595
159,207 169,197

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 8,000 8,000
Trade creditors 57,457 157,411
Social security and other taxes 55,748 43,247
Other creditors 2,404 3,131
Accruals and deferred income 79,394 122,320
203,003 334,109

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 8,000 8,000
Bank loans - 2-5 years 6,000 14,000
14,000 22,000

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 10,250

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Other provisions
Deferred maintenance income 450,258 470,951

OPEN CONNECTIONS SOLUTIONS LIMITED (REGISTERED NUMBER: 03768233)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

9. PROVISIONS FOR LIABILITIES - continued

Deferred
Deferred maint'nce
tax income
£    £   
Balance at 1 January 2023 (169,197 ) 470,951
Utilised during year 9,990 -
Balance at 31 December 2023 (159,207 ) 470,951

Deferred maintenance income of £450,258 at 31 December 2023 (2022 - £470,951) represents income receivable under non-recoverable contracts, of which £28,007 (2022 - £16,602) relates to income which will be recognised after more than 12 months from the year-end. The accounting policies for turnover and maintenance revenues and costs, which have been consistently applied, is to spread such income evenly over the term of the contract, usually twelve months.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary share capital £1 2 2

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Coombe FCA (Senior Statutory Auditor)
for and on behalf of Burnside

12. PENSION COMMITMENTS

The company operates a defined contribution pension scheme, whose assets and liabilities are held separately from the company. During the year total contributions of £17,665 (2022 - £21,992) were payable to the scheme. At the year end the company owed contributions of £2,404 (2022 - £3,131) to the scheme, which is included within other creditors.

13. CONTINGENT LIABILITIES

Together with Telemach Info International Inc and Telemach Info UK Limited, Open Connections Solutions Limited has joint and several liability for repayment of a $518,000 cash advance loan from Thermo Info Solutions Inc. to Telemach Info International Inc. During October 2004, the repayment terms were renegotiated whereby the amount no longer attracts interest through to October 2014, and these revised terms have been extended indefinitely.

OPEN CONNECTIONS SOLUTIONS LIMITED (REGISTERED NUMBER: 03768233)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

14. RELATED PARTY DISCLOSURES

During the year, the ultimate parent company Telemach Info International Inc charged £60,000 (2022 - £96,000) of management recharges. At the year end £16,000 was owed to Telemach Info International Inc. (2022 - £16,000l).

At the year end the company was owed £2 (2022 - £2) by Open Connections Holdings Limited, the immediate parent company.

The controlling party is E Fourakis.