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REGISTERED NUMBER: 10516590 (England and Wales)















Abridged Unaudited Financial Statements for the Year Ended 31 December 2023

for

Open Exchange Rates (UK) Limited

Open Exchange Rates (UK) Limited (Registered number: 10516590)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Open Exchange Rates (UK) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr W Crowcroft





REGISTERED OFFICE: 5 Luke Street
Greater London
London
EC2A 4PX





REGISTERED NUMBER: 10516590 (England and Wales)





ACCOUNTANTS: Litchfields
5 Luke Street
London
EC2A 4PX

Open Exchange Rates (UK) Limited (Registered number: 10516590)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 95,355 33,107
Tangible assets 5 3,534 1,516
98,889 34,623

CURRENT ASSETS
Debtors 927,587 24,116
Cash at bank 1,525,781 2,286,160
2,453,368 2,310,276
CREDITORS
Amounts falling due within one year 166,126 209,877
NET CURRENT ASSETS 2,287,242 2,100,399
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,386,131

2,135,022

PROVISIONS FOR LIABILITIES 883 379
NET ASSETS 2,385,248 2,134,643

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 2,385,247 2,134,642
2,385,248 2,134,643

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Open Exchange Rates (UK) Limited (Registered number: 10516590)

Abridged Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





Mr W Crowcroft - Director


Open Exchange Rates (UK) Limited (Registered number: 10516590)

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

1. STATUTORY INFORMATION

Open Exchange Rates (UK) 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33.3% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Open Exchange Rates (UK) Limited (Registered number: 10516590)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 58,574
Additions 93,890
At 31 December 2023 152,464
AMORTISATION
At 1 January 2023 25,467
Amortisation for year 31,642
At 31 December 2023 57,109
NET BOOK VALUE

At 31 December 2023 95,355
At 31 December 2022 33,107

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 6,732
Additions 3,238
At 31 December 2023 9,970
DEPRECIATION
At 1 January 2023 5,216
Charge for year 1,220
At 31 December 2023 6,436
NET BOOK VALUE
At 31 December 2023 3,534
At 31 December 2022 1,516

6. RELATED PARTY DISCLOSURES

During the year the company made a loan to the director which is interest free. The loan is repayable on demand and the balance outstanding at the year end was £889,632.