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REGISTERED NUMBER: SC372880 (Scotland)










Financial Statements

For The Year Ended 29 February 2024

for

Open Grid Systems Limited

Open Grid Systems Limited (Registered number: SC372880)

Contents of the Financial Statements
For The Year Ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Open Grid Systems Limited

Company Information
For The Year Ended 29 February 2024







DIRECTOR: Dr A W McMorran





REGISTERED OFFICE: 3/2, 25 Camphill Avenue
Glasgow
G41 3AU





REGISTERED NUMBER: SC372880 (Scotland)





ACCOUNTANTS: Cahill Jack Associates Limited
91 Alexander Street
Airdrie
North Lanarkshire
ML6 0BD

Open Grid Systems Limited (Registered number: SC372880)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 43,782 28,818

CURRENT ASSETS
Debtors 5 385,280 510,938
Cash at bank 1,916,105 416,973
2,301,385 927,911
CREDITORS
Amounts falling due within one year 6 438,356 74,035
NET CURRENT ASSETS 1,863,029 853,876
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,906,811

882,694

PROVISIONS FOR LIABILITIES 7 10,945 -
NET ASSETS 1,895,866 882,694

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,895,766 882,594
SHAREHOLDERS' FUNDS 1,895,866 882,694

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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 Grid Systems Limited (Registered number: SC372880)

Balance Sheet - continued
29 February 2024


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 18 October 2024 and were signed by:





Dr A W McMorran - Director


Open Grid Systems Limited (Registered number: SC372880)

Notes to the Financial Statements
For The Year Ended 29 February 2024


1. STATUTORY INFORMATION

Open Grid Systems Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


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.

Significant judgements and estimates
The preparation of financial information in compliance with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The directors have identified the following areas which give rise to estimation uncertainty:

1) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and any residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account.

2) Debtors recoverability: For any balance considered irrecoverable, provision is made against the debtor. The remaining debtor balance at the year end not provided for, is therefore considered fully recoverable.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

Open Grid Systems Limited (Registered number: SC372880)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is derived from the provision of software development, information technology consultancy activities & engineering related scientific and technical consulting activities, excluding VAT.

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 value added tax and any other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:
Revenue from 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;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services:
Revenue from agreement to provide services is recognised in the period in which the services are provided 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 agreement.

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

Tangible assets are stated at original cost less accumulated depreciation and accumulated impairment losses.

The company adds to the carrying amount of an item of fixed asset the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. Any carrying amount of the replaced part is written off. Repairs and maintenance are charged to the profit and loss during the year in which they are incurred except for any parts unused at the year end.

Asset residual values, useful lives and depreciation methods of relevant assets are reviewed, and adjusted prospectively if appropriate. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and recognised in the profit and loss during the year of disposal.

Government grants
Grants considered to be revenue in nature are credited to the profit and loss account in the same period as the related expenditure.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and directors' loans. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at 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 profit and loss.


Open Grid Systems Limited (Registered number: SC372880)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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
Amounts in respect of defined contribution plans are recognised as an expense when they are incurred.

Short term employee benefits, including holiday pay, are recognised as an expense in the profit and loss in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 9 ) .

Open Grid Systems Limited (Registered number: SC372880)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 161,102
Additions 32,592
At 29 February 2024 193,694
DEPRECIATION
At 1 March 2023 132,284
Charge for year 17,628
At 29 February 2024 149,912
NET BOOK VALUE
At 29 February 2024 43,782
At 28 February 2023 28,818

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 237,932 344,590
Other debtors 147,348 166,348
385,280 510,938

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 298,894 42,100
Other creditors 139,462 31,935
438,356 74,035

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 10,945 -

Deferred
tax
£   
Accelerated capital allowances 10,945
Balance at 29 February 2024 10,945

Open Grid Systems Limited (Registered number: SC372880)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


8. OTHER FINANCIAL COMMITMENTS

The company is committed to property rental payments amounting to £361,149.77, (£45,952.02 of which is due within one year and £315,197.75 of which is due within 2-5 years).

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Dr A W McMorran.