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Registered number: 03229640
Opendoor Properties Limited
Financial Statements
For The Year Ended 31 January 2024
Devonports LAS Accountants Ltd
Cumberland House
24 - 28 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03229640
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,260,022 1,260,028
Investments 5 387,339 387,339
1,647,361 1,647,367
CURRENT ASSETS
Debtors 6 172,711 151,436
Cash at bank and in hand 4,896 5,328
177,607 156,764
Creditors: Amounts Falling Due Within One Year 7 (382,077 ) (380,982 )
NET CURRENT ASSETS (LIABILITIES) (204,470 ) (224,218 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,442,891 1,423,149
Creditors: Amounts Falling Due After More Than One Year 8 (81,684 ) (84,178 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (189,530 ) (189,530 )
NET ASSETS 1,171,677 1,149,441
CAPITAL AND RESERVES
Called up share capital 9 2 2
Share premium account 50,000 50,000
Revaluation reserve 10 798,952 798,952
Profit and Loss Account 322,723 300,487
SHAREHOLDERS' FUNDS 1,171,677 1,149,441
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr P H Stannard
Director
21/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Opendoor Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03229640 . The registered office is 249 Thorpe Hall Avenue, Southend on Sea, Essex, SS1 3SG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Carried at fair value
Plant & Machinery 25% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 February 2023 1,260,000 7,031 1,267,031
As at 31 January 2024 1,260,000 7,031 1,267,031
Depreciation
As at 1 February 2023 - 7,003 7,003
Provided during the period - 6 6
As at 31 January 2024 - 7,009 7,009
Net Book Value
As at 31 January 2024 1,260,000 22 1,260,022
As at 1 February 2023 1,260,000 28 1,260,028
Included within land and buildings are investment properties carried at fair value of £1,260,000.
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold
£
Cost 251,659
Page 4
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5. Investments
Unlisted
£
Cost
As at 1 February 2023 387,339
As at 31 January 2024 387,339
Provision
As at 1 February 2023 -
As at 31 January 2024 -
Net Book Value
As at 31 January 2024 387,339
As at 1 February 2023 387,339
6. Debtors
2024 2023
£ £
Due within one year
Amounts owed by participating interests 169,210 148,273
Other debtors 3,501 3,163
172,711 151,436
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 3,264 4,035
Amounts owed to participating interests 265,968 235,797
Other creditors 110,602 138,185
Taxation and social security 2,243 2,965
382,077 380,982
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 81,684 84,178
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5
Page 6
10. Reserves
Revaluation Reserve
£
As at 1 February 2023 798,952
As at 31 January 2024 798,952
11. Related Party Transactions
As at the year end, the company was owed £169,210 (2023: £148,273) from Tower Hotel (Southend) Limited, a company of which Opendoor Properties Limited owns 100% of the share capital. All transactions were undertaken at arms length,.
As at the year end, the company owed £265,968 (2023: £235,797) to Limerose Properties Limited, a company if which Opendoor Properties Limited owns 100% of the share capital. All transactions were undertaken at arms length. 
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