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Registered Number: 10976481
England and Wales

 

 

 

OPEN ACCESS TEXT LTD


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
  2024   2023
    £ £   £ £
Fixed assets   244,555      151,927 
Current assets 55,557      (8,859)  
Creditors: amount falling due within one year (202,147)     (32,695)  
Net current assets   (146,590)     (41,554)
Total assets less current liabilities   97,965      110,373 
Creditors: amount falling due after more than one year   (114,678)     (124,956)
Net assets   (16,713)     (14,583)
 

         
Capital and reserves   (16,713)     (14,583)
 
NOTES TO THE ACCOUNTS

General Information
OPEN ACCESS TEXT LTD is a private company, limited by shares, registered in England and Wales, registration number 10976481, registration address Office Gold, Building 3, Chiswick Park, 566 Chiswick High Road, London, W4 5YA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Intangible assets
Journals are stated at cost less amortization. Amortization done at 18% under Reducing Balance Method. 
Journals
Journals are stated at cost less amortisation. Amortisation of licences is calculated on Reducing Balance Method. 
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 18 Reducing Balance
2.

Intangible fixed assets

Cost Journals   Total
  £   £
At 01 April 2023 114,669    114,669 
Additions 119,723    119,723 
Disposals  
At 31 March 2024 234,392    234,392 
Amortisation
At 01 April 2023 11,404    11,404 
Charge for year 18,336    18,336 
On disposals  
At 31 March 2024 29,740    29,740 
Net book values
At 31 March 2024 204,652    204,652 
At 31 March 2023 103,265    103,265 


3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Total
  £   £
At 01 April 2023 54,105    54,105 
Additions  
Disposals  
At 31 March 2024 54,105    54,105 
Depreciation
At 01 April 2023 5,443    5,443 
Charge for year 8,759    8,759 
On disposals  
At 31 March 2024 14,202    14,202 
Net book values
Closing balance as at 31 March 2024 39,903    39,903 
Opening balance as at 01 April 2023 48,662    48,662 


4.

Average number of employees

Average number of employees during the year was 0 (2023 : 0).

5.

Control

Mrs. Priyanka Gaddam is the only director and 100% shareholder having ultimate controlling power in the company.

For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's Responsibilities:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

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

These accounts have been prepared in accordance with the micro-entity provisions and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts.
The financial statements were approved by the director on 14 November 2024 and were signed by:


--------------------------------
Mrs. Priyanka Gaddam
Director
1