REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Open Trading Two Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Open Trading Two Limited |
Open Trading Two Limited (Registered number: 13743731) |
Contents of the Financial Statements |
for the Year Ended 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Open Trading Two Limited |
Company Information |
for the Year Ended 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 2C, Brosnan House |
175 Darkes Lane |
Potters Bar |
Hertfordshire |
EN6 1BW |
Open Trading Two Limited (Registered number: 13743731) |
Balance Sheet |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Investment property Revaluation Reserve | 11 |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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 Trading Two Limited (Registered number: 13743731) |
Balance Sheet - continued |
30 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Open Trading Two Limited (Registered number: 13743731) |
Notes to the Financial Statements |
for the Year Ended 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Open Trading Two Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the sale of properties. |
Tangible fixed assets |
All properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve.The directors consider that this policy results in the accounts giving a true and fair view. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Open Trading Two Limited (Registered number: 13743731) |
Notes to the Financial Statements - continued |
for the Year Ended 30 APRIL 2024 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Long |
property | leasehold | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 |
Additions |
Revaluations |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Cost or valuation at 30 April 2024 is represented by: |
Freehold | Long |
property | leasehold | Totals |
£ | £ | £ |
Valuation in 2024 | - | 15,000 | 15,000 |
Cost | 210,362 | 237,910 | 448,272 |
210,362 | 252,910 | 463,272 |
If freehold properties had not been revalued they would have been included at the following historical cost: |
30.4.24 | 30.4.23 |
£ | £ |
Cost | 448,272 | 359,998 |
Freehold properties were valued on an open market basis on 30 April 2024 by the directors . |
5. | STOCKS |
30.4.24 | 30.4.23 |
£ | £ |
Stocks |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Other creditors |
Accrued expenses |
Open Trading Two Limited (Registered number: 13743731) |
Notes to the Financial Statements - continued |
for the Year Ended 30 APRIL 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans (see note 8) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 218,614 | 172,382 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 218,614 | 172,382 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Bank Loans | 315,814 | 360,610 |
The loans are secured by a charge over the stock of properties. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
Open Trading Two Limited (Registered number: 13743731) |
Notes to the Financial Statements - continued |
for the Year Ended 30 APRIL 2024 |
11. | RESERVES |
Investment |
property |
Retained | Revaluation |
earnings | Reserve | Totals |
£ | £ | £ |
At 1 May 2023 | ( |
) | (167 | ) |
Deficit for the year | ( |
) | ( |
) |
Revaluation reserve |
during the year |
At 30 April 2024 | ( |
) | 2,729 |
12. | RELATED PARTY DISCLOSURES |
Other creditors consists of an amount of £104,905 due to Open Property Finance Limited and an amount of £32,674 due to Open Trading Limited. Both are companies of which Mr Harris-Cohen, Mr Cove and Mrs Cove are directors and shareholders. |
During the year the company purchased properties at market value of £165,000 from Open Trading Limited. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling parties are Mr Harris-Cohen, Mr S Cove and Mrs N Cove by way of their shareholdings. |