2023-04-012024-03-312024-03-31false08416167Open3i 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Open3i Limited

Registered Number
08416167
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Open3i Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

GREEN, Kevin
GREEN, Rebecca Jane

Registered Address

The Stables
Church Walk
Daventry
NN11 4BL

Registered Number

08416167 (England and Wales)
Open3i Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets36,5489,174
6,5489,174
Current assets
Debtors435759,975
Cash at bank and on hand47,53444,946
47,891104,921
Creditors amounts falling due within one year5(25,433)(26,142)
Net current assets (liabilities)22,45878,779
Total assets less current liabilities29,00687,953
Provisions for liabilities(1,218)(1,798)
Net assets27,78886,155
Capital and reserves
Called up share capital300300
Profit and loss account27,48885,855
Shareholders' funds27,78886,155
The financial statements were approved and authorised for issue by the Board of Directors on 29 November 2024, and are signed on its behalf by:
GREEN, Kevin
Director
Registered Company No. 08416167
Open3i Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery20
Fixtures and fittings25
Vehicles25
Office Equipment33
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 April 2330911,67528,70340,687
At 31 March 2430911,67528,70340,687
Depreciation and impairment
At 01 April 231217,76123,63131,513
Charge for year389781,6102,626
At 31 March 241598,73925,24134,139
Net book value
At 31 March 241502,9363,4626,548
At 31 March 231883,9145,0729,174
4.Debtors: amounts due within one year

2024

2023

££
Other debtors357-
Prepayments and accrued income-59,975
Total35759,975
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-240
Bank borrowings and overdrafts22,3502,711
Taxation and social security68420,391
Accrued liabilities and deferred income2,3992,800
Total25,43326,142