2023-08-012024-07-312024-07-31false13504692OPENLINE COMMUNICATIONS 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OPENLINE COMMUNICATIONS LTD

Registered Number
13504692
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

OPENLINE COMMUNICATIONS LTD
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

BROWN, Matthew
KNOX, Jonty

Company Secretary

BROWN, Matthew

Registered Address

9th Floor 107 Cheapside
London
EC2V 6DN

Registered Number

13504692 (England and Wales)
OPENLINE COMMUNICATIONS LTD
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets311,16416,475
11,16416,475
Current assets
Debtors4417,8144,685
Cash at bank and on hand28,16126,160
445,97530,845
Creditors amounts falling due within one year5(100,943)(21,899)
Net current assets (liabilities)345,0328,946
Total assets less current liabilities356,19625,421
Creditors amounts falling due after one year6(1,591,271)(911,845)
Net assets(1,235,075)(886,424)
Capital and reserves
Called up share capital1,0081,008
Share premium19,02619,026
Profit and loss account(1,255,109)(906,458)
Shareholders' funds(1,235,075)(886,424)
The financial statements were approved and authorised for issue by the Board of Directors on 6 January 2025, and are signed on its behalf by:
BROWN, Matthew
Director
Registered Company No. 13504692
OPENLINE COMMUNICATIONS LTD
Notes to the Financial Statements
for the year ended 31 July 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The financial statements have been prepared on the going concern basis notwithstanding the fact that the company has a deficiency on shareholders' funds at the period end. The directors consider the basis to be appropriate as the parent company, Openline Technologies Inc based in the United States of America, has sufficient reserves to support the company to trade for a minimum of 12 months from the period end.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
2.Average number of employees

20242023
Average number of employees during the year32
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 August 2324,46824,468
At 31 July 2424,46824,468
Depreciation and impairment
At 01 August 237,9937,993
Charge for year5,3115,311
At 31 July 2413,30413,304
Net book value
At 31 July 2411,16411,164
At 31 July 2316,47516,475
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables5,600-
Other debtors406,7214,581
Prepayments and accrued income5,493104
Total417,8144,685
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables73,8226,704
Taxation and social security9,21813,015
Other creditors4,301972
Accrued liabilities and deferred income13,6021,208
Total100,94321,899
6.Creditors: amounts due after one year

2024

2023

££
Amounts owed to related parties1,591,271911,845
Total1,591,271911,845
Included in creditors falling due after one year is £1,591,271 ($2,046,024) owed to the parent company, Openline Technologies Inc., based in United States.