Registered number
10363134
OPEN WORLD 2 LIMITED
Abridged Accounts
31 March 2024
OPEN WORLD 2 LIMITED
Registered number: 10363134
Director's Report
The director presents her report and accounts for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be the provision of care home service.
Directors
The following persons served as directors during the year:
Mrs Razwana Taseem Naeem
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This repost was approved by the board on 31 January 2025 and signed on its behalf by
Mrs Razwana Taseem Naeem
Director
OPEN WORLD 2 LIMITED
Registered number: 10363134
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 467,289 12,557
Current assets
Debtors 4 426,386 257,077
Cash at bank and in hand 356,139 140,521
782,525 397,598
Creditors: amounts falling due within one year 5 (838,079) (154,001)
Net current (liabilities)/assets (55,554) 243,597
Total assets less current liabilities 411,735 256,154
Creditors: amounts falling due after more than one year 6 (346,556) (255,522)
Net assets 65,179 632
Capital and reserves
Called up share capital 1 1
Profit and loss account 65,178 631
Shareholder's funds 65,179 632
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Razwana Taseem Naeem
Director
Approved by the board on 31 January 2025
OPEN WORLD 2 LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 5 years
Motor Vehicles over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 28 26
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 - 25,021 - 25,021
Additions 402,356 7,435 53,000 462,791
At 31 March 2024 402,356 32,456 53,000 487,812
Depreciation
At 1 April 2023 - 12,464 - 12,464
Charge for the year - 7,176 883 8,059
At 31 March 2024 - 19,640 883 20,523
Net book value
At 31 March 2024 402,356 12,816 52,117 467,289
At 31 March 2023 - 12,557 - 12,557
4 Debtors 2024 2023
£ £
Trade debtors 52,999 212,556
Accrued Income 337,717
Other debtors 35,670 44,521
426,386 257,077
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 85,920 -
Obligations under finance lease and hire purchase contracts (74) -
Trade creditors 9,605 -
Taxation and social security costs 407,082 32,705
Other creditors 315,578 121,296
Accruals 19,968 -
838,079 154,001
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 346,556 255,522
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 262,500 -
Secured bank loans 262,500 -
The bank loan has been secured via a legal charge registered against the company.
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs Razwana Taseem Naeem
[Loan 1] 2.25% interest charged 300,304 - (300,304) -
300,304 - (300,304) -
9 Other information
OPEN WORLD 2 LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
28 Daventry Road
Romford
RM3 7QT
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