Silverfin false false 30/09/2024 01/10/2023 30/09/2024 John Anthony Brett 01/08/2019 David James Courts 26/08/1998 John Derek Eveleigh 26/08/1998 Simon Mark Gammon 26/08/1998 David Anthony Murray 01/08/2019 Stuart Nicholas Wilson 26/08/1998 04 February 2025 The principal activity of the Company during the financial year was that of information technology consultancy activities. 03603046 2024-09-30 03603046 bus:Director1 2024-09-30 03603046 bus:Director2 2024-09-30 03603046 bus:Director3 2024-09-30 03603046 bus:Director4 2024-09-30 03603046 bus:Director5 2024-09-30 03603046 bus:Director6 2024-09-30 03603046 2023-09-30 03603046 core:CurrentFinancialInstruments 2024-09-30 03603046 core:CurrentFinancialInstruments 2023-09-30 03603046 core:Non-currentFinancialInstruments 2024-09-30 03603046 core:Non-currentFinancialInstruments 2023-09-30 03603046 core:ShareCapital 2024-09-30 03603046 core:ShareCapital 2023-09-30 03603046 core:RetainedEarningsAccumulatedLosses 2024-09-30 03603046 core:RetainedEarningsAccumulatedLosses 2023-09-30 03603046 core:FurnitureFittings 2023-09-30 03603046 core:OfficeEquipment 2023-09-30 03603046 core:FurnitureFittings 2024-09-30 03603046 core:OfficeEquipment 2024-09-30 03603046 bus:OrdinaryShareClass1 2024-09-30 03603046 2023-10-01 2024-09-30 03603046 bus:FilletedAccounts 2023-10-01 2024-09-30 03603046 bus:SmallEntities 2023-10-01 2024-09-30 03603046 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 03603046 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 03603046 bus:Director1 2023-10-01 2024-09-30 03603046 bus:Director2 2023-10-01 2024-09-30 03603046 bus:Director3 2023-10-01 2024-09-30 03603046 bus:Director4 2023-10-01 2024-09-30 03603046 bus:Director5 2023-10-01 2024-09-30 03603046 bus:Director6 2023-10-01 2024-09-30 03603046 core:FurnitureFittings core:TopRangeValue 2023-10-01 2024-09-30 03603046 core:OfficeEquipment core:TopRangeValue 2023-10-01 2024-09-30 03603046 2022-10-01 2023-09-30 03603046 core:FurnitureFittings 2023-10-01 2024-09-30 03603046 core:OfficeEquipment 2023-10-01 2024-09-30 03603046 core:CurrentFinancialInstruments 2023-10-01 2024-09-30 03603046 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 03603046 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 03603046 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03603046 (England and Wales)

NEXUS OPEN SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

NEXUS OPEN SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

NEXUS OPEN SYSTEMS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
NEXUS OPEN SYSTEMS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 153,432 50,023
153,432 50,023
Current assets
Stocks 1,266 0
Debtors 4 1,651,825 1,858,353
Cash at bank and in hand 102,419 4,962
1,755,510 1,863,315
Creditors: amounts falling due within one year 5 ( 1,115,641) ( 1,217,656)
Net current assets 639,869 645,659
Total assets less current liabilities 793,301 695,682
Creditors: amounts falling due after more than one year 6 ( 7,913) ( 18,235)
Provision for liabilities ( 35,369) ( 9,399)
Net assets 750,019 668,048
Capital and reserves
Called-up share capital 7 120 120
Profit and loss account 749,899 667,928
Total shareholders' funds 750,019 668,048

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Nexus Open Systems Limited (registered number: 03603046) were approved and authorised for issue by the Board of Directors on 04 February 2025. They were signed on its behalf by:

Stuart Nicholas Wilson
Director
NEXUS OPEN SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
NEXUS OPEN SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nexus Open Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Vale House, Pynes Hill, Rydon Lane, Exeter, EX2 5AZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 47 46

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 October 2023 26,599 98,096 124,695
Additions 1,211 140,922 142,133
Disposals ( 19,072) ( 46,179) ( 65,251)
At 30 September 2024 8,738 192,839 201,577
Accumulated depreciation
At 01 October 2023 21,938 52,734 74,672
Charge for the financial year 1,796 36,928 38,724
Disposals ( 19,072) ( 46,179) ( 65,251)
At 30 September 2024 4,662 43,483 48,145
Net book value
At 30 September 2024 4,076 149,356 153,432
At 30 September 2023 4,661 45,362 50,023

4. Debtors

2024 2023
£ £
Trade debtors 786,563 897,532
Amounts owed by Group undertakings 760,455 914,572
Prepayments and accrued income 98,641 46,249
Other debtors 6,166 0
1,651,825 1,858,353

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 10,322 105,144
Trade creditors 517,765 512,899
Accruals 277,698 184,155
Taxation and social security 196,084 213,122
Other creditors 113,772 202,336
1,115,641 1,217,656

The bank overdraft is secured by way of fixed and floating charges over the company's assets.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 7,913 18,235

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
120 Ordinary shares of £ 1.00 each 120 120

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 3,729 7,578

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts owed by group companies 760,455 914,572

The Company maintains an intercompany account with its parent undertaking, Exvale Limited. No interest is charged on the above amount and there are no set repayment terms.

10. Ultimate controlling party

Parent Company:

Exvale Limited
Vale House
Pynes Hill
Exeter
EX2 5AZ
United Kingdom