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Registered Number: 13576628
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 December 2024

for

OPEN MINERAL LIMITED

Report to the directors on the preparation of the unaudited statutory accounts of OPEN MINERAL LIMITED for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of OPEN MINERAL LIMITED for the year ended 31 December 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of OPEN MINERAL LIMITED, as a body, in accordance with the terms of our engagement letter dated 29 January 2025 Our work has been undertaken solely to prepare for your approval the accounts of OPEN MINERAL LIMITED and state those matters that we have agreed to state to the Board of Directors of OPEN MINERAL LIMITED, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OPEN MINERAL LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that OPEN MINERAL LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of OPEN MINERAL LIMITED. You consider that OPEN MINERAL LIMITED is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of OPEN MINERAL LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
31 December 2024



....................................................

Growth Accountants Ltd

Merlin House, Brunel Road
Reading
Berkshire
England
RG7 4AB
29 January 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 5 144,466    81,252 
144,466    81,252 
Current assets      
Debtors 117,371    150,205 
Cash at bank and in hand 24,176    30,923 
141,547    181,128 
Creditors: amount falling due within one year (176,951)   (161,752)
Net current assets (35,404)   19,376 
 
Total assets less current liabilities 109,062    100,628 
Net assets 109,062    100,628 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 108,962    100,528 
Shareholders' funds 109,062    100,628 
 


For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 29 January 2025 and were signed by:


-------------------------------
James Philip RILETT
Director
2
General Information
OPEN MINERAL LIMITED is a private company, limited by shares, registered in England and Wales, registration number 13576628, registration address GROWTH ACCOUNTANTS LTD MERLIN HOUSE, BRUNEL ROAD READING, RG7 4AB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":
the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;
the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases; the requirements of paragraph 58 of IFRS 16;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative  information in respect of: - paragraph 79(a)(iv) of IAS 1; - paragraph 73(e) of IAS 16 Property, Plant and Equipment; - paragraph 118(e) of IAS 38 Intangible Assets; paragraphs 76 and 79(d) of IAS 40 Investment Property; and - paragraph 50 of IAS 41 Agriculture;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;
the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets. 
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors intend to cease operations and dissolve the company within 12 months of the date of approval of the financial statements. The financial statements have therefore been prepared on a basis other than going concern and where applicable the company's assets have been written down to their recoverable amounts.
No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.
Revenue recognition
The company earns revenue from the recharge of costs per the transfer pricing agreement. This revenue is
 recognised in the accounting period in which the cost has been incurred, at an amount that reflects the
 consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations.
 The principles in IFRS 15 are applied to revenue recognition criteria using the following 5 step model:
 1. Identify the contracts with the customer
 2. Identify the performance obligations in the contract
 3. Determine the transaction price
 4. Allocate the transaction price to the performance obligations in the contract
 5. Recognise revenue when or as the entity satisfies its performance obligations
Operating lease rentals
The company has made an accounting policy election, by class of underlying asset, not to recognise lease asset and lease asset liabilities for leases with a lease term of 12 months or less (i.e. short-term-leases).
Lease payment on short term leases are accounted for on a straight line basis over the term of the lease or other systematic basis if considered more appropriate. Short term lease payments are included in operating expenses in the profit and loss account.
Employee benefit costs
 The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
 life or, if held under a finance lease, over the lease term, whichever is the shorter.

The company's only asset is a 2 year rental lease. The agreement commenced on 1st July 2024 and per IFRS16 has been recognised as a right of use asset.
 
The company has an asset capitalisation policy of over £1,500. Any capital items individually below this amount are recognised in the Statement of Comprehensive Income.
Land and Buildings 2 years
Assets on finance lease and hire purchase
Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease
 payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.
 Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the assets remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.
 An incremental borrowing rate of 5% was calculated based on a 2 year commercial mortgage interest rate at 1st July 2024.
2.

Directors' Emoluments

2024
£
  2023
£
Administrative Expenses
Directors Salaries 180,000    472,692 
Directors Pension Contributions 4,200    6,975 
184,200    479,667 
 
Number of directors to whom retirement benefits accrued Number   Number
Defined contribution plans 1    2 

3.

Staff Costs

2024
£
  2023
£
Wages and salaries 670,474    895,398 
Social security costs 80,646    116,511 
Pension costs, defined contribution plan 14,556    30,279 
Other staff costs 506    4,500 
766,182    1,046,688 

4.

Average number of employees

Average number of employees during the year was 5 (2023 : 6).
5.

Tangible fixed assets

Cost or valuation Land and buildings   Total
  £   £
At 01 January 2024 278,578    278,578 
Additions 192,622    192,622 
Disposals (278,578)   (278,578)
At 31 December 2024 192,622    192,622 
Depreciation
At 01 January 2024 197,326    197,326 
Charge for year 129,408    129,408 
On disposals (278,578)   (278,578)
At 31 December 2024 48,156    48,156 
Net book values
Closing balance as at 31 December 2024 144,466    144,466 
Opening balance as at 01 January 2024 81,252    81,252 

The net book value of Land and Buildings includes £ 144,466 (2023 £81,252) in respect of assets leased under finance leases or hire purchase contracts.

3