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COMPANY REGISTRATION NUMBER: 6863835
Open By Nature Ltd
Filleted Unaudited Financial Statements
31 March 2024
Open By Nature Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
5,230
5,883
Current assets
Stocks
511
585
Debtors
6
164,312
121,865
Cash at bank and in hand
1,241
2,299
--------
--------
166,064
124,749
Creditors: amounts falling due within one year
7
113,680
116,686
--------
--------
Net current assets
52,384
8,063
-------
-------
Total assets less current liabilities
57,614
13,946
Creditors: amounts falling due after more than one year
8
56,108
12,273
Provisions
Taxation including deferred tax
990
1,114
-------
-------
Net assets
516
559
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
416
459
---
---
Shareholders funds
516
559
---
---
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Open By Nature Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 March 2025 , and are signed on behalf of the board by:
Mr R J Noakes
Director
Company registration number: 6863835
Open By Nature Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 112-114 High Street, Rickmansworth, Herts, WD3 1AQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The financial statements have been prepared on the going concern basis. The directors consider this is appropriate in light of the fact that the company is trading profitably and has agreements in place with H M Revenue & Customs for the settlement of overdue taxation liabilities by regular instalments.
(c) Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable for services provided and goods sold during the year, exclusive of Value Added Tax.
(d) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
20% straight line
Computer Equipment
-
33 % straight line
(g) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(h) Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023
6,809
8,484
15,293
Additions
2,037
434
2,471
Disposals
( 181)
( 181)
------
------
-------
At 31 March 2024
8,665
8,918
17,583
------
------
-------
Depreciation
At 1 April 2023
4,102
5,308
9,410
Charge for the year
1,026
1,982
3,008
Disposals
( 65)
( 65)
------
------
-------
At 31 March 2024
5,063
7,290
12,353
------
------
-------
Carrying amount
At 31 March 2024
3,602
1,628
5,230
------
------
-------
At 31 March 2023
2,707
3,176
5,883
------
------
-------
6. Debtors
2024
2023
£
£
Trade debtors
1,794
496
Other debtors
162,518
121,369
--------
--------
164,312
121,865
--------
--------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
39,981
29,679
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,145
5,260
Trade creditors
28,486
14,241
Corporation tax
62,136
65,279
Social security and other taxes
9,071
27,921
Other creditors
9,842
3,985
--------
--------
113,680
116,686
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,643
12,273
Other creditors
46,465
-------
-------
56,108
12,273
-------
-------
Included within creditors : amounts falling due after more than one year is an amount of £7,000 (2023 £Nil) in respect of liabilities payable by instalments which fall due for payment more than five years from the reporting date.
9. Directors' advances, credits and guarantees
Debtors include £121,995 (2023: £91,430) due from the directors. Amounts advanced during the year totalled £31,083 and repayments in the year totalled £558. The outstanding amount is unsecured, interest free and repayable on demand. Other creditors includes a loan from Funding Circle Ltd. The loan balance at the year end was £51,623 and the loan has been personally guaranteed by the directors.