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Company No: 10816565 (England and Wales)

OPEN FINANCIAL SOFTWARE LIMITED

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

OPEN FINANCIAL SOFTWARE LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

OPEN FINANCIAL SOFTWARE LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
OPEN FINANCIAL SOFTWARE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTOR Mr J H Greenway
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
BUSINESS ADDRESS 31 Kinveachy Gardens
London
SE7 8EE
COMPANY NUMBER 10816565 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
OPEN FINANCIAL SOFTWARE LIMITED

BALANCE SHEET

As at 30 June 2024
OPEN FINANCIAL SOFTWARE LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 57,049 56,869
Tangible assets 4 461 877
Investments 5 100 100
57,610 57,846
Current assets
Debtors 6 472 721
Cash at bank and in hand 1,612 16,439
2,084 17,160
Creditors: amounts falling due within one year 7 ( 2,501) ( 2,301)
Net current (liabilities)/assets (417) 14,859
Total assets less current liabilities 57,193 72,705
Creditors: amounts falling due after more than one year 8 ( 23,331) ( 31,897)
Net assets 33,862 40,808
Capital and reserves
Called-up share capital 131 131
Share premium account 294,369 294,369
Profit and loss account ( 260,638 ) ( 253,692 )
Total shareholders' funds 33,862 40,808

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

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Open Financial Software Limited (registered number: 10816565) were approved and authorised for issue by the Director on 24 March 2025. They were signed on its behalf by:

Mr J H Greenway
Director
OPEN FINANCIAL SOFTWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
OPEN FINANCIAL SOFTWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Open Financial Software 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 2 Leman Street, London, E1W 9US, United Kingdom. The principal place of business is 31 Kinveachy Gardens, London, SE7 8EE.

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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software not amortised
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment 3 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at banks.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Intangible assets

Computer software Total
£ £
Cost
At 01 July 2023 56,869 56,869
Additions 180 180
At 30 June 2024 57,049 57,049
Accumulated amortisation
At 01 July 2023 0 0
At 30 June 2024 0 0
Net book value
At 30 June 2024 57,049 57,049
At 30 June 2023 56,869 56,869

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 July 2023 3,640 3,640
Additions 203 203
At 30 June 2024 3,843 3,843
Accumulated depreciation
At 01 July 2023 2,763 2,763
Charge for the financial year 619 619
At 30 June 2024 3,382 3,382
Net book value
At 30 June 2024 461 461
At 30 June 2023 877 877

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 100
At 30 June 2024 100
Carrying value at 30 June 2024 100
Carrying value at 30 June 2023 100

6. Debtors

2024 2023
£ £
Trade debtors 364 0
Other debtors 108 721
472 721

7. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 2,501 2,301

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

2024 2023
£ £
Amounts owed to own subsidiaries 23,331 31,897

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