Company registration number 07193696 (England and Wales)
OPENSYMMETRY CONSULTING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OPENSYMMETRY CONSULTING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
OPENSYMMETRY CONSULTING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
464,968
2,749,314
Cash at bank and in hand
334,086
214,052
799,054
2,963,366
Creditors: amounts falling due within one year
5
(223,135)
(4,544,989)
Net current assets/(liabilities)
575,919
(1,581,623)
Capital and reserves
Called up share capital
7
10,000
10,000
Profit and loss reserves
565,919
(1,591,623)
Total equity
575,919
(1,581,623)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
A L Hutchins
Director
Company registration number 07193696 (England and Wales)
OPENSYMMETRY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

OpenSymmetry Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Waterhouse Square, 138-142 Holborn, London, EC1N 2SW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors, having considered a period in excess of 12 months from the date of approval of these financial statements, believe that the company will have sufficient working capital to continue in operation for at least 12 months from the date of approval. The company is dependent on OpentrueSymmetry Inc, and the directors of this company have expressed a willingness to support the UK company for a period of at least twelve months following the signing of these financial statements. Consequently, the directors have prepared the financial statements on a going concern basis.

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

The company spreads the sales commission cost across the life of the sales contract to align itself with the group's accounting policy which is acceptable under UK GAAP.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

OPENSYMMETRY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

OPENSYMMETRY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

1.8
Retirement benefits

The company contributes to a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

OPENSYMMETRY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a risk of producing a material adjustment to the carrying amount of assets and liabilities are as outlined below.

Accrued income recognition

Included within the financial statements is accrued income that the directors have adjusted for un-invoiced income. It is based on 'time spent' as a proportion of the total budgeted hours of the projects. The estimation uncertainty lies in the fact that the total budgeted hours figure may change. The project managers review the budgeted hours expected to completion on a regular basis, and then amend them on the accounting system to mitigate this.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
16
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
313,997
291,146
Amounts owed by group undertakings
-
0
2,005,169
Other debtors
150,971
452,999
464,968
2,749,314
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,532
39,573
Amounts owed to group undertakings
-
0
4,350,786
Taxation and social security
69,229
42,666
Other creditors
136,374
111,964
223,135
4,544,989
OPENSYMMETRY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Retirement benefit schemes
Defined contribution schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pensions charge for the year amounted to £59,921 (2023: £54,103). At 31 December 2024 there were amounts outstanding of £13,584 (2023: £32,729) in respect of contributions to the schemes.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Joanna Lovatt
Statutory Auditor:
Rouse Audit LLP
Date of audit report:
24 April 2025
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
52,806
53,286
OPENSYMMETRY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
10
Parent company

The directors consider OpenSymmetry Inc. to be the company's ultimate parent company by virtue of its holding of the entire share capital of the company. OpenSymmetry Inc. is a company incorporated in the state of Delaware, USA.

 

Copies of the group financial statements, which include the company, can be obtained from:

 

OpenSymmetry Inc.
7500 Rialto Blvd
Ste 250
Austin, TX 78735
USA

11
Prior year adjustment

Management conducted a retrospective review of the classification of expenses included within cost of sales and administrative expenses in the statutory accounts for the year ended 31 December 2023 to ensure that the presentation in the statutory accounts aligns with the presentation and classification in the company's internal management accounts. This exercise resulted in £635,977 being reclassified from cost of sales to administrative expenses. These amounts have been restated and there is no overall impact on the net profit before tax.

 

The reclassifications have been summarised in the table below:

 

2023
Prior year adjustment
2023
(as restated)
£
£
£
Cost of sales
Direct costs
448,920
(375,385)
73,535
Wages and salaries
524,506
378,419
902,925
Other direct labour
463,472
(639,011)
(175,539)
1,436,898
(635,977)
800,921
Administrative expenses
Wages and salaries
-
145,069
145,069
Staff welfare
289,449
(220,329)
69,120
Other staff costs
(272,149)
335,852
63,703
Management charge (US)
-
375,385
375,385
Subtotal
17,300
635,977
653,277
1,454,198
-
1,454,198
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