Company registration number 02749769 (England and Wales)
OPENHOUSE PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OPENHOUSE PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OPENHOUSE PRODUCTS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
65
Tangible assets
4
309,263
315,509
309,263
315,574
Current assets
Stocks
719,579
686,475
Debtors
5
2,212,368
2,270,425
Cash at bank and in hand
844,912
912,131
3,776,859
3,869,031
Creditors: amounts falling due within one year
6
(1,112,843)
(1,414,536)
Net current assets
2,664,016
2,454,495
Total assets less current liabilities
2,973,279
2,770,069
Creditors: amounts falling due after more than one year
7
(69,590)
(74,302)
Provisions for liabilities
(66,295)
(60,085)
Net assets
2,837,394
2,635,682
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
2,837,293
2,635,581
Total equity
2,837,394
2,635,682
OPENHOUSE PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 16 June 2025 and are signed on its behalf by:
Ms LH Jones
Director
Company registration number 02749769 (England and Wales)
OPENHOUSE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Openhouse Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is 125 Craven Street, Birkenhead, Merseyside, United Kingdom, CH41 4BW.
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 £.
1.2
Turnover
Turnover comprises the invoiced value of goods supplied by the company, net of Value Added Tax and trade discounts.
1.3
Intangible fixed assets other than goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated losses.
Patents and licences are being amortised evenly over theiir useful life of twenty years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Leasehold improvements
2% on cost
Plant and equipment
25% on reducing balance
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
OPENHOUSE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 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
Provisions
Provisions are recognised when the company has a legal or constructive present obligation 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.
1.8
Pension costs and other post retirment benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.9
Leases
Both rentals paid inder operating leases and the finance element of hire purchase charges are charged to the profit and loss on a straight line basis over the period of the lease.
Assets held under finance lease or hire purchase contracts are included in the appropriate category of tangible assets and depreciation over the shorter of the lease and their estimated useful lives.
The capital element of future obligations under such contracts are included in creditors.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
43
41
OPENHOUSE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 October 2023 and 30 September 2024
1,300
Amortisation and impairment
At 1 October 2023
1,235
Amortisation charged for the year
65
At 30 September 2024
1,300
Carrying amount
At 30 September 2024
At 30 September 2023
65
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
32,233
462,006
33,575
402,624
159,655
1,090,093
Additions
9,286
38,462
33,929
81,677
Disposals
(19,740)
(19,740)
At 30 September 2024
32,233
471,292
33,575
441,086
173,844
1,152,030
Depreciation and impairment
At 1 October 2023
4,489
352,183
25,797
353,392
38,723
774,584
Depreciation charged in the year
645
29,465
1,944
16,527
33,844
82,425
Eliminated in respect of disposals
(14,242)
(14,242)
At 30 September 2024
5,134
381,648
27,741
369,919
58,325
842,767
Carrying amount
At 30 September 2024
27,099
89,644
5,834
71,167
115,519
309,263
At 30 September 2023
27,744
109,823
7,778
49,232
120,932
315,509
Motor Vehicles included assets held under Finance Leases/Hire Purchase leases at a net book value of £113,766. The depreciation charge for the year for these assets was £33,209.
OPENHOUSE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
697,141
822,330
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,299,135
1,299,135
Other debtors
216,092
148,960
2,212,368
2,270,425
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
15
Obligations under finance leases
33,254
30,594
Other borrowings
675,000
765,000
Trade creditors
115,546
171,399
Corporation tax
113,668
150,000
Other taxation and social security
37,108
96,949
Other creditors
96,735
114,173
Accruals and deferred income
41,532
86,406
1,112,843
1,414,536
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
69,590
74,302
8
Ultimate Control
The whole of the share capital of the business is owned by Openhouse Holdings Limited. The shareholders of that company are shown in that company's accounts.