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Company No: 13652602 (England and Wales)

OPENSOURCE ICT SOLUTIONS LIMITED

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

OPENSOURCE ICT SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

OPENSOURCE ICT SOLUTIONS LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
OPENSOURCE ICT SOLUTIONS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTOR B Van Baekel
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
COMPANY NUMBER 13652602 (England and Wales)
ACCOUNTANT Gravita Business Services II Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
OPENSOURCE ICT SOLUTIONS LIMITED

BALANCE SHEET

As at 30 September 2024
OPENSOURCE ICT SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Current assets
Debtors 3 46,832 7,799
Cash at bank and in hand 5,921 6,048
52,753 13,847
Creditors: amounts falling due within one year 4 ( 40,992) ( 4,564)
Net current assets 11,761 9,283
Total assets less current liabilities 11,761 9,283
Net assets 11,761 9,283
Capital and reserves
Called-up share capital 100 100
Profit and loss account 11,661 9,183
Total shareholder's funds 11,761 9,283

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

Director's responsibilities:

The financial statements of OPENSOURCE ICT SOLUTIONS LIMITED (registered number: 13652602) were approved and authorised for issue by the Director on 25 June 2025. They were signed on its behalf by:

B Van Baekel
Director
OPENSOURCE ICT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
OPENSOURCE ICT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

Opensource ICT Solutions 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 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for IT consultancy services provided in the normal course of business, and is shown net of VAT where applicable.

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 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.

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, bank loans, loans from fellow group companies and preference shares 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.

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Debtors

2024 2023
£ £
Trade debtors 6,241 6,873
Other debtors 40,591 926
46,832 7,799

4. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 610 510
Taxation and social security 984 1,860
Other creditors 39,398 2,194
40,992 4,564

5. Related party transactions

At the year end, the company owed £610 (2023: £510) to Opensource ICT Solutions BV, the Dutch registered parent company, in relation to an interest free loan repayable on demand. During the year, the company incurred €47,368 (2023: €91,000) in consultancy fees charged by the parent company.

At the year end, the company owed £834 (2023 : £834) to B Van Baekel, the director of the company, in respect of an interest free loan which is repayable on demand.