Company registration number 06068941 (England and Wales)
Open 2 Design Ltd
Unaudited financial statements
For the year ended 28 February 2025
Open 2 Design Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Open 2 Design Ltd
Statement of financial position
As at 28 February 2025
28 February 2025
- 1 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
223,577
261,348
Current assets
Debtors
5
20,591
35,928
Cash at bank and in hand
314,636
338,958
335,227
374,886
Creditors: amounts falling due within one year
6
(137,645)
(131,717)
Net current assets
197,582
243,169
Total assets less current liabilities
421,159
504,517
Creditors: amounts falling due after more than one year
7
(45,112)
(47,170)
Provisions for liabilities
(14,500)
(21,100)
Net assets
361,547
436,247
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
361,447
436,147
Total equity
361,547
436,247
Open 2 Design Ltd
Statement of financial position (continued)
As at 28 February 2025
28 February 2025
- 2 -
For the financial year ended 28 February 2025 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 director acknowledges his 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 director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 15 July 2025
M Burtonwood
Director
Company registration number 06068941 (England and Wales)
Open 2 Design Ltd
Notes to the financial statements
For the year ended 28 February 2025
- 3 -
1
Accounting policies
Company information
Open 2 Design Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 327 Wakefield Road, Denby Dale, Huddersfield, United Kingdom, HD8 8RX.
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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
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 of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Fixtures and fittings
25% on cost
Computers
25% on cost
Motor vehicles
15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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 statement of financial position 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.
Open 2 Design Ltd
Notes to the financial statements (continued)
For the year ended 28 February 2025
1
Accounting policies
(Continued)
- 4 -
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.
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, 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.
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 income statement 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.
Open 2 Design Ltd
Notes to the financial statements (continued)
For the year ended 28 February 2025
1
Accounting policies
(Continued)
- 5 -
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 income statement, 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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Grants relating to the purchase of fixed assets are treated as deferred income. When grant conditions are met, amounts are released to the profit and loss account over the expected life of the asset.
Grants relating to revenue are recognised in income in the period in which they become receivable.
1.9
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
Open 2 Design Ltd
Notes to the financial statements (continued)
For the year ended 28 February 2025
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
3
3
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2024
192,530
167,198
359,728
Additions
6,586
6,586
Disposals
(43,690)
(43,690)
At 28 February 2025
192,530
130,094
322,624
Depreciation and impairment
At 1 March 2024
25,806
72,574
98,380
Depreciation charged in the year
3,851
17,740
21,591
Eliminated in respect of disposals
(20,924)
(20,924)
At 28 February 2025
29,657
69,390
99,047
Carrying amount
At 28 February 2025
162,873
60,704
223,577
At 29 February 2024
166,724
94,624
261,348
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,745
5,725
Other debtors
16,846
30,203
20,591
35,928
Open 2 Design Ltd
Notes to the financial statements (continued)
For the year ended 28 February 2025
- 7 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
2,800
3,263
Trade creditors
3,681
455
Taxation and social security
10,341
12,835
Other creditors
120,823
115,164
137,645
131,717
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
45,112
47,170
Creditors which fall due after five years are payable as follows:
Payable by instalments
31,317
32,753
A debenture dated 25 February 2016 creating a fixed charge, floating charge and negative pledge over the assets of the company is in place to secure the bank loan.
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
90
90
90
90
Ordinary B of £1 each
10
10
10
10
100
100
100
100