REGISTERED NUMBER: 03768233 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

OPEN CONNECTIONS SOLUTIONS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Miss R H Strawford

R M Rogers

SECRETARY:

Miss R H Strawford

REGISTERED OFFICE:

C/O Bracher Rawlins LLP

16 High Holborn

London

WC1V 6BX

REGISTERED NUMBER:

03768233 (England and Wales)

ACCOUNTANTS:

Burnside

Chartered Accountants

61 Queen Square

Bristol

BS1 4JZ

SOLICITORS:

Bracher Rawlins LLP

16 High Holborn

London

WC1V 6BX

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Open Connections Solutions Limited for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Open Connections Solutions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Open Connections Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Open Connections Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Open Connections Solutions Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Open Connections Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Open Connections Solutions Limited. You consider that Open Connections Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Open Connections Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Burnside

Chartered Accountants

61 Queen Square

Bristol

BS1 4JZ

29 September 2025

FIXED ASSETS

Tangible assets

4

420

1,176

CURRENT ASSETS

Debtors

5

439,107

670,124

Cash at bank

137,896

78,804

577,003

748,928

CREDITORS

Amounts falling due within one year

6

160,857

203,003

NET CURRENT ASSETS

416,146

545,925

TOTAL ASSETS LESS CURRENT LIABILITIES

416,566

547,101

CREDITORS

Amounts falling due after more than one year

7

(6,000

)

(14,000

)

PROVISIONS FOR LIABILITIES

8

(372,660

)

(450,258

)

NET ASSETS

37,906

82,843

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

37,904

82,841

SHAREHOLDERS' FUNDS

37,906

82,843

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Miss R H Strawford - Director

1.	STATUTORY INFORMATION

Open Connections Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£).

Turnover

The turnover shown in the statement of comprehensive income represents amounts receivable in respect of goods sold and services provided during the year, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office & Exhibition Equipment

-

50% on cost and 25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

Short term employee benefits including holiday pay and annual bonuses are accrued as services are rendered.

The company operates a defined contribution pension scheme for employees. Contributions payable to the company's pension scheme are charged to the statement of comprehensive income as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the balance sheet.

Financial instruments

Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs.

Maintenance revenues and costs

Revenue and costs arising from renewable maintenance contracts are recognised in the statement of comprehensive income according to the period to which they relate. Where the amounts have been received in advance in respect of maintenance contracts, the income has been deferred so as to ensure that the correct proportion of the amount received is recognised in the year.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Office &

Exhibition

Equipment

£

COST

At 1 January 2024

6,176

Additions

398

Disposals

(83

)

At 31 December 2024

6,491

DEPRECIATION

At 1 January 2024

5,000

Charge for year

1,154

Eliminated on disposal

(83

)

At 31 December 2024

6,071

NET BOOK VALUE

At 31 December 2024

420

At 31 December 2023

1,176

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

53,809

228,480

Other debtors

3,800

5,715

Amounts owed by group

undertakings

2

2

Deferred maintenance costs

185,743

254,618

Deferred tax asset

169,748

159,207

Prepayments and accrued income

2,669

2,859

415,771

650,881

Amounts falling due after more than one year:

Deferred maintenance costs

23,336

19,243

Aggregate amounts

439,107

670,124

Deferred tax asset

2024

2023

£

£

Accelerated capital allowances

(79

)

(223

)

Tax losses carried forward

169,379

158,973

Other timing differences

448

457

169,748

159,207

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

8,000

8,000

Trade creditors

37,500

57,457

Social security and other taxes

42,003

55,748

Other creditors

2,355

2,404

Accruals and deferred income

70,999

79,394

160,857

203,003

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

6,000

8,000

Bank loans - 2-5 years

-

6,000

6,000

14,000

8.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Other provisions

Deferred maintenance income

372,660

450,258

Deferred

Deferred

maint'nce

tax

income

£

£

Balance at 1 January 2024

(159,207

)

450,258

Credit to Statement of Comprehensive Income during year

(10,541

)

(77,598

)

Balance at 31 December 2024

(169,748

)

372,660

Deferred maintenance income of £372,660 at 31 December 2024 (2023 - £450,258) represents income receivable under non-recoverable contracts, of which £36,725 (2023 - £28,007) relates to income which will be recognised after more than 12 months from the year-end. The accounting policies for turnover and maintenance revenues and costs, which have been consistently applied, is to spread such income evenly over the term of the contract, usually twelve months.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary share capital

£1

2

2

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme, whose assets and liabilities are held separately from the company. During the year total contributions of £16,788 (2023 - £17,655) were payable to the scheme. At the year end the company owed contributions of £2,355 (2023 - £2,404) to the scheme, which is included within other creditors.

11.	CONTINGENT LIABILITIES

Together with Telemach Info International Inc and Telemach Info UK Limited, Open Connections Solutions Limited has joint and several liability for repayment of a $518,000 cash advance loan from Thermo Info Solutions Inc. to Telemach Info International Inc. During October 2004, the repayment terms were renegotiated whereby the amount no longer attracts interest through to October 2014, and these revised terms have been extended indefinitely.

12.	RELATED PARTY DISCLOSURES

13.	ULTIMATE CONTROLLING PARTY

The controlling party is E Fourakis.