Company No: 06703429 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	42,739		42,739
Tangible assets	4	1,255		5,967
		43,994		48,706
Current assets
Debtors	5	609,003		712,501
Cash at bank and in hand		310,535		235,160
		919,538		947,661
Creditors: amounts falling due within one year	6	( 929,768)		( 927,008)
Net current (liabilities)/assets		(10,230)		20,653
Total assets less current liabilities		33,764		69,359
Net assets		33,764		69,359
Capital and reserves
Called-up share capital	7	1,077		1,000
Share premium account		31,323		0
Profit and loss account	10	1,364		68,359
Total shareholder's funds		33,764		69,359

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Open Creates Limited (registered number: 06703429) were approved and authorised for issue by the Board of Directors on 16 December 2025. They were signed on its behalf by:

T Longfoot Director

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

Open Creates 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 Holborn Studios, 49-50 Eagle Wharf Road, N1 7ED, 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

not amortised

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	2 years straight line
Computer equipment	2 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Employee Ownership Trust

During the year, the company established an Employee Ownership Trust for the benefit of its employees. The Employee Ownership Trust purchased 100% of the company's shares from the former shareholders. The shares are legally owned by Open Creates EOT Limited as trustee of the Trust which is the beneficial owner of the shares. The company is funding the purchase of the shares by the Trustee and these payments to the Trustee are accounted for as distributions and deducted from equity.

During the year payments made exceeded the reserves available for distribution resulting in a deficit of retained earnings of £114,859 which represents unlawful dividends. Under the provisions of the Companies Act 2006, the shareholder is liable to repay the unlawful portion,[however the directors are satisfied that sufficient realised profits have been earned to cover the shortfall]/[and is shown as a debtor in the balance sheet]. The directors have undertaken that distributions shall only be made in future when sufficient distributable profits are available for the purpose.

The company has provided Open Create EOT Limited and Trust with a guarantee for the obligations of the Trustee to the sellers, that whenever the Trustee does not pay any of the Guaranteed obligations as and when they fall due, the Guarator shall make due and punctual payment to the seller on demand of the Guaranteed obligations.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	43		42

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 April 2024	42,739		42,739
	0		0
At 31 March 2025	42,739		42,739
Accumulated amortisation
At 01 April 2024	0		0
At 31 March 2025	0		0
Net book value
At 31 March 2025	42,739		42,739
At 31 March 2024	42,739		42,739

4. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 01 April 2024	289,030		64,978		354,008
Additions	583		0		583
At 31 March 2025	289,613		64,978		354,591
Accumulated depreciation
At 01 April 2024	283,063		64,978		348,041
Charge for the financial year	5,295		0		5,295
At 31 March 2025	288,358		64,978		353,336
Net book value
At 31 March 2025	1,255		0		1,255
At 31 March 2024	5,967		0		5,967

5. Debtors

	2025		2024
	£		£
Trade debtors	326,511		534,974
Amounts owed by connected companies	110,596		69,211
Corporation tax	7,511		0
Other debtors	164,385		108,316
	609,003		712,501

The long term loan is secured by way of a fixed and floating charge over the property and undertakings of the company

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	105,838		63,317
Amounts owed to Group undertakings	68,108		67,274
Taxation and social security	192,226		270,509
Other creditors	563,596		525,908
	929,768		927,008

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,077 Ordinary A Shares shares of £ 1.00 each (2024: 1,000 shares of £ 1.00 each)	1,077		1,000

During the year, 77 ordinary shares of £1.00 each were issued at a premium of £406.79 per share.

8. Share-based payment transactions

The company had granted Enterprise Management Incentive [EMI] options.

Directors and staff were granted options at the company's discretion. EMI options of 99 shares were granted to three staff members on 3 December 2019 and could be exercised at any time before 2 December 2029. In 2020-2021, one employee left and as a result, her 22 options lapsed. On 24 July 2024 the two remaining employees exercised their options over 77 shares at the estimated fair value of each option granted of £407.79. The estimated fair value was calculated with reference to the valuation agreed with HMRC.

Liabilities and expenses

During the year, the company recognised total expenses of £16,971 (2024 - £3,140) which related to cash settled share based payment transactions.

9. Operating Lease Commitments

Lessee

	2025		2024
	£		£
Total commitments for future minimum lease payment	77,250		77,250

10. Reserves

Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.