Openexchange, Inc. Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 11638583 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

OPENEXCHANGE, INC. LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

M F Loehr

Registered office:

3rd Floor

86-90 Paul Street

London

EC2A 4NE

Registered number:

11638583 (England and Wales)

Auditors:

Cooper Parry Group Limited

Statutory Auditor

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

Fixed assets

Tangible assets

4

22,118

31,121

Current assets

Debtors

5

112,550

13,655

Cash at bank

121,047

215,423

233,597

229,078

Creditors

Amounts falling due within one year

6

153,288

206,740

Net current assets

80,309

22,338

Total assets less current liabilities

102,427

53,459

Capital and reserves

Called up share capital

7

1

Retained earnings

102,426

53,458

Shareholders' funds

102,427

53,459

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 December 2025 and were signed by:

M F Loehr - Director

1.	Statutory information

Openexchange, Inc. 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.

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

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.

Going concern

The Parent Company will provide any support for a minimum of 12 months of signing of the accounts.

The directors are of the opinion that the above is sufficient to conclude that the company is a going concern. The financial statements do not include any adjustments to the balance sheet which would result should the going concern basis not be valid.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

Turnover

For the year ended 31 December 2024 turnover was based on cost plus recharge agreement with the Parent Company.

Tangible fixed assets

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

Leasehold improvements

-

over the length of the lease

Computer equipment

-

33% on cost

Financial instruments

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

Trade and other debtors and creditors are classified as basic financial instruments and measured at 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 will 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 and bank overdrafts.

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 direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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.

Pension costs and other post-retirement 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.

3.	Employees and directors

The average number of employees during the year was 32 (2023 - 31 ) .

4.	Tangible fixed assets

Leasehold

Computer

improvements

equipment

Totals

£

Cost

At 1 January 2024

and 31 December 2024

31,798

53,889

85,687

Depreciation

At 1 January 2024

31,798

22,768

54,566

Charge for year

-

9,003

At 31 December 2024

31,798

31,771

63,569

Net book value

At 31 December 2024

-

22,118

At 31 December 2023

-

31,121

5.

Debtors: amounts falling due within one year

2024

2023

£

Trade debtors

17,143

-

Amounts owed by group undertakings

84,106

-

Other debtors

11,301

13,655

112,550

13,655

6.

Creditors: amounts falling due within one year

2024

2023

£

Trade creditors

18,949

11,529

Amounts owed to group undertakings

-

34,182

Taxation and social security

94,637

101,515

Other creditors

39,702

59,514

153,288

206,740

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

1

Ordinary

£1

1

8.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Paul Hodgett BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

9.	Related party disclosures

At the year end date the company was owed £104,228 (2023: £34,182 CR)

During the year, the Company charged the parent company management fees of £2,801,792 (2023: £3,679,652).

10.	Ultimate controlling party

OpenExchange Incorporated is the parent of the Company and its registered office address is 6 Liberty Sq #2272, Boston, MA 02109.