IRIS Accounts Production v25.4.0.155 SC372880 Board of Directors 1.3.24 28.2.25 28.2.25 false true false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC372880 2024-02-29 SC372880 2025-02-28 SC372880 2024-03-01 2025-02-28 SC372880 2023-02-28 SC372880 2023-03-01 2024-02-29 SC372880 2024-02-29 SC372880 ns15:Scotland 2024-03-01 2025-02-28 SC372880 ns14:PoundSterling 2024-03-01 2025-02-28 SC372880 ns10:Director1 2024-03-01 2025-02-28 SC372880 ns10:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 SC372880 ns10:SmallEntities 2024-03-01 2025-02-28 SC372880 ns10:AuditExempt-NoAccountantsReport 2024-03-01 2025-02-28 SC372880 ns10:SmallCompaniesRegimeForDirectorsReport 2024-03-01 2025-02-28 SC372880 ns10:SmallCompaniesRegimeForAccounts 2024-03-01 2025-02-28 SC372880 ns10:FullAccounts 2024-03-01 2025-02-28 SC372880 ns10:Director6 2024-03-01 2025-02-28 SC372880 ns10:Director7 2024-03-01 2025-02-28 SC372880 ns10:Director8 2024-03-01 2025-02-28 SC372880 ns10:Director9 2024-03-01 2025-02-28 SC372880 ns10:RegisteredOffice 2024-03-01 2025-02-28 SC372880 ns5:CurrentFinancialInstruments 2025-02-28 SC372880 ns5:CurrentFinancialInstruments 2024-02-29 SC372880 ns5:ShareCapital 2025-02-28 SC372880 ns5:ShareCapital 2024-02-29 SC372880 ns5:RetainedEarningsAccumulatedLosses 2025-02-28 SC372880 ns5:RetainedEarningsAccumulatedLosses 2024-02-29 SC372880 ns5:PlantMachinery 2024-03-01 2025-02-28 SC372880 ns5:PlantMachinery 2024-02-29 SC372880 ns5:PlantMachinery 2025-02-28 SC372880 ns5:PlantMachinery 2024-02-29 SC372880 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-02-28 SC372880 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-02-29 SC372880 ns5:DeferredTaxation 2024-02-29 SC372880 ns5:DeferredTaxation 2025-02-28

REGISTERED NUMBER: SC372880 (Scotland)

| Financial Statements |

| For The Year Ended 28 February 2025 |

| for |

| Open Grid Systems Limited |

Open Grid Systems Limited (Registered number: SC372880)

Contents of the Financial Statements

For The Year Ended 28 February 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Open Grid Systems Limited

Company Information

For The Year Ended 28 February 2025

| DIRECTORS: | Ms S A Wakeman

| D J Baker

| Mrs J C Itzkoff

| V M Servello

| J Hausman

| REGISTERED OFFICE: | 18 Bothwell Street

| Floors 1 & 3

| Glasgow

| G2 6NU

| REGISTERED NUMBER: | SC372880 (Scotland)

| ACCOUNTANTS: | Cahill Jack Associates Limited

| 91 Alexander Street

| Airdrie

| North Lanarkshire

| ML6 0BD

Open Grid Systems Limited (Registered number: SC372880)

Balance Sheet

28 February 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 44,222 |  | 43,782 |  |

CURRENT ASSETS

Debtors | 5 | 276,309 |  | 385,280 |  |

Cash at bank | 3,062,735 |  | 1,916,105 |  |

3,339,044 |  | 2,301,385 |  |

CREDITORS

Amounts falling due within one year | 6 | 2,801,722 |  | 438,356 |  |

NET CURRENT ASSETS | 537,322 |  | 1,863,029 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 581,544 |  | 1,906,811 |  |

PROVISIONS FOR LIABILITIES | 7 | 11,056 |  | 10,945 |  |

NET ASSETS | 570,488 |  | 1,895,866 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 570,388 |  | 1,895,766 |  |

SHAREHOLDERS' FUNDS | 570,488 |  | 1,895,866 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 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.

Open Grid Systems Limited (Registered number: SC372880)

Balance Sheet - continued

28 February 2025

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 5 December 2025 and were signed on its behalf by:

Ms S A Wakeman - Director

Open Grid Systems Limited (Registered number: SC372880)

Notes to the Financial Statements

For The Year Ended 28 February 2025

1. | STATUTORY INFORMATION

| Open Grid Systems Limited is a private company, limited by shares , registered in Scotland. 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.

| Significant judgements and estimates

| The preparation of financial information in compliance with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

| The directors have identified the following areas which give rise to estimation uncertainty:

| 1) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and any residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account.

| 2) Debtors recoverability: For any balance considered irrecoverable, provision is made against the debtor. The remaining debtor balance at the year end not provided for, is therefore considered fully recoverable.

| 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 and in any future periods affected.

Open Grid Systems Limited (Registered number: SC372880)

Notes to the Financial Statements - continued

For The Year Ended 28 February 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is derived from the provision of software development, information technology consultancy activities & engineering related scientific and technical consulting activities, excluding VAT.

| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and any other sales taxes. The following criteria must also be met before revenue is recognised:

| Sale of goods:

| Revenue from sale of goods is recognised when all of the following conditions are satisfied:

| - the company has transferred the significant risks and rewards of ownership to the buyer;

| - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold

| - the amount of revenue can be measured reliably;

| - it is probable that the company will receive the consideration due under the transaction;

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Rendering of services:

| Revenue from agreement to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

| - the amount of revenue can be measured reliably;

| - it is probable that the company will receive the consideration due under the agreement.

| Tangible fixed assets

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

| Plant and machinery etc | - | 25% on reducing balance and 25% on cost

| Tangible assets are stated at original cost less accumulated depreciation and accumulated impairment losses.

| The company adds to the carrying amount of an item of fixed asset the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. Any carrying amount of the replaced part is written off. Repairs and maintenance are charged to the profit and loss during the year in which they are incurred except for any parts unused at the year end.

| Asset residual values, useful lives and depreciation methods of relevant assets are reviewed, and adjusted prospectively if appropriate. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and recognised in the profit and loss during the year of disposal.

| Financial instruments

| The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and directors' loans. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

| Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Open Grid Systems Limited (Registered number: SC372880)

Notes to the Financial Statements - continued

For The Year Ended 28 February 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| 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

| Amounts in respect of defined contribution plans are recognised as an expense when they are incurred.

| Short term employee benefits, including holiday pay, are recognised as an expense in the profit and loss in the period in which they are incurred.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 15 (2024 - 13 ) .

Open Grid Systems Limited (Registered number: SC372880)

Notes to the Financial Statements - continued

For The Year Ended 28 February 2025

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 March 2024 | 193,694 |  |

| Additions | 20,747 |  |

| Disposals | (1,083 | ) |

| At 28 February 2025 | 213,358 |  |

| DEPRECIATION

| At 1 March 2024 | 149,912 |  |

| Charge for year | 20,037 |  |

| Eliminated on disposal | (813 | ) |

| At 28 February 2025 | 169,136 |  |

| NET BOOK VALUE

| At 28 February 2025 | 44,222 |  |

| At 29 February 2024 | 43,782 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | - |  | 237,932 |  |

| Other debtors | 276,309 |  | 147,348 |  |

276,309 |  | 385,280 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 1,534,988 |  | - |  |

| Taxation and social security | - |  | 298,894 |  |

| Other creditors | 1,266,734 |  | 139,462 |  |

2,801,722 |  | 438,356 |  |

7. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 11,056 |  | 10,945 |  |

Open Grid Systems Limited (Registered number: SC372880)

Notes to the Financial Statements - continued

For The Year Ended 28 February 2025

7. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 March 2024 | 10,945 |  |

| Accelerated capital allowances | 111 |  |

| Balance at 28 February 2025 | 11,056 |  |

8. | OTHER FINANCIAL COMMITMENTS

| The company is committed to property rental payments amounting to £315,197.75 (£85,776.00 of which is due within one year and £229,421.75 of which is due within 2-5 years).

9. | RELATED PARTY DISCLOSURES

| Included within creditors due within one year is an amount of £1,534,988 (2024 - nil) due to Aspentech Corporation, 20 Crosby Drive, Bedford, Massachusetts, USA.

10. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Aspentech Corporation, 20 Crosby Drive, Bedford, Massachusetts, USA.