Open Loch Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

Open Loch Limited is a private company, limited by shares, incorporated in England & Wales, registered number 15045072 . The registered office is 28 Marram Crescent, Harpole, Northamptonshire, NN7 4FD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

The financial statements are prepared in sterling, which is the functional currency of the entity.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Equipment

25% straight line

2.4. Financial Instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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Open Loch Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.6. Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

2.7. Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: )

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Open Loch Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

4. Tangible Assets

	Equipment
	£
Cost
As at 1 September 2024	6,631
Additions	5,420

As at 31 August 2025	12,051

Depreciation
As at 1 September 2024	569
Provided during the period	2,402

As at 31 August 2025	2,971

Net Book Value
As at 31 August 2025	9,080

As at 1 September 2024	6,062

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	-	9,500
Other debtors	2,375	1,900

	2,375	11,400

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Other creditors	1,604	1,629
Taxation and social security	10,983	12,133

	12,587	13,762

7. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	10	10

8. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 September 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 August 2025
	£	£	£	£	£
Mr Lochlann Yeal	(302 )	72,840	72,814	-	(276 )

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		9,080		6,062

			9,080		6,062
CURRENT ASSETS
Debtors	5	2,375		11,400
Cash at bank and in hand		28,577		35,335

		30,952		46,735
Creditors: Amounts Falling Due Within One Year	6	(12,587 )		(13,762 )

NET CURRENT ASSETS (LIABILITIES)			18,365		32,973

TOTAL ASSETS LESS CURRENT LIABILITIES			27,445		39,035

PROVISIONS FOR LIABILITIES
Deferred Taxation			(2,270 )		(1,515 )

NET ASSETS			25,175		37,520

CAPITAL AND RESERVES
Called up share capital	7		10		10
Profit and Loss Account			25,165		37,510

SHAREHOLDERS' FUNDS			25,175		37,520