Open Invoice Finance Limited - Accounts to registrar (filleted) - small 18.2
Open Invoice Finance Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| OPEN INVOICE FINANCE LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2020 |
| OPEN INVOICE FINANCE LIMITED (REGISTERED NUMBER: 08604631) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2020 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| OPEN INVOICE FINANCE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JULY 2020 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 7 Sandy Court |
| Ashleigh Way |
| Langage Business Park |
| Plymouth |
| Devon |
| PL7 5JX |
| OPEN INVOICE FINANCE LIMITED (REGISTERED NUMBER: 08604631) |
| ABRIDGED BALANCE SHEET |
| 31 JULY 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| OPEN INVOICE FINANCE LIMITED (REGISTERED NUMBER: 08604631) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2020 |
| 1. | STATUTORY INFORMATION |
| Open Invoice Finance Limited is a |
| 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. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover |
| includes revenue earned from the sale of goods and the rendering of services. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an |
| impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and |
| compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated |
| recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable |
| amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in |
| prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. |
| Taxation |
| Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods |
| using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
| Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
| Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax |
| liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been |
| met, the deferred tax is reversed. |
| Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are |
| expected to apply to the reversal of the timing difference. |
| The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction |
| that resulted in the tax expense (income). |
| OPEN INVOICE FINANCE LIMITED (REGISTERED NUMBER: 08604631) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| Provisions for liabilities |
| Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable |
| that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of |
| the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
| Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at |
| present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period |
| is arises. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 August 2019 |
| and 31 July 2020 |
| DEPRECIATION |
| At 1 August 2019 |
| Charge for year |
| At 31 July 2020 |
| NET BOOK VALUE |
| At 31 July 2020 |
| At 31 July 2019 |
| 6. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 July 2020 and 31 July 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The overdrawn loan account was cleared by way of dividends on 1 September 2020. |