THEOPENLAB&CO LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11366320 (England and Wales)

Financial Statements

for the Year Ended 31 December 2019

for

THEOPENLAB&CO LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

D J Broadley

REGISTERED OFFICE:

16-18 Beak Street

London

W1F 9RD

REGISTERED NUMBER:

11366320 (England and Wales)

AUDITORS:

Butt Miller

Chartered Accountants and Statutory Auditor

92 Park Street

Camberley

Surrey

GU15 3NY

LEADING ADVISORS:

KPMG

15 Canada Square

Canary Wharf

London

E14 5GL

FIXED ASSETS

Tangible assets

4

35,196

3,480

Investments

5

10,999

-

46,195

3,480

CURRENT ASSETS

Stocks

6

56,213

-

Debtors

7

1,756,093

96,613

Cash at bank

1,501

-

1,813,807

96,613

CREDITORS

Amounts falling due within one year

8

(893,378

)

(85,678

)

NET CURRENT ASSETS

920,429

10,935

TOTAL ASSETS LESS CURRENT LIABILITIES

966,624

14,415

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

965,624

13,415

966,624

14,415

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 November 2020 and were signed by:

D J Broadley - Director

1.	STATUTORY INFORMATION

THEOPENLAB&CO 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.

These financial statements for the year ended 31 December 2019 are the first that are prepared in accordance with FRS 102 section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 16 May 2018.

The transition to FRS 102 has not resulted in any changes to the comparative amounts or the brought forward balances from those previously stated.

The previous accounting period was the first since incorporation and as such was shorter than a year. As a result the comparative amounts presented in the financial statements (including the notes) are not entirely comparable with those for the current year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue recognised as amounts recoverable on long-term contacts is shown within accrued income in these accounts, and is recognised on a individual basis as activity progresses in accordance with the substance of each contract, when the stage of completion can be estimated reliably. The stage of completion is estimated using a range of factors, including costs incurred, amounts already recognised under the contract, and estimated costs to completion.

Tangible fixed assets

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

Office equipment

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Work in progress

Work in progress is recognised in respect of costs incurred which are yet to be utilised in the performance of revenue-earning contracts.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Operating leases

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

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 the Income Statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Office

and

Computer

equipment

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2019

-

-

5,220

5,220

Additions

480

1,500

36,164

38,144

Disposals

-

-

(998

)

(998

)

At 31 December 2019

480

1,500

40,386

42,366

DEPRECIATION

At 1 January 2019

-

-

1,740

1,740

Charge for year

39

91

5,300

5,430

At 31 December 2019

39

91

7,040

7,170

NET BOOK VALUE

At 31 December 2019

441

1,409

33,346

35,196

At 31 December 2018

-

-

3,480

3,480

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

10,999

At 31 December 2019

10,999

NET BOOK VALUE

At 31 December 2019

10,999

6.

STOCKS

2019

2018

£

£

Work in progress

56,213

-

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,312,555

-

Amounts owed by group undertakings

183,688

-

VAT

138,097

9,613

Accrued income

106,534

87,000

Prepayments

15,219

-

1,756,093

96,613

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

185,204

2,053

Tax

223,400

3,565

Social security and other taxes

4,588

-

Other creditors

577

-

Director's current account

277,879

79,560

Accruals

201,730

500

893,378

85,678

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

60,123

-

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Susan Ambrose FCCA FCA (Senior Statutory Auditor)

for and on behalf of Butt Miller

11.	DIRECTOR'S CURRENT ACCOUNT

The following current account with a a director subsisted during the year ended 31 December 2019 and the period ended 31 December 2018:

2019

2018

£

£

D J Broadley

Balance outstanding at start of year

(79,560

)

-

Amounts advanced

138,338

-

Amounts repaid

(336,657

)

(79,560

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(277,879

)

(79,560

)

The above current account with the director is unsecured, interest-free, and repayable on demand.

12.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to assist with payroll and management information processing, prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13.	SUBSEQUENT EVENTS

The Covid-19 pandemic resulted in the country going into 'lockdown' on 23 March 2020. The situation continues to affect the company and the UK economy as a whole. However like many tech businesses the enterprise is operated using an innovative, lightweight, dynamic and distributed model allowing it maximum speed and agility to respond to market change. The director is optimistic about the future and believes that the foundations are in place for the company to seek continued opportunities and growth in the foreseeable future.

14.	SECURITIES

The company has given an unlimited guarantee in respect of its subsidiary's obligations under a consultancy contract, including the offer of performing the contract in the subsidiary's stead if it is unable to fulfil it.