Openspan Limited 30/06/2022 iXBRL

Openspan Limited 30/06/2022 iXBRL

OPENSPAN LIMITED - Company Information

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2 30/06/2022 2022-06-30 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-07-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04462002 2021-07-01 2022-06-30 04462002 2022-06-30 04462002 2021-06-30 04462002 2020-07-01 2021-06-30 04462002 2021-06-30 04462002 core:PlantMachinery 2021-07-01 2022-06-30 04462002 bus:RegisteredOffice 2021-07-01 2022-06-30 04462002 bus:LeadAgentIfApplicable 2021-07-01 2022-06-30 04462002 bus:Director1 2021-07-01 2022-06-30 04462002 bus:Director2 2021-07-01 2022-06-30 04462002 bus:CompanySecretary1 2021-07-01 2022-06-30 04462002 core:LandBuildings core:OwnedOrFreeholdAssets 2021-06-30 04462002 core:PlantMachinery 2021-06-30 04462002 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 04462002 core:PlantMachinery 2022-06-30 04462002 core:WithinOneYear 2022-06-30 04462002 core:WithinOneYear 2021-06-30 04462002 core:ShareCapital 2022-06-30 04462002 core:ShareCapital 2021-06-30 04462002 core:RetainedEarningsAccumulatedLosses 2022-06-30 04462002 core:RetainedEarningsAccumulatedLosses 2021-06-30 04462002 core:LandBuildings core:OwnedOrFreeholdAssets 2021-07-01 2022-06-30 04462002 core:LandBuildings core:OwnedOrFreeholdAssets 2021-06-30 04462002 core:PlantMachinery 2021-06-30 04462002 bus:SmallEntities 2021-07-01 2022-06-30 04462002 bus:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 04462002 bus:FullAccounts 2021-07-01 2022-06-30 04462002 bus:SmallCompaniesRegimeForAccounts 2021-07-01 2022-06-30 04462002 bus:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30
Company registration number: 04462002
Openspan Limited
Unaudited filleted financial statements
30 June 2022
Openspan Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Openspan Limited
Directors and other information
Directors Mrs L Parkinson
Mr R Parkinson
Secretary L Parkinson
Company number 04462002
Registered office 14 Kennedy Street
Manchester
M2 4BY
Business address The Old Law Library
14 Kennedy Street
Manchester
M2 4BY
Accountants Wrigley Partington
Sterling House
501 Middleton Road
Chadderton
Oldham
OL9 9LY
Bankers Handlesbanken
4th Floor
Kabel House
15 Quay Street
Manchester
M3 3HN
Openspan Limited
Statement of financial position
30 June 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 4,000,767 3,000,904
_______ _______
4,000,767 3,000,904
Current assets
Debtors:
Amounts falling due within one year 6 241,321 252,773
Cash at bank and in hand 132,191 -
_______ _______
373,512 252,773
Creditors: amounts falling due
within one year 7 ( 2,045,686) ( 1,974,546)
_______ _______
Net current liabilities ( 1,672,174) ( 1,721,773)
_______ _______
Total assets less current liabilities 2,328,593 1,279,131
Provisions for liabilities ( 134,410) -
_______ _______
Net assets 2,194,183 1,279,131
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 8 2,194,181 1,279,129
_______ _______
Shareholders funds 2,194,183 1,279,131
_______ _______
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 March 2023 , and are signed on behalf of the board by:
Mrs L Parkinson
Director
Company registration number: 04462002
Openspan Limited
Notes to the financial statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Law Library, 14 Kennedy Street, Manchester, M2 4BY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is derived from its principal activity of commercial property letting and represents amounts receivable in respect of rents due from tennants and associated revenues from tennants, such turnover recognised in respect of the periods of occupation and associated commercial lease agreements. Revenues are received when the economic benefits of occupation have been transferred to the tenant. All turnover is net of discounts and exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
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:
Freehold property - Not Depreciated
Plant and machinery - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets .
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost or valuation
At 1 July 2021 3,000,000 10,519 3,010,519
Revaluation 1,000,000 - 1,000,000
_______ _______ _______
At 30 June 2022 4,000,000 10,519 4,010,519
_______ _______ _______
Depreciation
At 1 July 2021 - 9,616 9,616
Charge for the year - 136 136
_______ _______ _______
At 30 June 2022 - 9,752 9,752
_______ _______ _______
Carrying amount
At 30 June 2022 4,000,000 767 4,000,767
_______ _______ _______
At 30 June 2021 3,000,000 903 3,000,903
_______ _______ _______
Investment property
The investment property was independently revalued by Jones Lang LaSelle IP, a firm of Chartered Surveyors in July 2021. The market value obtained was £4,000,000. The directors consider the carrying value as at 30 June 2022 to reflect the fair value of the Investment property at that date.
6. Debtors
Debtors falling due within one year are as follows:
2022 2021
£ £
Trade debtors 46,536 67,193
Other debtors 194,785 185,580
_______ _______
241,321 252,773
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts - 9,062
Trade creditors 12,267 3,880
Social security and other taxes 25,888 35,077
Other creditors 2,007,531 1,926,527
_______ _______
2,045,686 1,974,546
_______ _______
8. Reserves
Included in reserves is an amount of £1,636,349 which represents the fair value adjustment of the investment property and as such is non distributable.
9. Contingent assets and liabilities
The company has entered into a cross guarantee arrangement with related companies, Parsonage Chambers Limited and Fortunelodge Limited. The property forms part of the security of a consolidated loan facility of £3,969,390 by way of a fixed and floating charge and first legal charge .