Opengosim Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 09233963 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

OPENGOSIM LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

6

DIRECTORS:

P Orsini

R Carroll

REGISTERED OFFICE:

4 Wellington Circus

Nottingham

Nottinghamshire

NG1 5AL

REGISTERED NUMBER:

09233963 (England and Wales)

ACCOUNTANTS:

David Rice Associates Ltd

Chartered Certified Accountants

4 Wellington Circus

Nottingham

Nottinghamshire

NG1 5AL

FIXED ASSETS

Property, plant and equipment

5

1,057

789

CURRENT ASSETS

Debtors

6

56,518

40,000

Cash at bank and in hand

17,458

17,769

73,976

57,769

CREDITORS

Amounts falling due within one year

7

43,208

54,495

NET CURRENT ASSETS

30,768

3,274

TOTAL ASSETS LESS CURRENT LIABILITIES

31,825

4,063

PROVISIONS FOR LIABILITIES

8

144

-

NET ASSETS

31,681

4,063

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

31,581

3,963

SHAREHOLDERS' FUNDS

31,681

4,063

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 September 2017 and were signed on its behalf by:

P Orsini - Director

1.	STATUTORY INFORMATION

Opengosim 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.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover includes the value of services provided and invoiced to customers by the company in the period, and includes

amounts accrued by the period end where the work has been substantially completed and there is a right to receive income in

respect of that work at the balance sheet date.

Tangible fixed assets

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

Computer equipment

-

25% on cost

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 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

5.	PROPERTY, PLANT AND EQUIPMENT

Computer

equipment

£

COST

At 1 January 2016

1,052

Additions

709

At 31 December 2016

1,761

DEPRECIATION

At 1 January 2016

263

Charge for year

441

At 31 December 2016

704

NET BOOK VALUE

At 31 December 2016

1,057

At 31 December 2015

789

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other debtors

56,518

40,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

119

532

Taxation and social security

12,067

11,062

Other creditors

31,022

42,901

43,208

54,495

8.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

144

-

Deferred

tax

£

Provided during year

144

Balance at 31 December 2016

144

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary Shares

£1.00

100

100

10.

RESERVES

Retained

earnings

£

At 1 January 2016

3,963

Profit for the year

56,403

Dividends

(28,785

)

At 31 December 2016

31,581

11.	POST BALANCE SHEET EVENTS

In April 2017 the company agreed an equity investment from a network of business investors. The investment was split in

two tranches. The first tranche was completed in May 2017 and the second tranche is expected to complete in April 2018.

The investment is being used to accelerate the development of the company's software products.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is P Orsini.

The ultimate controlling party is P Orsini.

The following reproduces the text of the report prepared for the directors and members in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement

of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report

of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Opengosim Limited for the year ended 31 December 2016 which comprise the Income Statement, Other

Comprehensive Income, Statement of Financial Position and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Opengosim Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Opengosim Limited and state those matters that we have agreed to state to the Board of Directors of Opengosim Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Opengosim Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Opengosim Limited. You consider that Opengosim Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Opengosim Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

David Rice Associates Ltd

Chartered Certified Accountants

4 Wellington Circus

Nottingham

Nottinghamshire

NG1 5AL

25 September 2017