IRIS Accounts Production v19.1.1.57 08778211 Board of Directors 1.12.17 30.11.18 30.11.18 false true false false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure 08778211 2017-11-30 08778211 2018-11-30 08778211 2017-12-01 2018-11-30 08778211 2016-11-28 08778211 2016-11-29 2017-11-30 08778211 2017-11-30 08778211 ns15:EnglandWales 2017-12-01 2018-11-30 08778211 ns14:PoundSterling 2017-12-01 2018-11-30 08778211 ns10:Director1 2017-12-01 2018-11-30 08778211 ns10:PrivateLimitedCompanyLtd 2017-12-01 2018-11-30 08778211 ns10:SmallEntities 2017-12-01 2018-11-30 08778211 ns10:AuditExempt-NoAccountantsReport 2017-12-01 2018-11-30 08778211 ns10:SmallCompaniesRegimeForDirectorsReport 2017-12-01 2018-11-30 08778211 ns10:SmallCompaniesRegimeForAccounts 2017-12-01 2018-11-30 08778211 ns10:FullAccounts 2017-12-01 2018-11-30 08778211 1 2017-12-01 2018-11-30 08778211 ns10:Director2 2017-12-01 2018-11-30 08778211 ns10:RegisteredOffice 2017-12-01 2018-11-30 08778211 ns5:CurrentFinancialInstruments 2018-11-30 08778211 ns5:CurrentFinancialInstruments 2017-11-30 08778211 ns5:ShareCapital 2018-11-30 08778211 ns5:ShareCapital 2017-11-30 08778211 ns5:SharePremium 2018-11-30 08778211 ns5:SharePremium 2017-11-30 08778211 ns5:RetainedEarningsAccumulatedLosses 2018-11-30 08778211 ns5:RetainedEarningsAccumulatedLosses 2017-11-30 08778211 ns5:IntangibleAssetsOtherThanGoodwill 2017-12-01 2018-11-30 08778211 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-12-01 2018-11-30 08778211 ns5:IntangibleAssetsOtherThanGoodwill 2017-11-30 08778211 ns5:IntangibleAssetsOtherThanGoodwill 2018-11-30 08778211 ns5:IntangibleAssetsOtherThanGoodwill 2017-11-30 08778211 ns5:PlantMachinery 2017-11-30 08778211 ns5:FurnitureFittings 2017-11-30 08778211 ns5:ComputerEquipment 2017-11-30 08778211 ns5:PlantMachinery 2017-12-01 2018-11-30 08778211 ns5:FurnitureFittings 2017-12-01 2018-11-30 08778211 ns5:ComputerEquipment 2017-12-01 2018-11-30 08778211 ns5:PlantMachinery 2018-11-30 08778211 ns5:FurnitureFittings 2018-11-30 08778211 ns5:ComputerEquipment 2018-11-30 08778211 ns5:PlantMachinery 2017-11-30 08778211 ns5:FurnitureFittings 2017-11-30 08778211 ns5:ComputerEquipment 2017-11-30 08778211 ns5:CurrentFinancialInstruments ns5:WithinOneYear 2018-11-30 08778211 ns5:CurrentFinancialInstruments ns5:WithinOneYear 2017-11-30 08778211 ns5:WithinOneYear 2018-11-30 08778211 ns5:WithinOneYear 2017-11-30 08778211 ns5:BetweenOneFiveYears 2018-11-30 08778211 ns5:BetweenOneFiveYears 2017-11-30 08778211 ns5:AllPeriods 2018-11-30 08778211 ns5:AllPeriods 2017-11-30


REGISTERED NUMBER: 08778211 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2018

FOR

OPEN ACCESS FINANCE LTD

OPEN ACCESS FINANCE LTD (REGISTERED NUMBER: 08778211)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 November 2018










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OPEN ACCESS FINANCE LTD

COMPANY INFORMATION
for the year ended 30 November 2018







DIRECTORS: R Haldar
A Parameswaran





REGISTERED OFFICE: 27 Clement's Lane
London
EC4N 7AE





REGISTERED NUMBER: 08778211 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Magma House
16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

OPEN ACCESS FINANCE LTD (REGISTERED NUMBER: 08778211)

BALANCE SHEET
30 November 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 36,157 54,235
Tangible assets 5 9,096 10,593
45,253 64,828

CURRENT ASSETS
Stocks 2,350 2,602
Debtors 6 232,876 100,556
Cash at bank 233,568 545,054
468,794 648,212
CREDITORS
Amounts falling due within one year 7 11,498 10,607
NET CURRENT ASSETS 457,296 637,605
TOTAL ASSETS LESS CURRENT
LIABILITIES

502,549

702,433

CAPITAL AND RESERVES
Called up share capital 4 4
Share premium 1,891,425 1,891,425
Retained earnings (1,388,880 ) (1,188,996 )
SHAREHOLDERS' FUNDS 502,549 702,433

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 26 March 2019 and were signed on its behalf by:





R Haldar - Director


OPEN ACCESS FINANCE LTD (REGISTERED NUMBER: 08778211)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 November 2018


1. STATUTORY INFORMATION

Open Access Finance Ltd is a limited company, registered in England and Wales. Its registered office address is
27 Clement's Lane, London, England, EC4N 7AE and the registered number is 08778211.

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.

The functional and presentational currency of this company is sterling (£).

Going concern
At the year end the company had negative retained earnings of £1,388,880. The directors have confirmed that
they will continue to support the company financially for at least 12 months from signing these financial
statements and confirm that repayment of directors' loans will not be sought until the company has sufficient
funds. On this basis the financial statements have been prepared on a going concern basis.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in
accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Website development
Expenditure on website development is charged to profit and loss account in the year in which it is incurred with
the exception of expenditure on the development of certain major new product projects. Such expenditure is only
recognised where it is probable that future economic benefits that are attributable to the project will flow to the
entity and that the cost of the project can be measured reliably. Such expenditure is capitalised and amortised
over a period of five years commencing in the year sales of the product are first made.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated
impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the
location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful
lives, using either a straight line or reducing balance method, as indicated below.

OPEN ACCESS FINANCE LTD (REGISTERED NUMBER: 08778211)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2018


2. ACCOUNTING POLICIES - continued

Depreciation is provided on the following basis:

Fixtures & Fittings - 25% On reducing balance
Plant & machinery - 25% On reducing balance
Computer equipment - 25% On reducing balance

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if
appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are
recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based
on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and
attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is
reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in
profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to
related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is
recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise
the asset and settle the liability simultaneously.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised
as other comprehensive income or to an item recognised directly in equity is also recognised in other
comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by
the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered
against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have
been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively
enacted by the balance sheet date.

Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments
under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

OPEN ACCESS FINANCE LTD (REGISTERED NUMBER: 08778211)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2018


2. ACCOUNTING POLICIES - continued

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the
arrangement constitutes a financing transaction, where the transaction is measured at the present value of the
future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost
using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and
other short-term highly liquid investments that mature in no more than three months from the date of acquisition
and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related
parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction,
where the debt instrument is measured at the present value of the future payments discounted at a market rate
of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less
any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 December 2017
and 30 November 2018 90,391
AMORTISATION
At 1 December 2017 36,156
Charge for year 18,078
At 30 November 2018 54,234
NET BOOK VALUE
At 30 November 2018 36,157
At 30 November 2017 54,235

OPEN ACCESS FINANCE LTD (REGISTERED NUMBER: 08778211)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2018


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 December 2017 14,568 11,920 7,995 34,483
Additions - 6,978 2,158 9,136
At 30 November 2018 14,568 18,898 10,153 43,619
DEPRECIATION
At 1 December 2017 10,926 8,028 4,936 23,890
Charge for year 3,642 4,725 2,266 10,633
At 30 November 2018 14,568 12,753 7,202 34,523
NET BOOK VALUE
At 30 November 2018 - 6,145 2,951 9,096
At 30 November 2017 3,642 3,892 3,059 10,593

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 134,952 85,136
Other debtors 97,924 15,420
232,876 100,556

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Taxation and social security 432 95
Other creditors 11,066 10,512
11,498 10,607

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2018 2017
£    £   
Within one year 36,250 -
Between one and five years 3,333 -
39,583 -