Company registration number 10031011 (England and Wales)
ORCHID PROPERTY DEVELOPMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
ORCHID PROPERTY DEVELOPMENT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ORCHID PROPERTY DEVELOPMENT LTD
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
370,000
370,000
Current assets
Debtors
4
-
0
200
Cash at bank and in hand
2,276
1,602
2,276
1,802
Creditors: amounts falling due within one year
5
(1,200)
(1,200)
Net current assets
1,076
602
Total assets less current liabilities
371,076
370,602
Creditors: amounts falling due after more than one year
6
(319,825)
(319,825)
Provisions for liabilities
(8,862)
(8,862)
Net assets
42,389
41,915
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
42,289
41,815
Total equity
42,389
41,915

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 2 October 2023
C A Constable
Director
Company registration number 10031011 (England and Wales)
ORCHID PROPERTY DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Orchid Property Development Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Flat 9, Century House, 98 - 100 High Street, Banstead, Surrey, SM7 2NN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rent and service charges receivable.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

ORCHID PROPERTY DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
370,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at the period end by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
200
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,200
1,200
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
258,825
258,825
Other creditors
61,000
61,000
319,825
319,825

The bank loan is secured by way of fixed charges over the freehold investment property, 53, The Crescent, Horley, West Sussex RH6 7NX.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
ORCHID PROPERTY DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
7
Called up share capital
(Continued)
- 4 -
8
Related party transactions
Transactions with related parties
Other information

Other creditors falling due after more than one year represent an interest free loan of £61,000 (2022: £61,000) from B O'Flaherty, a former director who is also a shareholder of the company.

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