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REGISTERED NUMBER: 05482698 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

ORBIT ELECTRICAL SERVICES LIMITED

ORBIT ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 05482698)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ORBIT ELECTRICAL SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: N W Bushby
S Bushby
D Bushby
O Wragg





SECRETARY: S Bushby





REGISTERED OFFICE: 34 Falsgrave Road
Scarborough
North Yorkshire
YO12 5AT





REGISTERED NUMBER: 05482698 (England and Wales)





ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

ORBIT ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 05482698)

BALANCE SHEET
30 APRIL 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 578,384 419,916
Investments 5 1,098,097 1,098,097
Investment property 6 1,152,882 140,589
2,829,363 1,658,602

CURRENT ASSETS
Stocks 224,822 99,913
Debtors 7 1,939,994 1,556,204
Cash at bank 3,581,811 3,042,818
5,746,627 4,698,935
CREDITORS
Amounts falling due within one year 8 1,074,104 959,612
NET CURRENT ASSETS 4,672,523 3,739,323
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,501,886

5,397,925

CREDITORS
Amounts falling due after more than one
year

9

(94,952

)

(84,794

)

PROVISIONS FOR LIABILITIES (61,026 ) (47,402 )
NET ASSETS 7,345,908 5,265,729

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 7,345,906 5,265,727
SHAREHOLDERS' FUNDS 7,345,908 5,265,729

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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.

ORBIT ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 05482698)

BALANCE SHEET - continued
30 APRIL 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2023 and were signed on its behalf by:





S Bushby - Director


ORBIT ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 05482698)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Orbit Electrical Services 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.

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.

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

Turnover represents the value of work done in the year net of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

ORBIT ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 05482698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2022 152,130 540,037 692,167
Additions - 312,910 312,910
Disposals - (154,109 ) (154,109 )
At 30 April 2023 152,130 698,838 850,968
DEPRECIATION
At 1 May 2022 9,126 263,125 272,251
Charge for year 3,042 76,907 79,949
Eliminated on disposal - (79,616 ) (79,616 )
At 30 April 2023 12,168 260,416 272,584
NET BOOK VALUE
At 30 April 2023 139,962 438,422 578,384
At 30 April 2022 143,004 276,912 419,916

The net book value of tangible fixed assets includes £ 208,798 (2022 - £ 181,021 ) in respect of assets held under hire purchase contracts.

ORBIT ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 05482698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 May 2022
and 30 April 2023 1,098,097
NET BOOK VALUE
At 30 April 2023 1,098,097
At 30 April 2022 1,098,097

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022 140,589
Additions 1,012,293
At 30 April 2023 1,152,882
NET BOOK VALUE
At 30 April 2023 1,152,882
At 30 April 2022 140,589

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 739,419 441,287
Amounts owed by group undertakings 1,046,471 1,025,579
Other debtors 154,104 89,338
1,939,994 1,556,204

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts 42,537 36,064
Trade creditors 287,394 251,074
Amounts owed to group undertakings 156,550 173,633
Taxation and social security 576,353 479,564
Other creditors 11,270 19,277
1,074,104 959,612

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts 94,952 84,794

ORBIT ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 05482698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Hire purchase contracts 137,489 120,858