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REGISTERED NUMBER: 03682610 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

ORCHID DESIGNS LTD

ORCHID DESIGNS LTD (REGISTERED NUMBER: 03682610)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ORCHID DESIGNS LTD

COMPANY INFORMATION
for the Year Ended 28 February 2023







DIRECTOR: G M Robinson





REGISTERED OFFICE: Unit 1B Dearne Park Industrial Estate
Clayton West
Huddersfield
West Yorkshire
HD8 9XJ





REGISTERED NUMBER: 03682610 (England and Wales)





ACCOUNTANTS: Bairstow and Atkinson Chartered Accountants
Carlton House
Bull Close Lane
Halifax
West Yorkshire
HX1 2EG

ORCHID DESIGNS LTD (REGISTERED NUMBER: 03682610)

BALANCE SHEET
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 377,141 377,325
377,141 377,325

CURRENT ASSETS
Stocks 112,295 121,341
Debtors 6 45,268 49,948
Cash at bank 46,918 115,982
204,481 287,271
CREDITORS
Amounts falling due within one year 7 65,093 70,143
NET CURRENT ASSETS 139,388 217,128
TOTAL ASSETS LESS CURRENT LIABILITIES 516,529 594,453

CREDITORS
Amounts falling due after more than one year 8 126,979 152,979
NET ASSETS 389,550 441,474

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 388,550 440,474
SHAREHOLDERS' FUNDS 389,550 441,474

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 18 September 2023 and were signed by:





G M Robinson - Director


ORCHID DESIGNS LTD (REGISTERED NUMBER: 03682610)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Orchid Designs Ltd 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.

The principal accounting policies adopted in the preparation of the accounts are set out below, have remained unchanged from the previous year and also have been consistently applied within the same accounts. The effects of events relating to the year before the date of approval of the accounts by the board of directors have been included in the accounts to the extent required to show a true and fair view of the state of affairs at the year end and of the results for the year.

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

Goodwill
Goodwill , being the amount paid in connection with the acquisition of the business in 1999 , is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets
Depreciation is provided 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.

Fixtures and fittings - 15% on reducing balance
Motor Vehicles - 25% on reducing balance
Computer equipment -25% on reducing balance

The director is of the opinion that the fair value of land and buildings is in excess of the amount in the financial statements and therefore depreciation has not been accounted for on the buildings.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

ORCHID DESIGNS LTD (REGISTERED NUMBER: 03682610)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 2 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 175,000
AMORTISATION
At 1 March 2022
and 28 February 2023 175,000
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 373,804 34,223 6,200 14,185 428,412
Additions - - - 658 658
At 28 February 2023 373,804 34,223 6,200 14,843 429,070
DEPRECIATION
At 1 March 2022 - 32,202 6,053 12,832 51,087
Charge for year - 303 37 502 842
At 28 February 2023 - 32,505 6,090 13,334 51,929
NET BOOK VALUE
At 28 February 2023 373,804 1,718 110 1,509 377,141
At 28 February 2022 373,804 2,021 147 1,353 377,325

ORCHID DESIGNS LTD (REGISTERED NUMBER: 03682610)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 25,374 28,887
Directors' loan accounts 12,314 20,011
Prepayments 7,580 1,050
45,268 49,948

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 32,472 30,676
Trade creditors 1,892 6,171
Tax 8,225 4,813
Social security and other taxes 188 120
VAT 4,159 555
Other creditors 5,327 18,769
Net wages control 428 193
Accrued expenses 12,402 8,846
65,093 70,143

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans - 1-2 years 32,472 30,676
Bank loans - 2-5 years 80,749 85,361
Bank loans more 5 yr by instal 13,758 36,942
126,979 152,979

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 13,758 36,942

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
28.2.23 28.2.22
£    £   
Within one year 5,169 -

10. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank loans 159,451 183,655

The bank loan and overdraft are secured by a fixed and floating charge over the assets of the company.

Obligations under hire purchase contracts are secured on the asset concerned.

ORCHID DESIGNS LTD (REGISTERED NUMBER: 03682610)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23 28.2.22
£    £   
G M Robinson
Balance outstanding at start of year 20,011 (206 )
Amounts advanced 12,314 20,217
Amounts repaid (20,011 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,314 20,011

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G M Robinson.