Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31false2022-02-01The company's principal activity continues to be that of the supply of aero and industrial gas turbineengines and components.810truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02990055 2022-02-01 2023-01-31 02990055 2021-02-01 2022-01-31 02990055 2023-01-31 02990055 2022-01-31 02990055 c:Director1 2022-02-01 2023-01-31 02990055 d:Buildings 2022-02-01 2023-01-31 02990055 d:Buildings 2023-01-31 02990055 d:Buildings 2022-01-31 02990055 d:Buildings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 02990055 d:PlantMachinery 2022-02-01 2023-01-31 02990055 d:PlantMachinery 2023-01-31 02990055 d:PlantMachinery 2022-01-31 02990055 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 02990055 d:MotorVehicles 2022-02-01 2023-01-31 02990055 d:MotorVehicles 2023-01-31 02990055 d:MotorVehicles 2022-01-31 02990055 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 02990055 d:FurnitureFittings 2022-02-01 2023-01-31 02990055 d:FurnitureFittings 2023-01-31 02990055 d:FurnitureFittings 2022-01-31 02990055 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 02990055 d:OfficeEquipment 2022-02-01 2023-01-31 02990055 d:OfficeEquipment 2023-01-31 02990055 d:OfficeEquipment 2022-01-31 02990055 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 02990055 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 02990055 d:CurrentFinancialInstruments 2023-01-31 02990055 d:CurrentFinancialInstruments 2022-01-31 02990055 d:Non-currentFinancialInstruments 2023-01-31 02990055 d:Non-currentFinancialInstruments 2022-01-31 02990055 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 02990055 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 02990055 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 02990055 d:Non-currentFinancialInstruments d:AfterOneYear 2022-01-31 02990055 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 02990055 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-01-31 02990055 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 02990055 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-01-31 02990055 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-01-31 02990055 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-01-31 02990055 d:ShareCapital 2023-01-31 02990055 d:ShareCapital 2022-01-31 02990055 d:RetainedEarningsAccumulatedLosses 2023-01-31 02990055 d:RetainedEarningsAccumulatedLosses 2022-01-31 02990055 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-31 02990055 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-01-31 02990055 c:FRS102 2022-02-01 2023-01-31 02990055 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 02990055 c:AbridgedAccounts 2022-02-01 2023-01-31 02990055 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 02990055 d:HirePurchaseContracts d:WithinOneYear 2023-01-31 02990055 d:HirePurchaseContracts d:WithinOneYear 2022-01-31 02990055 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-01-31 02990055 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-01-31 02990055 2 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Registered number: 02990055









ORANGE AERO LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023


 
ORANGE AERO LIMITED
REGISTERED NUMBER:02990055

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
601,560
627,695

  
601,560
627,695

Current assets
  

Stocks
 5 
3,511,666
3,744,900

Debtors
 6 
2,954,879
2,566,043

Cash at bank and in hand
 7 
509,094
376,705

  
6,975,639
6,687,648

Creditors: amounts falling due within one year
 8 
(810,612)
(961,377)

Net current assets
  
 
 
6,165,027
 
 
5,726,271

Total assets less current liabilities
  
6,766,587
6,353,966

Creditors: amounts falling due after more than one year
 9 
(1,101,861)
(1,452,714)

Net assets
  
5,664,726
4,901,252


Capital and reserves
  

Called up share capital 
  
910
910

Profit and loss account
  
5,663,816
4,900,342

Shareholders' funds
  
5,664,726
4,901,252


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 September 2023.



Page 1


 
ORANGE AERO LIMITED
REGISTERED NUMBER:02990055
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023


Mr S C Jeffs
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


GENERAL INFORMATION

The Company is incorporated in England and Wales and is limited by shares. The registered office is located at Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA. The Company's principal place of business is Unit O, Howland Road Business Park, Howland Road, Thame, Oxfordshire, OX9 3GQ.
The company's principal activity continues to be that of the supply of aero and industrial gas turbine engines and components.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

REVENUE

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

TAXATION

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model 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, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' 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.

 
2.10

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the 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.

Page 5


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.
 
2.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 6


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.14
FINANCIAL INSTRUMENTS (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 8 (2022 - 10).


4.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 February 2022
516,841
88,861
132,470
25,638
35,764
799,574


Additions
-
2,182
-
108
843
3,133


Disposals
-
-
-
-
(2,527)
(2,527)



At 31 January 2023

516,841
91,043
132,470
25,746
34,080
800,180



Depreciation


At 1 February 2022
-
83,925
49,367
18,054
20,534
171,880


Charge for the year on owned assets
-
1,727
20,772
1,882
3,943
28,324


Disposals
-
-
-
-
(1,584)
(1,584)



At 31 January 2023

-
85,652
70,139
19,936
22,893
198,620



Net book value



At 31 January 2023
516,841
5,391
62,331
5,810
11,187
601,560



At 31 January 2022
516,841
4,936
83,103
7,584
15,231
627,695

Page 7


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


STOCKS

2023
2022
£
£

Finished goods and goods for resale
3,511,666
3,744,900

3,511,666
3,744,900



6.


DEBTORS

2023
2022
£
£


Trade debtors
1,807,712
1,094,703

Other debtors
1,133,335
1,070,754

Prepayments and accrued income
13,832
400,586

2,954,879
2,566,043



7.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
509,094
376,705

509,094
376,705



8.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank loans
314,000
315,511

Payments received on account
827
827

Trade creditors
92,349
355,460

Corporation tax
312,455
167,365

Other taxation and social security
8,275
9,123

Obligations under finance lease and hire purchase contracts
-
12,809

Other creditors
34,321
14,480

Accruals and deferred income
48,385
85,802

810,612
961,377


Page 8


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,101,861
1,417,629

Net obligations under finance leases and hire purchase contracts
-
35,085

1,101,861
1,452,714



10.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
314,000
315,511


314,000
315,511

Amounts falling due 1-2 years

Bank loans
314,500
315,750


314,500
315,750

Amounts falling due 2-5 years

Bank loans
520,000
825,629


520,000
825,629

Amounts falling due after more than 5 years

Bank loans
267,361
276,250

267,361
276,250

1,415,861
1,733,140


Page 9


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

11.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
12,809

Between 1-5 years
-
35,085

-
47,894


12.


FINANCIAL INSTRUMENTS

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
509,094
376,705




Financial assets measured at fair value through profit or loss comprise solely of cash.


13.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,423 (2022 - £6,409).


14.


TRANSACTIONS WITH DIRECTORS

Included in other debtors due within one year is a loan to the director, Mr S C Jeffs amounting to £Nil [2022 - £424,897].


15.


RELATED PARTY TRANSACTIONS

The director and shareholder, Mr S C Jeffs, is also a director and shareholder in Brooklands Watch Company Limited, a company incorporated in England and Wales.
At the end of the year £909,461 (2022 - £472,097) was due from Brooklands Watch Company Limited. This amount is included in other debtors.


16.


CONTROLLING PARTY

The directors consider Orange Aero Holdings Limited to be the controlling party, by virtue of the fact that the Company owns all of the ordinary issued share capital in Orange Aero Limited.


Page 10


 
ORANGE AERO LIMITED
 
 
 Page 11