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REGISTERED NUMBER: 04070240 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 31 May 2023

for

Orbit Distribution Limited

Orbit Distribution Limited (Registered number: 04070240)

Contents of the Financial Statements
For The Year Ended 31 May 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Orbit Distribution Limited

Company Information
For The Year Ended 31 May 2023







DIRECTORS: Mr D M Letori
Mr G G Bell
Mr R P Fox





REGISTERED OFFICE: 10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET





REGISTERED NUMBER: 04070240 (England and Wales)





ACCOUNTANTS: Giess Wallis Crisp LLP
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

Orbit Distribution Limited (Registered number: 04070240)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 76,090 100,536

CURRENT ASSETS
Stocks 5 457,510 380,248
Debtors 6 887,868 1,135,498
Cash at bank and in hand 31,362 78,507
1,376,740 1,594,253
CREDITORS
Amounts falling due within one year 7 789,854 1,156,254
NET CURRENT ASSETS 586,886 437,999
TOTAL ASSETS LESS CURRENT
LIABILITIES

662,976

538,535

CREDITORS
Amounts falling due after more than one
year

8

-

(23,997

)

PROVISIONS FOR LIABILITIES 10 (9,350 ) (10,968 )
NET ASSETS 653,626 503,570

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 653,526 503,470
SHAREHOLDERS' FUNDS 653,626 503,570

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Distribution Limited (Registered number: 04070240)

Statement of Financial Position - continued
31 May 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 29 September 2023 and were signed on its behalf by:





Mr G G Bell - Director


Orbit Distribution Limited (Registered number: 04070240)

Notes to the Financial Statements
For The Year Ended 31 May 2023


1. STATUTORY INFORMATION

Orbit Distribution 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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

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

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.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

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

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, 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.

Creditors
Short term creditors are measured at the transaction price.

Orbit Distribution Limited (Registered number: 04070240)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023


2. ACCOUNTING POLICIES - continued

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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 8 (2022 - 7 ) .

Orbit Distribution Limited (Registered number: 04070240)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022 13,220 154,050 55,147 222,417
Additions 3,177 - 2,942 6,119
Disposals - - (218 ) (218 )
At 31 May 2023 16,397 154,050 57,871 228,318
DEPRECIATION
At 1 June 2022 7,538 68,245 46,098 121,881
Charge for year 1,769 21,451 7,200 30,420
Eliminated on disposal - - (73 ) (73 )
At 31 May 2023 9,307 89,696 53,225 152,228
NET BOOK VALUE
At 31 May 2023 7,090 64,354 4,646 76,090
At 31 May 2022 5,682 85,805 9,049 100,536

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2022
and 31 May 2023 137,317
DEPRECIATION
At 1 June 2022 60,076
Charge for year 19,310
At 31 May 2023 79,386
NET BOOK VALUE
At 31 May 2023 57,931
At 31 May 2022 77,241

5. STOCKS
2023 2022
£    £   
Stocks 457,510 380,248

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 822,677 1,018,620
Other debtors 65,191 116,878
887,868 1,135,498

Orbit Distribution Limited (Registered number: 04070240)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 168,266 347,130
Hire purchase contracts 23,996 39,159
Trade creditors 225,529 147,781
Amounts owed to participating interests 50,000 151,030
Taxation and social security 201,487 260,856
Other creditors 120,576 210,298
789,854 1,156,254

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 23,997

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 23,996 63,156

Obligations under hire purchase and finance lease arrangements are secured on the assets concerned.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 9,350 10,968

Deferred
tax
£   
Balance at 1 June 2022 10,968
Credit to Statement of Income and Retained Earnings during year (1,618 )
Balance at 31 May 2023 9,350

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100