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REGISTERED NUMBER: 02465458 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

Orbit Electronics Limited

Orbit Electronics Limited (Registered number: 02465458)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Orbit Electronics Limited

Company Information
for the Year Ended 31 January 2023







DIRECTOR: K Nicolaou





SECRETARY: Mrs M Nicolaou





REGISTERED OFFICE: 67 Westow Street
Upper Norwood
London
SE19 3RW





REGISTERED NUMBER: 02465458 (England and Wales)





ACCOUNTANTS: CWF & Partners Ltd
Chartered Accountants
67 Westow Street
Upper Norwood
London
SE19 3RW

Orbit Electronics Limited (Registered number: 02465458)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £   
CURRENT ASSETS
Stocks 36,560 31,553
Debtors 6 - 1,184
Cash at bank and in hand 11,368 10,968
47,928 43,705
CREDITORS
Amounts falling due within one year 7 (61,561 ) (51,425 )
NET CURRENT LIABILITIES (13,633 ) (7,720 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(13,633

)

(7,720

)

CREDITORS
Amounts falling due after more than one
year

8

(7,163

)

(10,058

)
NET LIABILITIES (20,796 ) (17,778 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (20,896 ) (17,878 )
SHAREHOLDERS' FUNDS (20,796 ) (17,778 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 23 October 2023 and were signed by:



K Nicolaou - Director


Orbit Electronics Limited (Registered number: 02465458)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Orbit Electronics 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

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

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Orbit Electronics Limited (Registered number: 02465458)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 February 2022
and 31 January 2023 1,740 3,178 468 5,386
DEPRECIATION
At 1 February 2022
and 31 January 2023 1,740 3,178 468 5,386
NET BOOK VALUE
At 31 January 2023 - - - -
At 31 January 2022 - - - -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Other debtors - 1,184

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 15,711 15,310
Taxation and social security 2,954 2,870
Other creditors 42,896 33,245
61,561 51,425

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans 7,163 10,058

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years by instalments - 1,006

9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
£    £   
Bank loans 22,874 25,368