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REGISTERED NUMBER: 05820652 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

ORBISS LIMITED

ORBISS LIMITED (REGISTERED NUMBER: 05820652)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ORBISS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Mrs K J Patterson
Mrs K McGowan





SECRETARY: Mrs K J Patterson





REGISTERED OFFICE: Park House
Threemilestone Industrial Estate
TRURO
Cornwall
TR4 9LD





REGISTERED NUMBER: 05820652 (England and Wales)





ACCOUNTANTS: Lang Bennetts
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

ORBISS LIMITED (REGISTERED NUMBER: 05820652)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 4,360 63,409
Tangible assets 6 5,346 8,109
9,706 71,518

CURRENT ASSETS
Stocks 16,261 8,149
Debtors 7 63,558 120,543
Cash at bank and in hand 206,827 185,485
286,646 314,177
CREDITORS
Amounts falling due within one year 8 151,299 162,623
NET CURRENT ASSETS 135,347 151,554
TOTAL ASSETS LESS CURRENT
LIABILITIES

145,053

223,072

PROVISIONS FOR LIABILITIES 1,016 1,541
NET ASSETS 144,037 221,531

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 144,035 221,529
SHAREHOLDERS' FUNDS 144,037 221,531

ORBISS LIMITED (REGISTERED NUMBER: 05820652)

BALANCE SHEET - continued
30 JUNE 2023


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

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

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





Mrs K McGowan - Director


ORBISS LIMITED (REGISTERED NUMBER: 05820652)

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

1. STATUTORY INFORMATION

Orbiss 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. 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.

Goodwill
The amount paid in connection with the acquisition of the business in 2006 was being amortised over its estimated useful life of 20 years, however the amortisation has now been accelerated to be fully written off in five years, in accordance with FRS 102.

The amount paid in connection with the Speedway contracts, purchased in 2009, has been reviewed and is now being amortised to be fully written off in three years to reflect its estimated useful life .

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 at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 20% on reducing balance and 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


ORBISS LIMITED (REGISTERED NUMBER: 05820652)

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

3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 723,370
AMORTISATION
At 1 July 2022 659,961
Charge for year 59,049
At 30 June 2023 719,010
NET BOOK VALUE
At 30 June 2023 4,360
At 30 June 2022 63,409

ORBISS LIMITED (REGISTERED NUMBER: 05820652)

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

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 27,705
Additions 779
Disposals (3,090 )
At 30 June 2023 25,394
DEPRECIATION
At 1 July 2022 19,596
Charge for year 3,388
Eliminated on disposal (2,936 )
At 30 June 2023 20,048
NET BOOK VALUE
At 30 June 2023 5,346
At 30 June 2022 8,109

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 51,205 86,398
Amounts recoverable on contracts 3,081 4,762
Other debtors 9,272 29,383
63,558 120,543

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 122 -
Trade creditors 55,062 63,029
Taxation and social security 65,472 70,775
Other creditors 30,643 28,819
151,299 162,623

ORBISS LIMITED (REGISTERED NUMBER: 05820652)

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

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 12,000 12,000
Between one and five years 38,000 48,000
In more than five years - 2,000
50,000 62,000

This is rent payable over a 6 year lease. There is a break clause after 3 years.

10. RELATED PARTY DISCLOSURES

Mileage expenses of £Nil (2022: £1,214) was paid to the director, K Patterson and £22 (2022: £4,161) the director, K McGowan, during the year using H M Revenue and Customs authorised mileage rates.

During the year, Orbiss Limited paid rent of £Nil (2022: £105) to the director, K McGowan and £Nil (2022: £4,095) to the director's spouse.

At the balance sheet date the company owed K McGowan, a director and shareholder, £8 (2022: £8).

At the balance sheet date the company owed K Patterson, a director and shareholder, £8 (2022: £8).

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the directors by virtue of their shareholdings.