Orbex Solutions Limited
Registered number: 04219670
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 52,344 90,643
Investments 4 5 5
52,349 90,648
Current assets
Debtors 5 92,635 84,091
Cash at bank and in hand 164,481 276,971
257,116 361,062
Creditors: amounts falling due within one year 6 (248,254) (208,553)
Net current assets 8,862 152,509
Total assets less current liabilities 61,211 243,157
Creditors: amounts falling due after more than one year 7 (35,595) (204,947)
Provisions for liabilities (11,502) (15,972)
Net assets 14,114 22,238
Capital and reserves
Called up share capital 100 100
Profit and loss account 14,014 22,138
Shareholders' funds 14,114 22,238
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B Gajic
Director
Approved by the board on 3 November 2023
Orbex Solutions Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised when the service is performed.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 - 4 years
Motor Vehicles over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 10
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2022 72,979 222,010 294,989
Additions 4,578 - 4,578
Disposals - (77,320) (77,320)
At 31 March 2023 77,557 144,690 222,247
Depreciation
At 1 April 2022 61,842 142,504 204,346
Charge for the year 6,705 36,172 42,877
On disposals - (77,320) (77,320)
At 31 March 2023 68,547 101,356 169,903
Net book value
At 31 March 2023 9,010 43,334 52,344
At 31 March 2022 11,137 79,506 90,643
4 Investments
Other
investments Total
£ £
Cost
At 1 April 2022 5 5
At 31 March 2023 5 5
5 Debtors 2023 2022
£ £
Trade debtors 58,556 44,270
Other debtors 34,079 39,821
92,635 84,091
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,125 42,249
Obligations under finance lease and hire purchase contracts 3,333 3,333
Trade creditors 35,587 21,904
Taxation and social security costs 56,945 44,377
Other creditors 147,264 96,690
248,254 208,553
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,595 201,614
Obligations under finance lease and hire purchase contracts - 3,333
35,595 204,947
8 Loans 2023 2022
£ £
Secured bank loans 40,720 243,863
During the year ended 31 March 2021, the company was granted a loan under the Coronavirus Business Interruption Loan Scheme. A further loan was granted in June 2021. The loans are guaranteed by the Department for Business, Energy and Industrial Strategy. No capital or interest was payable in the first 12 months of each loan and interest is now charged at 2.5%. During the year ended 31 March 2023, the loan issued in March 2021 has been extended with a term of 10 years and is repayable in installments by July 2030. The loan issued June 2021 was repaid in full.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 50,000 -
10 Related party transactions
During the year ended 31 March 2023, the directors received the following remuneration from the company;
B Gajic received remuneration of £10,268 (2022: £8,805) and a dividend of £23,800 (2022: £20,740) from the company.
N Liddell received remuneration of £10,268 (2022: £8,805) and a dividend of £29,400 (2022:
£25,620) from the company.
J Windiate received remuneration of £10,268 (2022:£12,947) and a dividend of £16,800 (2022:
£14,640) from the company.
11 Controlling party
The ultimate controlling parties are the directors, B Gajic, N Liddell and J Windiate, who together
hold the entire share capital of the company
12 Other information
Orbex Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Accurist House
44 Baker Street
London
W1U 7AL
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