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REGISTERED NUMBER: 07824153 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

ORTELIO LTD

ORTELIO LTD (REGISTERED NUMBER: 07824153)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ORTELIO LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: E Arampatzis





REGISTERED OFFICE: The Technocentre
Coventry University Technology Park
Puma Way
Coventry
CV1 2TT





REGISTERED NUMBER: 07824153 (England and Wales)





ACCOUNTANTS: Walker Thompson Ltd
Accountants and Registered Auditors
Empress House
43A Binley Road
Coventry
CV3 1HU

ORTELIO LTD (REGISTERED NUMBER: 07824153)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - 430
Investments 6 93,483 43,002
93,483 43,432

CURRENT ASSETS
Debtors 7 8 113
Cash at bank 89,754 157,279
89,762 157,392
CREDITORS
Amounts falling due within one year 8 26,228 36,845
NET CURRENT ASSETS 63,534 120,547
TOTAL ASSETS LESS CURRENT
LIABILITIES

157,017

163,979

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 156,017 162,979
SHAREHOLDERS' FUNDS 157,017 163,979

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 November 2023 and were signed by:



E Arampatzis - Director


ORTELIO LTD (REGISTERED NUMBER: 07824153)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Ortelio Ltd 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. 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax and is recognised upon issue of invoices.

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.

Trade mark
The Trade Mark is amortised over a period of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - Straight line over 3 years

It is the company's policy to capitalise items in excess of £1000.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of each VAT quarter end. Exchange differences are taken into account in arriving at the operating result.

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.

Grant income
The company obtains output related grants from various EU bodies.

All grants receivable are subject to strict terms and conditions as determined by the funding body.

The company claims grant monies at regular periods when certain expenditures have been made and confirmed.

It is the company's policy to recognise grants as income by reference to the above in the periods incurred irrespective of date of receipt.

ORTELIO LTD (REGISTERED NUMBER: 07824153)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

Investments
The company makes investments in Venture Capital funds within Greece which provide Seed & Start Up funding to smaller businesses working within the Eco System sector. The investment is made in agreed instalments and the company policy is to treat each investment as separate without accruing for any future sums.

The investment is made in Euros and translated into Sterling at the date of investment. It is initially measured at cost and revalued at the end of each financial period.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2022
and 31 October 2023 5,053
AMORTISATION
At 1 November 2022
and 31 October 2023 5,053
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2022 1,343 7,790 9,133
Disposals (1,343 ) (7,790 ) (9,133 )
At 31 October 2023 - - -
DEPRECIATION
At 1 November 2022 913 7,790 8,703
Eliminated on disposal (913 ) (7,790 ) (8,703 )
At 31 October 2023 - - -
NET BOOK VALUE
At 31 October 2023 - - -
At 31 October 2022 430 - 430

ORTELIO LTD (REGISTERED NUMBER: 07824153)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 November 2022 43,002
Additions 46,967
Revaluations 3,514
At 31 October 2023 93,483
NET BOOK VALUE
At 31 October 2023 93,483
At 31 October 2022 43,002

Cost or valuation at 31 October 2023 is represented by:

Other
investments
£   
Valuation in 2021 (1,688 )
Valuation in 2022 (359 )
Valuation in 2023 3,514
Cost 92,016
93,483

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 8 113

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 3,104 3,930
Other creditors 23,124 32,915
26,228 36,845

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. OVERSEAS INVESTMENTS

As noted previously, the company made an initial investment of 50,000 Euros into a Closed End Venture Capital Fund equivalent to £45,049 original cost. During the year, the company invested a further 53,451 Euros, increasing the original cost to the equivalent of £92,016.