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COMPANY REGISTRATION NUMBER: 04203657
ORION FARMING GROUP LIMITED
Company Limited by Guarantee
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
ORION FARMING GROUP LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
191,490
143,203
Current assets
Debtors
8
14,029
2,624
Cash at bank and in hand
277,477
323,091
---------
---------
291,506
325,715
Creditors: amounts falling due within one year
9
41,184
46,550
---------
---------
Net current assets
250,322
279,165
---------
---------
Total assets less current liabilities
441,812
422,368
Creditors: amounts falling due after more than one year
10
303,259
301,981
Provisions
Taxation including deferred tax
6,316
---------
---------
Net assets
132,237
120,387
---------
---------
Capital and reserves
Revaluation reserve
64,960
66,175
Profit and loss account
67,277
54,212
---------
---------
Members funds
132,237
120,387
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ORION FARMING GROUP LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 24 January 2024 , and are signed on behalf of the board by:
N Philp (Chairman)
Director
Company registration number: 04203657
ORION FARMING GROUP LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Unit 3, St Johns Yard, Main Road, Fyfield, Abingdon-on-Thames.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on a going concern basis
Trade and other debtors
Trade and other debtors are stated at cost less impairment losses for bad and doubtful debts.
Revenue recognition
The turnover shown in the income and expenditure account represents service charges invoiced and commissions receivable during the year, exclusive of Value Added Tax.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
Taxation
Tax on income represents the sum of tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the note to the accounts because of items of that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using the tax rates that have been enacted or subsequently enacted by the end of the accounting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when timing differences reverse, based on current tax rates and laws. Current or deferred tax for the year is recognised in the statement of income and retained earnings.
Related parties
For the purposes of these financial statements, a party is considered to be related to the Company if:
(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the Company in making financial and operating policy decisions, or has joint control over the Company;
(ii) the Company and the party are subject to common control;
(iii) the party is an associate of the Company or a joint venture in which the Company is a venturer;
(iv) the party is a member of key management personnel of the Company or the Company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or
(vi) the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company.
Close family members of an individual are those family members who it may be expected to influence, or be influenced by, that individual in their dealings with the entity.
Operating leases
Operating lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
Straight line over the useful life of the property
Office Equipment
-
Straight line: Fixtures 5 years; Computers 3 years; Software 9 years
Website
-
5 years straight line
An amount equal to the excess of the annual depreciation charge on revalued assets over the original cost depreciation charge on those assets is transferred annually from the revaluation reserve to retained earnings.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in joint ventures
Investments in joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Company limited by guarantee
The company is registered in England and is limited by guarantee. The liability of the members is limited to £1 per member.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 9 ).
The average staff numbers exclude the executive Directors.
6. Tangible assets
Land and buildings
Office equipment
Website
Total
£
£
£
£
Cost
At 1 November 2022
145,000
271,447
16,946
433,393
Additions
65,688
65,688
Disposals
( 235,146)
( 16,946)
( 252,092)
---------
---------
--------
---------
At 31 October 2023
145,000
101,989
246,989
---------
---------
--------
---------
Depreciation
At 1 November 2022
10,715
265,876
13,599
290,190
Charge for the year
2,143
11,894
3,341
17,378
Disposals
( 235,129)
( 16,940)
( 252,069)
---------
---------
--------
---------
At 31 October 2023
12,858
42,641
55,499
---------
---------
--------
---------
Carrying amount
At 31 October 2023
132,142
59,348
191,490
---------
---------
--------
---------
At 31 October 2022
134,285
5,571
3,347
143,203
---------
---------
--------
---------
The freehold property was revalued in 2018 by Thomas Merrifield Oxford Ltd, Chartered Surveyors who are independent of the company and have experience in valuing similar properties. The property was valued on an open market and existing use basis. If the freehold property were included in the balance sheet on an historical cost basis, then the carrying amount would be £68,850 (2022 - £69,500) including accumulated depreciation of £13,676 (2022 - £13,026)
7. Investments
Other investments other than loans
£
Cost
At 1 November 2022 and 31 October 2023
38,864
--------
Impairment
At 1 November 2022 and 31 October 2023
38,864
--------
Carrying amount
At 31 October 2023
--------
At 31 October 2022
--------
8. Debtors
2023
2022
£
£
Other debtors
14,029
2,624
--------
-------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
5,848
Social security and other taxes
18,362
25,701
Other creditors
22,822
15,001
--------
--------
41,184
46,550
--------
--------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Members' loan accounts
303,259
301,981
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £303,259 (2022: £301,981) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
A member's loan account is repaid when a member resigns from the company.
11. Related party transactions
There are no transactions with related parties to be disclosed.