(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 49 Codicote Road, Welwyn, England, AL6 9TT. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Rental income
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Rental income from operating leases are recognised on a straight-line basis over the term of the relevant lease. Rental Income is included within other income from fixed assets. |
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Borrowing costs
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All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | | Equipment | | Motor Cars | |
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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(4) Employees
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During the year, the average number of employees including director was 0 (2022 : 0). |
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(5) Related party transactions
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Orion Marine Solutions Ltd is a related party by the virtue of having the same directors and shareholders. The balance outstanding from this related party was £118,700 (2022: £78,700) as of July 2023. |
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(6) Fixed assets
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| Investments Property £ | Cost | | As at 01 August 2022 | 168,696 | Additions | 7,404 | As at 31 July 2023 | 176,100 | Depreciation/Amortisation | | As at 31 July 2023 | - | Net book value | | As at 31 July 2023 | 176,100 | As at 31 July 2022 | 168,696 |
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(7) Creditors: Amounts falling due after more than one year
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Mortgage > 1 Year: The keystone property finance mortgage is secured by the property known as plot 3 The interchange. |
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(8) Investment Properties
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These financial statements for the year ended 31 July 2023 are prepared in accordance with FRS 102 1a. The financial reporting standard is applicable in the UK and the Republic of Ireland. The property is being measured at fair value under FRS 102 1a and no fair value gains and losses are reported in profit or loss. |
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