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Company Registration No. 12856149 (England and Wales)
Ortumex Systems Ltd Unaudited accounts for the year ended 31 December 2023
Ortumex Systems Ltd Unaudited accounts Contents
Page
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Ortumex Systems Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
169,564 
231,287 
Current assets
Inventories
248,965 
301,743 
Debtors
253,035 
182,162 
Cash at bank and in hand
39,242 
86,370 
541,242 
570,275 
Creditors: amounts falling due within one year
(419,572)
(574,799)
Net current assets/(liabilities)
121,670 
(4,524)
Total assets less current liabilities
291,234 
226,763 
Creditors: amounts falling due after more than one year
(39,754)
(67,706)
Provisions for liabilities
Deferred tax
(32,217)
(36,603)
Net assets
219,263 
122,454 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
219,163 
122,354 
Shareholders' funds
219,263 
122,454 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by
Mr S Wain Director Company Registration No. 12856149
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Ortumex Systems Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Ortumex Systems Ltd is a private company, limited by shares, registered in England and Wales, registration number 12856149. The registered office is 2, 4 & 6 Kelvin Place, Stephenson Way, Thetford, IP24 3RR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight line
Fixtures & fittings
25% Straight line
Computer equipment
25% Straight line
Deferred taxation
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's 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 the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Ortumex Systems Ltd Notes to the Accounts for the year ended 31 December 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 January 2023
287,441 
27,003 
38,319 
352,763 
Additions
9,279 
227 
1,531 
11,037 
At 31 December 2023
296,720 
27,230 
39,850 
363,800 
Depreciation
At 1 January 2023
97,596 
9,647 
14,233 
121,476 
Charge for the year
59,344 
5,446 
7,970 
72,760 
At 31 December 2023
156,940 
15,093 
22,203 
194,236 
Net book value
At 31 December 2023
139,780 
12,137 
17,647 
169,564 
At 31 December 2022
189,845 
17,356 
24,086 
231,287 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
89,840 
151,884 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
217,874 
162,243 
Other debtors
35,161 
19,919 
253,035 
182,162 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
61,073 
46,603 
Obligations under finance leases and hire purchase contracts
30,702 
45,205 
Trade creditors
64,037 
114,495 
Taxes and social security
44,667 
8,509 
Other creditors
- 
51,376 
Loans from directors
210,836 
300,524 
Accruals
8,257 
8,087 
419,572 
574,799 
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Ortumex Systems Ltd Notes to the Accounts for the year ended 31 December 2023
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
39,754 
67,706 
8
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
39,754 
67,706 
9
Average number of employees
During the year the average number of employees was 13 (2022: 13).
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