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Registered number: 04699141
Orizaba Distribution Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Fallon & Partners Accountancy LLP
27 Old Gloucester Street
London
WC1N 3AX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04699141
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 77,791
Tangible Assets 5 38,483 48,212
38,483 126,003
CURRENT ASSETS
Stocks 6 224,401 331,109
Debtors 7 4,391 15,819
Cash at bank and in hand 6,786 7,440
235,578 354,368
Creditors: Amounts Falling Due Within One Year 8 (133,608 ) (298,318 )
NET CURRENT ASSETS (LIABILITIES) 101,970 56,050
TOTAL ASSETS LESS CURRENT LIABILITIES 140,453 182,053
Creditors: Amounts Falling Due After More Than One Year 9 (101,874 ) (130,815 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (7,312 ) (24,000 )
NET ASSETS 31,267 27,238
CAPITAL AND RESERVES
Called up share capital 11 120 120
Profit and Loss Account 31,147 27,118
SHAREHOLDERS' FUNDS 31,267 27,238
Page 1
Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Benjamin Taylor
Director
19/04/2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Orizaba Distribution Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04699141 . The registered office is 45 Brookfield Lane, Churchdown, Gloucester, GL3 2PR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Significant judgements and estimations
The preparation of financial statements requires the company’s management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, revenues and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.
Significant areas requiring the use of estimates include the carrying values of the tangible fixed assets and stock valuation.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, returns and value added taxes. 
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.6. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic life of 3 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Motor Vehicles 15% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 33% on cost
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2.8. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.9. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs of bringing the stocks to their present location and condition.
2.10. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as noncurrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.11. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.12. Taxation
Income tax expense represents the sum of the 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 statement of comprehensive income because of items of income or expense 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 tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 6)
5 6
4. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 1 January 2023 70,000 306,809 376,809
As at 31 December 2023 70,000 306,809 376,809
Amortisation
As at 1 January 2023 70,000 229,018 299,018
Provided during the period - 77,791 77,791
As at 31 December 2023 70,000 306,809 376,809
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 23,029 49,774 13,388 7,481 93,672
As at 31 December 2023 23,029 49,774 13,388 7,481 93,672
Depreciation
As at 1 January 2023 18,829 17,563 4,398 4,670 45,460
Provided during the period 630 4,832 1,798 2,469 9,729
As at 31 December 2023 19,459 22,395 6,196 7,139 55,189
...CONTINUED
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Page 6
Net Book Value
As at 31 December 2023 3,570 27,379 7,192 342 38,483
As at 1 January 2023 4,200 32,211 8,990 2,811 48,212
6. Stocks
2023 2022
£ £
Stocks of parts for resale 224,401 331,109
7. Debtors
2023 2022
£ £
Due within one year
Other debtors 4,391 15,819
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 37,667 181,004
Bank loans and overdrafts 10,000 10,000
Other loans - current portion 25,102 99,568
Corporation tax 5,957 -
Other taxes and social security 853 1,042
Other creditors 54,029 6,704
133,608 298,318
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 20,000 28,333
Other loans 81,874 102,482
101,874 130,815
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 7,312 24,000
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 120 120
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12. Financial Instruments
The carrying value of the Company’s financial assets and liabilities approximate their fair value due to their short terms to maturity. The Company’s financial instruments are exposed to certain financial risks. The risk exposures and the impact on the Company's financial instruments are summarized below.
Currency Risk
Currency risk is the possibility of losing money due to unfavourable moves in exchange rates. All of the Company’s cash and payments to suppliers are in Pounds Sterling and management believes that
currency risks are minimal.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.  The Company is satisfied with the credit ratings of its banks and is not exposed to a significant risk of loss of its deposits. The Company does not sell its products on credit terms.
Interest rate risk
The Company's borrowings are at fixed interest rates and the Company is not subject to significant interest rate risk.
13. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 9,000 9,000
Later than one year and not later than five years 4,500 13,500
13,500 22,500
14. Ultimate Controlling Party
The company's ultimate controlling party is Orizaba Group Ltd by virtue of its ownership of 100% of the issued share capital in the company.
15. Borrowings
On 8 May 2022, the Company received an unsecured loan of £134,546, net of arrangement fees of £13,455, from a financial institition.  The loan is repayable in 60 monthly instalments and bears interest at 9.40% per annum. The loan is shown in the financial statements net of the arrangement fees which are amortised over the period of the loan.
In a prior year, the Company received an unsecured bank loan of £50,000 repayable in 72 monthly instalments at an interest rate of 2.5% per annum.
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