Company registration number SC434130 (Scotland)
ALBA ORBITAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
ALBA ORBITAL LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
ALBA ORBITAL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 29 APRIL 2023
- 1 -
The director presents his annual report and financial statements for the year ended 29 April 2023.
Principal activities
The principal activity of the company continued to be that of development of satellite telecommunications. During this financial year the company gained a substantial amount of investment and funding via their USA company, Alba Orbital Inc.
This is reflected in the spending in the UK company which has taken place in this financial year on additional flights and hardware which has increased the spend significantly from an R & D perspective. The US company will make funding loans to the UK company to cover this additional spending as required and will continue to support the UK company in the foreseeable future.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr T Walkinshaw
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr T Walkinshaw
Director
23 April 2024
ALBA ORBITAL LIMITED
BALANCE SHEET
AS AT 29 APRIL 2023
29 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
65,228
79,844
Current assets
Stocks
68,000
28,583
Debtors
4
48,069
87,632
Cash at bank and in hand
985,495
118,475
1,101,564
234,690
Creditors: amounts falling due within one year
5
(2,069,581)
(629,272)
Net current liabilities
(968,017)
(394,582)
Net liabilities
(902,789)
(314,738)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(902,790)
(314,739)
Total equity
(902,789)
(314,738)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 23 April 2024
Mr T Walkinshaw
Director
Company Registration No. SC434130
ALBA ORBITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2023
- 3 -
1
Accounting policies
Company information
Alba Orbital Limited is a private company limited by shares incorporated in Scotland. The registered office is 33 Watt Road, Hillington, Glasgow, G52 4RY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
5% Straight Line
Fixtures and fittings
4% Straight Line
Computers
4% Straight Line
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
ALBA ORBITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
17
17
ALBA ORBITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2022
81,323
4,440
13,410
99,173
Additions
575
1,589
2,536
4,700
At 29 April 2023
81,898
6,029
15,946
103,873
Depreciation and impairment
At 1 May 2022
10,757
1,153
7,419
19,329
Depreciation charged in the year
16,274
869
2,173
19,316
At 29 April 2023
27,031
2,022
9,592
38,645
Carrying amount
At 29 April 2023
54,867
4,007
6,354
65,228
At 30 April 2022
70,566
3,287
5,991
79,844
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
48,069
87,632
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,121
2,804
Taxation and social security
6,380
7,389
Other creditors
2,050,080
619,079
2,069,581
629,272
ALBA ORBITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2023
- 6 -
6
Related party transactions
Transactions with related parties
2023
2022
Amounts due to related parties
£
£
Key management personnel
3,837
7,837
Other related parties
2,025,016
594,665
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
28,964
80,654