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Registration number: 08901653

Report of the Director and


Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2023


Orbital Basements Limited

 

Orbital Basements Limited

Contents of the Financial Statements
for the Year Ended 31 July 2023

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

Orbital Basements Limited

Company Information
for the Year Ended 31 July 2023

Director:

JJ Greene

Registered office:

Rusholt House
Willets Lane
Denham, Uxbridge
Middlesex
UB9 4HE

Registerd Number:

08901653

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Orbital Basements Limited

(Registration number: 08901653)
Abridged Balance Sheet
as at 31 July 2023

Note

31.07.23
£

31.07.22
£

Fixed assets

 

Tangible assets

4

-

12,830

Current assets

 

Stocks

5

-

4,500

Debtors

6,956

97,373

Cash at bank and in hand

 

5,123

532

 

12,079

102,405

Creditors: Amounts falling due within one year

(883,800)

(1,135,251)

Net current liabilities

 

(871,721)

(1,032,846)

Total assets less current liabilities

 

(871,721)

(1,020,016)

Creditors: Amounts falling due after more than one year

(34,481)

(32,882)

Provisions for liabilities

-

(2,748)

Net liabilities

 

(906,202)

(1,055,646)

Capital and reserves

 

Called up share capital

1

1

Retained earning

(906,203)

(1,055,647)

Shareholders' deficit

 

(906,202)

(1,055,646)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Orbital Basements Limited

(Registration number: 08901653)
Abridged Balance Sheet
as at 31 July 2023 (continued)

Approved and authorised by the director on 16 April 2024
 

.........................................
JJ Greene
Director

 

Orbital Basements Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Rusholt House
Willets Lane
Denham, Uxbridge
Middlesex
UB9 4HE

These financial statements were authorised for issue by the director on 16 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Summary of disclosure exemptions

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern

The financial statements have been prepared on a going concern basis. However, the balance sheet shows negative equity.
The company is dependent on the continued support of its shareholders, which is expected to continue for at least the next twelve months. As a result, the directors feel it is appropriate to prepare the financial statements on a going concern basis.

 

Orbital Basements Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equiptment

33% straight line basis

Plant and machinery

25% straight line basis

Motor vehicles

20% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Orbital Basements Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 3).

4

Tangible assets

Tangible
assets
£

Cost or valuation

At 1 August 2022

193,329

Disposals

(193,329)

At 31 July 2023

-

Depreciation

At 1 August 2022

180,499

Eliminated on disposal

(180,499)

At 31 July 2023

-

Carrying amount

At 31 July 2023

-

At 31 July 2022

12,830

5

Stocks

31.07.23
£

31.07.22
£

Other inventories

-

4,500

6

Parent and ultimate parent undertaking

The ultimate parent is Orbital London Limited, incorporated in England and Wales .